Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Merger or Acquisition (February 2026)
31 slides from Eldorado Gold's merger presentation, Feb 2, 2026
Slide 1: Creation of a Leading Gold and Copper Producer
Creation of a Leading Gold and Copper Producer February 2, 2026
Slide 2: Forward Looking Statement
Forward Looking Statement Cautionary Note about Forward-looking Statements and Information Certain of the statements made and information provided in this presentation forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 a
Slide 3: Speakers
Speakers George Burns Christian Milau Dan Myerson Chief Executive Officer President Executive Chairman Eldorado Gold Eldorado Gold & Chief Executive Officer Foran Mining 2
Slide 4: Combining to Create a Peer-Leading Gold and Copper Producer
Combining to Create a Peer-Leading Gold and Copper Producer ✓ Two World Class Projects Entering Production in 2026, Unlocking Industry Leading Growth ✓ Enhanced Revenue Mix with Copper Exposure, Long Life Assets, and Improved Jurisdictional Balance ✓ Strong Balance Sheet and Financial Flexibility Su
Slide 5: Canadian Values, Strategic Growth
Canadian Values, Strategic Growth 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(3) Copper Expo
Slide 6: Transaction Summary
Transaction Summary • Eldorado to acquire all the issued and outstanding common and non-voting shares of Foran via a plan of arrangement • Transaction equity value of approximately C$3.8 billion Transaction • Eldorado and Foran shareholders to own approximately 76% and 24% of the combined company, r
Slide 7: Benefits to Canada
Benefits to Canada Transaction strengthens Canadian critical minerals development and provides long-term economic benefits ACCELERATION OF CANADIAN CRITICAL MINERALS PRODUCTION • Combination strengthens pathway to production for a nationally significant critical minerals project McIlvenna Bay recogn
Slide 8: Two World-Class Mines Ramping up in 2026
Two World-Class Mines Ramping up in 2026 % Complete (1) Initial Mine Life (yrs) Annual Production(2) Skouries 90% 20 140 koz Au 67 Mlbs Cu Commercial Production Mid-2026 McIlvenna Bay 41 Mlbs Cu 85% 18 20 koz Au 444 koz Ag 54 Mlbs Zn Foran Mining: McIlvenna Bay – Project Overview Video: Forging the
Slide 9: Peer-Leading Growth
Peer-Leading Growth Strong growth and cash flow drive clear re-rating potential Production EBITDA at Street EBITDA at Spot Free Cash Flow(2) (koz GEO)(1) Consensus Pricing(3) Pricing(3) ~900 $3.1 B $1.5 B $2.1 B ~510 $1.0 B $1.0 B ($0.6) B 2025 2027E 2025 2027E 2025 2027E 2025 2027E (1) Gold equival
Slide 10: Peer-Leading Near-Term Growth Profile
Peer-Leading Near-Term Growth Profile Combined Company to drive significant production growth 2025E – 2027E Production Growth (GEO %)(1) 2027E Production (GEO koz)(1) 1,437 77% 1,036 63% ~900 836 777 714 613 594 36% 509 31% 345 330 295 13% 7% 6% 1% 1% 1% (0%) (1%) PF Eldorado Equinox IAMGOLD Artemis
Slide 11: Balanced Revenue and Geographic Exposure
Balanced Revenue and Geographic Exposure A globally balanced operating portfolio Commodity Mix(1) NAV by Jurisdiction(2) 2027E Revenue – Street Consensus Street Consensus NAV 8% 20% 15% 43% 77% 37% Gold Copper Other Greece Canada Türkiye (1) Based on publicly disclosed production figures; assumes st
Slide 12: Operating Asset Overview
Operating Asset Overview Average gold production of ~500,000 oz of gold since 2020 across steady operating portfolio Lamaque Complex Olympias Kışladağ Efemçukuru • Location: Quebec, • Location: Halkidiki, • Location: Uşak Province, • Location: Izmir Province, Canada Greece Türkiye Türkiye • Mine typ
