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INVESTOR PRESENTATION FEBRUARY 2026 Skouries, Greece
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Forward Looking Statement 1 Definitions and Photos: Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Manage ment’s Discussion and Analysis dated February 19, 2026 of Eldorado Gold Corporation for the three and twelve months ended December 31, 2025 (the “MD&A”). Photos shown within the presentation were taken as recently as February 14, 2026. Reporting Currency: All amounts are presented in U.S. dollars ("$") unless otherwise stated. Unless otherwise specified, all tabular amounts are expressed in millions of U.S. dollars, except share, per share or per ounce amounts. Due to rounding, numbers presented througho ut may not add precisely to the totals provided. Cautionary Note about Forward-looking Statements and Information: Certain of the statements made and information provided in this presentation are forward -looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian s ecurities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipat es”, “believes”, “budgets”, “continue”, “commitment”, “confident”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “outlook”, “plans”, “potential”, “projected”, “prospective”, or “schedule” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “can”, “could ”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved. Forward-looking statements or information contained in this presentation include, but are not limited to, statements or informat ion with respect to: our expected production growth through 2027; our average mine life; our expectation on the re -rating potential of the Company; expectations of significant free cash flow growth; expectations with respect to the Company’s exploration portfolio; 2026 guidance for the operating sites and Skouries, including production profiles for gold and copper, expectations of a forty percent gold production increase from 2025 to 2028, expected copper produ ction in 2026, and for each material property, gold production, total cash costs, AISC, growth capital and sustaining capital; consensus enterprise value to EBIDTA ratio (estimated for 2026); future shareholder re turns through dividends and a normal course issuer bid; in relation to the Skouries Project, timing of first concentrate product ion and commercial production, expected average gold production forecast, expected benefits of the project to the Company overall; expected mine life and average annual production (gold and gold equivalent), life of mine economics, and expected reclamation activity and strategy; in relation to Olympias, expectations with respect to productivity improvements and plans to expand the Olympias mill to 650 ktpa (including timing in relation thereof), expected life of mine; in relation to Perama Hill, expectations to advance to permitting, community consultations and technical studies; expected timing of EIA approval and contingent timing of construction, and expected min e life and annual production; in relation to the Lamaque Complex, expected resource conversion drilling of Ormaque and Lower Triangle, advancing studies to increase throughput to 5,000 tpd, development of the Ormaque deposit and expected timing of commercial production; expected life of mine, construction of the North Basin and paste plant; in relation to Kisladag, expected whole ore agglomeration including the timing and benefits thereof, expected timing of the installation of a larger secondary crusher, the completion of a geometallurgical study and the timing thereof and expected life of mine; in relation to Efemcukuru: potential resource conversion at Kokarpinar South and the West Vein area and expected life of mine; expected 2026 exploration program for Quebec, Greece, and Turkiye as well as the 2026 exploration budget; Eldorado’s GHG emissions mitigation target, target achievement pathway and climate change strategy; Eldorado’s hedge portfoli o; Eldorado’s sustainability commitments and inclusive diversity commitments, forward -looking non-IFRS measures and generally our strategy, plans, goals and priorities. Forward-looking statements or information are by their nature based on a number of assumptions, that management considers reaso nable. However, such assumptions involve both known and unknown risks, uncertainties and other factors which, if proven to b e inaccurate, may cause actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold, copper and other commodities; receipt of all required permits on the timelines we expect; the global concentrate market; exchange rates; anticipated values, costs, expenses and wo rking capital requirements; our ability to continue accessing our project funding and remain in compliance with all covenants an d contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mine ral Resources; our ability to effectively use invested capital and unlock potential expansion opportunities across the portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the ti me and cost of shipping for important or critical items for construction, development and improvements activities or necessary for anticipated overhauls of equipment; expected by -product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustai ning capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in. More specifically with respect to the Skouries Project, we have made assumptions regarding our ability and our contractors’ ability to recruit and retain labour resources within the required timeline; labour productivity, rates, and expected hours; inflation rates; the expected scope of project management frameworks; our ability to continue executing our plans relating to the Skouries Project on the estimated existing project ti meline and consistent with the current planned project scope (including our anticipated progress regarding the coffer dam and pr imary crusher); the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related theret o; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; the absence of fu rther previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engage ment and social climate in respect of the Skouries Project. In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantia lly the same basis as exists at the time of this presentation. Even though we believe that the assumptions and expectations repr esented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to pred ict and are beyond our control. Forward-looking statements or information is subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forw ard-looking statements or information. These risks, uncertainties and other factors include, among others: commodity price risk; development risks at Skouries and other construction and development projects including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to sec ure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consu mables; inflation risk; community relations and social license; environmental matters; our ability to completely understand geot echnical structures, geotechnical and hydrogeological conditions or failures; regulatory requirements as they relate to mine plan approvals; waste disposal; mineral tenure; permits; non -governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Min eral Resources; risks related to replacement of mineral reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, ep idemic, endemic, or similar public health threats; regulated substances; the acquisition of Foran Mining Corporation, including timing, risks and benefits thereof; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our share s; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidi ty and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company’s profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic en vironment; labour (including in relation to availability of labour resources, including for including for construction, development and improvements activities, and their productivity employee /union relations, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); commodity price risk; default on obligations; cu rrent and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, briber y, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; div idends; tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, for a fuller understanding of the risks and uncertainties that affect our business and operations. The reader is directed to carefully review the detailed risk discussion in our MD&A and our most recent Annual Information Form & Form 40 -F filed on SEDAR+ and EDGAR under our Company name, for a fuller understanding of the risks and uncertainties that affect our bus iness and operations. With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production, and further increase to the costs of the Skouries Project. The specific risks, certainties and other factors include, among others: our ability, and the ability of our construction contractors to recruit the required number of personnel with required skills within the required timelines, and to manage changes to workforce numbers t hrough the construction of the Skouries Project; our ability to recruit personnel having the requisite skills, experience, and ability to work on site; our ability to increase productivity by adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the ability of contractors to perform; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality; our ability to construct key infrastructure within the required timelines, including the process plant, fil ter plant, waste management facilities, and embankments; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to fact ors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations due to protests, non-routine regulatory inspections, road conditions, or labour unrest; unexpected inclement weather and climate events, including short and long duration rainfall and floods; our ability to meet p re-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeologica l discoveries requiring the completion of a regulatory process; changes in support from local communities; our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project; and timely receipt of necessary permits and authorizations. The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reli ance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forwa rd-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. This presentation contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about Eldorado’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. E ldorado’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Eldorado has included FOFI in order to provide readers with a more complete perspective on Eldorado’s future operations and management’s current expectations relati ng to Eldorado’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of the MD&A, which is available on the Company’s website and filed on Sedar+ an d EDGAR. The forward-looking total cash costs, AISC, sustaining capital and growth capital disclosed in this presentation has been calculated with both the methodology disclosed in the MD&A as it relates to the equivalent historical non-IFRS measure (that is, there are no significant differences in methodology between the historic and forward-looking non-IFRS measures). Unless required by applicable laws, Eldorado does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.
