Eldorado Gold : Presentation (ELD%20Investor%20Presentation May%204%202026)
ELD.TO
Published on 05/04/2026 at 11:55 am EDT
MAY 2026
Skouries, Greece
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 before changes in working capital, free cash flow, and free cash flow excluding Skouries. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers.
The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information to assist in their evaluation of the Company's performance and ability to generate cash flow from operating activities and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Certain additional disclosures for these non-IFRS measures, including quantitative reconciliations to the most directly comparable IFRS financial measures, are incorporated by reference herein and can be found in the section 'Non-IFRS and Other
Financial Measures and Ratios' starting at page 25 in the MD&A that will be available on SEDAR+ at http://www.sedarplus.com, on EDGAR at www.sec.gov, and on the Company's website under the 'Investors' section.
The most directly comparable IFRS financial measures and results from the quarter ended March 31, 2026, and year ended December 31, 2025 are below.
Non-IFRS Measure
Most Directly Comparable IFRS Measure
Q1 2026
FY 2025
Total cash costs
Production costs
$188.2 M
$677.6 M
AISC
Average realized gold price per ounce sold
Revenue
$532.4 M
$1,818.9 M
EBITDA
Earnings from continuing operations
before income tax
$246.7 M
$544.3 M
Adjusted EBITDA
Adjusted net earnings/(loss)
Net earnings attributable to shareholders
of the Company from continuing operations
$136.4 M
$519.9 M
Adjusted net earnings/(loss) per share
Cash flow from operating activities before changes in working capital
Net cash generated from operating activities
of continuing operations
$141.4 M
$742.5 M
Free cash flow
Free cash flow excluding Skouries
Sustaining capital expenditures
Additions to property, plant and equipment
$318.0 M
$978.9 M
Growth capital expenditures
2
Olympias, GREECE
McIlvenna Bay, CANADA
Skouries, GREECE
~15%
Copper Exposure
~900 koz
2027E GEO(2)
HEAD OFFICE
Efemçukuru, TÜRKIYE
Vancouver, Canada
2
Assets entering production in 2026
4
Operations
European Regional OFFICE
Amsterdam, Netherlands
Perama Hill, GREECE
Lamaque Complex, CANADA
Kışladağ, TÜRKIYE
13+
Average Mine Life(4)
25.5 Moz
M&I Mineral
Resources (GEO)(1,3)
Production Near term Production Development
(1) Please refer to the appendix for more information with respect to the mineral resources and mineral reserves. (2) Based on public disclosure; assumes street consensus analyst prices of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu and US$1.26/lb Zn in 2027 (3) Using street consensus pricing of US$3,137/oz Au, US$37.74/ oz Ag, US$4.51/lb Cu and US$1.21/lb Zn (4) Average mine life based on current reserves
3
Eldorado is driving investor returns by focusing on four key areas
Pipeline of Strategic
Growth Projects
SKOURIES
In full construction, ~140 kozs average annual gold production forecast, providing a step change in cash flow
MCILVENNA BAY
Long-life copper-zinc-gold-silver asset
nearing first concentrate production
OLYMPIAS
Mill expansion to 650ktpa from 500ktpa
LAMAQUE COMPLEX
Resource conversion of Ormaque and Lower Triangle; exploration upside from nearby targets
Advancing studies to increase throughput up to 5,000 tpd
KIŞLADAĞ
Increase throughput and recovery
Focused on Sustainability
Our internal Sustainability Integrated Management System (SIMS) includes minimum performance standards covering OHS, Environment, Social and Security
Utilize filtered tailings technology
Robust tailings governance management practices and due diligence, including oversight by an Independent Technical Review Board
Eldorado implemented GHG emissions mitigations as of December 2024, representing 40% of our target total to mitigate 30% of our 2020 baseline from current operating mines by 2030, on a "business-as-usual" basis(1)
Attractive Valuation
Advancing high-quality Greek assets creates re-rating potential
40% gold production growth(2) over the next 3 years
Increasing production, disciplined cost control, strong metal prices reflected in expanded margins
Significant Free Cash Flow growth from productivity improvements at operating assets and Skouries delivery
Return of Capital to Shareholders:
Financial Position
Cash and cash equivalents of
~$630 million as of Mar. 31/26
Maintain a strong financial position to preserve flexibility and unlock value across the business.
