Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (October 2024)
65 slides from Eldorado Gold's investor presentation, Oct 1, 2024
Slide 1: Investor Presentation
Investor Presentation October 2024 Skouries, Greece
Slide 2: Forward Looking Statement
Forward Looking Statement Definitions 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 25, 2024 of Eldorado Gold Corporation for the three and six months ended June 30, 2024 (the “MD
Slide 3: Non-IFRS Measures
Non-IFRS Measures Certain non-IFRS financial measures and ratios are included in this presentation, including total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, adj
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 2023 Au Production 67,133 oz • 11.7 Moz of P&P gold reserves(2) 2023 AISC/oz sold(1) $1,688 Q2 2024 P
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 ESG Valuation Position SKOURIES • Globe & Mail’s Top 30: Road to Net • Advancing high-quality Greek • Cash and cash equivalents of asse
Slide 6: Upcoming Value Drivers
Upcoming Value Drivers Focused on upcoming value drivers CORPORATE • Updated multi-year guidance demonstrates 45% growth on gold production over four-year period, based on 2023 production TÜRKIYE • Consistent quality on belt agglomeration at Kışladağ to accelerate expected gold recovery • Potential
Slide 7: 2024 Guidance and 4-Year Production Outlook
2024 Guidance and 4-Year Production Outlook Growing production with significant upside from Skouries Au & Cu production 2024 4-YEAR PRODUCTION OUTLOOK: GOLD INCREASING 45% FROM 2023 TO 2027 GOLD PRODUCTION: 505,000 – 555,000 oz COPPER PRODUCTION STARTING IN 2025 800 TOTAL CASH COSTS(1): $840 - $940
Slide 8: Attractive Valuation
Attractive Valuation Advancing high-quality Greek assets creates re-rating potential Consensus P/NAV Consensus EV/2024E EBITDA(1) Source: FactSet; data as of October 1, 2024 Source: FactSet; data as of October 1, 2024 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measure
Slide 9: Strong Financial Position
Strong Financial Position Focus on maintaining solid financial position which provides flexibility to unlock value across our business Liquidity Position(1,2) (as of June 30, 2024) TOTAL LIQUIDITY: $810 million Cash balance + availability on senior secured credit facility (2) CASH, CASH EQUIVALENTS
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: Capital Cost: Evolution from Feasibility Study to Full Construction
Capital Cost: Evolution from Feasibility Study to Full Construction Updated estimate reflects increased labour costs ADVANCING A WORLD-CLASS ASSET Administrative Offices CAPITAL COST ESTIMATE: $920 M Crusher Area FIRST PRODUCTION: Q3 2025 Filter Area COMMERCIAL PRODUCTION: End of 2025 2025 PRODUCTIO
Slide 12: Skouries: Recent Achievements
Skouries: Recent Achievements Progress continues on major earthworks and infrastructure construction Q2 2024 HIGHLIGHTS(1) • Overall project completion at 76% including prior work Detailed engineering at 72%; Procurement substantially complete Construction of major earthworks structures continues to
Slide 13: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver $144 million invested in H1 2024: $375 to $425 Million Capital Expected in 2024: On track Q2 2024 HIGHLIGHTS (CONTINUED) • Q2 2024 invested: $92 million H1 2024 invested: $144 million • Mobilization of site personnel continues to ramp up 841 personnel on site; 1,300 e
Slide 14: Skouries: Crusher Building & Filter Plant
Skouries: Crusher Building & Filter Plant Primary Crusher (left photo) and Filter Plant Area (right photo) September 2024 September 2024 July 2024 July 2024 Excavations and slope stabilizations are progressing in all areas and the excavation and backfill for the conveyor Three active drills are work
Slide 15: Skouries: Advancing Support Infrastructure
Skouries: Advancing Support Infrastructure Main Process Plant Building – West Side September 2024 September 2024 July 2024 Process Plant Substation Pump House 14
Slide 16: Skouries: Advancing Support Infrastructure
Skouries: Advancing Support Infrastructure Main Process Plant Building – East Side August 2024 July 2024 Lime Plant, Compressors and Flotation Reagents buildings East side of main process plant building 15