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Non-IFRS Measures 2 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 30 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 and year ended December 31, 2025 are below. Non-IFRS Measure Most Directly Comparable IFRS Measure Q4 2025 FY 2025 Total cash costs Production costs $203.0 M $677.6 M AISC Average realized gold price per ounce sold Revenue $577.2 M $1,818.9 M EBITDA Earnings from continuing operations before income tax $219.7 M $544.3 M Adjusted EBITDA Adjusted net earnings/(loss) Net earnings attributable to shareholders of the Company from continuing operations $252.3 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 $283.7 M $742.5 MFree cash flow Free cash flow excluding Skouries Sustaining capital expenditures Additions to property, plant and equipment $309.2 M $978.9 M Growth capital expenditures
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Lamaque Complex, CANADA Kışladağ, TÜRKIYE ⚫ Production ⚫ Near term Production ⚫ Development HEAD OFFICE Vancouver, Canada European Regional OFFICE Amsterdam, Netherlands Efemçukuru, TÜRKIYE Diversified Portfolio of Long-Life, High-Quality Assets 3 (1) Please refer to the appendix for more information with respect to the mineral resources and mineral reserves. (2) Average mine life based on current reserves Olympias, GREECE Perama Hill, GREECE Skouries, GREECE Operations 4 entering production in 2026 Skouries By 2027 40% Growth Copper Exposure ~15% Average Mine Life(2) 13+ years P&P Gold Reserves(1) 12.5 Moz
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Strong Investment Rationale Pipeline of Strategic Growth Projects SKOURIES • In full construction, ~140 kozs average annual gold production forecast, providing a step change in cash flow OLYMPIAS • Mill expansion to 650ktpa from 500ktpa LAMAQUE COMPLEX • Resource conversion of Ormaque and Lower Triangle • Advancing studies to increase throughput up to 5,000 tpd • Exploration upside from nearby targets KIŞLADAĞ • Increase throughput and recovery 4 Eldorado is driving investor returns by focusing on four key areas 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 Attractive Valuation • Advancing high-quality Greek assets creates re-rating potential • 40% gold production growth(2) over 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: Normal Course Issuer Bid Dividend Financial Position • Cash and cash equivalents of ~$869 million as of December 31, 2025 • 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) (1) In a “business as usual” scenario, action is not taken to reduce emissions. Target applies to operating mines during the baseline year (Lamaque, Kışladağ, Efemçukuru, Olympias and Stratoni). 40% of target achieved as of December 2024. (2) Expected growth in production as announced on February 19, 2026. (3) Based on dividend-adjusted share price performance from June 30, 2022 to June 30, 2025.
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Upcoming Catalysts: Execution and Delivery 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 driving a step-change in scale, margins and free cash flow TÜRKIYE • Kışladağ Whole ore agglomeration under-construction to shorten leach cycle and drive value, with installation expected in 2027 Larger secondary crusher to facilitate debottlenecking expected to be installed in Q4 2026 Geo-metallurgical study for characterization of future mining phases and evaluate the benefit of additional screening for the HPGR expected to be completed in H1 2026 • Efemçukuru resource conversion of Kokarpinar South vein system and West Vein area QUÉBEC • Advance development of the Ormaque deposit toward commercial production in late 2026; construction of the North Basin and paste plant • Lower Triangle and Ormaque resource conversion supporting mine life extension and operational flexibility at Lamaque Clear near-term catalysts driving a step-change in growth and value 5 Kışladağ, Türkiye Lamaque Complex, Quebec (1) Expected growth in production as announced on February 19, 2026.
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Upcoming Catalysts: Execution and Delivery GREECE • Skouries Advance construction progress at Skouries, first concentrate production expected in early Q3 2026 and commercial production in Q4 2026 • Olympias Continued productivity improvements at Olympias that support the plant expansion project to 650 ktpa with progressive commissioning and ramp up expected in H2 2026 • Perama Hill Advance through permitting, community consultations and technical studies EIA approval expected by year-end 2026 PORTFOLIO EXPLORATION • Near-mine and brownfields exploration across Quebec, Türkiye and Greece to support resource conversion and mine life extensions • Select early-stage exploration providing longer-term discovery potential Multiple value-creating catalysts 6 Skouries, Greece Olympias, Greece
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0 200 400 600 800 2025A 2026E 2027E 2028E Gold (Koz) Kışladağ Lamaque Efemçukuru Olympias Skouries: Gold 2026 Guidance and 3-Year Growth Profile OPERATIONS(4) 7 3-YEAR PRODUCTION OUTLOOK(3): GOLD INCREASING ~40% FROM 2025 TO 2027 COPPER PRODUCTION STARTING IN 2026 Growing production with significant upside from Skouries Au & Cu production (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. (5) Expected production shown at mid-point of guidance range, announced on February 19, 2026. TOTAL GOLD PRODUCTION(1): 490,000 – 590,000 oz 20 - 40 50 - 70 50 - 80 0 20 40 60 80 2026E 2027E 2028E Copper (M lbs) Skouries: Copper 488 490 - 590 640 - 740 +40% Growth (4) SKOURIES(3) 620 -720 GOLD PRODUCTION: 430,000 – 490,000 oz TOTAL CASH COSTS(2): $1,220 - $1,420 per oz sold 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 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): $175 - $185 M ACCELERATED OPERATIONAL CAPITAL(1): $80 - $90 M POST-COMMERICAL GROWTH CAPITAL(2): $35 - $45 M SUSTAINING CAPITAL(2): $20 - $35 M
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2026 Production & Cost Guidance: Mine-by-Mine 8 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. (2) On a per ounce of gold sold basis. (3) Percentages shown taken at mid-point of guidance ranges.(4) Includes production from Ormaque. (5) Includes pre-commercial production from Skouries. Skouries’ commercial production is expected in Q4. (6) Skouries Growth and Sustaining Capital following commercial production (expected in Q4). Kışladağ, Türkiye Gold Production 105 – 130 Koz Total Cash Costs(1,2) $1,830 – $2,080 AISC(1,2) $2,100 – $2,350 Growth Capital(1) $130 – $140 M Sustaining Capital(1) $25 – $30 M Efemçukuru, Türkiye Gold Production 70 – 80 Koz Total Cash Costs(1,2) $1,680 – $1,880 AISC(1,2) $2,010 – $2,210 Growth Capital(1) $25 – $30 M Sustaining Capital(1) $20 – $25 M Lamaque Complex, Canada Gold Production(4) 185 – 200 Koz Total Cash Costs(1,2) $790 – $990 AISC(1,2) $1,160 – $1,360 Growth Capital(1) $180 – $190 M Sustaining Capital(1) $70 – $80 M Olympias, Greece Gold Production 70 – 80 Koz Silver Production 1550 – 1750 Koz Lead Production 15 – 18 Kt Zinc Production 16 – 19 Kt Total Cash Costs(1,2) $1,030 – $1,230 AISC(1,2) $1,370 – $1,570 Growth Capital(1) $40 – $45 M Sustaining Capital(1) $25 – $30 M Kışladağ Efemçukuru Lamaque Complex Olympias Skouries 15% 21% 14% 36% 2026 GOLD PRODUCTION BY MINE(3) Skouries, Greece Gold Production(5) 60 – 100 Koz Copper Production(5) 20 – 40 Mlbs AISC(1,2) ($100) – $200 Growth Capital(1,6) $35 – $45 M Sustaining Capital(1,6) $20 – $35 M 14%
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Attractive Valuation 9 Advancing high-quality Greek assets creates re-rating potential Source: FactSet; data as of February 19, 2026 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. Consensus P/NAV Consensus EV/2026E EBITDA(1) . Source: FactSet; data as of February 19, 2026 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 NGD IMG EQX AGI ELD CG SSR BTO P/NAV 0.00 2.00 4.00 6.00 8.00 10.00 AGI EQX NGD CG IMG ELD SSR BTO EV / 2026 EBITDA
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Strong Financial Position 10 Focus on maintaining solid financial position providing flexibility to unlock value across our business (1) As per the Consolidated 2025 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. Liquidity Position(1,2) (as of December 31, 2025)TOTAL LIQUIDITY: $976 million Cash and cash equivalents + availability on senior secured credit facility CASH & CASH EQUIVALENTS(1): $869 million SENIOR NOTES: Debt maturity September 2029 $500 million senior unsecured notes with a coupon rate of 6.25%(3) CREDIT FACILITY: $350 million ARCA(2), plus $100 million accordion feature Current availability is $107 million $869 M $107 M Cash Credit Facility $976 M SKOURIES PROJECT DEBT(4): €680 million ($799.5 million) Fully drawn as of September 30, 2025
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Skouries 11 High-grade gold-copper porphyry deposit that is a key driver of Eldorado’s growth story (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) 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. 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 Toward the end of Q1 2026 with commercial production in mid 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 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% Europe ADVANCING SKOURIES • €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 early part of Q3 2026 and commercial production in Q4 2026
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Skouries: Recent Achievements 12 Skouries progressing: First production expected early Q3 2026 and commercial production in Q4 2026 Q4 2025 HIGHLIGHTS • 90% including Phase 1; 78% complete for Phase 2 Accelerated Operations & Readiness • Mobilization of site personnel ramped up: over 2,350 personnel on site including ~415 permanent Skouries operations personnel. • Open pit mining: • 4 crews operational, ahead of plan in building ore stockpiles for start-up. • Underground: • First test stope blast successfully executed and completely mined out with ore fragmentation exceeding expectations. • Stope drilling and mucking successfully operated from surface to support low-cost mining. • Stockpiles on surface(1): 1.2M tonnes containing 47.3koz of gold and 12.5Mlbs of copper. Commissioning • Pre-commissioning of the concentrate filters presses completed along with water testing in the flotation cells and tanks. • Pre-commissioning of the pebble crusher completed, and the area has been energized; hot commissioning of the conveying and process control systems has been completed. Aerial view – Skouries (1) Stockpile material is classified as Proven Mineral Reserves with 1,200 kt at 1.20 g/t Au and 0.47% Cu, containing 47 koz Au and 12.5 Mlbs Cu.
