Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (March 2026)
63 slides from Eldorado Gold's investor presentation, Mar 3, 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION MARCH 2026 Skouries, Greece
Slide 2: Forward Looking Statement
Forward Looking Statement Definitions and Photos: Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management’s Discussion and Analysis dated February 19, 2026 of Eldorado Gold Corporation for the three and twelve months ended Dec
Slide 3: Non-IFRS Measures
Non-IFRS Measures Certain non-IFRS financial measures and ratios are included in this presentation, including total cash costs ($/oz sold), all-in sustaining costs ("AISC") ($/oz sold), adjusted net earnings, adjusted net earnings per share, adjusted EBITDA, cash flow from operating activities befor
Slide 4: Diversified Portfolio of Long-Life, High-Quality Assets
Diversified Portfolio of Long-Life, High-Quality Assets 4 Skouries Olympias, GREECE Operations entering production in 2026 Skouries, GREECE Perama Hill, GREECE European Regional OFFICE Amsterdam, Netherlands HEAD OFFICE ~15% Vancouver, Canada 40% Growth Lamaque Complex, CANADA By 2027 Copper Exposur
Slide 5: Strong Investment Rationale
Strong Investment Rationale Eldorado is driving investor returns by focusing on four key areas Pipeline of Strategic Focused on Sustainability Attractive Valuation Financial Position Growth Projects • Our internal Sustainability Integrated • Advancing high-quality Greek • Cash and cash equivalents o
Slide 6: Upcoming Catalysts: Execution and Delivery
Upcoming Catalysts: Execution and Delivery Clear near-term catalysts driving a step-change in growth and value CORPORATE • Multi-year guidance demonstrates expected 40% growth(1) on gold production over three-year period, based on 2025 production • First concentrate production and ramp-up at Skourie
Slide 7: Upcoming Catalysts: Execution and Delivery
Upcoming Catalysts: Execution and Delivery Multiple value-creating catalysts GREECE • Skouries Advance construction progress at Skouries, first concentrate production expected in early Q3 2026 and commercial production in Q4 2026 • Olympias Continued productivity improvements at Olympias that suppor
Slide 8: 2026 Guidance and 3-Year Growth Profile
2026 Guidance and 3-Year Growth Profile Growing production with significant upside from Skouries Au & Cu production TOTAL GOLD PRODUCTION(1): 490,000 – 590,000 oz 3-YEAR PRODUCTION OUTLOOK(5): GOLD INCREASING ~40% FROM 2025 TO 2027 OPERATIONS(4) GOLD PRODUCTION: 430,000 – 490,000 oz COPPER PRODUCTIO
Slide 9: 2026 Production & Cost Guidance: Mine-by-Mine
2026 Production & Cost Guidance: Mine-by-Mine Lamaque Complex, Canada Olympias, Greece Gold Production(4) 185 – 200 Koz Gold Production 70 – 80 Koz 2026 GOLD PRODUCTION BY MINE(3) Total Cash Costs(1,2) $790 – $990 Silver Production 1550 – 1750 Koz AISC(1,2) $1,160 – $1,360 Lead Production 15 – 18 Kt
Slide 10: Attractive Valuation
Attractive Valuation Advancing high-quality Greek assets creates re-rating potential Consensus P/NAV Consensus EV/2026E EBITDA(1) 10.00 2.00 1.80 8.00 EV / 2026 EBITDA 1.60 1.40 6.00 1.20 P/NAV 1.00 4.00 0.80 0.60 0.40 2.00 0.20 0.00 0.00 NGD AGI IMG EQX ELD BTO SSR CG AGI EQX NGD CG IMG ELD SSR BTO
Slide 11: Strong Financial Position
Strong Financial Position Focus on maintaining solid financial position providing flexibility to unlock value across our business Liquidity Position(1,2) TOTAL LIQUIDITY: $976 million (as of December 31, 2025) Cash and cash equivalents + availability on senior secured credit facility $107 M CASH & C
Slide 12: Skouries
Skouries High-grade gold-copper porphyry deposit that is a key driver of Eldorado’s growth story OVERVIEW ADVANCING SKOURIES Location Halkidiki Peninsula, Greece • €680 M financing package (including additional cost overrun facility) secured for the development of Deposit type Gold-copper porphyry S
Slide 13: Skouries: Recent Achievements
Skouries: Recent Achievements Skouries progressing: First production expected early Q3 2026 and commercial production in Q4 2026 Q4 2025 HIGHLIGHTS • 90% including Phase 1; 78% complete for Phase 2 Accelerated Operations & Readiness • Mobilization of site personnel ramped up: over 2,350 personnel on
Slide 14: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver Construction project capital invested since restart of construction to December 31, 2025: $980 million 2025 HIGHLIGHTS • 2025 project capital: $475.2 M • 2025 accelerated operational capital: $86.1 M Mill media addition system Lime building area – retaining wall const
Slide 15: Skouries Progress: Jan & Feb 2026
Skouries Progress: Jan & Feb 2026 14
Slide 16: Crusher Building & Coarse Ore Stockpile
Crusher Building & Coarse Ore Stockpile Primary Crusher: concrete work complete to final elevation; primary crusher installed, electrical work underway. Coarse Ore Stockpile: Conveyors to the coarse ore stockpile and process plant are in place. Primary crusher overview. Top right insert – closer up
