Eldorado Gold (ELD) investor relations material

Strategic growth and operational highlights

• Advancing major projects: Skouries (Greece) and Mcllvenna Bay (Canada) both targeting first concentrate production in Q3 2026, with Skouries commercial production expected in Q4 2026 and Mcllvenna Bay in Q3 2026.

• Skouries construction 94% complete, with 2.3M tonnes of ore stockpiled and open pit mining ahead of plan; €680M project financing fully drawn and C$81.5M strategic investment secured.

• Olympias mill expansion to 650ktpa on track for Q3 2026 completion and Q4 ramp-up, supporting increased gold and base metal output.

• Lamaque Complex ramping up Ormaque deposit, with Q1 2026 production up 5% YoY and higher grades expected in Q2.

• Kışladağ and Efemçukuru in Türkiye continue to meet guidance, with Kışladağ investing in ore agglomeration and secondary crusher upgrades.

Financial performance and guidance

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

• Total gold production guidance for 2026 is 490,000–590,000 oz, with a 40% increase in gold output projected from 2025 to 2027.

• All-in sustaining costs (AISC) for 2026 guided at $1,670–$1,870/oz; sustaining capital $140–$165M, growth capital $375–$405M, and exploration $75–$85M.

• Strong liquidity position with $788M total liquidity, $630M in cash, and $500M in senior notes maturing 2029.

• Shareholder returns include a 7.5¢ quarterly dividend and ~$84M in share buybacks in Q1 2026.

Exploration and resource growth

• 2026 exploration budget increased to $75–85M, targeting 95,000–110,000m of resource conversion and 190,000–200,000m of expansion drilling.

• Tesla Zone (Saskatchewan) inaugural resource expected H2 2026; significant near-mine and brownfields exploration ongoing in Canada, Greece, and Türkiye.

• New high-grade extensions discovered at Ormaque and Lamaque South, with major drilling programs planned for 2026.

• Olympias NW Zone and Stratoni Skarn in Greece identified as high-potential gold-copper targets, with over 30,000m of follow-up drilling planned.