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Skouries: Positioned to Deliver 13 Mill media addition system Construction project capital invested since restart of construction to December 31, 2025: $980 million Process plant overview Lime building area – retaining wall construction 2025 HIGHLIGHTS • 2025 project capital: $475.2 M • 2025 accelerated operational capital: $86.1 M Guar elevated floor erection Concentrate loading area
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14 Skouries Progress: Jan & Feb 2026
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Crusher Building & Coarse Ore Stockpile 15 Primary Crusher: concrete work complete to final elevation; primary crusher installed, electrical work underway. Coarse Ore Stockpile: Conveyors to the coarse ore stockpile and process plant are in place. Primary crusher overview. Top right insert – closer up view of primary crusher building erection. Dome and reclaim feeder
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Process Plant 16 Work remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Electrical installations in the process plant substation are advancing, and the control building structure is complete with electrical work underway across all areas. Aerial – process plant SAG and Ball Mill First Floor Electrical Room
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Process Plant – West Side Infrastructure 17 Work continues on the support infrastructure with the process plant substation electrical installations underway. The control building structure is complete and electrical installation work is underway in all electrical areas. Sulphidizer building stand up and tank rough set Substation transformer assembly E-house
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Process Plant – East Side Infrastructure 18 Concrete works completed for the east side infrastructure. Pre-commissioning of the pebble crusher complete. East side view of infrastructure Pebble Crusher
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Thickeners 19 Two of the three tailings thickeners are mechanically complete, with electrical and instrumentation work underway. Thickeners overview Tailing thickener pipe rack and distribution box
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Filtered Tailings Plant 20 Filtered tailings building: Structural steel installation is substantially complete, with cladding having commenced in February 2026; Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. Filtered tailings plant overview, with tank farm progressing shown in front and the foundation of the compressor building on the left Tailings filter press building. Top right insert – closer up view of first cables being pulled.
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Skouries: Fully Funded with Strategic Project Financing Partners 21 Aerial view of the process plant at Skouries. Maximizing shareholder value with well-aligned strategic partnerships Key Features of Term Facility • Non-recourse to Eldorado; secured by Hellas Gold • Blended interest rate of approximately 5%(1) • 10-year term: 3 years availability; 7 years repayment • Financing includes additional cost overrun facility (1) The estimated blended interest rate is approximately 5% based on current 6-months EURIBOR, plus a fixed margin. Term Facility Components (Debt) Greek Banks National Bank of Greece, Piraeus Bank & CrediaBank €480 M Recovery and Resilience Facility (RRF) loan provided by the EU via the Greek State €200 M Total Project Financing Facility €680 M Strategic Investment by EBRD (Equity) European Bank for Reconstruction & Development (“EBRD”) C$81.5 M PROJECT IS FULLY FUNDED
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Skouries: Land Reclamation in Parallel with Mining Activity 22 End of phase 1 (open pit mining) Bringing the mine progressively back to as close to its original condition as early as possible Fully reclaimed Partially reclaimed – following phase 1 of open pit mining Tailings used as paste back-fill TAILINGS MANAGEMENT SUPPORTS PROGRESSIVE RECLAMATION • Tailings are a by-product of the extraction process • At Skouries – we are utilizing filtered tailings which is a best available technique over typical wet tailings, helping to minimize associated risks • Filtered tailings process reduces moisture content to less than 12%, therefore requires less storage footprint • Filtered tailings will be partially utilized as paste backfill to fill voids of both the open pit and underground mine at the end of life. This allows the above ground tailings storage footprint to be reduced Reduces our environmental impact Allows for progressive reclamation
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Lamaque Complex 23 Underground gold mine located in Val-d’Or, Québec. The Triangle and Ormaque deposits feed the current mine life. OVERVIEW Location Québec, Canada Ownership 100% Mine type Underground Metals mined Gold Processing method Milling circuit followed by a leach and CIP circuit Deposit type Orogenic gold veins Life of mine 8 years based on Mineral Reserves (through to 2033) 2025 Production 187,208 ozs at $1,302/oz sold AISC(1,3) RESERVES AND RESOURCES(2) Tonnes (x1000) Grade (g/t Au) Contained Ounces (x1000 Au) Triangle, Plug #4 4,072 5.68 743 Ormaque, Parallel 2,801 9.41 848 P&P Reserves – Lamaque Complex 6,873 7.20 1,591 M&I Resources – Triangle, Plug #4 7,084 6.69 1,524 M&I Resources – Ormaque, Parallel 3,706 9.68 1,153 M&I Resources – Lamaque Complex 10,790 7.72 2,677 Inferred Resources – Lamaque Complex 8,087 7.69 2,000 EXPLORATION UPSIDE • Ormaque and Triangle deposits remain open at depth • Large resource base and exploration upside from nearby targets • Strategic land positions in highly-prospective jurisdiction (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) Includes ounces from Ormaque bulk sample.
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Lamaque Complex 24 2025: Another Strong Year at Lamaque Q4 2025 HIGHLIGHTS • Q4 gold production of 49,307 oz at AISC(1) of $1,392/oz sold • Growth capital in the quarter exceeded $17 million, related to Ormaque development, construction of the north basin water management structure, procurement of the paste plant, as well as resource conversion drilling 2026 Guidance 2025A Gold Production (oz) 185,000 – 200,000(2) 187,208 Total cash costs ($/oz sold)(1) 790 – 990 790 AISC ($/oz sold)(1) 1,160 – 1,360 1,302 Sustaining Capital ($M)(1) 70 – 80 94.1 Growth Capital ($M)(1) 180 – 190 65.2 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. (2) Includes production from Ormaque. Lamaque Complex – Sigma Mill
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Lamaque Complex: Advancing Ormaque 25 Second bulk sample completed: processed by blending with Triangle ore in 2025 and performed well Maintenance bayOrmaque vein
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Europe Kışladağ 26 Kışladağ is a low-grade, bulk-tonnage, open pit operation that uses heap leaching for gold recovery OVERVIEW Location Uşak Province, Türkiye Ownership 100% Mine type Open pit, heap leach Metals mined Gold Deposit type Gold porphyry Processing method Heap leach Life of mine 13 years based on Mineral Reserves (through to 2038) 2025 Production 168,701 ozs produced at $1,478/oz sold AISC(1) ENHANCING EFFICIENCIES • Decision made to proceed with whole ore agglomeration with an Investment of ~$35M Expected to enhance permeability, improve kinetics and shorten the leach cycle Installation of agglomeration drums expected in 2027, with long-lead items ordered in Q4 2025 • Secondary crusher circuit expansion Facilitate operational debottlenecking and reduce wear on the HPGR moving forward New crusher ordered, and expected to be delivered and installed in Q4 2026 • Geomet study for characterization of future mining phases on track Expected to support evaluation for additional screening for the HPGR Expected completion H1 2026 RESERVES AND RESOURCES(2) Tonnes (x1000) Grade (g/t Au) Contained Ounces (x1000 Au) P&P Reserves 194,444 0.63 3,946 M&I Resources 276,784 0.60 5,359 Inferred Resources 6,594 0.43 91 (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.