Slide 17: Process Plant
Process Plant Work remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Electrical installations in the process plant substation are advancing, and the control building structure is complete with electrical work underway across all areas. First Fl
Slide 18: Process Plant – West Side Infrastructure
Process Plant – West Side Infrastructure Work continues on the support infrastructure with the process plant substation electrical installations underway. The control building structure is complete and electrical installation work is underway in all electrical areas. Substation transformer assembly
Slide 19: Process Plant – East Side Infrastructure
Process Plant – East Side Infrastructure Concrete works completed for the east side infrastructure. Pre-commissioning of the pebble crusher complete. East side view of infrastructure Pebble Crusher 18
Slide 20: Thickeners
Thickeners Two of the three tailings thickeners are mechanically complete, with electrical and instrumentation work underway. Thickeners overview Tailing thickener pipe rack and distribution box 19
Slide 21: Filtered Tailings Plant
Filtered Tailings Plant Filtered tailings building: Structural steel installation is substantially complete, with cladding having commenced in February 2026; Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. Filtered tailings plant ove
Slide 22: Skouries: Fully Funded with Strategic Project Financing Partners
Skouries: Fully Funded with Strategic Project Financing Partners Maximizing shareholder value with well-aligned strategic partnerships Key Features of Term Facility PROJECT IS • Non-recourse to Eldorado; secured by Hellas Gold FULLY FUNDED • Blended interest rate of approximately 5%(1) • 10-year ter
Slide 23: Skouries: Land Reclamation in Parallel with Mining Activity
Skouries: Land Reclamation in Parallel with Mining Activity Bringing the mine progressively back to as close to its original condition as early as possible TAILINGS MANAGEMENT SUPPORTS PROGRESSIVE RECLAMATION • Tailings are a by-product of the extraction process • At Skouries – we are utilizing filt
Slide 24: Lamaque Complex
Lamaque Complex Underground gold mine located in Val-d’Or, Québec. The Triangle and Ormaque deposits feed the current mine life. RESERVES AND RESOURCES(2) OVERVIEW Contained Location Québec, Canada Tonnes Grade Ounces (x1000) (g/t Au) Ownership 100% (x1000 Au) Mine type Underground Triangle, Plug #4
Slide 25: Lamaque Complex
Lamaque Complex 2025: Another Strong Year at Lamaque Q4 2025 HIGHLIGHTS • Q4 gold production of 49,307 oz at AISC(1) of $1,392/oz sold • Growth capital in the quarter exceeded $17 million, related to Ormaque development, construction of the north basin water management structure, procurement of the
Slide 26: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque Second bulk sample completed: processed by blending with Triangle ore in 2025 and performed well Ormaque vein Maintenance bay 25
Slide 27: Kışladağ
Kışladağ Kışladağ is a low-grade, bulk-tonnage, open pit operation that uses heap leaching for gold recovery OVERVIEW ENHANCING EFFICIENCIES Location Uşak Province, Türkiye • Decision made to proceed with whole ore agglomeration with an Investment of ~$35M Ownership 100% Expected to enhance permeabi
Slide 28: Kışladağ
Kışladağ Increasing capacity and enhancing leach kinetics: Whole ore agglomeration project moving forward, in addition to added crushing capacity with the addition of a new crusher Q4 2025 HIGHLIGHTS • Q4 gold production of 41,140 oz at AISC(1) of $1,933/oz sold • Whole ore agglomeration (~$35 M inv
Slide 29: Efemçukuru
Efemçukuru High-grade underground operation located in Izmir Province in western Türkiye OVERVIEW MAINTAIN CONSISTENT PRODUCTION Location İzmir Province, Türkiye • Efemçukuru focused on continuous improvement Ownership 100% • Efemçukuru met annual production guidance for 10th consecutive year, since
Slide 30: Efemçukuru
Efemçukuru 2025: Another Year Achieving Guidance Q4 2025 HIGHLIGHTS • Q4 gold production of 14,496 oz at AISC(1) of $2,536/oz sold • Production in Q4 2025 impacted by: Lower grades, despite higher tonnes milled • Total cash costs in the quarter were impacted by: Higher direct operating costs, includ
Slide 31: Olympias
Olympias Carbonate replacement style deposit with high gold grades and an orebody that will allow for increased mining rates OVERVIEW FOCUS ON GROWTH Location Halkidiki Peninsula, Greece • Continue to deliver Olympias productivity Ownership 100% improvements and expand processing plant capacity from
Slide 32: Olympias
Olympias Transformation continues: committed to drive sustainable improvement and long-term success Q4 2025 HIGHLIGHTS • Q4 gold production of 18,473 oz at AISC(1) of $1,676/oz sold • The mill expansion to 650ktpa (from 500ktpa currently) continued to progress with progressive commissioning & ramp-u
Slide 33: Environmental Rehabilitation at Olympias
