Eldorado Gold (ELD) Investor presentation summary

Strategic growth and operational highlights

• Multi-year guidance targets 40% gold production growth from 2025 to 2027, with Skouries entering production in 2026 and ramping up commercial output in Q4 2026.

• Skouries project is fully funded with €680M in non-recourse project financing and a C$81.5M equity investment from EBRD.

• Major capital investments at Skouries reached $980M by end of 2025, with construction 90% complete for Phase 1 and 78% for Phase 2.

• Olympias mill expansion to 650ktpa is progressing, with commissioning and ramp-up expected in H2 2026.

• Kışladağ and Lamaque are advancing throughput and recovery projects, including new crushers and resource conversion drilling.

Financial performance and position

• 2025 revenue reached $1.8B, with $743M in operating cash flow and $316M in free cash flow excluding Skouries investment.

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

• 2025 net earnings attributable to shareholders were $519.9M, and adjusted EBITDA was $836.2M.

• All-in sustaining costs (AISC) for 2025 averaged $1,664/oz, with 2026 guidance of $1,670–$1,870/oz.

• Recognized among TSX30 top performers with 238% share appreciation from June 2022 to June 2025.

Asset portfolio and production guidance

• Proven and probable gold reserves total 12.5Moz, with an average mine life of 13+ years across the portfolio.

• 2026 gold production guidance is 490,000–590,000 oz, with Skouries contributing 60,000–100,000 oz gold and 20–40M lbs copper.

• Lamaque, Kışladağ, Efemçukuru, and Olympias remain core producing assets, each with targeted operational improvements.

• Perama Hill is advancing through permitting, with EIA approval expected by year-end 2026 and construction as early as 2027.

• Exploration budget for 2026 increased to $75–85M, supporting 95,000–110,000m of resource conversion drilling and 190,000–200,000m for expansion and new discoveries.