Eldorado Gold (ELD) Investor presentation summary

Strategic growth and operational highlights

• Targeting ~40% gold production growth by 2028, with copper production commencing in 2026 from Skouries and Mcllvenna Bay, supporting a diversified metals portfolio and stable production base.

• Skouries project in Greece is 97% complete, with first concentrate production expected in Q3 2026 and commercial production in Q4 2026; fully financed with a €680M facility.

• Mcllvenna Bay in Canada achieved first copper and zinc concentrates, with commercial production expected in Q3 2026 and studies underway for expansion and silver-lead circuit commissioning by 2028.

• Olympias mill expansion to 650ktpa is on track for completion by end of 2026, with ramp-up anticipated in Q1 2027, supporting increased mining rates and operational efficiency.

• Significant exploration investment ($75-85M in 2026) targets resource conversion, expansion, and new discoveries across Canada, Greece, and Türkiye.

Financial performance and capital structure

• Q2 2026 revenue was $487.5M, with net earnings of $172.8M and adjusted EBITDA of $281.1M; cash and cash equivalents stood at ~$555M.

• Total liquidity is ~$855M, including a $450M senior credit facility, $500M in senior unsecured notes, and fully drawn project debt for Skouries and Mcllvenna Bay.

• Quarterly dividend of 7.5¢ per share and ~$307M in share repurchases since 2025 reflect ongoing shareholder returns.

• Consolidated 2026 gold production guidance is 495-600 koz at an AISC of $1,670–1,870/oz, with copper production guidance of 25-50M lbs.

• Attractive valuation with a P/NAV of 0.84x versus peer average of 0.97, and margin expansion expected from cost discipline and Greek asset delivery.

Project and operational updates

• Skouries: 20-year mine life, annual gold production of 140,000 oz, and gold equivalent production of 312,000 oz; filtered tailings and progressive reclamation reduce environmental impact.

• Mcllvenna Bay: 18-year mine life, average annual production of 41M lbs copper, 54M lbs zinc, 20 koz gold, and 444 koz silver; expansion to 7,000 tpd under study.

• Lamaque Complex: 2026 guidance of 185,000–200,000 oz gold at $790–990/oz cash costs; Ormaque development ramping up with new high-grade extensions discovered.

• Kışladağ: Whole ore agglomeration and secondary crusher expansion underway, with 2026 guidance of 105,000–130,000 oz gold at $1,830–2,080/oz cash costs.

• Olympias: Three consecutive quarters of operational stability, with expansion and modernization supporting future growth.