Environmental Rehabilitation at Olympias Eldorado rehabilitated over 32 acres land that was used by a previous operator to dispose of tailings containing arsenopyrite Before restoration work (2012) After restoration work (2021) REHABILITATION OF OLD OLYMPIAS ARSENOPYRITE CONCENTRATE STORAGE AREA • T
Slide 34: Perama Hill
Perama Hill Low-cost epithermal gold-silver project with transformative growth potential OVERVIEW SUPPORTS THE GROWTH PIPELINE Location Thrace, Greece • Next mine expected to be developed after Skouries Ownership 100% • Exploration potential in the Thrace region Mine type Open pit supports opportuni
Slide 35: Perama Hill
Perama Hill Critical path and progress • Community engagement well underway to ensure transparent dialogue and incorporate stakeholder feedback. Two consultation processes are expected to commence in the coming months: One led by the Greek State One led by Eldorado • Project optimization and studies
Slide 36: Exploration
Exploration 7) eldorado gold 35
Slide 37: Quebec, Canada
Quebec, Canada Discovery of High-Grade Extensions at Ormaque and Lamaque South; Major Increase in 2026 Exploration Budget to Test New Targets in Lamaque Complex and Bourlamaque • New high-grade zones at Ormaque and Lamaque South, close to existing infrastructure offers potential mine expansion flexi
Slide 38: Ormaque
Ormaque New High-Grade Extensions Identified at Ormaque • Two new Ormaque extensions identified: Ormaque SE and Ormaque West, characterized by flat-lying veins: 13.5 m at 13.59 g/t and 4.1 m at 15.65 g/t Au (LS-25- 135A) 1.0 m at 338.66 g/t Au (LS-24- 116) 1.2 m at 81.98 g/t Au (LQ-25-026) • New ste
Slide 39: Lamaque South
Lamaque South Discovery of High-Grade Veins at Lamaque South, Extensions of Historic Lamaque Mine • Drilling at Lamaque South targeted the southern extensions of veins mined historically at Lamaque Mine 3.6 m at 9.13 g/t Au, Vein 39 in drillhole LQ-25-025 4.2 m at 8.02 g/t Au, Vein 39 in drillhole L
Slide 40: Kassandra Mines District, Greece
Kassandra Mines District, Greece High-Grade Extensions at Olympias and Newly Identified Gold-Copper System at Stratoni Skarn: Over 30,000 m Planned Follow-up Drilling • Exploration in Greece advanced significantly in 2025: 17,500 m drilled at Olympias including discovery of new Olympias NW Zone with
Slide 41: Olympias Exploration
Olympias Exploration NW Zone Discovered Through Integrated Structural, Lithological and Geophysical Interpretation; Exceptional Grades in West Flats Area Step-Out Drilling • Drilling highlights from the Olympias NW Zone include: 7.55 m at 18.93 g/t Au, 123.15 g/t Ag, 3.17% Pb and 0.43% Zn (OLS-20) 7
Slide 42: Stratoni Skarn
Stratoni Skarn Newly Identified, Emerging Gold-Copper System • Located east of the historic Madem Lakkos mine within a large skarn alteration zone ~1.5 km long, 0.5 km wide, and up to 50 m thick. • Historic drilling (1950–1980s) confirmed extensive skarn mineralization in a region traditionally domi
Slide 43: Turkiye: Advancing Early-Stage Exploration
Turkiye: Advancing Early-Stage Exploration Strengthening portfolio through strategic licence acquisition, target generation, and expanded drilling programs. • Continued exploration focus in Turkiye, leveraging strong geological potential and supportive operating environments. • Early-stage portfolio
Slide 44: Investing in Our Future: Strengthening Exploration for Long-Term Value
Investing in Our Future: Strengthening Exploration for Long-Term Value Building a high-quality discovery pipeline through enhanced geoscience, technology, and increased exploration investment • 2026 exploration budget • Stronger exploration team and increasing to $75–85M, refreshed approach integrat
Slide 45: Climate Change Strategy – Our GHG Emissions Mitigation Target
Climate Change Strategy – Our GHG Emissions Mitigation Target Mitigate GHG emissions by an amount equal to 30% of our 2020 baseline by 2030, on a “business-as-usual” basis(1) Journey to Decarbonization Our GHG Emissions Mitigation Target Achievement Pathway • Eldorado implemented 23,614 tCO2e of GHG
Slide 46: ESG Recognized as a Key Priority
ESG Recognized as a Key Priority Eldorado ESG performance as a mid-cap miner includes recognition of strong sustainability management practices ESG Rating Performance Recognition for Responsible Mining Canada’s Best Companies in 2025 by (1) • MAC-TSM Level AAA on Tailings Management at all TIME and
Slide 47: Appendix
APPENDIX 2 eldorado gold
Slide 48: Eldorado Gold Executive Management Team
Eldorado Gold Executive Management Team Experienced Operators Supported by a Committed and Proven Leadership Team Executive Leadership George Burns Christian Milau Paul Ferneyhough Frank Herbert Simon Hille Louw Smith CEO President EVP & CFO EVP and Chief Compliance EVP, Technical Services EVP, Deve
Slide 49: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 198,570,520 outstanding(1) Share purchase options(1,2) 2,444,190 Performance share units(1) 1,050,379 Closing share price(3) $46.42 (NYSE: EGO) Market Capitalization(3,4) $9.4 B 52-week Share Price $13.
