Eldorado Gold (ELD) investor relations material

Strategic growth and production outlook

• Targeting ~40% gold production growth by 2028, with copper production commencing in 2026 from Skouries and Mcllvenna Bay ramp-up.

• Skouries and Mcllvenna Bay are set to enter production in Q3 2026, driving significant free cash flow and portfolio diversification.

• Olympias mill expansion to 650 ktpa and operational improvements at Kışladağ and Efemçukuru support stable base production.

• Perama Hill is positioned as the next growth project, with ongoing permitting and technical studies.

• Exploration investment increased to $75–85M in 2026, focusing on resource conversion and expansion across core assets.

Financial performance and capital structure

• Q1 2026 revenue was $532.4M, with net earnings of $136.4M and adjusted EBITDA of $335.7M.

• Cash and cash equivalents stood at ~$630M, with total liquidity near $800M and a fully financed Skouries project.

• Quarterly dividend of 7.5¢ per share and ~$300M in share buybacks since 2025.

• Senior unsecured notes of $500M mature in 2029; Skouries project debt is non-recourse and fully drawn at €680M.

• Attractive valuation with P/NAV at 0.67x and consensus EV/2026E EBITDA below peer average.

Project and operational highlights

• Skouries construction 94% complete; first concentrate Q3 2026, commercial production Q4 2026.

• Mcllvenna Bay surface construction 91% complete, commercial production expected Q3 2026.

• Lamaque Complex ramping up Ormaque, with Q1 2026 production up 5% YoY and AISC at $1,370/oz.

• Kışladağ advancing whole ore agglomeration and secondary crusher expansion, with 2026 guidance of 105–130 koz.

• Olympias mill expansion on track for Q3 2026 completion, with Q1 2026 production up 21% YoY.