Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Q1 2026 Earnings Presentation
15 slides from Eldorado Gold's earnings presentation, May 1, 2026
Slide 1: Q1 2026 Results Conference Call
Q1 2026 RESULTS CONFERENCE CALL May 1, 2026 Skouries
Slide 2: Forward Looking Statement
Forward Looking Statement Cautionary Note about Forward-looking Statements and Information Certain of the statements made and information provided in this presentation are forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation
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 CEO MCILVENNA BAY & SKOURIES UPDATE Paul Ferneyhough FINANCIALS EVP & CFO Simon Hille OPERATIONS EVP & COO Christian Milau CLOSING REMARKS President 3
Slide 5: Q1 2026 Operating Highlights
Q1 2026 Operating Highlights Steady Results: Consistent Production and Ongoing Cost Discipline Q1 2026 HIGHLIGHTS Solid start to 2026: Q1 performance tracking in line with expectations and full-year guidance (back-half weighted year). Growth projects nearing key milestones: McIlvenna Bay first conce
Slide 6: McIlvenna Bay
McIlvenna Bay McIlvenna Bay is a near-term catalyst, with first concentrate expected in the coming weeks. • McIlvenna Bay acquisition closed (Apr 14): marking a key milestone; integration is underway and first concentrate is expected in the near term. • Strong on-the-ground execution culture: manage
Slide 7: Skouries
Skouries Skouries remains on track for Q3 2026 start-up. 94% complete at the end of Q1 2026. • Skouries build progressing across all major areas • Capital supporting momentum on construction completion: Project capital (phase 2): • Estimate increased to $1.315 B • Q1 spend: $135.6 M • Cumulative (to
Slide 8: Financial Results: Q1 2026
Financial Results: Q1 2026 ($millions unless otherwise noted) Q1 2026 Q1 2025 FY 2025 Key Metrics Gold produced (oz) 100,358 115,893 488,268 Gold sold (oz) 100,619 116,263 491,204 Revenue 532.4 355.2 1,818.9 Average realized gold price ($/oz sold)(1) 4,891 2,933 3,505 Production costs 188.2 148.3 67
Slide 9: Strong Financial Position
Strong Financial Position Focus on maintaining a strong balance sheet and significant financial flexibility to fund our growth initiatives TOTAL LIQUIDITY: $788 million Cash and cash equivalents + availability on senior secured credit facility Liquidity Position(1,2) (as of March 31, 2026) CASH & CA
Slide 10: Lamaque Complex
Lamaque Complex Lamaque is tracking to 2026 guidance, with Q2 upside expected from higher grades, improved throughput, and the Ormaque ramp-up. Q1 2026 HIGHLIGHTS • Q1 production: up 5% YoY to 42,306 oz driven by higher grades and initial Ormaque contribution. • Costs: production costs $41.8M; total
Slide 11: Kışladağ
Kışladağ Kışladağ is executing on its investment in a large waste stripping campaign - supports future capacity and resource upside Q1 2026 HIGHLIGHTS • Q1 production: 28,339 oz based on fewer tonnes and lower stacked grade, as planned while accelerating waste removal. • Costs: total cash costs(1) $
Slide 12: Efemçukuru
Efemçukuru Efemçukuru is tracking to full-year guidance, with Q1 cost pressure driven mainly by royalties and lower ounces sold. Q1 2026 HIGHLIGHTS • Q1 payable production: 15,394 oz on lower grade, partly offset by higher throughput. • Costs: total cash costs(1) $2,208/oz sold; AISC(1) $2,528/oz so
Slide 13: Olympias
Olympias Olympias is delivering stronger volumes and lower unit costs, while the mill expansion supports additional growth in H2 2026. Q1 2026 HIGHLIGHTS • Q1 production: up 21% YoY to 14,319 oz driven by stable ore blend and improved 650kt expansion: on track for sequential recoveries. completion e
Slide 14: Defining Year: Execution Strength + Near-Term Growth
Defining Year: Execution Strength + Near-Term Growth Eldorado is entering a pivotal transformation: near-term growth plus stronger execution capability to improve resilience and long-term value as new mines ramp up Q1 2026 WRAP UP • Q1 delivered a solid start to a defining year, with steady operatio
Slide 15: Eldorado Gold Continuing to Deliver Value Creation
fe & Sustainable Operation Sa s 80% increase in Robust balance GEO production sheet to fully fund by 2027 from our growth 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 pri