Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (December 2024)
66 slides from Eldorado Gold's investor presentation, December 2024
Slide 1: Investor Presentation
Investor Presentation December 2024 Sigma Milling Complex at Lamaque
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 October 31, 2024 of Eldorado Gold Corporation for the three and nine months ended September 30, 2024
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 ⚫ Olympias ⚫ Skouries ⚫ Stratoni Diverse Asset Portfolio ⚫ Olympias, GREECE • Operations in Türkiye, Greece and Canada 2023 Au Production 67,133 oz 2023 AISC/oz sold(1) $1,688 • 11.9 Moz of P&P gold reserves(3) Q3 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 UPDATED 2024 GUIDANCE(2) 4-YEAR PRODUCTION OUTLOOK: GOLD INCREASING 45% FROM 2023 TO 2027 GOLD PRODUCTION: 505,000 – 530,000 oz COPPER PRODUCTION STARTING IN 2025 800 TOTAL CASH CO
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 November 29, 2024 Source: FactSet; data as of November 29, 2024 (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 which provides flexibility to unlock value across our business TOTAL LIQUIDITY: $885 million Cash balance + availability on senior secured credit facility (1) Liquidity Position(1,2) (as of Sept 30, 2024) 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 Filtered Tailings Facility COMMERCIAL PRODUCTION: End of 2025
Slide 12: Skouries: Recent Achievements
Skouries: Recent Achievements Underground mining, mechanical, piping and instrumentation in the process plant continued to ramp up Q3 2024 HIGHLIGHTS(1) • Overall project completion at 79% including prior work Detailed engineering at 78%; Procurement substantially complete Construction of major eart
Slide 13: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver $227 million invested year-to-date 2024: $350 to $380 million (1) capital expected in 2024 Q3 2024 HIGHLIGHTS (CONTINUED) • Q3 2024 invested: $82.7 million Ball mill feed Sag mill Pebble conveyor Concentrate filter Thickener (1) On Oct. 31, 2024, the Company announced
Slide 14: Skouries: Crusher Building & Filtered Tailings Plant
Skouries: Crusher Building & Filtered Tailings Plant Primary Crusher (left photos) and Filtered Tailings Facility Area (right photo) Excavations and slope stabilizations are progressing in all areas. Concrete floor pouring commenced at the filtered tailings facility. 13
Slide 15: Skouries: Advancing Support Infrastructure
Skouries: Advancing Support Infrastructure Main Process Plant Building – West Side Pump House Secondary Substation Control Building 14
Slide 16: Skouries: Advancing Support Infrastructure
Skouries: Advancing Support Infrastructure Main Process Plant Building – East Side East side of main process plant building Lime Plant Top: Guar Plant. Bottom: Air Compressor 15
Slide 17: Skouries: Advancing Construction
Skouries: Advancing Construction Aerial Site View September 2024 September 2024 16
Slide 18: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver $227 million invested year-to-date 2024: $350 to $380 million (1) capital expected in 2024 2021 2022 2023 2024 2021 Procurement & Engineering: Q1: Amended investment Agreement – signed and ❑ Substantial completion of procurement ratified into law by Greek parliament ❑
Slide 19: Advancing the Skouries Project
Advancing the Skouries Project First production Q3 2025 and commercial production at the end of 2025 Sept 30, 2024 Expected progress by end of 2024 Overall Project Progress 79% 86% Detailed Engineering 78% 100% Procurement Substantially 100% complete 2024 Capital Expenditure $227 M $350 - $380 M Emp
Slide 20: 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 21: 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 22: 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 23: Lamaque Complex: Recent Achievements
Lamaque Complex: Recent Achievements Progress continues at Ormaque, stockpiling of ore for inaugural reserve has commenced Q3 2024 HIGHLIGHTS • Q3 gold production of 43,106 oz at total cash costs(1) of $728/oz sold • Production in Q3 2024 impacted by: Lower average grades during the quarter, slightl