Slide 13: Development Asset Overview
Development Asset Overview Ormaque, part of Lamaque Skouries McIlvenna Bay Perama Hill Complex • Location: Halkidiki, Greece • Location: Saskatchewan, • Location: Thrace, Greece • Location: Quebec, Canada • Mine type: Open pit & Canada • Mine type: Open pit • Mine type: Underground underground • Min
Slide 14: Exploration Overview
Exploration Overview Organic Growth Potential Across Robust Exploration Portfolio Lamaque Complex Bourlamaque McIlvenna Bay Tesla Zone Regional Targets Drilling will continue to test lateral Targeting depth extensions to the Initial phase 18 yr mine life Significant, near-mine Large, under-explored
Slide 15: Tesla Zone Has Significant Upside Potential
Tesla Zone Has Significant Upside Potential Tesla Zone ? Mill Throughput Located 300m Discovered Target in 2022 from McIlvenna Bay deposit Tesla Expansion ~86,000 m 1,200m+ in length New drilled 500-700m widths McIlvenna Bay Discoveries Time Tonnes (Mt) 28 – 45 Copper Grade (%) 0.9 – 1.3 Exploration
Slide 16: Funded for Growth
Funded for Growth Strong financial position to grow Near-Term High Return Development Capex $1.5 B $90 M Cash & Equivalents(1) Net Debt(1) Deep Exploration Pipeline Regular Dividends $2.1 B 4+2 ($0.075/sh in March 2026; ~0.7% yield(4)) 2027E EBITDA(2) Operating Assets(3) Share Buybacks (~$200 M in 2
Slide 17: Significant Free Cash Flow and Re-Rate Opportunity
Significant Free Cash Flow and Re-Rate Opportunity 2.00x 1.80x 1.60x Lundin Gold 1.40x Harmony P / NAV (ratio)(1) DPM Metals 1.20x Oceana- Gold 1.00x Alamos IAMGOLD Artemis PF ELD Eldorado 0.80x Equinox ('27E) B2Gold SSR 0.60x Centerra First full year of production at Skouries and McIlvenna Bay 0.40
Slide 18: Significant Re-Rating Opportunity
Significant Re-Rating Opportunity Skouries and McIlvenna Bay into production this year expected to drive re-rate Consensus P/NAV(1) Consensus EV/2027E EBITDA(2) 1.75x 14.0x 1.50x 12.0x 1.25x 10.0x 1.00x 8.0x 0.75x 6.0x 4.0x 0.50x 2.0x 0.25x -- -- IAMGOLD B2Gold Harmony Equinox Alamos Centerra Artemi
Slide 19: Clear Upcoming Catalysts to Drive Re-Rate
Clear Upcoming Catalysts to Drive Re-Rate 2026 2027 March 13, 2026 Corporate ELD First Dividend Q1 2026 Mid 2026 H2 2026 2027 McIlvenna First Production Commercial Production Tesla Maiden Resource Tesla Study Bay & Tesla Q1 2026(1) Mid 2026 Skouries First Production Commercial Production Q4 2026 Lat
Slide 20: Strong Alignment – Together, Breaking New Ground
Strong Alignment – Together, Breaking New Ground A common culture built on shared values and a sustainability focus Collaboration Collaboration Integrity Integrity Aligned Values Innovation Agility Sustainability Care Focused Courage Accountability Drive Excellence 19
Slide 21: Strategic Foundation Driving Long Term Value
Strategic Foundation Driving Long Term Value Industry Leading Growth Starting in 2026 Strong Balance Sheet Funding Organic Growth and Capital Returns Attractive Revenue Mix and Jurisdictional Balance Exploration Pipeline Driving Mine Life Longevity High Margin Cash Flow Re-Rating Shared Culture Supp
Slide 22: Thank You
Thank You TSX: ELD NYSE: EGO TSX: FOM eldoradogold.com foranmining.com
Slide 23: Appendix
APPENDIX Beldoradogod FORAN
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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
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