Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Mining Forum Americas 2026
28 slides from Eldorado Gold's conference presentation, September 2026
Slide 1: Mining Forum Americas
MINING FORUM AMERICAS SEPTEMBER 28-30, 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 July 30, 2026 of Eldorado Gold Corporation for the three and six months ended June 30, 2
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), averaged realized gold price per ounce sold, EBITDA, adjusted EBITDA, adjusted net earnings, adjusted net earnings
Slide 4: The Investment Case
The Investment Case Priced for yesterday’s risk, not today’s execution 1 Peer-leading growth profile with long mine life assets 2 Focused on execution 3 Cash flow inflection point 4 Increasing shareholder returns 5 Funded internal growth with outstanding exploration potential 4
Slide 5: Eldorado Gold Overview
Eldorado Gold Overview MINING FRIENDLY JURISDICTIONS Olympias, GREECE McIlvenna Bay(3), CANADA CANADA Skouries(3), GREECE GREECE Perama Hill, GREECE European Regional OFFICE TÜRKIYE Amsterdam, Netherlands HEAD OFFICE Vancouver, Canada Lamaque Complex, CANADA 6 13+ Operations Reserve Life(2) Efemçuku
Slide 6: Skouries: New Critical Minerals in the EU
Skouries: New Critical Minerals in the EU Open pit Tailings filter area Skouries aerial Main sub-station 6
Slide 7: McIlvenna Bay: New Critical Minerals in Canada
McIlvenna Bay: New Critical Minerals in Canada McIlvenna Bay aerial Ore feed to the SAG mill Flotation cells 7
Slide 8: Exceptional Internal Growth
Exceptional Internal Growth Building value through internally funded organic growth OPTIMISE EXPAND BUILD Our next mine · EIA submitted Q4 2026 Q4 2026 Kışladağ secondary crusher Tesla Zone inaugural Inferred Mineral Resource 650ktpa 5,000tpd Olympias throughput +30% Lamaque Complex – staged expansi
Slide 9: Solid Financial Position
Solid Financial Position TOTAL LIQUIDITY(1,2) CASH & EQUIVALE\NTS(1) AVAILABLE FACILITY(3) $855M $555M $300M $11B market cap (4) $1.7B gross debt (1) RETURNS TO SHAREHOLDERS $80M $0.075 per share/quarter(5) $307M buybacks 2025 & H1 2026(1) (1) As per the Consolidated Q2 2026 Financial Statements. (2
Slide 10: Near Term Production Growth
Near Term Production Growth Gold production growing ~40% by 2028 (GEO ~80%) ● Copper production added from 2026 COPPER (M LBS)(3) 800 +40% ~110 M lbs 600 Average Annual Production Skouries & McIlvenna Bay Expected LOM Gold (Koz)(1,2) 400 KEY DRIVERS 200 Skouries & McIlvenna Bay ramp-up 0 Existing op
Slide 11: Peer-leading Mine Lives With Exciting Extension Potential
Peer-leading Mine Lives With Exciting Extension Potential Source: Bank of America Research Report dated May 31,2026 11
Slide 12: Technology and Sustainability Embedded in Operations
Technology and Sustainability Embedded in Operations PRODUCTION GEOSCIENCE SUSTAINABILITY Automation, Safety and Data-Driven Targeting Cleaner Power, Fleets, Digital Tools and Geoscience Water and Tailings • Teleoperation and automation • Integrated geoscience identified • Battery-electric trucks •
Slide 13: Aggressive Exploration & Highly Prospective
Aggressive Exploration & Highly Prospective NEAR-M INE MCILVENNA BAY, SASKATCHEWAN LAMAQUE COMPLEX, QUÉBEC KASSANDRA DISTRICT, GREECE Tesla Zone Ormaque & Lamaque South Olympias NW & Stratoni Skarn Q4 2026 48,000 m 33,000 m Inaugural Inferred Mineral Resource Drilling in 2026 Drilling in 2026 expect
Slide 14: Peer-Leading Growth
Peer-Leading Growth Strong growth and cash flow drive clear re-rating potential Production Consensus Consensus (koz GEO)(1,2) Free Cash Flow(3) EBITDA(3) 880 $1.2B $2.6B 519 $0.8B ($0.2)B 2025A 2027E 2025A 2027E 2025A 2027E (1) Actuals based on 2025 financial reports at average realized commodity pr
Slide 15: Priced at a Discount to the Market, Not Just Gold
Priced at a Discount to the Market, Not Just Gold 20.0x 2027E EV/EBITDA 18.9x 16.4x 15.8x 16.0x 15.6x 16.0x 14.8x 14.3x 12.0x 11.4x 10.7x 10.8x 7.8x 8.0x 7.2x 4.9x 4.0x 0.0x Source: FactSet 15
Slide 16: Near-Term Catalysts
Near-Term Catalysts EXECUTION GROWTH 2026 2027 2028 2030+ McIlvenna Bay commercial Olympias expansion MCILVENNA BAY MCILVENNA BAY production to 650 ktpa Kışladağ Silver-lead 7,000 tpd Skouries commercial +43% throughput production agglomeration circuit(1) Tesla Zone inaugural Inferred Capital return
Slide 17: Pathway to a Re-Rating
Pathway to a Re-Rating 1 Large project execution risk diminishing Two simultaneous ramp-ups leading to significant production and free cash flow growth 2 Near-term re-rating catalysts Commercial production at two mines and FCF inflection 3 Diversified, long-life growth Copper exposure and Saskatchew
Slide 18: Appendix
APPENDIX 2 eldorado gold
Slide 19: One Stock, Four Macro Tailwinds
One Stock, Four Macro Tailwinds Gold & silver and copper & zinc respond to different, sometimes opposite, macro conditions. Eldorado carries meaningful exposure to both. THE HEDGE THE GROWTH Gold & Silver Copper & Zinc Real rates, currency and fiscal uncertainty, and geopolitical Electrification, gr
Slide 20: Capital Allocation
Capital Allocation SAFETY & PEOPLE & OPERATIONAL & FINANCIAL STRENGTH & SUSTAINABILITY CAPABILITIES PROJECT EXCELLENCE RETURNS Cash flow from operations 1 2 3 4 Sustaining Capital for safe, Robust & flexible balance sheet for Shareholder Returns (Dividend & Growth Capital responsible and efficient o
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: McIlvenna Bay 2024 Mineral Reserve and Mineral Resource Estimate
McIlvenna Bay 2024 Mineral Reserve and Mineral Resource Estimate Tonnes Cu Zn Au Ag CuEq Reserves (Mt) (%) (%) (g/t) (g/t) (%) Total Reserves 29.7 1.21% 2.17% 0.44 14.4 2.51% Tonnes Cu Zn Au Ag CuEq Resources (Mt) (%) (%) (g/t) (g/t) (%) Total Indicated 38.6 1.19% 2.18% 0.41 14.40 2.02% Total Inferr