Eldorado Gold (ELD) Investor presentation summary

Portfolio overview and growth strategy

• Operates a diversified portfolio of long-life, high-quality gold and base metal assets across Canada, Greece, and Türkiye, with 12.5 Moz proven and probable gold reserves and an average mine life of 13+ years.

• Skouries project in Greece is entering production in 2026, expected to drive a 40% gold production growth by 2027 and provide significant copper exposure.

• Strategic growth pipeline includes Skouries, Olympias mill expansion, Lamaque resource conversion, and Kışladağ throughput improvements.

• Multi-year guidance targets 40% gold production growth from 2025 to 2027, with Skouries ramping up and copper production commencing in 2026.

• Exploration programs in Quebec, Greece, and Türkiye support resource conversion and mine life extensions.

Financial performance and position

• 2025 revenue reached $1.8 billion, with $743 million in cash flow from operating activities and $316 million in free cash flow excluding Skouries investment.

• Cash and cash equivalents stood at $869 million as of December 31, 2025, with total liquidity of $976 million including credit facilities.

• Maintains a strong balance sheet, with $500 million in senior notes maturing in 2029 and fully funded Skouries project debt of €680 million.

• 2026 guidance: total gold production of 490,000–590,000 oz, total cash costs of $1,220–$1,420/oz, and AISC of $1,670–$1,870/oz.

• Significant free cash flow growth expected from productivity improvements and Skouries delivery.

Skouries project update

• Skouries is a high-grade gold-copper porphyry deposit with a 20-year mine life, targeting 140,000 oz average annual gold production and 312,000 oz gold equivalent.

• Construction 90% complete for Phase 1 and 78% for Phase 2 as of Q4 2025; first concentrate production expected in early Q3 2026 and commercial production in Q4 2026.

• $980 million invested since construction restart; 1.2M tonnes of ore stockpiled containing 47.3 koz gold and 12.5 Mlbs copper.

• Project is fully funded with €680 million non-recourse debt and C$81.5 million EBRD equity investment.

• Utilizes filtered tailings technology for progressive reclamation and reduced environmental impact.