Eldorado Gold : Presentation (ELD%20Investor%20Presentation April%208%2C%202025)

Investor Presentation

April 2025

Millionth ounce gold pour at the Lamaque Complex, Canada

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 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 29 in the MD&A that will be available on SEDAR+ at http://www.sedarplus.ca, 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 and year ended December 31, 2024 are below.

Non-IFRS Measure	Most Directly Comparable IFRS Measure	Q4 2024	FY 2024
Total cash costs	Production costs	$172.1 M	$564.2 M
AISC
Average realized gold price per ounce sold	Revenue	$435.7 M	$1,322.6 M
EBITDA	Earnings (loss) from continuing operations	$176.9 M	$435.4 M
Adjusted EBITDA	before income tax
Adjusted net earnings/(loss)	Net earnings (loss) attributable to shareholders	$108.2 M	$300.9 M
Adjusted net earnings/(loss) per share	of the Company from continuing operations
Cash flow from operating activities before changes in working
capital	Net cash generated from operating activities	$257.3 M	$645.7 M
Free cash flow
of continuing operations
Free cash flow excluding Skouries
Sustaining capital expenditures	Additions to property, plant and equipment	$174.5 M	$620.3 M
Growth capital expenditures

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Strong Investment Rationale

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, with first production expected in Q1 2026 and commercial production in mid 2026

KIŞLADAĞ

• Increase throughput and recovery

LAMAQUE COMPLEX

• Resource conversion of Ormaque and Lower Triangle
• Exploration upside from nearby targets

Focused

on Sustainability

• Our Sustainability Integrated Management System (SIMS) includes minimum performance standards against external commitments
• Utilize filtered tailings technology
• Robust management practices and due diligence

Independent Technical Review Board

Routine 3rd party inspections

• Advancing our Climate Change Strategy, with measurable progress toward our GHG mitigation target
• Strong ESG performance in mining

Attractive

Valuation

• Advancing high-quality Greek assets creates re-rating potential
• 33% gold production growth over next 3 years
• Increasing production, disciplined cost control, strong metal prices reflected in expanded margins
• Increasing significant Free Cash Flow with productivity improvements at operating assets and Skouries delivery
• Shareholder returns and debt reduction with Skouries delivery

Financial

Position

• Cash and cash equivalents of ~$857 million as of December 31, 2024
• Continue to focus on maintaining a solid financial position which provides flexibility to respond to opportunities and unlock value across our business
• Strategic leverage to copper production and higher metal prices

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Upcoming Value Drivers

Focused on upcoming value drivers

CORPORATE

• Updated multi-year guidance demonstrates 33% growth on gold production over three-year period, based on 2024 production

TÜRKIYE

• Kışladağ

Engineering study to evaluate the effects of material type variability on the life of mine resource in order to refine the crushing, agglomeration, and heap leach circuits

Potential for future higher recovery with quality agglomeration and finer crushing

• Efemçukuru resource conversion of Kokarpinar & Bati (update)

QUÉBEC

• Advance development of the Ormaque deposit; construction of the North Basin, and construction of the paste plant
• Lower Triangle and Ormaque resource conversion

GREECE

• Continued productivity improvements at Olympias that support the 2025 plant expansion project to 650 ktpa

• Advance construction progress at Skouries

Kışladağ, Türkiye

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2025 Guidance and 3-Year Growth Profile

Growing production with significant upside from Skouries Au & Cu production

2025

GOLD PRODUCTION: 460,000 - 500,000 oz

TOTAL CASH COSTS(1): $980 - $1,080 per oz sold

ALL-INSUSTAINING COSTS(1): $1,370 - $1,470 per oz sold

SUSTAINING CAPITAL(1,2): $145 - $170 M

GROWTH CAPITAL(1):

Operations: $245 - $270 M

Skouries Construction Project Capital: $400 - $450 M

Skouries Accelerated Operational Capital: $80 - $100 M

3-YEAR PRODUCTION OUTLOOK(3):

GOLD INCREASING 43% FROM 2023 TO 2027 COPPER PRODUCTION STARTING IN 2026

	800		~43% Growth		660 720		80
													70
					~33% Growth
								605-665
	600				520					lbs)(M	60	53
(Koz)
	485	460-500
Gold	400									Copper	40
200									20
	0										0
	2023	2024	2025E	2026E	2027E		2026E	2027E
				Kışladağ			Lamaque
				Efemçukuru			Olympias						Skouries: Copper
				Skouries: Gold

1. These are non-IFRS financial measures or ratios. See Slide 2 'Non-IFRS Measures' for more information. (2) At existing operations.(3) Expected production shown at mid-point of guidance range

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Attractive Valuation

Advancing high-quality Greek assets creates re-rating potential

Consensus P/NAV

Consensus EV/2025E EBITDA(1)

Source: FactSet; data as of March 28, 2025

Source: FactSet; data as of March 28, 2025

1. These are non-IFRS financial measures or ratios. See Slide 2 'Non-IFRS Measures' for more information.

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Strong Financial Position

Focus on maintaining solid financial position which provides flexibility to unlock value across our business

TOTAL LIQUIDITY: $1.1 billion

Cash balance + availability on senior secured credit facility(1)

CASH & CASH EQUIVALENTS(1): $857 million

CREDIT FACILITY: $350 million ARCA(2), plus $100 million accordion feature Skouries Project credit facility reduces availability under the ARCA as Eldorado's investment undertaking is back-stopped by the letter of credit issued. Current availability is $239 million.

DEBT MATURITY: Sept. 2029

$500 million senior unsecured notes with a coupon rate of 6.25%(3)

Liquidity Position(1,2)

(as of December 31, 2024)

239

$1.1 B

857

Cash Credit Facility

1. Cash position reflects the Company's cash balance and cash equivalents. Amounts are derived from the Full Year and Q4 2024 financial statements. (2) Eldorado's investment undertaking is back-stopped by the letter of credit issued, which reduces the availability under the ARCA. On June 27, 2024, Eldorado entered into $350 M amended and restated senior secured credit facility with an option to increase the available credit by $100 M through an accordion feature and a maturity date of June 27, 2028. (3) Interest paid semi-annually on March 1 and September 1.

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Skouries

High-grade gold-copper porphyry deposit that is a key driver of Eldorado's growth story

OVERVIEW

Location	Halkidiki Peninsula, Greece
Deposit type	Gold-copper 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	Q1 2026 with commercial
production in mid 2026
Contained metal in	3.6 Moz Au (0.77g/t),
Proven & Probable
740 kt Cu (0.50%)
Reserves(5)(6)
Contained metal in	5.0 Moz Au (0.65g/t),
Measured & Indicated
1.1 Mt Cu (0.47%)
Resources(5)(6)

ADVANCING SKOURIES

• €680 M financing package (including additional cost overrun facility) secured for the development of Skouries
• C$81.5 M strategic investment by EBRD
• First production expected in Q1 2026 with commercial production in mid-2026

LIFE OF MINE (LOM) PROJECT ECONOMICS(2)

	At $1,500 Au	At $1,800 Au &
	& $3.85 Cu(3)	$3.80 Cu(4)
Annual gold production	140,000 oz
Annual gold equivalent	312,000 oz
production
			Europe
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 $1.06B dated February 5, 2025); (3) After tax, based on $1,500/oz Au, $3.85/lb Cu; (4) $1,800/oz Au, $3.80/lb Cu; (5) $1,300/oz Au, $2.75/lb Cu; (6) Please refer to the Appendix for more information with respect to the mineral resources and mineral reserves.

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