Slide 24: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque First round drilling Maintenance bay 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 • Kışladağ opportunity to increase throughput and recoveries beyond planned 56% Ownership 100% • Completed commissioning of the
Slide 26: Kışladağ: Recent Achievements
Kışladağ: Recent Achievements Production impacted by lower tonnes stacked, and slightly lower recovery Q3 2024 HIGHLIGHTS • Q3 gold production of 41,084 oz at total cash costs(1) of $899/oz sold • Production in Q3 2024 impacted by: Operational challenges including lower tonnes stacked, slightly lowe
Slide 27: Kışladağ: Improving irrigation engineering
Kışladağ: Improving irrigation engineering Sub-cell collection system Deep ripping system 26
Slide 28: Kışladağ: Completion stage of North-ADR Plant
Kışladağ: Completion stage of 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. 27
Slide 29: 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 30: Efemçukuru: Recent Achievements
Efemçukuru: Recent Achievements Steady producer quarter over quarter Q3 2024 HIGHLIGHTS • Q3 gold production of 19,794 oz at total cash costs(1) of $1,325/oz sold Gold production, throughput, and average gold grade were in line with the plan for the quarter Total cash costs(1) impacted by increased
Slide 31: 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 32: Olympias: Recent Achievements
Olympias: Recent Achievements Production driven by higher grade ore during the quarter: 56% increase from Q2 2024. Q3 2024 HIGHLIGHTS • Successfully signed a 3-year CBA agreement and combined with increased productivity in our underground operations and as contemplated in our guidance, supports the
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 Progress on Climate in ESG areas Eldorado's Sustainability Integrated Greenhouse gas (“GHG”) emissions • The Board exceeds our diversity tar
Slide 41: Appendix
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Slide 42: 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 Services EVP, Development, Compliance
Slide 43: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 204,909,496 outstanding(1) Share purchase options(1,2) 2,651,218 Performance share units(1) 974,302 Closing share price(3) $16.00 (NYSE: EGO) Market Capitalization(3) $3.3 B 52-week Share Price $9.72 -
Slide 44: 4-Year Operating Outlook
4-Year Operating Outlook Gold production (midpoint) increasing 45% over 4 years driven by growth projects FOUR-YEAR OPERATING OUTLOOK Gold Production (000’ oz) 2023A 2024E(1,3) 2025E(2) 2026E 2027E Lamaque Complex 177 175 – 190 170 – 180 180 – 200 180 – 200 Kışladağ 155 180 – 195 175 – 185 150 – 165
Slide 45: Updated 2024 Guidance: Production, Cost, Capital
Updated 2024 Guidance: Production, Cost, Capital Lamaque Complex(6) Kışladağ(6) Efemçukuru(3,6) Olympias(3,6) Skouries Total(6) 2024 YTD(5) 2023A Production (000’ ounces) 175 – 190 180 – 195 75 – 85 75 – 85 505 – 530 365 485 Total Cash Costs(1) ($/oz 700 – 800 820 – 920 1,080 – 1,180 980 – 1,080 910
Slide 46: Operations Update
Operations Update 2024 Guidance Ranges Tightened: Remain On Track GOLD PRICE DRIVING MARGIN EXPANSION AND STRONG 3% CASH FLOW. Generated ~$98.3 million of free cash flow(1) from in production operations, excluding Skouries investment spend over Q3 2023 Q3 2024 2024 Guidance(3) Total Cash Total Cash
Slide 47: Hedge Portfolio
Hedge Portfolio Managing gold and copper downside price exposure over the next 3 years Skouries Project Finance Related Hedges Gold Hedges - Zero Cost Collar • Limited forward sales for delivery on June 30, 2026, as follows: • Mitigate volatility risk of the gold price during a period of elevated in
Slide 48: Skouries: Transformational for Eldorado
Skouries: Transformational for Eldorado Skouries Production Profile(1,3) Skouries Project Estimates(1) 250 500 Total Cash Cost ($/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 49: 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% $1.3B 140,000oz/yr (312 K o