Slide 17: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver $144 M invested in H1 2024: $375 to $425 M Capital Expected in 2024: on track 2021 2022 2023 2024 2021 Procurement & Engineering: Q1: Amended investment Agreement – signed and ❑ Substantial completion of procurement ratified into law by Greek parliament ❑ Substantial
Slide 18: Advancing the Skouries Project
Advancing the Skouries Project First production Q3 2025 and commercial production at the end of 2025 June 30, 2024 Expected progress by end of 2024 Overall Project Progress 76% 86% Detailed Engineering 72% 100% Procurement Substantially 100% complete 2024 Capital Expenditure $144 M $375 - $425 M Emp
Slide 19: 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 20: 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 dry-
Slide 21: Lamaque Complex
Lamaque Complex Underground gold mine located in Val-d’Or, Québec. The high-grade orogenic Triangle deposit feeds the current mine life. OVERVIEW EXPLORATION UPSIDE Location Québec, Canada • Advancing Ormaque resource conversion drilling Ownership 100% • Large resource base and exploration upside fr
Slide 22: Lamaque Complex: Recent Achievements
Lamaque Complex: Recent Achievements Delivered strong gold production in Q2 Q2 2024 HIGHLIGHTS • Q2 gold production of 47,391 oz at total cash costs(1) of $759/oz sold • Production in Q2 2024 driven by: Higher grades during the quarter, in line with expectations • Total cash costs(1) impacted by hig
Slide 23: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque First round drilling Utilities protection Maintenance bay 22
Slide 24: 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 • Kışladağ opportunity to increase throughput and recoveries beyond planned 56% Ownership 100% • Completed commissioning of the
Slide 25: Kışladağ: Recent Achievements
Kışladağ: Recent Achievements Production in line with expectations Q2 2024 HIGHLIGHTS • Q2 gold production of 38,990 oz at total cash costs(1) of $941/oz sold • Production in Q2 2024 driven by: Higher tonnes placed on the pad and higher grade in the quarter • Total cash costs(1) impacted by increase
Slide 26: Kışladağ: North Desorption
Kışladağ: North Desorption Overall Structural Steel Assembly North DR Area Steel Structure & Tank Construction 25
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 9th consecutive year, since
Slide 28: Efemçukuru: Recent Achievements
Efemçukuru: Recent Achievements Steady producer quarter over quarter Q2 2024 HIGHLIGHTS • Q2 gold production of 22,397 oz at total cash costs(1) of $1,087/oz sold Gold production, throughput, and average gold grade were in line with the plan for the quarter • Production is expected to be relatively
Slide 29: Olympias
Olympias Carbonate replacement style deposit with high gold grades and an orebody that will allow for mining rates up to 1 million tonnes per year OVERVIEW FOCUS ON GROWTH Location Halkidiki Peninsula, Greece • Continue to deliver Olympias productivity Ownership 100% improvements and expand processi
Slide 30: Olympias: Recent Achievements
Olympias: Recent Achievements Impacted by labour-initiated work stoppages Q2 2024 HIGHLIGHTS • Q2 gold production of 13,541 oz at total cash costs(1) of $1,231/oz sold • Total cash costs(1) were positively impacted by the efficiencies from recent transformation initiatives, as well as slightly lower
Slide 31: 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 32: 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 33: Perama Hill
Perama Hill Upcoming catalysts • Social & Environmental Due Diligence – Ongoing (2024) • Restart stakeholder engagement and community consultation – commencing in H2 2024 Future developments • EIA submission • EIA Approval & Presidential Decree (PD) issued • Submission of full Social & Environmental
Slide 34: 2024 Exploration Plans
2024 Exploration Plans Evolving our global exploration & Geoscience strategy 2024 Exploration guidance is Generate & Grow Expand & Enhance Support & Sustain $27 million to $30 million(1) GENERATIVE FRAMEWORKS & MINERAL SYSTEM DEFINITION, ORE BODY KNOWLEDGE, 43,000 m GEOLOGIC POSITIONING TO CHARACTER
Slide 35: Support & Sustain
