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 oz gold equivalent to 900,000 oz by 2027, driven by two new multi-decade assets with significant gold, copper, and zinc exposure.

• Combined company holds over 25 million ounces in measured and indicated resources, with an average mine life exceeding 13 years and several assets expected to operate for decades.

• Operations span Canada, Greece, and Türkiye, with ongoing exploration and expansion projects, including new discoveries and plant expansions.

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

• The company is the only operator in Greece and has a strong track record of delivering on acquisitions and expansions.

Asset development and operational updates

• Lamaque mine has grown to seven times its acquisition value, with new ore bodies discovered and a long production runway.

• Olympias mine is expanding, with three ore bodies open to depth and new discoveries supporting future growth.

• Kışladağ and Efemçukuru in Türkiye continue to deliver steady production, with Kışladağ's mine life likely to be extended and Efemçukuru maintaining consistent output.

• Skouries is nearing completion, with a minor delay due to equipment issues, and is expected to deliver significant free cash flow from copper byproducts.

• McIlvenna Bay is on track for first production by end of March, with scalable output and long-term expansion potential.

Financial performance and capital allocation

• Estimated annualized free cash flow for the combined company is around $2.1 billion, with a free cash flow yield of approximately 20%.

• $1.3 billion in cash and equivalents and net debt of $225 million provide a strong balance sheet to support ongoing projects and expansions.

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

• Capital investments focus on expanding production capacity, including new processing facilities and tailings management at Lamaque and Kışladağ.

• Growth capital is expected to trend down after current investments, with studies underway to further expand plant capacity.