Eldorado Gold (ELD) investor relations material

Investment profile

• Portfolio spans six operations across Canada, Greece and Türkiye, with 13+ years of average reserve life, 880 koz 2027E GEO and 15% copper exposure.

• Production growth and cash flow are positioned as re-rating drivers: 2027E production of 880 koz GEO versus 519 koz in 2025A; consensus free cash flow rises from negative $0.2B to $0.8B and EBITDA from $1.2B to $2.6B.

• Gold production is forecast to grow ~40% by 2028; copper production began in 2026, with ~110 M lbs average annual LOM production forecast from Skouries and Mcllvenna Bay.

2026 outlook and financial position

• 2026 guidance: 495–600 koz total gold, 25–50 M lbs copper and consolidated AISC of $1,670–$1,870/oz; exploration budget is $75–85M.

• Q2 2026 revenue was $487.5M, adjusted EBITDA $281.1M and adjusted net earnings $136.7M; H1 revenue was $1,019.9M and adjusted EBITDA $616.8M.

• Total liquidity was $855M, including $300M cash and equivalents and $555M available facility; gross debt was $1.7B. Shareholder returns included $307M of buybacks in 2025 and H1 2026 and a $0.075 quarterly dividend per share.

Project execution and growth

• Skouries produced first copper-gold concentrate in September 2026, with commercial production targeted for Q4 2026; LOM annual production is forecast at 140,000 oz gold and 67 M lbs copper over a 20-year reserve life.

• Skouries commissioning advanced with most site electrical distribution energized; the primary crusher crushed first ore in July and process-plant systems were operating successfully.

• Mcllvenna Bay produced first copper and zinc concentrates; commercial production was expected in Q3 2026. A study is evaluating expansion to 7,000 tpd from 4,900 tpd and a silver-lead circuit, with broader expansion targeted for 2030, subject to approvals and investment decision.

• Growth projects include Kışladağ secondary crusher installation in Q4 2026 and whole-ore agglomeration ramp-up in H1 2027; Olympias throughput expansion to 650 ktpa is expected to ramp up in Q1 2027.

• Perama Hill is positioned as the next mine after Skouries; the EIA was approved and a Presidential Decree issued, with consultation and feasibility and technical studies continuing toward a construction decision.