Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (August 2026)
67 slides from Eldorado Gold's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
INVESTOR PRESENTATION AUGUST 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 July 30, 2026 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: Eldorado Gold Overview
Eldorado Gold Overview 5 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(2) Copper Exposure Efemçu
Slide 5: Why Eldorado?
Why Eldorado? Metal diversity, geographic diversity, free cash flow +40% 97% $855M AAA project completion at Skouries as of gold production growth by 20281 June 30, 2026 Total liquidity as of June 30, 2026 MAC-TSM tailings rating GROWTH PIPELINE SKOURIES DELIVERY FINANCIAL STRENGTH SUSTAINABILITY Sk
Slide 6: Peer-Leading Growth
Peer-Leading Growth Strong growth and cash flow drive clear re-rating potential Production Consensus Consensus (koz GEO)(1) Free Cash Flow(2) EBITDA(3) ~870 $1.5B $2.1B ~510 $1.5 B $1.0B $2.1B ($0.6)B $1.0B ($0.6)B 2025 2027E 2025 2027E 2025 2027E (1) Gold equivalent ounces (GEO): Based on public di
Slide 7: Catalysts to watch - production growth, expansion & optimization initiatives
Catalysts to watch - production growth, expansion & optimization initiatives IN CONSTRUCTION EXPANSION OPTIMIZATION Assets entering production, declaring commercial production Throughput growth at producing mines Operational improvements & resource extension SKOURIES OLYMPIAS KIŞLADAĞ Halkidiki, Gre
Slide 8: 3-year gold production growth profile
3-year gold production growth profile Gold production growing ~40% by 2028 ● Copper production starting 2026 GOLD PRODUCTION (KOZ)1,2 COPPER (M LBS)3 +40% ~110 800 gold growth Life of Mine Average Annual Production 600 Skouries & McIlvenna Bay Gold (Koz) 400 KEY DRIVERS Skouries & McIlvenna Bay ramp
Slide 9: 2026 Guidance – Existing Operations + Skouries & McIlvenna Bay
2026 Guidance – Existing Operations + Skouries & McIlvenna Bay TOTAL GOLD1 COPPER (NEW) 1 AISC (CONSOLIDATED)2 495–600 koz 25–50 M lbs $1,670–1,870 /oz EXISTING OPERATIONS4 SKOURIES3,5 MCILVENNA BAY6 Gold production 430–490 koz Gold production1 60–100 koz Copper production6 5–10 M lbs Total cash cos
Slide 10: Strong Financial Position – Flexibility to Fund Growth
Strong Financial Position – Flexibility to Fund Growth TOTAL LIQUIDITY1,2 CASH & EQUIVALENTS1 AVAILABLE FACILITY2 ~$855 M ~$555 M ~$300 M CAPITAL STRUCTURE RETURNS TO SHAREHOLDERS1 Senior credit facility2 $450M ARCA ($300M currently available) + $100M - drawn QUARTERLY DIVIDEND BUYBACKS (2025 & H1 2
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 Copper-gold porphyry S
Slide 12: Skouries
Skouries First concentrate production expected in Q3 2026 ● Commercial production in Q4 2026 CONSTRUCTION 97% complete COMMISSIONING • Majority of the site’s electrical distribution network has been energized using temporary power, enabling the testing and commissioning of equipment prior to startup
Slide 13: Skouries: Transitioning from Construction to Operations
Skouries: Transitioning from Construction to Operations Construction project capital invested since restart of construction to June 30, 2026: $1.27 billion Q2 2026 HIGHLIGHTS • Q2 2026 project capital: $154.6 M • Q2 2026 accelerated operational capital: $59.6 M Main sub-station Lime, blower, guar an
Slide 14: Skouries Progress: July/August 2026
Skouries Progress: July/August 2026 13
Slide 15: Crusher Building & Coarse Ore Stockpile
Crusher Building & Coarse Ore Stockpile The primary crusher successfully crushed first ore in July 2026. Stockpile dome, ancillary feeders, and associated chute work complete and ready for full operations. Primary crusher overview. Photo insert – Feed pocket Dome and reclaim feeder, and SAG feed con
Slide 16: Process Plant
Process Plant Plant is substantially complete, with wet commissioning well underway, in preparation for first ore introduction. Water circulation testing through the entire circuit to the tailings thickener/filter feed tanks is underway. SAG & Ball Mill pre-commissioning activities Cyclone feed pump
Slide 17: Filtered Tailings Plant
Filtered Tailings Plant Work progressing with electrical installations and commissioning as the final steps. Filtered tailings plant overview Filtered tailings conveyor installations 16