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Kışladağ 27 Increasing capacity and enhancing leach kinetics: Whole ore agglomeration project moving forward, in addition to added crushing capacity with the addition of a new crusher (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. Q4 2025 HIGHLIGHTS • Q4 gold production of 41,140 oz at AISC(1) of $1,933/oz sold • Whole ore agglomeration (~$35 M investment): Procurement of long- lead items commenced in Q4 2025, with installation of the agglomeration drums targeted for 2027 Expected to improve permeability and leach performance • New secondary crusher ordered, with delivery expected in H2 2026 • Geomet study for characterization of future mining phases which will support the evaluation for additional screening for the HPGR expected to be completed in H1 2026 Gold pour at Kışladağ 2026 Guidance 2025A Gold Production (oz) 105,000 – 130,000 168,701 Total cash costs ($/oz sold)(1) 1,830 – 2,080 1,264 AISC ($/oz sold)(1) 2,100 – 2,350 1,478 Sustaining Capital ($M)(1) 25 – 30 28.1 Growth Capital ($M)(1) 130 – 140 104.9
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Efemçukuru 28 High-grade underground operation located in Izmir Province in western Türkiye OVERVIEW Location İzmir Province, Türkiye Ownership 100% Mine type Underground Metals mined Gold Deposit type Epithermal gold Processing method Flotation circuit to produce gold concentrate Life of mine 8 years based on Mineral Reserves (through to 2033) 2025 Production 72,482 ozs produced at $1,846/oz sold AISC(1) MAINTAIN CONSISTENT PRODUCTION • Efemçukuru focused on continuous improvement • Efemçukuru met annual production guidance for 10th consecutive year, since 2014 Europe RESERVES AND RESOURCES(2) Tonnes (x1000) Grade (g/t Au) Contained Ounces (x1000 Au) P&P Reserves 4,290 4.57 630 M&I Resources 5,154 6.48 1,074 Inferred Resources 1,419 3.90 178 (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.
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Efemçukuru 29 Efemçukuru – dry stack tailings and reclaimed area 2025: Another Year Achieving Guidance (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. Q4 2025 HIGHLIGHTS • Q4 gold production of 14,496 oz at AISC(1) of $2,536/oz sold • Production in Q4 2025 impacted by: Lower grades, despite higher tonnes milled • Total cash costs in the quarter were impacted by: Higher direct operating costs, including labour, were driven by inflation exceeding the devaluation of local currency 2026 Guidance 2025A Gold Production (oz) 70,000 – 80,000 72,482 Total cash costs ($/oz sold)(1) 1,680 – 1,880 1,510 AISC ($/oz sold)(1) 2,010 – 2,210 1,846 Sustaining Capital ($M)(1) 20 – 25 22.9 Growth Capital ($M)(1) 25 – 30 13.4
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Olympias 30 Carbonate replacement style deposit with high gold grades and an orebody that will allow for increased mining rates OVERVIEW Location Halkidiki Peninsula, Greece Ownership 100% Mine type Underground Metals mined Gold, Silver, Lead, Zinc Processing method Milling circuit followed by flotation Commercial production 2017 Life of mine 16 years based on Mineral Reserves (through to 2041) 2025 Production 59,877 ozs produced at $2,145/oz sold AISC(1) FOCUS ON GROWTH • Continue to deliver Olympias productivity improvements and expand processing plant capacity from 500 ktpa to 650 ktpa by 2027 • Modernizing and optimizing plant operations to enhance efficiency and reliability Europe RESERVES AND RESOURCES(2) Tonnes (x1000) Grade (g/t Au) Contained Ounces (x1000 Au) Grade (g/t Ag) Contained Ounces (x1000 Ag) P&P Reserves 9,191 6.02 1,780 116 34,356 M&I Resources 10,624 7.84 2,677 146 49,728 Inferred Resources 2,693 8.25 714 143 12,355 (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.
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Olympias 31 Transformation continues: committed to drive sustainable improvement and long-term success (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. Q4 2025 HIGHLIGHTS • Q4 gold production of 18,473 oz at AISC(1) of $1,676/oz sold • The mill expansion to 650ktpa (from 500ktpa currently) continued to progress with progressive commissioning & ramp-up expected in H2 2026 All of the major equipment including the verti-mill, flotation cells, thickener, cyclones and e-room have been delivered. 2026 Guidance 2025A Gold Production (oz) 70,000 – 80,000 59,877 Total cash costs ($/oz sold)(1) 1,030 – 1,230 1,722 AISC ($/oz sold)(1) 1,370 – 1,570 2,145 Sustaining Capital ($M)(1) 25 – 30 24.1 Growth Capital ($M)(1) 40 – 45 34.8 Concrete pouring of flotation basement for expansion. Top left insert – new Au thickener area – construction of soil nail wall in progress.
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Environmental Rehabilitation at Olympias 32 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) Kokkinolakkas filtered tailings facility supports both active operations and rehabilitating the area, as it is used to safely stack not only tailings generated during contemporary production at the Olympias mine, after excess water is removed, but also historical deposits from previous mining activities (1969-1995), which have existed in the area for decades. Kokkinolakkas filtered tailings facility REHABILITATION OF OLD OLYMPIAS ARSENOPYRITE CONCENTRATE STORAGE AREA • The remediation and rehabilitation works of this area were initiated by Hellas Gold as a priority immediately after acquiring the Kassandra Mines property • On the rehabilitated surface, a nursery facility was set up to cover the need for local flora species for all Hellas Gold’s rehabilitation projects, supporting local stakeholders and creating new jobs • The compromised material, containing the arsenopyrite, was transported to Eldorado’s newly built filtered tailings facility, Kokkinolakkas • The effectiveness of the project is confirmed by the results of ground water monitoring program carried out in the area through a network of piezometers installed inside and downstream of the facility
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Perama Hill 33 Low-cost epithermal gold-silver project with transformative growth potential (1) Please refer to the Appendix for more information with respect to the mineral resources and mineral reserves. (2) Data here and elsewhere in this presentation is from the Perama Hill Technical Report dated January 2010. OVERVIEW Location Thrace, Greece Ownership 100% Mine type Open pit Metals mined Gold, Silver Deposit type Epithermal gold-silver Life of mine 8 years based on Mineral Reserves Grades(2) High grade (3.0 g/t), open pit strip ratio of ~0.3 Expected production(2) Approximately 100,000 oz Au per year SUPPORTS THE GROWTH PIPELINE • Next mine expected to be developed after Skouries • Exploration potential in the Thrace region supports opportunities for growth • Excluded from Hellas Gold Greek bank financing and not guaranteed under Senior Notes Europe RESERVES AND RESOURCES(1) Tonnes (x1000) Grade (g/t Au) Contained Ounces (x1000 Au) Grade (g/t Ag) Contained Ounces (x1000 Ag) P&P Reserves 8,910 3.18 912 4.48 1,283 M&I Resources (Oxide) 9,175 3.08 908 4.4 1,302 Inferred Resources Oxide 3,959 3.08 392 10 1,297 Sulfide 13,002 2.45 1,025 12 4,851
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Perama Hill Critical path and progress • Community engagement well underway to ensure transparent dialogue and incorporate stakeholder feedback. Two consultation processes are expected to commence in the coming months: One led by the Greek State One led by Eldorado • Project optimization and studies are ongoing to prepare permitting documentation • EIA submitted and approval expected by year-end 2026 • Commence construction as early as 2027 Future developments • EIA Approval & Presidential Decree (PD) issued • Submission of full Social & Environmental Impact Assessment (SEIA) • Approval SEIA & Technical Study • Installation & Building Permits issuance (Construction start) 34 Perama Hill looking west
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35 Exploration
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Quebec, Canada 36 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 Map showing the Lamaque / Bourlamaque mineral exploration license area and locations of projects. • New high-grade zones at Ormaque and Lamaque South, close to existing infrastructure offers potential mine expansion flexibility • New Bourlamaque targets include extensions to historic mines and expansion opportunities of new resources • Multiple targets near the Sigma Mill support throughput expansion studies from 2,500 tpd to 5,000 tpd 2026 Exploration Program: ~80,000 to 90,000 m planned LAMAQUE COMPLEX TARGETS • ~18,000 m to test lateral and depth extensions of Ormaque • ~30,000 m of expansion drilling at Lamaque South and nearby opportunities • ~4,000 to 6,000 m of underground exploration drilling to test targets more readily accessible from the Sigma – Triangle decline BOURLAMAQUE TARGETS • ~32,000 to 34,000 m planned following geological reinterpretation and remodelling work, including: Bonnefond: drill testing extensions to new resource to assess UG development potential Bevcon and Aurbel: drilling will test newly modelled extensions as well as adjacent new targets
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Ormaque 37 New High-Grade Extensions Identified at Ormaque Cross section through the Ormaque deposit showing the newly discovered Ormaque SE and Garnet Zones, >10 g*m(3) intercepts outside the Ormaque resource, and highlighted drillhole intercepts. • 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 steeply dipping Garnet Zone discovered on the northern flank of Ormaque: 5.0 m at 7.31 g/t Au (LS-24-121A) 1.7 m at 10.05 g/t Au (LS-25-131) • All zones lie close to existing mine and processing infrastructure, offering potential sources of future mill feed Long section through the Ormaque deposit showing >10 g*m intercepts outside the Ormaque resource and highlighted drillhole intercepts. Flat-lying vein intercepts extend 200 to 300 metres west beyond the Ormaque resource.
