Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (September 2025)
67 slides from Eldorado Gold's investor presentation, Sep 19, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION SEPTEMBER 2025 Kışladağ, Türkiye
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 July 31, 2025 of Eldorado Gold Corporation for the three and six months ended June 30, 2
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 • 11.9 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 • Our Sustainability Integrated • Advancing high-quality Greek assets • Cash and cash equivalents of
Slide 6: Upcoming Value Drivers
Upcoming Value Drivers Focused on upcoming value drivers CORPORATE • Multi-year guidance demonstrates expected 33% 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: 460,000 – 500,000 oz COPPER PRODUCTION STARTING IN 2026 ~44% Growth TOTAL CASH COSTS(1): $980
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 September 11, 2025 Source: FactSet; data as of September 11, 2025 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS M
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 June 30, 2025) TOTAL LIQUIDITY: $1.13 billion Cash and cash equivalents + availability on senior secured credit facility 49 CASH & CASH EQU
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 Project Update: Capital Cost & Schedule
Skouries Project Update: Capital Cost & Schedule Commercial production expected mid-2026; Initial 20-year mine life with robust economics Project Capital Variance Accelerated Operational Capital $86 $21 $1,063 CAPITAL COST ESTIMATE: $1.06 B $36 ACCELERATED MINING COST ESTIMATE: $154 M $920 $154 US$
Slide 12: Skouries: Recent Achievements
Skouries: Recent Achievements Skouries progressing to plan: First production expected in Q1 2026 and commercial production in mid-2026; Construction project capital invested since restart of construction to June 30, 2025: $705.7 million Q2 2025 HIGHLIGHTS • Q2 2025 project capital: $117 million and
Slide 13: Skouries Progress: September 2025
Skouries Progress: September 2025 12
Slide 14: Open Pit Mining
Open Pit Mining Open pit mining began in July 2025 with ore being stockpiled ahead of commissioning. Majority of the equipment is commissioned and operators trained. Phase 1 grade control drilling is 44% complete. 13
Slide 15: Process Plant
Process Plant Piping and cable installations continued and mechanical installations are proceeding in the support infrastructure areas Process plant – SAG mill feed conveyor Aerial – process place 14
Slide 16: 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 17: Process Plant – East Side Infrastructure
Process Plant – East Side Infrastructure Concrete works completed for the east side infrastructure September 2025: Pebble crusher building September 2025: Guar building September 2025: Lime and blowers buildings 16
Slide 18: Thickeners
Thickeners Concrete works and mechanical installations for two (of three) thickeners are complete. Work is advancing on the associated infrastructure with the pumphouse building structural and mechanical rough set complete, and pipe rack construction advancing. September 2025 17
Slide 19: Primary Crusher
Primary Crusher The concrete work advanced; apron feeder and associated chutes installed; primary crusher – bottom & top shell, main shaft, and final components installed. September 2025 – Primary Crusher close up September 2025: Top photos: Primary Crusher top and bottom shell installation complete
Slide 20: Filtered Tailings Building
Filtered Tailings Building Filtered tailings building: Structural steel installation is 75% complete as of July 31, and mechanical work progressed with the installation of the six feeder conveyors and the collector conveyor completed in June – advancing as planned. September 2025: Inside the filter
Slide 21: Coarse Ore Stockpile & Reclaim Feed Tunnel
Coarse Ore Stockpile & Reclaim Feed Tunnel Conveyor foundations between the primary crusher, coarse ore stockpile and process plant are advancing along with the stockpile dome foundation. Pre-assembly of the three reclaim feeders and associated chute work has commenced for installation in Q3 2025. S
Slide 22: Skouries: Advancing Construction
Skouries: Advancing Construction September 2025 21
Slide 23: 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 24: 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 25: Lamaque Complex
Lamaque Complex Underground gold mine located in Val-d’Or, Québec. The Triangle and Ormaque deposits feed the current mine life. OVERVIEW EXPLORATION UPSIDE Location Québec, Canada • Ormaque and Triangle deposits remain open at depth Ownership 100% • Large resource base and exploration upside from n
Slide 26: Lamaque Complex
Lamaque Complex Strong Q2 production driven partially by early processing of a portion of the second bulk sample at Ormaque Q2 2025 HIGHLIGHTS • Q2 gold production of 50,640 oz at total cash costs(1) of $721/oz sold • Production in Q2 2025 impacted by: Higher throughput in the quarter driven by earl
Slide 27: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque Second bulk sample partially processed in Q2 2025 First round drilling Maintenance bay 26
