Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (November 2026)
64 slides from Eldorado Gold's investor presentation, November 2026
Slide 1: Investor Presentation November 2026
INVESTOR PRESENTATION NOVEMBER 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 October 28, 2026 of Eldorado Gold Corporation for the three and nine months ended Septem
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 MINING FRIENDLY Olympias, GREECE JURISDICTIONS McIlvenna Bay3, CANADA CANADA Skouries3, GREECE GREECE Perama Hill, GREECE European Regional OFFICE TÜRKIYE Amsterdam, Netherlands HEAD OFFICE Vancouver, Canada Lamaque Complex, CANADA 6 13+ Operations Reserve Life2 Efemçukuru, TÜ
Slide 5: The Investment Case
The Investment Case Priced for yesterday’s risk, not today’s execution 1 Peer-leading growth profile with long mine life assets 2 Focused on execution 3 Cash flow inflection point 4 Increasing shareholder returns 5 Funded internal growth with outstanding exploration potential 4
Slide 6: Peer-Leading Growth
Peer-Leading Growth Strong growth and cash flow drive clear re-rating potential Production Consensus Consensus (koz GEO)1,2 Free Cash Flow3 EBITDA3 886 $1.4B $2.5B 519 $0.8B ($0.2)B 2025A 2027E 2025A 2027E 2025A 2027E (1) Actuals based on 2025 financial reports at average realized commodity prices (
Slide 7: Exceptional Internal Growth
Exceptional Internal Growth Building value through internally funded organic growth OPTIMISE EXPAND BUILD Our next mine · EIA submitted Q4 2026 Q4 2026 Kışladağ secondary crusher Tesla Zone inaugural Inferred Mineral Resource 650ktpa 5,000tpd Olympias throughput +30% Lamaque Complex – staged expansi
Slide 8: 3-year gold production growth profile
3-year gold production growth profile Gold production growing ~40% by 2028 ● Copper production commenced in 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
Slide 9: 2026 Guidance – Existing Operations + Skouries & McIlvenna Bay
2026 Guidance – Existing Operations + Skouries & McIlvenna Bay TOTAL GOLD1,9 TOTAL COPPER (NEW) 1,9 AISC (CONSOLIDATED)2,4 425–475 koz 10–25 M lbs $1,975–2,125 /oz EXISTING OPERATIONS4,9 SKOURIES3,5,9 MCILVENNA BAY6 Gold production 410–430 koz Gold production 10–35 koz Copper production6 5–10 M lbs
Slide 10: Solid Financial Position and Capital Allocation
Solid Financial Position and Capital Allocation TOTAL LIQUIDITY1 CASH & EQUIVALENTS1 AVAILABLE FACILITY2 ~$672 M ~$397 M ~$275 M CAPITAL STRUCTURE RETURNS TO SHAREHOLDERS Senior credit facility2 QUARTERLY DIVIDEND BUYBACKS (YTD 2026) $600M facility: $325M drawn and $275M available 7.5¢ per share ~$8
Slide 11: Near-Term Catalysts
Near-Term Catalysts EXECUTION GROWTH Q4 2026 2027 2028 2030+ McIlvenna Bay commercial Olympias expansion MCILVENNA BAY MCILVENNA BAY production to 650 ktpa Kışladağ Silver-lead 7,000 tpd Skouries commercial +43% throughput production agglomeration circuit(1) Tesla Zone inaugural Inferred Capital ret
Slide 12: 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 (and an additional cost Deposit type Copper-gold porphyry overrun facility) secured for the development of Skou
Slide 13: Skouries: First Concentrate and Ramp-Up
Skouries: First Concentrate and Ramp-Up First copper-gold concentrate on September 8 | Commercial production expected in late Q4 2026 COMMISSIONING AND OPERATIONAL PROGRESS • Process plant substantially complete and operating. Optimization and performance testing continue across the circuit. • Two o
Slide 14: 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 15: McIlvenna Bay: Ramp-Up and District Growth
McIlvenna Bay: Ramp-Up and District Growth Commercial production expected in late Q4 2026 RAMP-UP PROGRESS • Copper, zinc and pyrite flotation circuits fully commissioned with concentrate production underway. • SAG and ball mill throughput continues to increase. • Current priorities include solid-li
Slide 16: McIlvenna Bay Site Layout
McIlvenna Bay Site Layout Filtered Tailings Area 15
Slide 17: 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 16
Slide 18: 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 19: Lamaque Complex
Lamaque Complex Strong mill performance and Ormaque contribution support production growth 52,748 oz $897/oz $1,436/oz Q3 GOLD PRODUCTION Q 3 T O T AL C AS H C O S T ( 1 ) Q 3 AI S C ( 1 ) Q3 2026 HIGHLIGHTS • Production: Strong mill performance, higher head grade and recoveries, including the contr
Slide 20: 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. 19
Slide 21: 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 22: Kışladağ
