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 workforce 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 is being accelerated prior to commercial production, mainly for mining fleet purchases and pre-commercial mining.

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

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

Financial position and funding

• Liquidity remains strong with $857 million in cash and $1.1 billion in total liquidity as of December 31, 2024.

• Project is fully funded through balance sheet and undrawn project finance facility; liquidity was enhanced by a $155 million divestment of G Mining Ventures in January 2025.

Labor market and workforce strategy

• Tight construction labor market in Greece, especially for skilled trades, has delayed project progress; recruitment efforts include local job fairs, hiring Greek subcontractors, and sourcing workers from outside Greece.

• 99% of the global workforce are nationals of their working country; majority of Skouries workforce expected to be local.

• Transition from contract to self-perform mining will occur through 2025-2026, with a self-employed mining team of about 150 by early 2026.