Eldorado Gold (ELD) Investor presentation summary

Strategic growth and operational highlights

• Achieving peer-leading production growth, with gold output expected to rise ~40% by 2028 and copper production commencing in 2026, driven by ramp-up at Skouries and Mcllvenna Bay.

• Skouries and Mcllvenna Bay are set for commercial production in Q4 and Q3 2026, respectively, with Skouries targeting 140,000 oz gold and 67M lbs copper annually over a 20-year mine life.

• Internal growth initiatives include expansions at Olympias, Kışladağ, and Lamaque, with significant investments in throughput and efficiency improvements.

• Exploration spending increased to $75–85M for 2026, supporting aggressive drilling and resource expansion in Canada, Greece, and Türkiye.

• Strong financial position with $855M in liquidity, $11B market cap, and ongoing shareholder returns through dividends and buybacks.

Financial performance and guidance

• Q2 2026 revenue reached $487.5M, with net earnings of $172.8M and adjusted EBITDA of $281.1M.

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

• Free cash flow is expected to inflect positively by 2027, with consensus EBITDA projected to rise from $0.8B in 2025 to $2.6B in 2027.

• Sustaining and growth capital expenditures are focused on advancing Skouries, Mcllvenna Bay, and expansion projects at core assets.

• Hedging strategies in place for Skouries project financing, including FX, interest rate, and gold price collars.

Asset and project updates

• Skouries achieved first concentrate production in September 2026, with major infrastructure and commissioning milestones completed ahead of commercial production.

• Mcllvenna Bay produced first copper and zinc concentrates, with ramp-up to commercial production on track and studies underway for a 43% throughput expansion.

• Lamaque Complex continues to deliver strong production and cost performance, with Ormaque development ramping up and Sigma Mill expansion under evaluation.

• Kışladağ is executing a major waste-stripping campaign and advancing whole ore agglomeration and secondary crusher projects to enhance future capacity.

• Olympias is expanding processing capacity to 650 ktpa by 2027, with operational stability and higher revenues driven by improved gold prices.