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Lamaque South 38 Discovery of High-Grade Veins at Lamaque South, Extensions of Historic Lamaque Mine Cross section through the Lamaque South target area and historic Lamaque and Sigma Mines. The figure shows drill holes with >10 g*m intercepts and highlighted drillhole intercepts. • 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 LQ-24-013A 2.0 m at 14.78 g/t Au, Vein 13 in drillhole LQ-24-002 1.7 m at 34.77 g/t Au (25.41 g/t Au capped), Vein 13 in drillhole PV-23-063A • These intersections occur in the West Plug and the newly discovered South Plug
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Kassandra Mines District, Greece 39 High-Grade Extensions at Olympias and Newly Identified Gold-Copper System at Stratoni Skarn: Over 30,000 m Planned Follow-up Drilling Map showing the Kassandra mining district licence area and locations of projects in the Kassandra Mines District. 2026 Exploration Program: ~ 33,000 m planned STRATONI SKARN • ~ 15,000 m drilling planned to test wider skarn and potential intrusive center as well as continuity of higher-grade gold-copper zones • Geometallurgical sampling will be conducted in parallel to support resource understanding. OLYMPIAS TARGETS • ~8,000 m expansion drilling from surface • ~10,000 m expansion drilling underground • Drilling planned to test NW Zone and other extensions beyond existing resource • Exploration in Greece advanced significantly in 2025: 17,500 m drilled at Olympias including discovery of new Olympias NW Zone within 200 m of existing mine infrastructure Identification of a new gold-copper target at Stratoni Skarn through 10,500 m of drilling along the Stratoni Fault corridor
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Olympias Exploration 40 NW Zone Discovered Through Integrated Structural, Lithological and Geophysical Interpretation; Exceptional Grades in West Flats Area Step-Out Drilling Above: Map of the Olympias deposit showing 2025 exploration drilling and highlighted drillhole intercepts. Left: Map showing the newly discovered Olympias NW zone that coincides with northeast-trending faults and a large northwest-trending high chargeability geophysical anomaly. • 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) 7.70 m at 10.33 g/t Au, 81.09 g/t Ag, 1.30% Pb and 2.94% Zn (OLS-23) • Underground expansion drilling in the West Flats area has intercepted thick massive sulfides beyond the existing resource. Highlights include: 23.4 m at 22.3 g/t Au, 331.19 g/t Ag, 11.74% Pb and 9.70% Zn, a step out of approximately 50 m (OL-1131) 9.75 m at 45.25 g/t Au, 270.04 g/t Ag, 10.30% Pb and 9.74% Zn (OL-1134)
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Stratoni Skarn 41 Newly Identified, Emerging Gold-Copper System Map of the Stratoni Skarn Au-Cu deposit and highlighted drill hole intercepts. • 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 dominated by carbonate-replacement deposits. • Highlights from the 2025 drilling program include: 42.75 m at 0.83 g/t Au and 0.49% Cu (STSK003) 10.0 m at 0.46 g/t Au and 1.66% Cu (STSK004) 9.1 m at 1.77 g/t Au and 0.46% Cu (VTH003) 12.6 m at 3.75 g/t Au and 0.1% Cu (VTH006) 17.0 m at 0.68 g/t Au and 1.16% Cu (VTH009) 9.0 m at 0.97 g/t Au and 0.55% Cu (VTH011) 40.0 m at 1.05 g/t Au and 0.23% Cu (VTH014)
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Turkiye: Advancing Early-Stage Exploration 42 Strengthening portfolio through strategic licence acquisition, target generation, and expanded drilling programs. 2026 Exploration Program: EARLY-STAGE TARGETS • Early-stage mapping with geochemical and geophysical surveys to generate new targets • 20,000–25,000 m of additional drilling. EFEMCUKURU TARGETS • 15,500 m of drilling planned to test newly identified veins outside current resource areas and their depth extensions. • Continued exploration focus in Turkiye, leveraging strong geological potential and supportive operating environments. • Early-stage portfolio refreshed through licence acquisitions and open-ground staking across Central Anatolia and northeast Turkiye. • 2025 drilling totalled 39,193 m across multiple volcanic-hosted massive sulfide, porphyry, epithermal, and orogenic gold targets.
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Investing in Our Future: Strengthening Exploration for Long-Term Value 43 Building a high-quality discovery pipeline through enhanced geoscience, technology, and increased exploration investment • 2026 exploration budget increasing to $75–85M, supporting: 95,000–110,000 m of resource-conversion drilling 190,000–200,000 m of drilling targeting resource expansion and new discoveries • Investment reflects confidence in organic growth, resource expansion, and ongoing value generation around core gold and base-metal operations. • Stronger exploration team and refreshed approach integrating foundational geology, advanced geoscience practices, and modern technologies. • Continued focus on generating high-quality discovery opportunities to drive both short- and long-term value creation. • Strong exploration results in Canada and Greece has reinforced confidence in discovery strategy and increased 2026 exploration investment.