Slide 50: Q4 2025 & Full Year Operations Update
Q4 2025 & Full Year Operations Update Strong Operational & Financial Performance and Significant Free Cash Flow Excluding Skouries Investment GOLD PRICE DRIVING MARGIN EXPANSION AND STRONG CASH FLOW IN 2025 $1.8 billion in revenue $743 million in cash flow from operating activities Generated ~$316 m
Slide 51: Hedge Portfolio
Hedge Portfolio Hedging related to Skouries Project Financing Skouries Project Finance Related Hedges • Gold and copper swaps for delivery on July 7, 2026, as follows: Gold: 32,000 ounces of gold at a forward price of $2,160 per ounce; and Copper: 6,160 tonnes of copper at a forward price of $8,525
Slide 52: Sustainability Framework and SIMS
Sustainability Framework and SIMS SIMS minimum performance standards operationalize our Framework’s four key commitments to ESG-related topics Safe, Inclusive and Responsibly Produced Healthy Environments Engaged & Prosperous Innovative Operations Products Now & The Future Communities • Reducing our
Slide 53: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Multi-year updated Equity, Diversity, and Inclusion Strategy GREECE launched in 2025 based on input from global employee workforce study
Slide 54: World Gold Council: Gold 247
World Gold Council: Gold 247 What is Gold 247 Gold Why Now? The World Gold Council’s strategic vision for 247TM Gold has a systemic role in the world’s transforming the global gold market and economy – as an investment, a reserve elevating gold into the mainstream of asset, a source of employment an
Slide 55: Financial Results
Financial Results ($ millions unless otherwise noted) Q4 2025 2025 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 4,251 3,505 2,405 1,944 1,787 Gold produced (oz) 123,416 488,268 520,293 485,139 453,916 Total cash costs(1) ($/oz sold) 1,295 1,176 940 850 878 All-in sustaining costs(1) (
Slide 56: Mineral Reserves (Gold, Silver) as of September 30, 2025
Mineral Reserves (Gold, Silver) as of September 30, 2025 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Gold (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) Efem
Slide 57: Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2025
Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2025 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Copper (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) Sk
Slide 58: Mineral Resources (Gold, Silver) as of September 30, 2025
Mineral Resources (Gold, Silver) as of September 30, 2025 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Gold (x1000) g/t ounces (x1000) (x1000) g/t ounces (x10
Slide 59: Mineral Resources (Copper, Lead, Zinc) as of September 30, 2025
Mineral Resources (Copper, Lead, Zinc) as of September 30, 2025 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Contained Contained Contained Contained Tonnes Cu Cu tonnes Tonnes Cu Cu tonnes Tonnes Cu Cu tonnes Tonnes Cu Cu tonnes Copper (x1000) % (x10
Slide 60: Notes on Mineral Resources and Reserves
Notes on Mineral Resources and Reserves GENERAL Mineral Reserves and Mineral Resources are as of September 30, 2025 The Mineral Reserves and Mineral Resources were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by ref
Slide 61: Notes on Mineral Reserves
Notes on Mineral Reserves MINERAL RESERVE NOTES Eldorado reports Mineral Reserves in accordance with CIM Definition Standards. Mineral Reserves for the operating sites (Efemcukuru, Kisladag, Olympias, and within the Lamaque Complex – Ormaque, Triangle, Parallel and Plug #4) and the Skouries and Pera
Slide 62: Notes on Mineral Resources
Notes on Mineral Resources Mineral Resource Notes: Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The Resource cut-off grades or values (e.g. gold equivalent) are de
Slide 63: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com