Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (December 2025)
61 slides from Eldorado Gold's investor presentation, December 2025
Slide 1: Investor Presentation December 2025
INVESTOR PRESENTATION DECEMBER 2025 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 October 30, 2025 of Eldorado Gold Corporation for the three and nine months ended Septem
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 Kassandra Mines, GREECE Diverse Asset Portfolio ⚫ Olympias ⚫ Skouries ⚫ Stratoni • Operations in Türkiye, Greece and Canada ⚫ Olympias, GREECE (15-year mine life) 2024 Au Production 69,532 oz • 12.5 Moz of P&P gold reserves(2) 2024 AISC/oz sold
Slide 5: Strong Investment Rationale
Strong Investment Rationale Eldorado is driving investor returns by focusing on four key areas Pipeline of Strategic Focused Attractive Financial Growth Projects on Sustainability Valuation Position SKOURIES • Our internal Sustainability Integrated • Advancing high-quality Greek assets • Cash and ca
Slide 6: Upcoming Value Drivers
Upcoming Value Drivers Focused on upcoming value drivers CORPORATE • Multi-year guidance demonstrates expected 44% growth on gold production over three-year period, based on 2024 production TÜRKIYE • Kışladağ Engineering and geometallurgical studies focused on the understanding of future mining phas
Slide 7: 2025 Guidance and 3-Year Growth Profile
2025 Guidance and 3-Year Growth Profile Growing production with significant upside from Skouries Au & Cu production 2025 3-YEAR PRODUCTION OUTLOOK(3): GOLD INCREASING ~44% FROM 2025 TO 2027 GOLD PRODUCTION(4): 470,000 – 490,000 oz COPPER PRODUCTION STARTING IN 2026 ~44% Growth TOTAL CASH COSTS(1,4):
Slide 8: Attractive Valuation
Attractive Valuation Advancing high-quality Greek assets creates re-rating potential Consensus P/NAV Consensus EV/2025E EBITDA(1) Source: FactSet; data as of November 27, 2025 Source: FactSet; data as of November 27, 2025 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Mea
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) (as of September 30, 2025) TOTAL LIQUIDITY: $1.09 billion $0.05B Cash and cash equivalents + availability on senior secured credit facility CASH &
Slide 10: 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 11: Skouries: Recent Achievements
Skouries: Recent Achievements Skouries progressing to plan: First production expected toward the end of Q1 2026 and commercial production in mid-2026 Q3 2025 HIGHLIGHTS 1ST UNDERGROUND BLAST • Phase 2: 73% complete; 86% including Phase 1 COMPLETE Mobilization of site personnel ramped up: ~2,000 pers
Slide 12: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver Construction project capital invested since restart of construction to Sept 30, 2025: $843 million 2025: $440 to $470 million capital expected, in addition to $80 to $100 million in accelerated operational capital Q3 2025 HIGHLIGHTS (CONT’D) • Q3 2025 project capital:
Slide 13: Skouries Progress: Oct / Nov 2025
Skouries Progress: Oct / Nov 2025 12
Slide 14: Process Plant
Process Plant Final foundations for support buildings were completed in early October, and structural, mechanical, piping, and electrical work is ongoing across key areas Concentrate Filter Press Piping Installations Flotation Area Piping and Cable Installation Aerial – process plant 13
Slide 15: Process Plant – West Side Infrastructure
Process Plant – West Side Infrastructure The process plant substation building is structurally complete. The control building fourth floor concrete is complete with work progressing on the final elevation. Secondary substation Process compressor building Process control building Main substation tran
Slide 16: Process Plant – East Side Infrastructure
Process Plant – East Side Infrastructure Concrete works completed for the east side infrastructure Pebble crusher building Guar building tank erection Lime and blowers buildings 15
Slide 17: Skouries: Thickeners
Skouries: Thickeners Completed water testing of the first two (of three) thickeners, and piping installations have commenced as the pipe rack installations are completed Thickeners overview Tailing thickener pipe rack 16
Slide 18: Skouries: Crusher Building
