Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (January 2026)
65 slides from Eldorado Gold's investor presentation, Jan 26, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION JANUARY 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 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 Diverse Asset Portfolio Kassandra Mines, GREECE ⚫ Olympias ⚫ Skouries ⚫ Stratoni • Operations in Türkiye, Greece and Canada ⚫ Olympias, GREECE (15-year mine life) • 12.5 Moz of P&P gold reserves(3) 2025 Au Production(2) 59,877 oz HEAD OFFICE Pr
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 • Cash and cash equivalents of • Advancing high-quality Gree
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 44% growth(1) on gold production over three-year period, based on 2024 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 Advance construction progress at Skouries, first concentrate production expected toward the end of Q1 2026 and commercial production in mid-2026 • Olympias Continued productivity improvements at Olympias t
Slide 8: 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 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 January 20, 2026 Source: FactSet; data as of January 20, 2026 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measu
Slide 10: 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 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 Gold-copper porphyry S
Slide 12: 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 Q4 2025 HIGHLIGHTS 1ST UNDERGROUND BLAST • 90% including Phase 1; 78% complete for Phase 2 COMPLETE Accelerated Operations & Readiness • Mobilization
Slide 13: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver Construction project capital invested since restart of construction to December 31, 2025(1): ~$980 million Q4 2025 HIGHLIGHTS (CONT’D) • Q4 2025 project capital(1): ~$137 M (Full year 2025: ~$475 M) • Q4 2025 accelerated operational capital(1): ~$35 M (Full year 2025:
Slide 14: Skouries Progress: Dec 2025 / Jan 2026
Skouries Progress: Dec 2025 / Jan 2026 13
Slide 15: Skouries: Crusher Building
Skouries: Crusher Building Primary crusher concrete and primary crusher assembly is complete, cable tray and internal structural steel stairways progressing. Conveyors from primary crusher through the coarse ore stockpile and to the process plant complete. Primary crusher overview Apron feeder 14
Slide 16: Skouries: Coarse Ore Stockpile
Skouries: Coarse Ore Stockpile Stockpile dome foundation completed, and assembly of the dome structure progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. SAG feed conveyor and coarse ore stockpile d
Slide 17: Process Plant
Process Plant Work remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Electrical installations in the process plant substation are advancing, and the control building structure is complete with electrical work underway across all areas. First Fl
Slide 18: Process Plant – West Side Infrastructure
Process Plant – West Side Infrastructure Work continues on the support infrastructure with the process plant substation electrical installations underway. The control building structure is complete and electrical installation work is underway in all electrical areas. Substation transformer bays Sulp
Slide 19: Process Plant – East Side Infrastructure
Process Plant – East Side Infrastructure Concrete works completed for the east side infrastructure. Pre-commissioning of the pebble crusher complete. Pebble crusher building Pebble Crusher 18
Slide 20: Skouries: Thickeners
Skouries: Thickeners Two of the three tailings thickeners, clarifier and process water tank are mechanically complete. Water testing has been completed, and piping installations have progressed as the pipe rack installations are completed. Thickeners overview Tailing thickener pipe rack 19
Slide 21: Skouries: Filtered Tailings Plant
Skouries: Filtered Tailings Plant Filtered tailings building: Structural steel installation substantially complete. Mechanical completion for all six filter presses achieved. The electrical distribution room has been installed and cable tray and electrical installation advancing. Filtered tailings p
Slide 22: 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 5%(1) • 10-year ter
Slide 23: 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 24: 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 25: 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 26: 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 25
Slide 27: 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 28: 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 29: Kışladağ: Improving irrigation engineering
Kışladağ: Improving irrigation engineering Sub-cell collection system Deep ripping system 28
Slide 30: 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 29
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: Perama Hill
Perama Hill Critical path and progress • Community engagement well underway to ensure transparent dialogue and incorporate stakeholder feedback. Two consultation processes are expected to commence in the coming months: One led by the Greek State One led by Eldorado • Project optimization and studies
Slide 38: Exploration
Exploration 7) eldorado gold 37
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: Turkiye: Advancing Early-Stage Exploration
Turkiye: Advancing Early-Stage Exploration Strengthening portfolio through strategic licence acquisition, target generation, and expanded drilling programs. • Continued exploration focus in Turkiye, leveraging strong geological potential and supportive operating environments. • Early-stage portfolio
Slide 46: 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 47: 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 48: 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 49: Appendix
APPENDIX 2 eldorado gold
Slide 50: 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 51: 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) $42.89 (NYSE: EGO) Market Capitalization(3,4) $8.7 B 52-week Share Price $13.
Slide 52: Q3 2025 Operations & Highlights Update
Q3 2025 Operations & Highlights Update Solid operational performance during Q3 2025; On track to achieve full year production guidance EXECUTIVE AND BOARD CHANGES Q3 2025 • Christian Milau, appointed as President Production Total Cash Asset AISC(1) ($/oz) • Board Succession: John Webster retiring af
Slide 53: Hedge Portfolio
Hedge Portfolio Hedging related to Skouries Project Financing Skouries Project Finance Related Hedges(1) • Gold and copper swaps for delivery on June 30, 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 $8,
Slide 54: Sustainability Framework and SIMS
Sustainability Framework and SIMS SIMS minimum performance standards operationalize our Framework’s four key commitments to ESG-related topics Healthy Environments Now Safe, Inclusive and Responsibly Produced & The Future Engaged & Prosperous Innovative Operations Products Communities • Implementing
Slide 55: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Updated Equity, Diversity & Inclusion Strategy created with input GREECE from the global employee workforce • 2024 Sustainability Bronze
Slide 56: World Gold Council: Gold 247
World Gold Council: Gold 247 What is Gold 247 Gold Why Now? The World Gold Council’s strategic vision for 247TM Gold has a systemic role in the world’s transforming the global gold market and economy – as an investment, a reserve elevating gold into the mainstream of asset, a source of employment an
Slide 57: Financial Results
Financial Results ($ 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 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 64: 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 65: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com