Slide 28: 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 • Investment focused on closing the HPGR circuit on track for an update with Q3 2025 results Ownership 100% • A decision has be
Slide 29: Kışladağ
Kışladağ Celebrated the four millionth ounce produced in May; cumulatively five million ounces have been produced in Türkiye Q2 2025 HIGHLIGHTS • Q2 gold production of 46,058 oz at total cash costs(1) of $1,133/oz sold • Production in Q2 2025 benefited from: Continued leaching of gold ounces stacked
Slide 30: Kışladağ: Improving irrigation engineering
Kışladağ: Improving irrigation engineering Sub-cell collection system Deep ripping system 29
Slide 31: 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 30
Slide 32: 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 33: Efemçukuru
Efemçukuru Inline quarter – production and cost Q2 2025 HIGHLIGHTS • Q2 gold production of 21,093 oz at total cash costs(1) of $1,335/oz sold • Gold grade, throughput, and production inline with expectations Q2 2025 2025 Guidance Gold Production 21,093 oz 70 – 80 K oz Total cash costs ($/oz sold)(1)
Slide 34: 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 35: Olympias
Olympias Gold production during the quarter increased by 35% and total cash costs(1) decreased by 34% compared to Q1 2025 Q2 2025 HIGHLIGHTS • Q2 gold production of 15,978 oz at total cash costs(1) of $1,578/oz sold • Production in Q2 2025 benefited from: Sustained improvements in mining productivit
Slide 36: 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 37: 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 38: 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 39: Exploration
Exploration 7) eldorado gold 38
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 21,255 tCO2e of GHG
Slide 46: 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 47: Appendix
APPENDIX 2 eldorado gold
Slide 48: 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 49: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 203,199,350 outstanding(1) Share purchase options(1,2) 2,773,305 Performance share units(1) 1,044,489 Closing share price(3) $27.67 (NYSE: EGO) Market Capitalization(3,4) $5.6 B 52-week Share Price $13.
Slide 50: Q2 2025 Operations Update
Q2 2025 Operations Update Strong operational performance during Q2 2025: maintaining full year production guidance, expect to be at or above the high end of the cost guidance Q2 2025 2025 Guidance Total Cash Total Cash Asset Production (oz) AISC(1) ($/oz) Production (K oz) AISC(1) ($/oz) Costs(1) ($
Slide 51: 2025 Production & Cost Guidance
2025 Production & Cost Guidance Kışladağ, Türkiye Lamaque Complex, Canada 2025 GOLD PRODUCTION BY MINE(3) Type Open pit Type Underground Gold Production 160 – 170 Koz Gold Production 170 – 180 Koz 14% Total Cash Costs(1,2) $1,020 – $1,120 Total Cash Costs(1,2) $790 – $890 AISC(1,2) $1,200 – $1,300 A
Slide 52: 3-Year Operating Outlook
3-Year Operating Outlook Gold production (midpoint) increasing 33% over 3 years driven by growth projects Gold Production (000’ oz) 2024A(1) 2025E 2026E(2) 2027E Lamaque Complex 197(1) 170 – 180 180 – 190 175 – 185 Kışladağ 174 160 – 170 135 – 145 165 – 175 Efemçukuru 80 70 – 80 75 – 85 70 – 80 Olym
Slide 53: Hedge Portfolio
Hedge Portfolio Managing gold and copper downside price exposure Skouries Project Finance Related Hedges Gold Hedges - Zero Cost 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 Skouri
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: Why Gold & Where do we see Gold Price Moving
Why Gold & Where do we see Gold Price Moving Now is the time for generalists. Long-Term Store of Value: ▪ Gold has been used as a store of value for thousands of years. ▪ During geopolitical turmoil or financial crises, investors often flock to gold as a Relative Performance over 20-years Relative P
Slide 58: 2025 Full Year Gold Outlook: central banks and ETF investors likely to drive demand
2025 Full Year Gold Outlook: central banks and ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge Gold Demand Hit New Record in 2024 Central Banks – Buyers for 15 Consecutive Years Quarterly gold demand in volume, tonnes, and value, US$bn(1) Annual
Slide 59: Financial Results
Financial Results ($ millions unless otherwise noted) Q2 2025 Q1 2025 YTD 2025(4) 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 3,270 2,933 3,112 2,405 1,944 1,787 Gold produced (oz) 133,769 115,893 249,662 520,293 485,139 453,916 Total cash costs(1) ($/oz sold) 1,064 1,153 1,106 940 8
Slide 60: 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 61: 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 62: 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 63: 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 64: 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 65: 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 66: 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 67: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com
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