Eldorado Gold : Presentation (ELD%20Investor%20Presentation June%209%2C%202025)

Investor Presentation

June 2025

CAT 777 Fleet at Skouries

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 24 in the MDCA that will be available on SEDAR+ at https://http://www.sedarplus.com, on EDGAR at https://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, 2025, and year ended December 31, 2024 are below.

Non-IFRS Measure	Most Directly Comparable IFRS Measure	Q1 2025	FY 2024
Total cash costs	Production costs	$148.3 M	$564.2 M
AISC
Average realized gold price per ounce sold	Revenue	$355.2 M	$1,322.6 M
EBITDA	Earnings from continuing operations before income tax	$42.3 M	$435.4 M
Adjusted EBITDA
Adjusted net earnings/(loss)	Net earnings attributable to shareholders of the Company from continuing operations	$72.0 M	$300.9 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	$138.0 M	$645.7 M
Free cash flow
Free cash flow excluding Skouries
Sustaining capital expenditures	Additions to property, plant and equipment	$173.2 M	$620.3 M
Growth capital expenditures

Diversified Portfolio of Long-Life, High-Quality Assets

Kassandra Mines, GREECE Olympias Skouries Stratoni
Olympias, GREECE (15-year mine life)
2024 Au Production	69,532 oz
2024 AISC/oz sold(1)	$1,562

Diverse Asset Portfolio

• Operations in Türkiye, Greece and Canada

• 11.9 Moz of P&P gold reserves(2)

  HEAD OFFICE

  196,538 oz

ear mine life)

Lamaque Complex, CANADA (8-y

2024 Au Production

$1,134

Vancouver, Canada

2024 AISC/oz sold(1)

European Regional OFFICE

Amsterdam, Netherlands

Perama Hill, GREECE

Efemçukuru, TÜRKIYE (8-year mine life)

2024 Au Production

80,143 oz

2024 AISC/oz sold(1)

$1,411

2024 Au Production

Total Consolidated Production Profile
2024 Au Production	520,293 oz
2024 AISC/oz sold(1)	$1,285

Kışladağ, TÜRKIYE (13-year mine life)

Production Growth

• Annual gold production expected to increase

  to 660,000 - 720,000 oz in 2027(3)

  Pipeline of Strategic Growth Projects

• Inaugural Mineral Reserve(2) of 619 K oz at Ormaque declared December 2024

• Development projects: Skouries, Perama Hill

  174,080 oz

• Commercial production at Skouries expected in mid 2026

2024 AISC/oz sold(1)

$1,025

Production Development Care & Maintenance

(1) These are non-IFRS financial measures or ratios. See Slide 2 'Non-IFRS Measures' for more information. (2) Please refer to the Appendix for more information with respect to the mineral resources and mineral reserves. (3) As announced on February 5, 2025.

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

  OLYMPIAS

  
  
  

• Plant expansion to 650ktpa from 500ktpa

  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

• Award winning 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

• Normal Course Issuer Bid: Committed to enhancing shareholder returns

  Financial Position

• Cash and cash equivalents of

  ~$978 million as of March 31, 2025

• Continued 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