Eldorado Gold (ELD) Investor presentation summary

Strategic growth and operational highlights

• Skouries project in Greece is advancing, with first concentrate production expected in early Q3 2026 and commercial production in Q4 2026, supported by a €680M fully drawn financing package and C$81.5M EBRD investment.

• Gold production is forecast to grow 40% from 2025 to 2027, with 2026 guidance of 490,000–590,000 oz and copper production starting at Skouries.

• Major operational improvements include mill expansion at Olympias, whole ore agglomeration at Kışladağ, and resource conversion at Lamaque and Efemçukuru.

• Significant free cash flow growth is expected from productivity improvements and Skouries delivery, with $316M free cash flow in 2025 excluding Skouries investment.

• Exploration budget for 2026 increased to $75–85M, targeting resource conversion and new discoveries across Canada, Greece, and Türkiye.

Financial performance and position

• 2025 revenue reached $1.8B, with $743M in cash flow from operating activities and $869M in cash and equivalents at year-end.

• Total liquidity stands at $976M, including a $350M credit facility and $500M senior notes maturing in 2029.

• 2025 adjusted EBITDA was $836M, and net earnings attributable to shareholders were $520M.

• All-in sustaining costs (AISC) for 2025 averaged $1,664/oz, with 2026 guidance of $1,670–$1,870/oz.

• Skouries project is fully funded with non-recourse debt and strategic equity partners, minimizing corporate risk.

Asset portfolio and project pipeline

• Portfolio includes long-life, high-quality assets in Canada, Greece, and Türkiye, with 12.5Moz proven and probable gold reserves and an average mine life of 13+ years.

• Skouries is a high-grade gold-copper porphyry with a 20-year mine life, targeting 140,000 oz average annual gold production and 312,000 oz gold equivalent.

• Olympias is expanding mill capacity to 650ktpa by 2027, with ongoing productivity improvements and a 16-year mine life.

• Lamaque Complex in Québec continues to deliver strong results, with new high-grade discoveries at Ormaque and Lamaque South.

• Perama Hill is advancing through permitting, with EIA approval expected by year-end 2026 and construction as early as 2027.