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Climate Change Strategy – Our GHG Emissions Mitigation Target Our GHG Emissions Mitigation Target Achievement Pathway • Leverages Eldorado’s low emissions on a gold production basis, including: Lamaque Complex sourcing electricity that is 99.9% renewable(2) Evaluating renewable energy sources in Greece and Türkiye • Supports alignment with commitments to MAC-TSM, WGC RGMPs and the TCFD • Integrating climate into business planning processes 44 Mitigate GHG emissions by an amount equal to 30% of our 2020 baseline by 2030, on a “business-as-usual” basis(1) (1) In a “business as usual” scenario, action is not taken to reduce emissions. Target applies to operating mines during the baseline year (Lamaque, Kışladağ, Efemçukuru, Olympias and Stratoni). (2) Based on Hydro-Quebec Residual electricity mix and greenhouse gas (GHG) emission rate, 2023. Journey to Decarbonization • Eldorado implemented 23,614 tCO2e of 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) • We continue to progress GHG mitigation projects on our GHG Emissions Target Achievement Pathway, which comprises four levers: Operational efficiencies and continuous improvement projects Low-carbon technologies, processes and energy generation Electricity grid decarbonization Mine shutdown and operational changes • Recently implemented projects to mitigate GHG emissions include: At Kışladağ, adapting lighter-weight haul truck dump bodies and introducing electric drills Manual ventilation on demand (VOD) at our Olympias mine in Greece LED lighting at both Kışladağ and Efemçukuru Battery electric haul trucks at Lamaque Complex
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ESG Recognized as a Key Priority ESG Rating Performance 45 Eldorado ESG performance as a mid-cap miner includes recognition of strong sustainability management practices (1) Eldorado improved its CSA Score to 48 in the 2025 S&P Global Corporate Sustainability Assessment (up from 45 in 2024), above the Metals & Mining industry average of 33. CSA Scores (out of 100) reflect disclosure and performance on material ESG topics; higher scores indicate stronger ESG management, as of December 31, 2025. (2) Eldorado’s ISS ESG Quality Score was last updated on December 5, 2025. Governance Risk scores range from 1 (Lower Risk) to 10 (Higher Risk), while E&S Disclosure scores range from 1 (Higher Disclosure) to 10 (Lower Disclosure). (3) As of January 6, 2026, Eldorado Gold received an MSCI ESG Rating of AA, demonstrating strong ESG performance. The use by Eldorado Gold of any MSCI Solutions LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Eldorado by MSCI. (4) Based on a verified assessment. The MAC-TSM Tailings Management Protocol is not applicable to Kışladağ, as it does not produce tailings. Recognition for Responsible Mining • MAC-TSM Level AAA on Tailings Management at all operating tailings facilities: Lamaque Complex, the Kassandra Mines and Efemçukuru(4) • Eldorado Gold Quebec awarded the Mining Association of Canada's Towards Sustainable Mining 2024 Community Engagement Award for its work on long-term social closure planning, including tailings considerations, at Lamaque Complex. • Hellas Gold honoured with a ‘Silver Award’ at the 2024 Euromines Safety Awards – 2nd place among 15 top nominations in Europe - the award recognizes our innovative virtual and augmented reality training programs. Canada’s Best Companies in 2025 by TIME and Statista Based on our strong performance in sustainability transparency, employee satisfaction, and consistent revenue growth over the past three years, Eldorado Gold was recognized as one of Canada’s Best Companies in 2025 by TIME and Statista (2) (1)
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Eldorado Gold Executive Management Team Experienced Operators Supported by a Committed and Proven Leadership Team George Burns CEO Paul Ferneyhough EVP & CFO Frank Herbert EVP and Chief Compliance Officer, GC, Executive Leadership Board of Directors Simon Hille EVP, Technical Services and Operations Louw Smith EVP, Development, Greece • Extensive experience in the mining sector. • Previously President and GC at Centerra Gold Inc. • Over 15 years in private practice at major Canadian law firms. • Significant experience working with the investment community in Europe and North America. • Over 30 years of experience in the resource industry including senior leadership roles in corporate, including finance, IR, strategy, commercial, planning and business performance management. • Prior to joining Eldorado, he was Executive Director at Repsol SA. • Over 30 years of experience in the mineral sector including executive, operations, development and engineering leadership roles in gold, copper and coal operations. • Prior to joining Eldorado, he was EVP & COO at Goldcorp. • Began his career with Anaconda Company in 1978. • Over 30 years experience in gold and base metals, specializing in leading high-performance, cross-functional technical and operational teams to maximize value from complex ore bodies. • Prior to joining Eldorado, he was Group Executive, Technical Engineering and Global Project at Newmont (Goldcorp). • Over 30 years of experience in the mining sector. • Held progressively senior roles related to exploration, project management and mine operations management. • Prior to joining Eldorado, he was COO at NordGold for nine years, responsible for seven operating business units. Steven Reid Chair of the Board George Burns CEO Teresa Conway Independent Director Hussein Barma Independent Director Carissa Browning Independent Director Judith Mosely Independent Director Stephen Walker Independent Director Samantha Espley Independent Director Christian Milau President • Over 25 years of experience in finance, capital markets and mining with expertise in operational leadership and government and stakeholder relations across global mining jurisdictions. • His career includes serving as CEO of Equinox Gold, among other senior leadership roles. Dr. Sally Eyre Independent Director 47
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Eldorado Share Price Performance 48 (1) Data as of February 19, 2026. (2) Weighted average exercise price per share Cdn$17.09. (3) As of February 19, 2026 (4) NYSE: EGO Relative Share Price Performance Source: FactSet, data as February 19, 2026 Capital Structure Common Shares outstanding(1) 198,570,520 Share purchase options(1,2) 2,444,190 Performance share units(1) 1,050,379 Closing share price(3) (NYSE: EGO) $47.63 Market Capitalization(3,4) $9.6 B 52-week Share Price Range(3,4) $13.29 - $51.16 Analyst coverage: Bank of America, BMO, Canaccord, CIBC, ATB Cormark, Global Mining Research, National Bank, RBC, Scotia, Stifel, TD
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Q4 2025 & Full Year Operations Update 49 Strong Operational & Financial Performance and Significant Free Cash Flow Excluding Skouries Investment (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. (2) On Oct. 30, 2025, the Company announced updated 2025 consolidated guidance ranges to reflect updated full -year expectations given the operational and financial performance year to date. Q4 2025 Asset Production (oz) Total Cash Costs(1) ($/oz) AISC(1) ($/oz) Lamaque Complex 49,307 841 1,392 Kışladağ 41,140 1,593 1,933 Efemçukuru 14,496 1,929 2,536 Olympias 18,473 1,324 1,676 Total 123,416 1,295 1,894 2025 Revised Guidance(2) FY 2025 Production (oz) Total Cash Costs(1) ($/oz) AISC(1) ($/oz) 187,208 790 1,302 168,701 1,264 1,478 72,482 1,510 1,846 59,877 1,722 2,145 488,268 1,176 1,664 470k – 490k 1,175 – 1,250 1,600 – 1,675 GOLD PRICE DRIVING MARGIN EXPANSION AND STRONG CASH FLOW IN 2025 $1.8 billion in revenue $743 million in cash flow from operating activities Generated ~$316 million of free cash flow in 2025 from operations, excluding Skouries investment spend(1)
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Hedge Portfolio Skouries Project Finance Related Hedges • Gold and copper swaps for delivery on July 7, 2026, as follows: Gold: 32,000 ounces of gold at a forward price of $2,160 per ounce; and Copper: 6,160 tonnes of copper at a forward price of $8,525 per tonne • 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 • Gold collars for monthly settlement between July 1, 2027 to December 31, 2027 28,000 ounces with a put strike price of $3,000 per ounce and a call strike of $4,537 per ounce 50 Hedging related to Skouries Project Financing Skouries