Strategic leverage to copper production and higher metal prices
Recognized among TSX30 top performers with 238% share appreciation(3)
Clear near-term catalysts driving a step-change in growth and value
CORPORATE
Multi-year guidance demonstrates expected 40% growth(1) on gold production over three-year period,
based on 2025 production
First concentrate production and ramp-up at Skouries and McIlvenna Bay expect to drive a step-change in scale, margins and free cash flow
TÜRKIYE
Kışladağ
additional screening for the HPGR expected to be completed in Q2 2026
Efemçukuru resource conversion of Kokarpinar South vein system and West Vein area
CANADA
Saskatchewan
Québec
Kışladağ, Türkiye
Lamaque Complex, Quebec
Multiple value-creating catalysts
GREECE
Skouries
Olympias
Perama Hill
PORTFOLIO EXPLORATION
Near-mine and brownfields exploration across Canada, Türkiye and Greece to support resource conversion and mine life extensions
Select early-stage exploration providing longer-term discovery potential
Skouries, Greece
Olympias, Greece
Growing production with significant upside from Skouries Au & Cu production
TOTAL GOLD PRODUCTION(1): 490,000 - 590,000 oz
OPERATIONS(4)
GOLD PRODUCTION: 430,000 - 490,000 oz
TOTAL CASH COSTS(2): $1,220 - $1,420 per oz sold
3-YEAR PRODUCTION OUTLOOK(5): GOLD INCREASING ~40% FROM 2025 TO 2027
COPPER PRODUCTION STARTING IN 2026
ALL-IN SUSTAINING COSTS(2): $1,670 - $1,870 per oz sold
SUSTAINING CAPITAL(2): $140 - $165 M GROWTH CAPITAL(2): $375 - $405 M EXPLORATION: $75 - $85 M
SKOURIES(3,6)
GOLD PRODUCTION(1): 60,000 - 100,000 oz
COPPER PRODUCTION(1): 20 - 40 M lbs
ALL-IN SUSTAINING COSTS(2): ($100) - $200 per oz sold
PROJECT CAPITAL(1,6): ~$335 M
ACCELERATED OPERATIONAL CAPITAL(1,6): ~$167 M
POST-COMMERCIAL GROWTH CAPITAL(2): $35 - $45 M
800
Gold (Koz)
600
400
200
0
+40% Growth
620 -720
640 - 740
490 - 590
488
2025A (4)
2026E 2027E 2028E
80
50 - 70
20 - 40
50 - 80
Copper (M lbs)
60
40
20
0
2026E 2027E 2028E
SUSTAINING CAPITAL(2): $20 - $35 M
(1) Production includes pre-commercial production from Skouries. (2) These are non-IFRS financial measures or ratios. See Slide 2 'Non-IFRS Measures' for more information. (3) Skouries AISC, growth capital and sustaining capital post commercial
production (expected in Q4). (4) At existing operations at time of guidance (February 19, 2026), does not include McIlvenna Bay. (5) Expected production shown at mid-point of guidance range, announced on February 19, 2026 - excludes McIlvenna Bay. (6) Reflects updated Capital Cost estimate and Accelerated Operational Capital at Skouries, and increased exploration spending as announced on April 30, 2026.
Advancing high-quality Greek assets creates re-rating potential
Consensus P/NAV Consensus EV/2026E EBITDA(1)
Source: FactSet; data as of April 30, 2026
(1) These are non-IFRS financial measures or ratios. See Slide 2 'Non-IFRS Measures' for more information.
Source: FactSet; data as of April 30, 2026
Focus on maintaining a strong balance sheet and significant financial flexibility to fund our growth initiatives
TOTAL LIQUIDITY: $788 million
Cash and cash equivalents + availability on senior secured credit facility
CASH & CASH EQUIVALENTS(1): $630 million
Liquidity Position(1,2)
(as of March 31, 2026)
$158 M
$788 M
$630 M
CREDIT FACILITY: $350 million ARCA(2), plus $100 million accordion feature
Current availability is $158 million
SENIOR NOTES: Debt maturity September 2029
$500 million senior unsecured notes with a coupon rate of 6.25%(3)
SKOURIES PROJECT DEBT(4): €680 million ($782.3 million)
Fully drawn as of September 30, 2025
SHAREHOLDER RETURNS(1): 7.5¢ quarterly dividend and ~$84
million of share buybacks during Q1 2026
(1) As per the Consolidated Q1 2026 Financial Statements. (2) Eldorado's equity commitment for the Skouries project is back-stopped by a letter of credit issued, which reduces the availability under the Senior Secured Credit Facility. On June 27, 2024, Eldorado entered into $350 million amended and restated senior secured credit facility with an option to increase the available credit by $100 million through an accordion feature and a maturity date of June 27, 2028. (3) Interest paid semi-annually on March 1 and September 1. (4) This includes a €480.4 million commercial loan facility, €200.0 million of funds from the Greek Recovery and Resilience Fund and an undrawn contingent overrun facility for an additional €60.0 million (together the "Term Facility"). The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries Project and the Hellas Gold operating assets.