Slide 50: Sustainability Framework
Sustainability Framework Sustainability framework articulates four key commitments highlighting our commitment to ESG Safe, Inclusive and Responsibly Produced Healthy Environments Engaged & Prosperous Innovative Operations Products Now & The Future Communities • Reduced Lost-Time Incident Frequency
Slide 51: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Sponsor of Artemis Project, International Women in Mining GREECE • Global Employee Listening Strategy: 2023 Engagement Survey • 2024 Sus
Slide 52: Climate Change Strategy
Climate Change Strategy Mitigate GHG emissions by an amount equal to 30% of our 2020 baseline by 2030, on a “business-as-usual” basis(1) GHG Emissions Mitigation Target • ev erages Eldorado’s low emissions intensity(2) • Supports alignment with Eldorado’s SIMS, and commitments to the RGMPs, TSM and
Slide 53: World Gold Council: Gold 247
World Gold Council: Gold 247 What is Gold 247 Gold Why Now? The World Gold Council’s strategic vision for 247 Gold has a systemic role in the world’s transforming the global gold market and economy – as an investment, a reserve elevating gold into the mainstream of asset, a source of employment and
Slide 54: Financial Results
Financial Results ($ millions unless otherwise noted) Q3 2024 YTD 2024(6) 2023 2022 2021 2020 Operating Metrics Realized Gold Price ($/oz) 2,492 2,309 1,944 1,787 1,781 1,783 Gold produced (oz) 125,195 364,625 485,139 453,916 475,850 528,874 Total cash costs(1) ($/oz sold) $953 939 $850 $878 $715 $6
Slide 55: Historical Operating Results – Lamaque Complex
Historical Operating Results – Lamaque Complex Q3 2024 YTD 2024(2) FY 2023 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Operating Data Tonnes milled 232,165 686,881 838,419 220,157 234,559 248,246 198,430 Head grade (g/t Au) 6.03 6.25 6.76 6.95 5.81 7.36 7.04 Average recovery rate 95.8% 96.2% 97.1% 96.3% 96.5% 9
Slide 56: Historical Operating Results – Kışladağ
Historical Operating Results – Kışladağ Q3 2024 YTD 2024(2) FY 2023 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Operating Data Tonnes placed on pad 3,511,662 9,689,040 13,220,164 3,415,604 2,761,744 3,434,911 3,620,640 Head grade (g/t Au) 0.86 0.86 0.78 0.92 0.77 0.78 0.85 Gold ounces produced 41,084 117,597 15
Slide 57: Historical Operating Results – Efemçukuru
Historical Operating Results – Efemçukuru Q3 2024 YTD 2024(3) FY 2023 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Operating Data Tonnes milled 131,374 402,945 547,089 134,540 137,032 137,987 138,045 Head grade (g/t Au) 5.37 5.41 5.64 5.92 4.96 5.81 5.46 Average recovery rate (to concentrate) 92.5% 92.0% 93.0% 9
Slide 58: Historical Operating Results – Olympias
Historical Operating Results – Olympias Q3 2024 YTD 2024(3) FY 2023 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Operating Data Tonnes milled 124,374 337,546 454,122 94,575 118,597 114,895 124,705 Head grade (g/t Au) 9.16 8.69 8.23 8.11 8.67 8.70 8.33 Gold average recovery rate (to concentrate) 82.9% 82.7% 83.8%
Slide 59: Mineral Reserves (Gold, Silver) as of September 30, 2024
Mineral Reserves (Gold, Silver) as of September 30, 2024 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, 2024
Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2024 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, 2024
Mineral Resources (Gold, Silver) as of September 30, 2024(1) 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 (
Slide 62: Mineral Resources (Copper, Lead, Zinc) as of September 30, 2024
Mineral Resources (Copper, Lead, Zinc) as of September 30, 2024 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, 2024 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 (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 and Triangle) were determined using a long-term g
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: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com
Eldorado Gold — Investor Presentation (December 2024) on 6ix