Support & Sustain Greece SKOURIES PROJECT E009 200 m • Geoscience support toward geometallurgical and geotechnical drilling in 2023 - toward further de-risking technical aspects of project E030 • Testwork and analysis focus for 2024 OLYMPIAS MINE • ~5,000 m underground resource conversion drilling a
Slide 36: Enhance & Expand
Enhance & Expand Canada ORMAQUE DEPOSIT • ~18,000 m surface drilling testing for new Inferred Resources to the north, northeast and southeast of current (2023) Resource footprint Greece OLYMPIAS MINE • ~9,000 m surface drilling testing for new Inferred Resources at North Zone Türkiye EFEMÇUKURU MINE
Slide 37: Generate & Grow
Generate & Grow Canada VAL D’OR DISTRICT • ~12,800 m underground and ~19,000 m surface drilling to test near mine targets in the Sigma-Lamaque area VAL D’OR REGION • ~5,000 m drill testing of early-stage targets in the Bourlamaque area and ~6,500 m at a target at the Uniake/Perestroika property for
Slide 38: ESG is a Key Priority
ESG is a Key Priority Peer comparison shows Eldorado as a strong ESG performer in the mid-cap mining sector ESG actions are recognized globally Leading the way Journey to in ESG areas Decarbonization Eldorado's Sustainability Integrated Management System incorporates global • The Board exceeds our d
Slide 39: Appendix
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Slide 40: Eldorado Gold Executive Management Team
Eldorado Gold Executive Management Team Experienced Operators Supported by a Committed and Proven Leadership Team Executive Leadership George Burns Paul Ferneyhough Frank Herbert Simon Hille Louw Smith President & CEO EVP & CFO EVP, GC, and Chief EVP, Technical EVP, Development, Compliance Officer S
Slide 41: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 204,761,278 outstanding(1) Share purchase options(1,2) 2,801,530 Performance share units(1) 965,493 Closing share price(3) $17.25 (NYSE: EGO) Market Capitalization(3) $3.6 B 52-week Share Price $8.30 -
Slide 42: 4-Year Operating Outlook
4-Year Operating Outlook Gold production (midpoint) increasing 45% over 4 years driven by growth projects FOUR-YEAR OPERATING OUTLOOK Gold Production (000’ oz) 2023A 2024E(1) 2025E(2) 2026E 2027E Lamaque Complex 177 175 – 190 170 – 180 180 – 200 180 – 200 Kışladağ 155 180 – 195 175 – 185 150 – 165 1
Slide 43: 2024 Guidance: Production, Cost, Capital
2024 Guidance: Production, Cost, Capital Lamaque Complex Kışladağ Efemçukuru(3) Olympias(3) Skouries Total 2024 YTD(5) 2023A Production (000’ ounces) 175 – 190 180 – 195 75 – 85 75 – 85 505 – 555 239 485 Total Cash Costs(1) ($/oz 700 – 800 820 – 920 1,080 – 1,180 980 – 1,080 840 – 940(4) 931 850 sol
Slide 44: Operations Update
Operations Update Production expected to be H2 2024 weighted; 2024 Operating Guidance Maintained In-Line Quarter 12% STEADY Q2 2024 in production Operations continued to perform in-line with over Q2 2023 expectations, and generated ~$34 million of free cash flow(1), excluding Skouries investment spe
Slide 45: Hedge Portfolio
Hedge Portfolio Managing gold and copper downside price exposure over the next 3 years Skouries Project Finance Related Hedges Gold Hedges - Zero Cost Collar • Limited forward sales for delivery on June 30, 2026, as follows: • Mitigate volatility risk of the gold price during a period of elevated in
Slide 46: Skouries: Transformational for Eldorado
Skouries: Transformational for Eldorado Skouries Production Profile(1,3) Skouries Project Estimates(1) 250 500 Total Cash Cost ($/oz Au) Gold Production (Koz) • Robust economics(1) 200 250 Base case(2): NPV 5% $1.3B; after-tax IRR 19% 150 0 $1,800/oz Au(2): NPV 5% $1.6B; after-tax IRR 22% 100 50 -25
Slide 47: Skouries Feasibility Study at a Glance
Skouries Feasibility Study at a Glance Strong production and low cost expected for years to come (1)(2)(3) AISC Capital IRR ($6/oz) $845 M 19% Low-end of the cost curve To 1st production Internal Rate of Return EBITDA Au (1) (4) Payback Margin NPV Production <4 Years ~55% $1.3B 140,000oz/yr (312 K o
Slide 48: Future Cash Flow Opportunities
