Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (May 2026)
67 slides from Eldorado Gold's investor presentation, May 25, 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION MAY 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 April 30, 2026 of Eldorado Gold Corporation for the three months ended March 31, 2026 (t
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: Eldorado Gold Overview
Eldorado Gold Overview 4 2 Olympias, GREECE Operations Assets entering McIlvenna Bay, CANADA production in 2026 Skouries, GREECE Perama Hill, GREECE European Regional OFFICE Amsterdam, Netherlands HEAD OFFICE ~900 koz ~15% Vancouver, Canada Lamaque Complex, CANADA 2027E GEO(2) Copper Exposure Efemçu
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 Advancing construction progress at Skouries, first concentrate production expected in Q3 2026 and commercial production in Q4 2026 • Olympias Continued productivity improvements at Olympias that support th
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: Attractive Valuation
Attractive Valuation Advancing high-quality Greek assets creates re-rating potential Consensus P/NAV Consensus EV/2026E EBITDA(1) Source: FactSet; data as of April 30, 2026 Source: FactSet; data as of April 30, 2026 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’
Slide 10: 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 11: 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 Copper-gold porphyry S
Slide 12: Skouries: Recent Achievements
Skouries: Recent Achievements Skouries progressing: first concentrate production expected in Q3 2026 and commercial production in Q4 2026 Q1 2026 HIGHLIGHTS: • Overall construction 94% complete. • Commissioning: • Pre-commissioning of the power infrastructure for the plant commenced with substations
Slide 13: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver Construction project capital invested since restart of construction to March 31, 2026: $1.116 billion Q1 2026 HIGHLIGHTS • Q1 2026 project capital: $135.6 M • Q1 2026 accelerated operational capital: $48.5 M Lime, blower, guar and compressor buildings Process plant ov
Slide 14: Skouries Progress: April 2026
Skouries Progress: April 2026 13
Slide 15: Crusher Building & Coarse Ore Stockpile
Crusher Building & Coarse Ore Stockpile The primary crusher is mechanically complete and all associated equipment is set in position, with work underway on the final piping and electrical installation. Primary crusher overview. Top right insert – closer up view of primary crusher building erection.
Slide 16: Process Plant
Process Plant Work remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Substation (7002) Aerial – process plant SAG and Ball Mill 15
Slide 17: Filtered Tailings Plant
Filtered Tailings Plant Work progressing with electrical installations and commissioning as the final steps. Filtered tailings plant overview, with tank farm progressing shown on the left and the foundation of the Tailings filter press building. Bottom right insert – closer up view of filter buildin
Slide 18: McIlvenna Bay
McIlvenna Bay Underground copper-zinc-gold-silver project located in East-Central Saskatchewan OVERVIEW RESERVES AND RESOURCES(1) Location Saskatchewan, Canada Resources Resources Reserves (Indicated) (Inferred) Ownership 100% Tonnes 29.7 38.6 4.5 (Mt) Mine type Underground Cu (%) 1.21 1.19 0.93 Pro
Slide 19: McIlvenna Bay – February 2026 Construction Progress
McIlvenna Bay – February 2026 Construction Progress(1) As of February 28, 2026 Mill commissioning activities continued across the process plant Surface Underground Development Rates Construction Development Transmission line was successfully energized, providing secure, reliable power to McIlvenna B
Slide 20: A Transformational Months at McIlvenna Bay
A Transformational 12 Months at McIlvenna Bay March 2025 March 2026 19
Slide 21: Underground Image Gallery
Underground Image Gallery BEV Truck Loading on 150m Level BEV Charge Bay on 120m Level Underground Jumbo Bolting 20
Slide 22: 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 23: 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 24: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque Ramping up Ormaque Development Following Receipt of Operating Authorization Ormaque vein Map showing location of Ormaque deposit relative to existing underground development and infrastructure. 23
Slide 25: 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 26: 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 from phase 6 and the western ar
Slide 27: 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 28: 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 29: 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 30: Olympias
Olympias Olympias is delivering stronger volumes and lower unit costs, while the mill expansion supports additional growth in H2 2026. Q1 2026 HIGHLIGHTS 650kt expansion: on track for sequential completion • Q1 production: up 21% YoY to 14,319 oz driven by stable ore blend and improved recoveries. e
Slide 31: 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 32: Perama Hill
Perama Hill Critical path and progress • Community engagement to ensure transparent dialogue and incorporate stakeholder feedback. Two consultation processes are expected: One led by Eldorado which is expected to commence in the coming months One led by the Greek State, subject to its process and ti
Slide 33: Exploration
Exploration 7) eldorado gold 32
Slide 34: Saskatchewan, Canada
Saskatchewan, Canada McIlvenna Bay Tesla Zone Regional Targets Tesla Zone Initial phase 18 yr mine life Significant, near-mine Large, under-explored claims based off 29 Mt reserve, with mineralized zone with an package with numerous 43Mt total resources and exploration target range of targets includ
Slide 35: Expand & Enhance: Future Tesla Resource Growth Potential
“Expand & Enhance”: Future Tesla Resource Growth Potential Tesla’s Inaugural Resource is on track for H2 2026 & will be the platform for ongoing expansion opportunities in future Radius around Last drillhole of 2025: intercept (m) MCILVENNA BAY one of the furthest down-dip drilled: Main Lens massive
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: Türkiye: Advancing Early-Stage Exploration
Türkiye: Advancing Early-Stage Exploration Strengthening portfolio through strategic licence acquisition, target generation, and expanded drilling programs. • Continued exploration focus in Türkiye, leveraging strong geological potential and supportive operating environments. • Early-stage portfolio
Slide 43: 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 44: 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 45: 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 • Eldorado Gold Quebec received the TSM - Gold TIME and Statist
Slide 46: Appendix
APPENDIX 2 eldorado gold
Slide 47: 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 & COO EVP, Development, Offic
Slide 48: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 260,998,334 outstanding(1) Share purchase options(1,2) 2,847,020 Performance share units(1) 1,154,850 Closing share price(3) $29.61 (NYSE: EGO) Market Capitalization(3,4) $5.9 B 52-week Share Price $17.
Slide 49: 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 50: 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 51: 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 • Non-recourse to Eldorado; secured by Hellas Gold • Blended interest rate of approximately 5%(1) • 10-year term: 3 years availability;
Slide 52: 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 53: 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 54: 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 $8,525
Slide 55: Sustainability Framework and SIMS
Sustainability Framework and SIMS SIMS minimum performance standards operationalize our Framework’s four key commitments to ESG-related topics Safe, Inclusive and Responsibly Produced Healthy Environments Engaged & Prosperous Innovative Operations Products Now & The Future Communities • Reducing our
Slide 56: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Multi-year updated Equity, Diversity, and Inclusion Strategy GREECE launched in 2025 based on input from global employee workforce study
Slide 57: World Gold Council: Gold 247
World Gold Council: Gold 247 What is Gold 247 Gold Why Now? The World Gold Council’s strategic vision for 247TM Gold has a systemic role in the world’s transforming the global gold market and economy – as an investment, a reserve elevating gold into the mainstream of asset, a source of employment an
Slide 58: Financial Results
Financial Results ($ millions unless otherwise noted) Q1 2026 2025 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 4,891 3,505 2,405 1,944 1,787 Gold produced (oz) 100,358 488,268 520,293 485,139 453,916 Total cash costs(1) ($/oz sold) 1,470 1,176 940 850 878 All-in sustaining costs(1) (
Slide 59: 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 60: 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 61: 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 62: 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 63: 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 64: 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 65: 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 66: 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
Slide 67: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com