Slide 18: McIlvenna Bay
McIlvenna Bay Underground copper-zinc-gold-silver project located in East-Central Saskatchewan OVERVIEW RESERVES AND RESOURCES(1) Location Saskatchewan, Canada Resources Resources Reserves (Indicated) (Inferred) Ownership 100% Tonnes 29.7 38.6 4.5 (Mt) Mine type Underground Cu (%) 1.21 1.19 0.93 Pro
Slide 19: McIlvenna Bay: Ramp-Up, Expansion Potential and District Growth
McIlvenna Bay: Ramp-Up, Expansion Potential and District Growth Ramping up towards commercial production • McIlvenna Bay marked a key milestone: first copper and first zinc concentrate produced 65,398 lbs of copper concentrate produced Commercial production expected in Q3 2026 • Study underway to po
Slide 20: McIlvenna Bay Site Layout
Mcllvenna Bay Site Layout Tailings Dry Stack Area Tailings Water Pond Containment Pond . ———— MWTP Foundations Temp WTP BA Ore Stockpile Laydown Area © > SS vee [essa Contact water Pond J 2 SS = Warehouse Main Shop» Wash Bay 7) eldorado gold
Slide 21: McIlvenna Bay: Ramping Up to Commercial Production
McIlvenna Bay: Ramping Up to Commercial Production Inside the process plant Flotation cells Ore on the conveyor Tailings filtration 20
Slide 22: Underground 2026 – Long Section Looking South
Underground 2026 – Long Section Looking South Mine on track to ramp up to steady state and well prepared for mill ramp up 21
Slide 23: 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 24: Lamaque Complex
Lamaque Complex Higher throughput and Ormaque contribution supported production growth, Sigma Mill expansion evaluation advancing 52,340 oz $865/oz $1,192/oz Q2 GOLD PRODUCTION Q 2 T O T AL C AS H C O S T ( 1 ) Q 2 AI S C ( 1 ) Q2 2026 HIGHLIGHTS • Q2 production: Supported by higher throughput, stro
Slide 25: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque Ramping up Ormaque Development Following Receipt of Operating Authorization Ormaque vein Map showing location of Ormaque deposit relative to existing underground development and infrastructure. 24
Slide 26: 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 Ownership 100% Expected to enhance permeability, improve Mine type Open
Slide 27: Kışladağ
Kışladağ Executing a major waste-stripping campaign that supports future capacity and resource upside 19,108 oz $2,050/oz $2,407/oz Q2 GOLD PRODUCTION Q 2 T O T AL C AS H C O S T ( 1 ) Q 2 AI S C ( 1 ) Q2 2026 HIGHLIGHTS • Q2 production: Fewer tonnes and lower stacked grade, as planned, while accele
Slide 28: 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 29: Efemçukuru
Efemçukuru Reliable Production, Consistent Performance 18,019 oz $1,926/oz $2,252/oz Q 2 P AY AB L E P R O D U C T I O N Q 2 T O T AL C AS H C O S T ( 1 ) Q 2 AI S C ( 1 ) Q2 2026 HIGHLIGHTS • Q2 payable production: Lower grade, partly offset by higher throughput. • Costs: Impacted by higher royalti
Slide 30: 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 improvements and expand processing plant capacity from 500 ktpa to 65
Slide 31: Olympias
Olympias Expansion investment supports the next phase of growth, with ramp-up expected in Q1 2027 15,125 oz $98.6M $2,465/oz Q2 GOLD PROD Q2 REVENUE (VS $65.9) Q 2 AI S C Q2 2026 HIGHLIGHTS • Production: Olympias has delivered three consecutive quarters of operational stability, with recoveries back
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 • Exploration potential in the Thrace region supports Ownership 100% opportunities for growth Min
Slide 33: Perama Hill
Perama Hill Critical path and progress • Community engagement to ensure transparent dialogue and incorporate stakeholder feedback with two consultation processes expected: One underway led by Eldorado One led by the Greek State, subject to its process and timing • Work continues on the required feas
Slide 34: Exploration
Exploration 7) eldorado gold 33
Slide 35: Saskatchewan, Canada
Saskatchewan, Canada McIlvenna Bay Tesla Zone Regional Targets Tesla Zone Initial phase 18 yr mine life Significant, near-mine Large, under-explored claims based off 29 Mt reserve, with mineralized zone with an package with numerous 43Mt total resources and exploration target range of targets includ
Slide 36: “Expand & Enhance”: Future Tesla Resource Growth Potential