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Sustainability Framework and SIMS Safe, Inclusive and Innovative Operations • Focused on workforce health and safety engagement including new Courageous Safety Leadership program • Development of new Critical Control Standards to impart a One Eldorado approach to manage high-risk activities • Leverage technology to improve workplace safety, including continuous monitoring of physical (radar, InSAR, air quality, etc.), remote equipment and collision avoidance 51 SIMS minimum performance standards operationalize our Framework’s four key commitments to ESG-related topics Responsibly Produced Products • Reducing our footprint by implementing filtered tailings • SIMS Compliance Verifications at all operations include: External verification of MAC- TSM results, including AAA for Tailings Management at all operating tailings facilities and two closed facilities Assurance of conformance with the World Gold Council’s Responsible Gold Mining Principles and Conflict-free Gold Standard Healthy Environments Now & The Future • Implementing our Climate Change Strategy: Optimizing processes and adopting new equipment to mitigate GHG emissions Updated Physical Climate Risk Assessments • Advancing progressive reclamation in Greece and Türkiye • Continual monitoring of environmental parameters, including air, soils and water Engaged & Prosperous Communities • Over $7 million invested in communities in 2025 • Adopting strategic community investment principles globally • Community of Interest Committees meet regularly at all operations to engage on key topics and provide feedback, including on: Environmental performance Project permitting and/or closure Community investment
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Inclusive Diversity Global Initiatives • Multi-year updated Equity, Diversity, and Inclusion Strategy launched in 2025 based on input from global employee workforce study • Sponsor of Artemis Project • Active sponsor of International Women in Mining; participation from all jurisdictions in global mentorship program • Continue conducting gender pay equity reviews using best in class third party software to identify unintended, systemic bias in processes Corporate Initiatives • Robust Diversity Policy including aspirational representation goals; 6 women in executive leadership and gender parity achieved at Board level • “Not Myself Today” manager training in support of creating psychologically healthy and safe work cultures 52 Committed to fostering safe and inclusive workplaces that value diversity, personal growth and innovation Operating Sites GREECE • 2024 Sustainability Bronze Award for Gender & Inclusion by the European Bank for Reconstruction and Development (EBRD) • Committed to Gender Equality in Greece as evidenced through achievement of the Share Equality Label award. QUÉBEC • Health and wellness committee with diverse representation in support of psychologically healthy and safe work culture • Active sponsor and participant with Women in Mining Abitibi TÜRKIYE • Unconscious Bias training for Management • Defying traditional gender stereotypes for certain roles in mining • Programs in place to support women entrepreneurs in rural development
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World Gold Council: Gold 247 53 ACCESSIBLE TO ALL • Enabling a digital transformation • Removing barriers and establishing modern market infrastructure • Digitalization is essential to modernize and improve accessibility to gold GOLD BAR INTEGRITY PLATFORM • WGC/LBMA have partnered to develop an internation system of gold bar integrity • Distributed ledger (blockchain) technology • Foundation for a more accessible and fungible market FULLY FUNGIBLE • Addresses barriers to trading gold across markets • Intent is to establish a global standard • In time, this will allow gold to be effectively traded as a digital asset Gold 247TM What is Gold 247 The World Gold Council’s strategic vision for transforming the global gold market and elevating gold into the mainstream of financial markets. The initiative will ultimately enable greater participation, increase trust and unlock greater demand. Why Now? Gold has a systemic role in the world’s economy – as an investment, a reserve asset, a source of employment and more. The way gold is traded and supply chain management needs to modernize so the industry continues to meet the expectations of all end-users and stakeholders.Gold 247 Initiatives Digitalization of Gold
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($ millions unless otherwise noted) Q4 2025 2025 2024 2023 2022 Operating Metrics Realized Gold Price ($/oz) 4,251 3,505 2,405 1,944 1,787 Gold produced (oz) 123,416 488,268 520,293 485,139 453,916 Total cash costs(1) ($/oz sold) 1,295 1,176 940 850 878 All-in sustaining costs(1) ($/oz sold) 1,894 1,664 1,285 1,220 1,276 Income Metrics Revenue 577.2 1,818.9 1,322.6 1,008.5 872.0 Production costs 203.0 677.6 564.2 478.9 459.6 Net earnings (loss) for the period(2,3) 252.3 519.9 300.9 106.2 (49.2) Adjusted EBITDA(1,2) 265.2 836.2 691.6 463.3 321.5 Adjusted net earnings(1,2,3) 126.1 354.9 320.7 110.7 10.1 Adjusted net earnings per share(1,2,3) 0.63 1.75 1.57 0.57 0.05 Cash Flow Metrics Net cash generated from operating activities(2) 283.7 742.5 656.0 382.9 211.2 Cash flow from operating activities before changes in working capital(1,2) 230.0 752.0 635.5 411.2 239.5 Total Cash Capital expenditures(2) 274.2 866.4 594.1 401.8 289.9 Free cash flow(1,2) (54.5) (232.9) 19.8 (47.2) (104.5) Free cash flow excluding Skouries(1,2) 109.3 315.6 355.0 112.6 (69.4) Cash and cash equivalents 869.4 869.4 856.8 540.5 279.7 Financial Results 54 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. (2) From continuing operations. (3) Attributable to shareholders of the Company.
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Mineral Reserves (Gold, Silver) as of September 30, 2025 55 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Gold Tonnes (x1000) Au g/t Contained Au ounces (x1000) Tonnes (x1000) Au g/t Contained Au ounces (x1000) Tonnes (x1000) Au g/t Contained Au ounces (x1000) Efemcukuru 929 4.04 120 3,361 4.72 510 4,290 4.57 630 Kisladag 175,742 0.65 3,645 18,702 0.50 301 194,444 0.63 3,946 Triangle, Plug #4 1,243 5.55 222 2,829 5.73 521 4,072 5.68 743 Ormaque, Parallel 42 12.49 17 2,759 9.37 831 2,801 9.41 848 Lamaque Complex 1,285 5.78 239 5,588 7.53 1,352 6,873 7.20 1,591 Olympias 3,791 7.38 899 5,400 5.07 881 9,191 6.02 1,780 Perama Hill 3,000 4.36 421 5,909 2.59 491 8,910 3.18 912 Skouries 72,536 0.85 1,992 75,465 0.69 1,674 148,001 0.77 3,666 Total Gold 257,283 0.88 7,316 114,425 1.42 5,209 371,708 1.05 12,525 Silver Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Efemcukuru 929 13.5 404 3361 11.1 1202 4,290 11.6 1606 Olympias 3,791 122 14,929 5,400 112 19,427 9,191 116 34,356 Perama Hill 3,000 3.88 374 5,909 4.78 909 8,910 4.48 1,283 Total Silver 7,720 63 15,707 14,670 46 21,538 22,391 52 37,245
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Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2025 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Copper Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Skouries 72,536 0.51 366 75,465 0.50 375 148,001 0.50 741 Total Copper 72,536 0.51 366 75,465 0.50 375 148,001 0.50 741 Lead Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Olympias 3,791 3.9 149 5,400 3.9 211 9,191 3.9 360 Total Lead 3,791 3.9 149 5,400 3.9 211 9,191 3.9 360 Zinc Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Olympias 3,791 4.9 185 5,400 5.4 290 9,191 5.2 475 Total Zinc 3,791 4.9 185 5,400 5.4 290 9,191 5.2 475 56
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Mineral Resources (Gold, Silver) as of September 30, 2025 57 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Gold Tonnes (x1000) Au g/t Contained Au ounces (x1000) Tonnes (x1000) Au g/t Contained Au ounces (x1000) Tonnes (x1000) Au g/t Contained Au ounces (x1000) Tonnes (x1000) Au g/t Contained Au ounces (x1000) Efemcukuru 1,529 6.25 307 3,625 6.58 767 5,154 6.48 1,074 1,419 3.90 178 Kisladag 238,626 0.62 4,767 38,158 0.48 593 276,784 0.60 5,359 6,594 0.43 91 Triangle, Plug #4 2,129 6.57 450 4,955 6.74 1,074 7,084 6.69 1,524 6,043 7.20 1,398 Ormaque, Parallel 56 12.77 23 3650 9.63 1,130 3,706 9.68 1,153 2,044 9.16 602 Lamaque Complex 2,185 6.73 473 8,605 7.97 2,204 10,790 7.72 2,677 8,087 7.69 2,000 Bonnefond 0 0.00 0 514 4.48 74 514 4.48 74 2,699 4.87 423 Olympias 4,760 9.32 1,426 5,864 6.63 1,251 10,624 7.84 2,677 2,693 8.25 714 Perama Hill - Oxide 2,980 4.30 412 6,194 2.49 496 9,175 3.08 908 3,959 3.08 392 Perama Hill - Sulphide 0 0.00 0 0 0.00 0 0 0.00 0 13,002 2.45 1,025 Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728 Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025 Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820 Skouries 89,669 0.82 2,378 117,662 0.59 2,235 207,331 0.69 4,613 58,294 0.41 770 Total Gold 339,749 0.89 9,763 180,623 1.31 7,618 520,372 1.04 17,382 121,665 2.09 8,166 Silver Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Tonnes (x1000) Ag g/t Contained Ag ounces (x1000) Efemcukuru 1,529 22 1,096 3,625 22 2,571 5,154 22 3,666 1,419 32 1,469 Olympias 4,760 152 23,251 5,864 140 26,478 10,624 146 49,728 2,693 143 12,355 Perama Hill - Oxide 2,980 4 372 6,194 5 929 9,175 4.4 1,302 3,959 10 1,297 Perama Hill - Sulphide 0 0 0 0 0 0 0 0 0 13,002 12 4,851 Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389 Stratoni 0 0 0 1,391 152 6,785 1,391 152 6,785 1,807 166 9,672 Total Silver 9,269 83 24,719 17,075 67 36,763 26,344 73 61,481 29,494 43 41,034
