Eldorado Gold (ELD) Status Update summary

Skouries project update and schedule

• First production at Skouries is now expected in Q1 2026, with commercial production in mid-2026, due to delays in ramping up construction labor in Greece.

• Project capital cost estimate increased by $143 million (15.5%) to $1.06 billion, mainly from indirect costs, increased quantities, and other factors.

• An additional $154 million in operational capital will be spent before commercial production, primarily for accelerated purchase of mining equipment.

• As of December 31, 2024, $512 million in capital expenditures incurred, with $705 million remaining to achieve commercial production.

• Skouries is expected to have a 20-year mine life, significantly boosting production scale and supporting local communities.

Labor market and workforce strategy

• Tight construction labor market in Greece, especially for skilled trades, has delayed project progress.

• Workforce ramp-up remains a key risk, with a target of 1,300 on-site workers; 1,150 were achieved by January 2025.

• Recruitment efforts include local job fairs, sourcing Greek and international subcontractors, and upskilling programs.

• Transition from contract to self-perform mining will occur through 2025-2026, with a self-employed workforce of about 150 for open pit operations.

• Maintaining 1,300 workers through 2025 is critical; workforce needs will shift from concrete to mechanical, electrical, and instrumentation trades as construction advances.

2025 guidance and three-year outlook

• 2025 gold production is guided at 460,000–500,000 oz, reflecting the Skouries delay and reduced output at Kisladag and Olympias.

• Total cash costs for 2025 are forecast at $980–$1,080/oz, with sustaining costs at $1,370–$1,470/oz, influenced by higher labor costs and lower production.

• Sustaining capital is expected at $145–$170 million; growth capital at operating mines is $245–$270 million.

• Skouries construction capital for 2025 is $400–$450 million, with $80–$100 million in accelerated operational capital.

• Gold production is projected to grow 33% from 2024 to 2027, with copper production commencing in 2026.