“Expand & Enhance”: Future Tesla Resource Growth Potential Tesla’s Inaugural Resource is on track for H2 2026 & will be the platform for ongoing expansion opportunities in future Radius around Last drillhole of 2025: intercept (m) MCILVENNA BAY one of the furthest down-dip drilled: Main Lens massive
Slide 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: Türkiye: Advancing Early-Stage Exploration
Türkiye: Advancing Early-Stage Exploration Strengthening portfolio through strategic licence acquisition, target generation, and expanded drilling programs. • Continued exploration focus in Türkiye, leveraging strong geological potential and supportive operating environments. • Early-stage portfolio
Slide 44: 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 45: 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 Eldorado Gold named to Corporate Knights’ 2026 Best 50 Corporate • Eldorado Gold Quebec received t
Slide 46: 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 26,950 tCO2e of GHG
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 & COO EVP, Development, Offic
Slide 49: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 261,318,863 outstanding(1) Share purchase options(1,2) 2,721,301 Performance share units(1) 925,764 Closing share price(3) $32.72 (NYSE: EGO) Market Capitalization(3,4) $10 B 52-week Share Price $21.54
Slide 50: Q2 2026 Operating Highlights
Q2 2026 Operating Highlights Consistent Production, Ongoing Cost Discipline and Advancing Growth Projects SECOND QUARTER 2026 HIGHLIGHTS • First half of the year tracking to plan: Q2 performance in line with expectations and full-year guidance (back-half weighted year). • McIlvenna Bay Mine produced
Slide 51: 2026 Production & Cost Guidance: Mine-by-Mine
2026 Production & Cost Guidance: Mine-by-Mine(9) Lamaque Complex, Canada Olympias, Greece Gold Production(4) 185 – 200 Koz Gold Production 70 – 80 Koz 2026 GOLD PRODUCTION BY MINE(3) Total Cash Costs(1,2) $790 – $990 Silver Production 1550 – 1750 Koz AISC(1,2) $1,160 – $1,360 Lead Production 15 – 18
Slide 52: 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 53: Environmental Rehabilitation at Olympias
Environmental Rehabilitation at Olympias Eldorado rehabilitated over 32 acres land that was used by a previous operator to dispose of tailings containing arsenopyrite Before restoration work (2012) After restoration work (2021) REHABILITATION OF OLD OLYMPIAS ARSENOPYRITE CONCENTRATE STORAGE AREA • T
Slide 54: Hedge Portfolio
Hedge Portfolio Hedging related to Skouries Project Financing Skouries Project Finance Related Hedges • Foreign exchange hedging arrangements to fix the US dollar to Euro exchange rate for a portion of the Facility repayments • Interest rate swap covering 70% of the variable interest rate exposure •
Slide 55: Sustainability Framework and SIMS
Sustainability Framework and SIMS SIMS minimum performance standards operationalize our Framework’s four key commitments to ESG-related topics Safe, Inclusive and Responsibly Produced Healthy Environments Engaged & Prosperous Innovative Operations Products Now & The Future Communities • Reducing our
Slide 56: Inclusive Diversity
Inclusive Diversity Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Global Initiatives Operating Sites • Multi-year updated Equity, Diversity, and Inclusion Strategy GREECE launched in 2025 based on input from global employee workforce study
Slide 57: 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 58: Financial Results
Financial Results ($ millions unless otherwise noted) Q2 2026 Q1 2026 2026 YTD(4) 2025 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 4,379 4,891 4,632 3,505 2,405 1,944 1,787 Gold produced (oz) 104,616(5) 100,358 204,974(5) 488,268 520,293 485,139 453,916 Total cash costs(1) ($/oz sold
Slide 59: 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 60: 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 61: 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 62: 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 63: 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 64: Notes on Mineral Reserves
Notes on Mineral Reserves 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 and Pera
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: 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
Slide 67: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com