Kışladağ Higher-grade stacking underway, with production benefits expected in late Q4 and 2027 22,713 oz $2,328/oz $2,832/oz Q3 GOLD PRODUCTION Q 3 T O T AL C AS H C O S T ( 1 ) Q 3 AI S C ( 1 ) Q3 2026 HIGHLIGHTS • Production: Lower planned grades associated with the current cutback and slower-than
Slide 23: 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 24: Efemçukuru
Efemçukuru Consistent throughput and continued development at Kokarpinar 17,073 oz $1,928/oz $2,313/oz Q 3 P AY AB L E P R O D U C T I O N Q 3 T O T AL C AS H C O S T ( 1 ) Q 3 AI S C ( 1 ) Q3 2026 HIGHLIGHTS • Production: Lower grades partly offset by strong throughput and recoveries. • Costs: AISC
Slide 25: 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 26: Olympias
Olympias 650 ktpa expansion ramp-up to nameplate capacity expected in H1 2027 13,430 oz $96.7M $2,067/oz Q3 GOLD Q3 REVENUE (VS Q 3 AI S C PRODUCTION Q3 2025 $65.8M) Q3 2026 HIGHLIGHTS • Production: Lower gold grades partly offset by higher throughput, a stable ore blend and improved recoveries. • E
Slide 27: 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 28: 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 29: Exploration
Exploration 7) eldorado gold 28
Slide 30: 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 31: “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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: Appendix
APPENDIX 2 eldorado gold
Slide 43: Eldorado Gold Executive Management Team
Eldorado Gold Executive Management Team Experienced Operators Supported by a Committed and Proven Leadership Team Executive Leadership Christian Milau Paul Ferneyhough Simon Hille President & CEO EVP Strategy & CFO EVP & COO • Over 25 years of experience in finance, capital markets and • Over 30 yea
Slide 44: Eldorado Share Price Performance
Eldorado Share Price Performance Relative Share Price Performance Capital Structure Common Shares 261,556,941 outstanding(1) Share purchase options(1,2) 2,325,630 Performance share units(1) 779,708 Closing share price(3) $34.46 (NYSE: EGO) Market Capitalization(3,4) $9.0 B 52-week Share Price $24.44
Slide 45: Q3 2026 Operating Highlights
Q3 2026 Operating Highlights First concentrate at Skouries, ramp-up progress and revised 2026 guidance THIRD QUARTER 2026 HIGHLIGHTS UPDATED 2026 GUIDANCE • Skouries achieved first copper-gold concentrate on Operating mines (excluding Skouries and McIlvenna Bay) September 8 Gold production: 410–430
Slide 46: 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 47: Kokkinolakkas Filtered Tailings Facility
Kokkinolakkas Filtered Tailings Facility Kokkinolakkas Filtered Tailings Facility • Triple lined facility - providing multiple layers of environmental protection and seepage control • Dual purpose — supports active operations and rehabilitation of the wider area • Contemporary tailings — safely stac
Slide 48: Transforming a Pre-Eldorado Tailings Site at Olympias
Transforming a Pre-Eldorado Tailings Site at Olympias Responsible reclamation is restoring long-term land stability and biodiversity in northern Greece. Pre-Eldorado Legacy Rehabilitation in Action Lasting Outcome • 300,000 m² former tailings facility • Multi-phase reclamation underway since 2012 •
Slide 49: 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 50: Examples of Rehabilitation Works
Examples of Rehabilitation Works Rehabilitation of old mine waste rock Rehabilitation of old Olympias Rehabilitation of old waste rock disposal site stockpiles in Firé Stacking Area (2.8 ha) arsenopyrites stockpiles (3.2 ha) in the Chevalier area (3.6 ha) Removal of 500,000 tons of arsenopyrites and
Slide 51: 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 52: 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 53: 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 54: 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 55: Financial Results
Financial Results ($ millions unless otherwise noted) Q3 2026 Q3 2025 2026 YTD(4) 2025 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 4,326 3,527 4,527 3,505 2,405 1,944 1,787 Gold produced (oz) 106,351(5) 115,190 311,325(5) 488,268 520,293 485,139 453,916 Total cash costs(1) ($/oz sold
Slide 56: 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 57: 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 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 64: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com
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