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Mineral Resources (Copper, Lead, Zinc) as of September 30, 2025 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Copper Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Tonnes (x1000) Cu % Contained Cu tonnes (x1000) Perama Hill - Sulphide 0 0 0 0 0 0 0 0 0 13,002 0.12 15 Skouries 89,669 0.49 443 117,662 0.46 546 207,331 0.48 989 58,294 0.40 233 Total Copper 89,669 0.49 443 117,662 0.46 546 207,331 0.48 989 58,294 0.40 233 Lead Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Tonnes (x1000) Pb % Contained Pb tonnes (x1000) Olympias 4,760 4.9 233 5,864 4.8 284 10,624 4.9 517 2,693 4.7 127 Stratoni 0 0.0 0 1,391 6.0 84 1,391 6 84 1,807 6.9 124 Total Lead 4,760 4.89 233 7,255 5.1 368 12,015 5.0 601 4,500 5.6 251 Zinc Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Tonnes (x1000) Zn % Contained Zn tonnes (x1000) Olympias 4,760 6.2 293 5,864 6.7 394 10,624 6.5 687 2,693 5.7 153 Stratoni 0 0.0 0 1,391 8.4 117 1,391 8.4 117 1,807 8.3 150 Total Zinc 4,760 6.2 293 7,255 7.0 511 12,015 6.7 804 4,500 6.7 303 58
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Notes on Mineral Resources and Reserves 59 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 reference, into National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exploration drilling programs are done consistently with industry standards and independent certified assay labs are used. Mineral Reserves are included in the Mineral Resources. The Mineral Reserves and Mineral Resources are disclosed on a total project basis. Measured and Indicated Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability. With respect to “Inferred Mineral Resources”, there is a great amount of uncertainty as to their existence and uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “Measured Mineral Resource”, “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category. Additional information on the Kisladag, Efemcukuru, Olympias, Skouries and Lamaque mineral properties mentioned in this presentation (all of which are considered to be material mineral properties to the Company) are contained in Eldorado’s annual information form for the year ended December 31, 2024 and the following technical reports for each of those properties, all of which are available under the Company's profile at www.sedarplus.com and www.sec.gov: • Amended Technical report entitled “Technical Report, for the Lamaque Complex, Quebec, Canada’” with an effective date of December 31, 2024. • Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2023. • Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkiye” with an effective date of December 31, 2023. • Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 22, 2022. • Technical report entitled "Technical Report, Kisladag Gold Mine, Turkiye” with an effective date of January 17, 2020. QUALIFIED PERSONS Simon Hille, FAusIMM, Executive Vice President, Operations and Technical Services, is the “qualified person” under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this presentation and verifying the technical data disclosed in this document relating to our operating mines and development projects, unless otherwise noted. Additional qualified persons have approved disclosures for specific properties as detailed in “Mineral Reserve Notes” and “Mineral Resource Notes” below. Jessy Thelland, géo (OGQ No. 758), Director Technical Services Lamaque, a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this presentation for the Quebec projects. CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES There are differences between the standards and terms used for reporting mineral reserves and resources in Canada, and in the United States pursuant to the United States Securities and Exchange Commission’s (the “SEC”). The terms Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the CIM Definition Standards on Mineral Reserves and Mineral Resources adopted by the CIM Council, and must be disclosed according to Canadian securities regulations. These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this presentation with respect to mineral deposits may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.
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Notes on Mineral Reserves 60 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 Perama Hill projects were determined using a long-term gold price of $1,700/oz. A reserve test is undertaken every year to confirm future undiscounted cash flow from the reserve mine plan is positive. LONG-TERM METAL PRICE ASSUMPTIONS Gold price: $1,700/oz Silver price: $20.00/oz Copper price: $3.50/lb; $7,714/tonne Lead price: $2,000/t Zinc price: $2,500/t CUT-OFF GRADES Efemcukuru: $145.36/t NSR (long hole stoping), $151.76/t NSR (drift and fill); Kisladag: 0.1575 g/t Au Recoverable; Lamaque Complex: 4.19 g/t Au (long hole stoping), 4.54 g/t Au (drift and fill); Olympias: $223.40/t NSR; Perama Hill: 0.85 g/t Au; Skouries: $15.00/t NSR (open pit), $40.00/t NSR (underground). Qualified Persons: The following persons, all of whom are qualified persons under NI 43-101, are as follows: Asset Mining Type(s) Qualified Person Company Lamaque Complex: Triangle, Plug #4 Underground Jessy Thelland, géo (OGQ No. 758), Technical Services Director Lamaque Eldorado Gold Lamaque Complex: Ormaque, Parallel Underground Phillippe Groleau, Eng, (OIQ No. 5032770), Senior Strategic Planner Eldorado Gold Kisladag Open Pit Raj Priyadarshi, P.Eng., Manager, Open Pit Mine Planning Eldorado Gold Efemcukuru Underground Mike Tsafaras, P.Eng., Director, Mine Planning Eldorado Gold Olympias Underground Filip Medinac, P.Eng., Technical Services Manager, Olympias Eldorado Gold Skouries Open Pit and Underground Mike Tsafaras, P.Eng., Director, Mine Planning Eldorado Gold Perama Hill Open Pit Mike Tsafaras, P.Eng., Director, Mine Planning Eldorado Gold
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Notes on Mineral Resources 61 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 determined using a long-term gold price ($2,100/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Resource grades are reported undiluted from within the constraining volumes that satisfy RPEEE. Open Pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Eldorado’s Mineral Resources are inclusive of Reserves. Long-Term Metal Price Assumptions: Gold price: $2,100/oz | Silver price: $24.00/oz | Copper price: $4.15/lb; $9,147/tonne | Lead price: $2,200/t | Zinc price: $2,800/t Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction: The Mineral Resources used a long term look gold metal price of $2,100/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground Resources have the open pit Resources constrained by an open pit/underground economic crossover surface, and underground Resources constrained by a reporting shape. Cut-off Grades: Bonnefond: 3.0 g/t Au; Efemcukuru: $104.50/t NSR; Kisladag: 0.13 g/t Au (recoverable); Lamaque Complex (Triangle, Plug #4, Parallel): 3.4 g/t Au; Ormaque 3.67 g/t Au (drift and fill); Olympias: $105.50/t NSR; Perama Hill – Oxide & Sulphide: 0.71 g/t Au; Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: $15/t NSR (open pit), $40/t NSR (underground); Stratoni: $200/t NSR, based on Zn equivalent grade of 10%. Qualified Persons: The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within this presentation: Asset Mining Type(s) Qualified Person Company Lamaque Complex: Triangle, Plug #4, Ormaque, Parallel Underground Jessy Thelland, géo (OGQ No. 758), Technical Services Director, Lamaque Eldorado Gold Bonnefond Underground Karine Brousseau, Eng. (OIQ No. 121871), Senior Manager, Resource Geology Eldorado Gold Kisladag Open Pit Karine Brousseau, Eng. (OIQ No. 121871), Senior Manager, Resource Geology Eldorado Gold Efemcukuru Underground Karine Brousseau, Eng. (OIQ No. 121871), Senior Manager, Resource Geology Eldorado Gold Olympias Underground Karine Brousseau, Eng. (OIQ No. 121871), Senior Manager, Resource Geology Eldorado Gold Skouries Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects Eldorado Gold Skouries Underground Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects Eldorado Gold Perama Hill Open Pit Karine Brousseau, Eng. (OIQ No. 121871), Senior Manager, Resource Geology Eldorado Gold Perama South Open Pit Karine Brousseau, Eng. (OIQ No. 121871), Senior Manager, Resource Geology Eldorado Gold Piavitsa Underground Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects Eldorado Gold Sapes Underground & Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects Eldorado Gold Stratoni Underground Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects Eldorado Gold
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