Eldorado Gold (ELD) Investor presentation summary

Investment case and growth outlook

• 2027E production of 886 koz GEO versus 519 koz in 2025, a 71% increase; presentation cites 2028 gold production growth of ~40%.

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

• 2026 guidance: 425–475 koz total gold, 10–25M lb total copper and consolidated AISC of $1,975–$2,125/oz; guidance includes pre-commercial production at Skouries and Mcllvenna Bay.

• Growth priorities include commissioning Skouries and Mcllvenna Bay, expanding Olympias and Lamaque, and advancing Perama Hill.

Project commissioning and development

• Skouries produced first copper-gold concentrate on September 8; commercial production was targeted for late Q4 2026, with permanent grid power connected September 28.

• Skouries project capital was revised to $1.425B, up $65M, plus $45M of previously guided growth capital; accelerated operational capital rose to $390M, up $95M.

• Mcllvenna Bay produced first copper and zinc concentrates; commercial production was expected in late Q4 2026, with SAG and ball mill throughput increasing.

• Mcllvenna Bay study assesses throughput expansion to 7,000 tpd from 4,900 tpd and a potential silver-lead circuit; development depends on evaluation, permits, engagement and an investment decision.

• Perama Hill has 8.91Mt of proven and probable reserves at 3.18 g/t Au and targets ~100,000 oz annual production over an eight-year reserve life; feasibility work and consultations continue.

Operating performance and expansion

• Q3 2026 production was 106,351 oz gold; consolidated total cash costs were $1,415/oz and AISC was $2,050/oz.

• Lamaque Q3 production reached 52,748 oz; strong mill performance, higher head grade and recoveries, plus Ormaque contribution, supported results.

• Kışladağ produced 22,713 oz in Q3; higher-grade ore was stacked, with benefits expected in late Q4 and 2027, while whole ore agglomeration ramp-up was expected in H1 2027.

• Olympias Q3 production was 13,430 oz; the 650 ktpa expansion was ongoing, with final circuit tie-ins in Q1 2027 and nameplate ramp-up expected in H1 2027.

• Lamaque is studying a staged mill expansion from 2,900 to 5,000 tpd; Olympias targets throughput growth of 30%, while Mcllvenna Bay expansion plans indicate 43% higher throughput.