High-grade gold-copper porphyry deposit that is a key driver of Eldorado's growth story
Location
Halkidiki Peninsula, Greece
Deposit type
Copper-gold porphyry
Ownership
100% Eldorado
Mining/Processing
Open pit & underground / flotation & gravity
Life of Mine
20 years based on Mineral Reserves
Products produced
Copper/gold concentrate
Production target
Q3 with commercial production in Q4 2026
Contained metal in Proven & Probable Reserves(5)
3.7 Moz Au
741 kt Cu
Contained metal in Measured & Indicated Resources(5,6)
4.6 Moz Au
989 kt Cu
OVERVIEW
ADVANCING SKOURIES
Europe
€680 M financing package (including additional cost overrun facility) secured for the development of Skouries fully drawn
C$81.5 M strategic investment by EBRD
First production expected in Q3 2026 and commercial production in Q4 2026
LIFE OF MINE (LOM) PROJECT ECONOMICS(2)
At $1,500 Au
& $3.85 Cu(3)
At $1,800 Au &
$3.80 Cu(4)
Annual gold production
140,000 oz
Annual gold equivalent production
312,000 oz
AISC(1)
$(6)/oz
$65/oz
NPV-5%(4)
$1.3 B
$1.6 B
Project IRR(4)
19%
22%
(1) These are non-IFRS financial measures or ratios. See Slide 2 'Non-IFRS Measures' for more information; (2) Data here and elsewhere in this presentation is from the Skouries Technical Report dated January 22, 2022; (does not include recent capital revision to $1.16B dated February 19, 2026); (3) After tax, based on $1,500/oz Au, $3.85/lb Cu; (4) After tax, based on $1,800/oz Au, $3.80/lb Cu; (5) Please refer to the Appendix for more information with respect to the mineral resources and mineral reserves. (6) Ounces contained in Measured & Indicated Resources is inclusive of the ounces contained in Proven & Probable Reserves.
Skouries progressing: first concentrate production expected in Q3 2026 and commercial production in Q4 2026
Q1 2026 HIGHLIGHTS:
Overall construction 94% complete.
Commissioning:
Pre-commissioning of the power infrastructure for the plant commenced with substations distributing power to process plant, filter plant, and primary crusher.
Pre-commissioning for the SAG and Ball mill instrumentation, electrical and control systems has started.
Operations & Readiness:
Open pit mining: ahead of plan
4 crews operational, ahead of plan in building ore stockpiles for start-up.
Stockpiles on surface(1): 2.3M tonnes containing ~84koz of gold and
~24Mlbs of copper. Phase 1 grade control drilling complete and Phase 2
~48% complete with positive initial reconciliation.
Underground:
Delivered 140 kt of ore to stockpiles; completed 1,333 m of underground development, with March advancing 607 m toward the ~700 m/month target for the rest of the year.
Completed the second test stope with fragmentation, cavity monitoring, and extraction exceeding expectations.
Aerial view - Skouries
11
Construction project capital invested since restart of construction to March 31, 2026: $1.116 billion
Q1 2026 HIGHLIGHTS
Q1 2026 project capital: $135.6 M
Q1 2026 accelerated operational capital: $48.5 M
Process plant overview
Guar building and tailings pipe rack
Lime, blower, guar and compressor buildings
Concentrate thickening area
The primary crusher is mechanically complete and all associated equipment is set in position, with work underway on the final piping and electrical installation.
Primary crusher overview. Top right insert - closer up view of primary crusher building erection. Dome and reclaim feeder, and dome, with SAG feed conveyor
Work remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore.
Substation (7002)
Aerial - process plant SAG and Ball Mill
Work progressing with electrical installations and commissioning as the final steps.
Filtered tailings plant overview, with tank farm progressing shown on the left and the foundation of the compressor building front right
Tailings filter press building. Bottom right insert - closer up view of filter building pull pits.
Underground copper-zinc-gold-silver project located in East-Central Saskatchewan
OVERVIEW RESERVES AND RESOURCES(1)
Location
Saskatchewan, Canada
Ownership
100%
Mine type
Underground
Products produced
Copper, Zinc, Gold, Silver
Processing method
Milling followed by a leach and CIP
Deposit type
VMS
Production target
Commercial production Q3 2026
Life of mine
18 years based on Mineral
Reserves(1)
Reserves
Resources (Indicated)
Resources (Inferred)
Tonnes
(Mt)
29.7
38.6
4.5
Cu (%)
1.21
1.19
0.93
Zn (%)
2.17
2.18
2.60
Au (g/t)
0.44
0.41
0.28
Ag (g/t)
14.4
14.40
15.80
CuEq (%)
2.51
2.02
1.77
ADVANCING MCILVENNA BAY
Surface construction 91% complete(2)
271,000 tonnes of ore established in surface ore stockpile (+35,000 tonnes in February)(2)
Commercial production expected in Q3 2026
Please refer to the Appendix for more information with respect to the mineral resources and mineral reserves. Historical reports related to mineral reserve and mineral resource for McIlvenna Bay can be found on 17
sedarplus.ca under Foran Mining profile. (2) As per Foran Mining's news release dated March 26, 2026, titled 'Foran Advances Mill Commissioning Activities at McIlvenna Bay'.
As of February 28, 2026
Mill commissioning activities continued across
the process plant
Transmission line was successfully energized, providing secure, reliable power to McIlvenna Bay
271,000 tonnes of ore established in surface
ore stockpile (+35,000 tonnes in February)
Surface Construction
Overall completion of
surface construction
Underground Development
In-line with planned monthly development progress
Development Rates
Average daily development rate over February 2026
Project execution being managed by G Mining
Services and the Company as integrated
Employees
Health & Safety
project management team
Approximately 800 employees and contractors currently employed at the project
Lost Time Incident Frequency Rate of 0.4 YTD
Total Recordable Incident Frequency Rate of 2.1 YTD
March 2026
March 2025
Disclaimer
Eldorado Gold Corporation published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 15:54 UTC.