Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Q4 2025 Earnings Presentation
22 slides from Eldorado Gold's earnings presentation, Feb 20, 2026
Slide 1: Q4 and Year End 2025 Results Conference Call
Skouries Q4 AND YEAR END 2025 RESULTS CONFERENCE CALL February 20, 2026
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: Participants and Agenda
Participants and Agenda George Burns SKOURIES CONSTRUCTION UPDATE CEO FOURTH QUARTER & FULL YEAR 2025 OVERVIEW Paul Ferneyhough FINANCIALS EVP & CFO Simon Hille PROJECTS & OPERATIONS UPDATE EVP, Operations and Technical Services Christian Milau 2026 GUIDANCE & 3-YEAR OUTLOOK President 3
Slide 5: 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 ~$316 m
Slide 6: Q4 2025 Highlights
Q4 2025 Highlights Strong Focus on Health, Safety & Sustainability and Returning Capital to Shareholders HEALTH & SAFETY • LTIFR of 0.55 in Q4 2025, improved from 1.02 in Q4 2024 We continue to implement multi-year programs to support continuous improvement in workplace safety, supporting our vision
Slide 7: Skouries Construction Update
Skouries Construction Update Long-life asset that is expected to deliver significant cash flow once in operation FIRST CONCENTRATE NOW EXPECTED EARLY Q3 2026; COMMERCIAL PRODUCTION IN Q4 2026 REPLACEMENT EQUIPMENT REQUIRED • Replacement required for cyclone feed pump variable frequency drive capacit
Slide 8: Financial Results: Full Year & Q4 2025
Financial Results: Full Year & Q4 2025 ($millions unless otherwise noted) Q4 2025 Q4 2024 FY 2025 FY 2024 Gold Production Key Metrics 180 1,400 Gold produced (oz) 123,416 155,668 488,268 520,293 160 1,300 140 1,200 Gold sold (oz) 126,923 156,864 491,204 517,926 1,100 120 Revenue 577.2 435.7 1,818.9
Slide 9: 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 10: 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 11: 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 12: Skouries: Thickeners
Skouries: 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 11
Slide 13: Skouries: Filtered Tailings Plant
Skouries: 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
Slide 14: Skouries: Crusher Building & Coarse Ore Stockpile
Skouries: 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 –
Slide 15: 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 16: 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 17: 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 18: 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 19: 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(3): GOLD INCREASING ~40% FROM 2025 TO 2027 OPERATIONS(4) GOLD PRODUCTION: 430,000 – 490,000 oz COPPER PRODUCTIO
Slide 20: 2026 Production & Cost Guidance: Mine-by-Mine
2026 Production & Cost Guidance: Mine-by-Mine Lamaque Complex, Canada Olympias, Greece 2026 GOLD PRODUCTION BY MINE(3) Gold Production(4) 185 – 200 Koz Gold Production 70 – 80 Koz Total Cash Costs(1,2) $790 – $990 Silver Production 1550 – 1750 Koz 15% AISC(1,2) $1,160 – $1,360 Lead Production 15 – 1
Slide 21: Combining to Create a Peer-Leading Gold and Copper Producer
Combining to Create a Peer-Leading Gold and Copper Producer ✓ Two World Class Projects Entering Production in 2026, Unlocking Industry Leading Growth ✓ Enhanced Revenue Mix with Copper Exposure, Long Life Assets, and Improved Jurisdictional Balance ✓ Strong Balance Sheet and Financial Flexibility Su
Slide 22: Eldorado Gold Continuing to Deliver Value Creation
fe & Sustainable Operation Sa s Robust balance 40% increase in sheet to fully fund gold production by our growth 2027 from 2025 initiatives Eldorado Gold Increasing On track to production, become one of Continuing to Deliver disciplined cost control, strong the EU’s largest copper producers metal pr