Eldorado Gold (ELD) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic growth and portfolio overview

• Production is set to grow from 500,000 to 900,000 gold equivalent ounces by 2027, driven by two new multi-decade assets with significant copper, zinc, and gold exposure.

• Combined company holds over 25 million ounces in measured and indicated resources, with an average mine life exceeding 13 years and major assets in Canada, Greece, and Türkiye.

• Expansion projects at Olympias and Lamaque are underway, with new discoveries and ongoing exploration supporting long-term growth.

• McIlvenna Bay and Skouries are both set to begin production in 2024, providing immediate and scalable growth.

• The portfolio is diversified across gold, silver, copper, zinc, and lead, with a strong jurisdictional mix.

Operational updates and project milestones

• Olympias mine expansion will complete in Q3, with ramp-up to commercial production by year-end.

• Skouries is nearing completion, with a minor delay due to equipment issues; production is expected this year.

• McIlvenna Bay will achieve first production by the end of March, with significant scalability potential.

• Perama Hill project in Greece is advancing permitting and feasibility updates, targeting construction next year.

• Kışladağ is implementing a full ore agglomeration project to improve heap leach recovery and extend mine life.

Financial position and capital allocation

• Combined cash and equivalents total $1.3 billion, with net debt at $225 million and estimated 2025 EBITDA of $2.1 billion.

• Share buybacks of $200 million were executed in the past year, with continued buybacks and the first dividend planned for this quarter.

• Free cash flow yield is projected at roughly 20% post-ramp-up, significantly above industry averages.

• Growth capital is elevated in 2024 for key projects but expected to decline after major investments are completed.

• Capital returns framework will be formalized post-merger, with a focus on maximizing per-share value.