Skouries: Crusher Building Primary Crusher: concrete work advanced to final elevation; primary crusher is assembled in position and work is underway on cable tray and internal structural steel stairways and platforms Primary crusher overview. Top right insert – closer up view of conveyor preassembly
Slide 19: Skouries: Filtered Tailings Plant
Skouries: Filtered Tailings Plant Filtered tailings building: Structural steel installation is 92%(1); completed assembly of all 6 filters(2) Filtered tailings plant overview, with tank farm progressing on the left and the compressor building on the right To view a time lapse of the installation, pl
Slide 20: Skouries: Coarse Ore Stockpile
Skouries: Coarse Ore Stockpile Stockpile dome foundation nearing completion, and assembly of the dome has commenced(1). Conveyors advancing from the primary crusher – coarse ore stockpile – process plant. SAG feed conveyor and coarse ore stockpile dome Reclaim feeder and discharge chute (1) As of Oc
Slide 21: 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 6%(1) • 10-year ter
Slide 22: 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 23: 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 24: Lamaque Complex: Recent Achievements
Lamaque Complex: Recent Achievements Solid Q3 production supported in part by processing of the remaining portion of the second bulk sample at Ormaque Q3 2025 HIGHLIGHTS • Q3 gold production of 46,823 oz at total cash costs(1) of $767/oz sold • Production in Q3 2025 positively impacted by: Higher th
Slide 25: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque Second bulk sample completed: processed by blending with Triangle ore in Q3 2025 Ormaque vein Maintenance bay 24
Slide 26: 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 27: Kışladağ: Recent Achievements
Kışladağ: Recent Achievements 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 Q3 2025 HIGHLIGHTS • Q3 gold production of 37,184 oz at total cash costs(1) of $1,309/oz sold • Pr
Slide 28: Kışladağ: Improving irrigation engineering
Kışladağ: Improving irrigation engineering Sub-cell collection system Deep ripping system 27
Slide 29: Kışladağ: Completed North-ADR Plant
Kışladağ: Completed North-ADR Plant North-ADR plant First gold pour in late October 2024 Top: Aerial view of North-ADR plant and infrastructure; Bottom: Interior of North-ADR plant 28
Slide 30: 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 31: Efemçukuru
Efemçukuru Inline quarter – production and cost Q3 2025 HIGHLIGHTS • Q3 gold production of 17,586 oz at total cash costs(1) of $1,522/oz sold • Gold grade, throughput, and production inline with expectations Q3 2025 Q3 2024 Gold Production (oz) 17,586 19,794 Total cash costs ($/oz sold)(1) 1,522 1,3
Slide 32: 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 33: Olympias
Olympias Transformation continues: committed to drive sustainable improvement and long-term success Q3 2025 HIGHLIGHTS • Q3 gold production of 13,597 oz at total cash costs(1) of $1,869/oz sold • Production in Q3 2025 was impacted by: Tonnes milled and gold grades, coupled with continued challenges
Slide 34: Environmental Rehabilitation at Olympias
Environmental Rehabilitation at Olympias Eldorado restored over 32 acres of an area that was used by a previous operator to improperly dispose of tailings containing arsenopyrite. Before restoration work (2012) After restoration work (2021) RESTORATION OF OLD OLYMPIAS ARSENOPYRITE CONCENTRATE STORAG
Slide 35: 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 36: Perama Hill
Perama Hill Upcoming catalysts • Social & Environmental Due Diligence – Ongoing (2025) • Project optimization and studies are ongoing to prepare permitting documentation Future developments • EIA submission • EIA Approval & Presidential Decree (PD) issued • Submission of full Social & Environmental
Slide 37: Exploration
Exploration 7) eldorado gold 36
Slide 38: 2025 Exploration: Focused in Eldorado's Operating Jurisdictions
2025 Exploration: Focused in Eldorado’s Operating Jurisdictions Includes In-Mine Resource Conversion and Expansion Drilling, Drill Testing Multiple Near-Mine and Early-Stage Targets, as well as Generating Projects and New Targets through Generative Initiatives Generate & Grow Expand & Enhance Suppor
