Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (May 2026)
25 slides from Eldorado Gold's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION MAY 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 April 30, 2026 of Eldorado Gold Corporation for the three months ended March 31, 2026 (t
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 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(2) Copper Exposure Efemçu
Slide 5: Operating Asset Overview
Operating Asset Overview Average gold production of ~500,000 oz of gold since 2020 across steady operating portfolio Lamaque Complex Olympias Efemçukuru Kışladağ LOCATION LOCATION LOCATION LOCATION • Quebec, Canada • Halkidiki, Greece • Izmir Province, Türkiye • Uşak Province, Türkiye EXPECTED MINE
Slide 6: Development Asset Overview
Development Asset Overview McIlvenna Bay Skouries Perama Hill LOCATION LOCATION LOCATION • Saskatchewan, Canada • Halkidiki, Greece • Thrace, Greece EXPECTED MINE LIFE EXPECTED MINE LIFE EXPECTED MINE LIFE • 18(1) years • 20(1) years • 8(1) years STAGE STAGE STAGE • Commercial production • 94% compl
Slide 7: 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 5% 20% 15% 3% 43% 77% 37% Gold Silver Copper Other Canada Greece Turkiye (1) Based on publicly disclosed production figures;
Slide 8: Why Eldorado?
Why Eldorado? Metal diversity, geographic diversity, free cash flow +40% $630M 0.5x AAA gold production growth by 20281 cash and cash equivalents as at P/NAV compared to peer average of MAC-TSM tailings rating March 31, 2026 0.76 ATTRACTIVE GROWTH PIPELINE FINANCIAL STRENGTH SUSTAINABILITY VALUATION
Slide 9: 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 10: Exploration: A Pipeline of Discovery
Exploration: A Pipeline of Discovery High-grade hits ● New discoveries ● Scaled-up 2026 budget ~$100M 2026 EXPLORATION BUDGET GREECE ● OLYMPIAS NW ZONE SASKATCHEWAN ● TESLA ZONE Exceptional Grades Adjacent to Mine Infrastructure Significant Discovery, 300 m from McIlvenna Bay deposit • Refreshed int
Slide 11: Strong Financial Position – Flexibility to Fund Growth
Strong Financial Position – Flexibility to Fund Growth TOTAL LIQUIDITY1,2 CASH & EQUIVALENTS1 UNDRAWN FACILITY2 ~$800 M ~$630 M ~$160 M CAPITAL STRUCTURE RETURNS TO SHAREHOLDERS1 Senior credit facility2 $350M ARCA ($158M currently available) + $100M accordion QUARTERLY DIVIDEND BUYBACKS (2025 & Q1 2
Slide 12: 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 13: Significant Re-Rating Opportunity
Significant Re-Rating Opportunity Skouries and McIlvenna Bay into production this year expected to drive re-rate 10x 1.4x Consensus P/NAV(1) Consensus EV/2027E EBITDA(2) 1.2x 8x 1.0x 6x 0.8x 0.6x 4x 0.4x 2x 0.2x 0.0x 0x SSR Mining B2Gold Artemis IAMGold Alamos Centerra DPM Metals Eldorado Lundin Gol
Slide 14: Catalysts to watch - production growth, expansion & optimization initiatives
Catalysts to watch - production growth, expansion & optimization initiatives IN CONSTRUCTION EXPANSION OPTIMIZATION Assets entering production Throughput growth at producing mines Operational improvements & resource extension SKOURIES OLYMPIAS KIŞLADAĞ Halkidiki, Greece Halkidiki, Greece Uşak, Türki
Slide 15: Continuing to Deliver Value Creation Opportunities
Continuing to Deliver Value Creation Opportunities fe & Sustainable Operation Sa s 80% Fully Production Funded Growth1 Growth EU Critical Expanding Copper Margins Producer2 (1) GEO production growth from 2026 to 2027 (2) Upon production at Skouries in Q3 2026
Slide 16: Appendix
APPENDIX 2 eldorado gold
Slide 17: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 260,998,334 outstanding(1) Share purchase options(1,2) 2,847,020 Performance share units(1) 1,154,850 Closing share price(3) $29.61 (NYSE: EGO) Market Capitalization(3,4) $8 B 52-week Share Price $17.18
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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