Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (May 2025)
60 slides from Eldorado Gold's investor presentation, May 1, 2025
Slide 1: Investor Presentation May 2025
Investor Presentation May 2025 CAT 777 Fleet at Skouries
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 May 1, 2025 of Eldorado Gold Corporation for the three months ended March 31, 2025 (the
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 SKOURIES • Our Sustainability Integrated • Advancing high-quality Greek • Cash and cash equivalents o
Slide 6: Upcoming Value Drivers
Upcoming Value Drivers Focused on upcoming value drivers CORPORATE • Multi-year guidance demonstrates 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 phases and o
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 43% FROM 2023 TO 2027 GOLD PRODUCTION: 460,000 – 500,000 oz COPPER PRODUCTION STARTING IN 2026 800 ~43% Growth 80 TOTAL CASH COSTS(1)
Slide 8: Attractive Valuation
Attractive Valuation Advancing high-quality Greek assets creates re-rating potential Consensus P/NAV Consensus EV/2025E EBITDA(1) 10.00 1.40 8.00 EV / 2024 EBITDA 1.20 1.00 6.00 P/NAV 0.80 0.60 4.00 0.40 2.00 0.20 0.00 0.00 AGI NGD IMG BTO ELD SSR EQX CG AGI SSR NGD ELD IMG EQX BTO CG Source: FactSe
Slide 9: Strong Financial Position
Strong Financial Position Focus on maintaining solid financial position which provides flexibility to unlock value across our business Liquidity Position(1,2) (as of March 31, 2025) TOTAL LIQUIDITY: $1.2 billion Cash and cash equivalents + availability on senior secured credit facility 241 CASH & CA
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 Q1 2025 HIGHLIGHTS • Phase 2: 66% complete Mobilization of site personnel continues to ramp up: ~1,375 personnel on site. Detailed engineering and procurement: subst
Slide 13: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver Construction project capital invested since restart of construction to March 31, 2025: $588.7 million 2025: $400 to $450 million capital expected, in addition to $80 to $100 million in accelerated operational capital Q1 2025 HIGHLIGHTS (CONT’D) • Q1 2025 project capit
Slide 14: Skouries: Thickeners
Skouries: Thickeners Water testing of the clarifier commenced Thickener #1 Thickener #2 Clarifier Thickener #3 Water storage tank Tailings thickener circuit - water testing commenced in clarifier. Thickeners – concrete works complete on first, progressing on two, and construction on third thickener
Slide 15: Skouries: Filtered Tailings Building
Skouries: Filtered Tailings Building Filtered tailings building: Piling & concrete complete, transition to installation of structural steel and major mechanical equipment – advancing as planned Filtered tailings plant facility overview To view a time lapse of the installation, please visit: Filtered
Slide 16: Skouries: Crusher Building
Skouries: Crusher Building Primary Crusher: Concrete foundation complete; work advancing on first level walls, with ~60% of walls completed in April Primary Crusher – conveyor alignment Primary crusher overview Primary Crusher – wall progress 15
Slide 17: Skouries: Advancing Construction
Skouries: Advancing Construction Aerial Site View April 2025 16
Slide 18: 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 19: 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 20: 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 • Ormaque and Triangle deposits remain open at depth Ownership 100% • Large resource base and exploration upsid
Slide 21: Lamaque Complex
Lamaque Complex Celebrated the one millionth ounce produced during Q1 2025 Q1 2025 HIGHLIGHTS • Q1 gold production of 40,438 oz at total cash costs(1) of $836/oz sold • Production in Q1 2025 impacted by: Lower grades and recovery, partially offset by higher throughput • Costs impacted by higher labo
Slide 22: Lamaque Complex: Advancing Ormaque
Lamaque Complex: Advancing Ormaque Second bulk sample planned for Q4 2025 First round drilling Maintenance bay 21
Slide 23: 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 • Engineering study underway focused on the geometallurgical understanding of future mining Ownership 100% phases and optimizin
Slide 24: Kışladağ
Kışladağ Solid start to the year, aided by continued leaching of ounces stacked in 2024 Q1 2025 HIGHLIGHTS • Q1 gold production of 44,319 oz at total cash costs(1) of $1,039/oz sold • Production in Q1 2025 benefited from: Continued leaching of gold ounces stacked during 2024 21% increase in ounces p
Slide 25: Kışladağ: Improving irrigation engineering
Kışladağ: Improving irrigation engineering Sub-cell collection system Deep ripping system 24
Slide 26: 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. 25