Slide 39: Canada: Delivering Near- to Mid-Term Options for Lamaque Complex
Canada: Delivering Near- to Mid-Term Options for Lamaque Complex Maintaining and Extending Mine Life to Feed to Sigma Mill Support & Sustain Expand & Enhance Generate & Grow TRIANGLE MINE ORMAQUE DEPOSIT LAMAQUE TARGETS • ~45,500 m: Resource conversion and expansion • ~48,000 m (underground): Conver
Slide 40: Canada: Growth For and Beyond the Lamaque Complex
Canada: Growth For and Beyond the Lamaque Complex Delivering from the Wider Val d’Or District and Exploring for Eldorado’s Second Mine in Canada Generate & Grow: Lamaque Complex Montgolfier 100% EGQ Option/Agreements/Joint Ventures VAL D’OR DISTRICT Equity investments • Multidisciplinary targeting t
Slide 41: Türkiye: Expanding and Investing In Prospective Regions
Türkiye: Expanding and Investing In Prospective Regions Focused on resource expansion drilling at Efemçukuru and advancing several early-stage projects in highly prospective priority regions Support & Sustain: Efemçukuru Generate & Grow: Türkiye • ~6,550 m: Resource expansion drilling at • Building
Slide 42: Greece: Supporting Mines and Generating New Opportunities
Greece: Supporting Mines and Generating New Opportunities Exploring for Higher-Value and Life of Mine Extensions, plus Targeting Gold-Copper for Growth Optionality Support & Sustain Expand & Enhance Generate & Grow SKOURIES DEVELOPMENT PROJECT OLYMPIAS MINE STRATONI SKARN • ~5,000 m: Underground dri
Slide 43: 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 44: 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 • MAC-TSM Level AAA on Tailings Management TIME and Statista (1
Slide 45: Appendix
APPENDIX 2 eldorado gold
Slide 46: 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 47: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 201,274,684 outstanding(1) Share purchase options(1,2) 2,578,327 Performance share units(1) 1,044,867 Closing share price(3) $30.70 (NYSE: EGO) Market Capitalization(3,4) $6.2 B 52-week Share Price $13.
Slide 48: Q3 2025 Operations & Highlights Update
Q3 2025 Operations & Highlights Update Solid operational performance during Q3 2025; On track to achieve full year production guidance EXECUTIVE AND BOARD CHANGES Q3 2025 • Christian Milau, appointed as President Production Total Cash Asset AISC(1) ($/oz) • Board Succession: John Webster retiring af
Slide 49: Hedge Portfolio
Hedge Portfolio Managing gold and copper downside price exposure Skouries Project Finance Related Hedges(1) Gold Price Collar • Gold and copper swaps for delivery on June 30, 2026, as follows: • Mitigate volatility risk of the gold price during a period of elevated investment in the Skouries project
Slide 50: Sustainability Framework and SIMS
Sustainability Framework and SIMS SIMS minimum performance standards operationalize our Framework’s four key commitments to ESG-related topics Healthy Environments Now Safe, Inclusive and Responsibly Produced & The Future Engaged & Prosperous Innovative Operations Products Communities • Implementing
Slide 51: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Updated Equity, Diversity & Inclusion Strategy created with input GREECE from the global employee workforce • 2024 Sustainability Bronze
Slide 52: 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 53: Financial Results
Financial Results ($ millions unless otherwise noted) Q3 2025 YTD 2025(4) 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 3,527 3,245 2,405 1,944 1,787 Gold produced (oz) 115,190 364,852 520,293 485,139 453,916 Total cash costs(1) ($/oz sold) 1,195 1,134 940 850 878 All-in sustaining cos
Slide 54: 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 55: 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 56: 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 57: 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 58: 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 59: Notes on Mineral Reserves (cont'd)
Notes on Mineral Reserves (cont’d) 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
Slide 60: 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 61: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com
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