Future Cash Flow Opportunities Retained Exposure to Tocantinzinho (TZ) Project G Mining Ventures (GMIN-TSX) (Tocantinzinho) TZ Feasibility Study(2) Highlights • ~9.5% current equity ownership of G Mining(1) • After-tax NPV 5% of $622 M and after-tax IRR of 24% at $1,600/oz gold price • Market cap ~C
Slide 49: Sustainability Framework
Sustainability Framework Sustainability framework articulates four key commitments highlighting our commitment to ESG Safe, Inclusive and Responsibly Produced Healthy Environments Engaged & Prosperous Innovative Operations Products Now & The Future Communities • Reduced Lost-Time Incident Frequency
Slide 50: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Sponsor of Artemis Project, International Women in Mining GREECE • Global Employee Listening Strategy: 2023 Engagement Survey • Committe
Slide 51: Climate Change Strategy
Climate Change Strategy Mitigate GHG emissions by an amount equal to 30% of our 2020 baseline by 2030, on a “business-as-usual” basis(1) GHG Emissions Mitigation Target • everages Eldorado’s low emissions intensity(2) • Supports alignment with Eldorado’s SIMS, and commitments to the RGMPs, TSM and t
Slide 52: World Gold Council: Gold 24/7
World Gold Council: Gold 247 What is Gold 247 Gold Why Now? The World Gold Council’s strategic vision for 247 Gold has a systemic role in the world’s transforming the global gold market and economy – as an investment, a reserve elevating gold into the mainstream of asset, a source of employment and
Slide 53: Financial Results
Financial Results ($ millions unless otherwise noted) Q2 2024 YTD 2024(6) 2023 2022 2021 2020 Operating Metrics Realized Gold Price ($/oz) 2,336 2,214 1,944 1,787 1,781 1,783 Gold produced (oz) 122,319 239,430 485,139 453,916 475,850 528,874 Total cash costs(1) ($/oz sold) $940 931 $850 $878 $715 $6
Slide 54: Historical Operating Results – Lamaque Complex
Historical Operating Results – Lamaque Complex Q2 2024 YTD 2024(2) FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Operating Data Tonnes milled 220,157 454,716 838,419 248,246 198,430 192,087 199,656 Head grade (g/t Au) 6.95 6.36 6.76 7.36 7.04 6.43 6.06 Average recovery rate 96.3% 96.4% 97.1% 96.3% 97.6% 9
Slide 55: Historical Operating Results – Kışladağ
Historical Operating Results – Kışladağ Q2 2024 YTD 2024(2) FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Operating Data Tonnes placed on pad 3,415,604 6,177,378 13,220,164 3,434,911 3,620,640 3,029,900 3,134,713 Head grade (g/t Au) 0.92 0.85 0.78 0.78 0.85 0.76 0.70 Gold ounces produced 38,990 76,513 154
Slide 56: Historical Operating Results – Efemçukuru
Historical Operating Results – Efemçukuru Q2 2024 YTD 2024(3) FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Operating Data Tonnes milled 134,540 271,571 547,089 137,987 138,045 138,159 132,898 Head grade (g/t Au) 5.92 5.44 5.64 5.81 5.46 5.85 5.45 Average recovery rate (to concentrate) 92.1% 91.8% 93.0% 9
Slide 57: Historical Operating Results – Olympias
Historical Operating Results – Olympias Q2 2024 YTD 2024(3) FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Operating Data Tonnes milled 94,575 213,172 454,122 114,895 124,705 110,140 104,382 Head grade (g/t Au) 8.11 8.42 8.23 8.70 8.33 7.31 9.13 Gold average recovery rate (to concentrate) 81.1% 82.5% 83.8%
Slide 58: Mineral Reserves (Gold, Silver) as of September 30, 2023
Mineral Reserves (Gold, Silver) as of September 30, 2023 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, 2023
Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2023 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, 2023
Mineral Resources (Gold, Silver) as of September 30, 2023(1) Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Contained Contained Contained Contained Tonnes Au Au ounces Tonnes Au Au ounces Tonnes Au Au ounces Tonnes Au Au Ounces Gold (x1000) g/t (x1000)
Slide 61: Mineral Resources (Copper, Lead, Zinc) as of September 30, 2023
Mineral Resources (Copper, Lead, Zinc) as of September 30, 2023 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 Resources and Mineral Reserves are as of September 30, 2023 The Mineral Resources and Mineral Reserves 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 the Triangle Mine within the Lamaque Complex) were determined using a long-term gold p
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