Slide 27: 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 28: Efemçukuru
Efemçukuru Inline quarter – production and cost Q1 2025 HIGHLIGHTS • Q1 gold production of 19,307 oz at total cash costs(1) of $1,357/oz sold • Gold grade, throughput, and production inline with expectations Q1 2025 2025 Guidance Gold Production 19,307 oz 70 – 80 K oz Total cash costs ($/oz sold)(1)
Slide 29: 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 30: Olympias
Olympias Production during the quarter impacted by unplanned maintenance and lower throughput; back on track for Q2 Q1 2025 HIGHLIGHTS • Q1 gold production of 11,829 oz at total cash costs(1) of $2,398/oz sold • Production in Q1 2025 impacted by: Lower throughput due to plant equipment downtime duri
Slide 31: 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 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 Ownership 100% • Exploration potential in the Thrace region Mine type Open pit supports opportuni
Slide 33: 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 34: 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 Our GHG Emissions Mitigation Target Achievement Pathway Decarbonization • Leverages Eldorado’s low emissions on a
Slide 35: 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 • MAC-TSM Level AAA on Tailings Management at all operating tailings facilities: Lamaque ELD Score
Slide 36: Appendix
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Slide 37: 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 38: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 205,469,879 outstanding(1) Share purchase options(1,2) 3,400,772 Performance share units(1) 1,044,489 Closing share price(1) $18.62 (NYSE: EGO) Market Capitalization(1,3) $3.8 B 52-week Share Price $13.
Slide 39: Operations Update
Operations Update Solid operational performance during Q1 2025: maintaining full year guidance Q1 2025 2025 Guidance Total Cash Total Cash Asset Production (oz) AISC(1) ($/oz) Production (K oz) AISC(1) ($/oz) Costs(1) ($/oz) Costs(1) ($/oz) Lamaque Complex 40,438 836 1,392 170 – 180 790 – 890 1,290
Slide 40: 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 41: 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 42: Hedge Portfolio
Hedge Portfolio Managing gold and copper downside price exposure 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 investment in the Skouri
Slide 43: 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 44: 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 45: 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 46: 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. Relative Performance over 20-years (2004 – 2024) 700% ▪ During geopolitical turmoil or financial crises, investors often flock to g
Slide 47: 2025 Full Year Gold Outlook
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 48: Financial Results
Financial Results ($ millions unless otherwise noted) Q1 2025 2024 2023 2022 2021 Operating Metrics Realized Gold Price ($/oz) 2,933 2,405 1,944 1,787 1,781 Gold produced (oz) 115,893 520,293 485,139 453,916 475,850 Total cash costs(1) ($/oz sold) 1,153 940 850 878 715 All-in sustaining costs(1) ($/
Slide 49: Historical Operating Results – Lamaque Complex
Historical Operating Results – Lamaque Complex Q1 2025 FY 2024(2) Q4 2024(2) Q3 2024 Q2 2024 Q1 2024 Operating Data Tonnes milled 248,549 943,509 256,628 232,165 220,157 234,559 Head grade (g/t Au) 5.38 6.74 8.05 6.03 6.95 5.81 Average recovery rate 94.0% 96.1% 95.8% 95.8% 96.3% 96.5% Gold ounces pr
Slide 50: Historical Operating Results – Kışladağ
Historical Operating Results – Kışladağ Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Operating Data Tonnes placed on pad 3,194,730 13,123,978 3,434,938 3,511,662 3,415,604 2,761,774 Head grade (g/t Au) 0.79 0.81 0.70 0.86 0.92 0.77 Gold ounces produced 44,319 174,080 56,483 41,084 38,990 37,523 G
Slide 51: Historical Operating Results – Efemçukuru
Historical Operating Results – Efemçukuru Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Operating Data Tonnes milled 127,785 541,782 138,837 131,374 134,540 137,032 Head grade (g/t Au) 5.52 5.39 5.32 5.37 5.92 4.96 Average recovery rate (to concentrate) 91.8% 91.9% 91.4% 92.5% 92.1% 91.5% Gold oun
Slide 52: Historical Operating Results – Olympias
Historical Operating Results – Olympias Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Operating Data Tonnes milled 98,602 446,732 109,186 124,374 94,575 118,597 Head grade (g/t Au) 7.65 8.54 8.05 9.16 8.11 8.67 Gold average recovery rate (to concentrate) 75.7% 82.3% 81.1% 82.9% 81.1% 83.6% Gold ou
Slide 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com