Slides
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Creation of a Leading Gold and Copper Producer February 2, 2026
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Forward Looking Statement 1 Cautionary Note about Forward-looking Statements and Information Certain of the statements made and information provided in this presentation forward-looking statements or information w ithin the meaning of the United States Private Securities Lit igation Reform Act of 1995 and applicable Canadian securitie s laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof or variations of such words and phrases or stat ements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statement s or information contained in this presentation include, but ar e not limited to, statements or information with respect to; the intent of Eldorado and Foran Mining Corporation (“Foran”) to complete a plan of arrangement and specifically for E ldorado to acquire all of the issued and outstanding shares of Foran; management’s views of the expected benefits and characteristics of the combined company; expectations that the McIlvenna Bay and Skouries projects will commence commercial production in 2026; management’s view on the re-rating potential of the combined entity; expected 2027 gold equivalent ounce production; expected measure d and indicated mineral resources; expected mine life; expe cted copper exposure; the expected percentage of th e combined company owned by each of Eldorado and Foran sh areholders; the expected date of the associated shareholder meeting and predicted timing of closing; plans to accelerate levels of investment in Ca nadian exploration and development; management’s view of the national and provincial economic benefits of the transaction; expected 2026 annual production and initial mine life for each of Skouries an d McIlvenna Bay; estimates of gold equivalent production, free cash flow, and EBITDA of the combined company; expect ed commodity mix in 2027 and NAV by jurisdiction; expected annual production by commodity at McIlvenna Bay; exploration focus by asset; exploration target grades at the Tesla Zone; expected significant events in the timeline of the combined company in 2026 and 2027; and generally, our strategy, plans, goals and priorities. Forward-looking statements and forward-looking information by th eir nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or ac hievements of the Company to be materially different from any future result s, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements and forward-looking information are by their nat ure based on a number of assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements may be materially different from those described in the forw ard-looking statements or information. These include assum ptions concerning: timing, cost and results of our constru ction and development activities, improvements and explo ration; the future price of gold, copper and other commodities; exchange rates; anticipated values, costs, expenses and working capital requirements ; production and metallurgical recoveries; mineral reserve s and resources; our ability to effectively use invested capital and unlock potential expansion opportunities across the portfolio; our ability t o address the negative impacts of climate change and a dverse weather; consistency of agglomeration and our abil ity to optimize it in the future; the cost of, and ext ent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); t he impact and effectiveness of productivity initiatives; th e time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the use, and im pact or effectiveness, of growth capital; the impact of acquisitions, dispositions, sus pensions or delays on our business; the sustaining capital r equired for various projects; and the geopolitical, econo mic, permitting and legal climate that we operate in. In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the fo rward-looking statement or information will prove to be acc urate. Many assumptions may be difficult to predict and are beyond our control. The information contained in the footnotes in this presentation with respect to estimates on free cash flow, EBITDA and NAV are key assumptions to the forward-looking metrics to which they relate. Forward-looking statements and forward-looking information are 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 forward-looking statements or information. These risks, uncertainties and other factors include, among others: development risks at Skouries and other development projects; risks relating to our operations in foreign jurisdictions; risks related to production and processing; our ability to secure supplies of power and w ater at a reasonable cost; prices of commodities and con sumables; our reliance on significant amounts of critical e quipment; our reliance on infrastructure, commodities and con sumables; inflation risk; community relations and social license; environmental matters; geotechnical and hydrogeological conditions or failures; w aste disposal; mineral tenure; permits; non-governmenta l organizations; reputational issues; climate change; ch ange of control; actions of activist shareholders; estimation of Mineral Reserves a nd Mineral Resources; regulatory reviews and different standards used to prepare and report Mineral Reserve s and Mineral Resources; risks relating to any pandem ic, epidemic, endemic, or similar public health threats; regulated substances; acquisitions, including int egration risks; dispositions; co-ownership of our properties ; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; relian ce on a limited number of smelters and off-takers; information and operational tech nology systems; liquidity and financing risks; indebtedness (including c urrent and future operating restrictions, implications of a change of control, ability to meet debt service obligat ions, the implications of defaulting on obligations and changes in credit ratings); to tal 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 environment; labo ur (including in relation to employee/union relations, the Greek trans formation, employee misconduct, key personnel, skilled wo rkforce, expatriates, and contractors); commodity price risk; default on obligations; current and future operating restrict ions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insuranc e; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to en vironmental, sustainability, and governance practices and p erformance; corruption, bribery, and sanctions; employee mi sconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers; and th ose risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to ca refully review the detailed risk discussion in our most re cent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect our business and operations. The inclusion of forward-looking statements and information is des igned to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. Ther e can be no assurance that forward- looking statements or information will prove to be accurate, as actual results and future events could differ mate rially from those anticipated in such statements. Accor dingly, you should not place undue reliance on the forwa rd-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and informat ion continually as conditions change and you are referred t o the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S. Qualified Person Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technica l information contained in this presentation and verifying the technical data disclosed in this document relating to our operating mines and development projects. Non-IFRS Measures For the definition of non-IFRS financial measures and reconciliation to directly compararable IFRS financial measures please refer back to Eldorado’s most recent MD&A published as part of our Q3 2025 results.
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Speakers 2 George Burns Chief Executive Officer Eldorado Gold Dan Myerson Executive Chairman & Chief Executive Officer Foran Mining Christian Milau President Eldorado Gold
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Combining to Create a Peer-Leading Gold and Copper Producer 3 Two World Class Projects Entering Production in 2026, Unlocking Industry Leading Growth✓ High Margin Free Cash Flow Driving Re-Rating Potential✓ Strong Balance Sheet and Financial Flexibility Supporting Organic Growth and Capital Returns✓ Enhanced Revenue Mix with Copper Exposure, Long Life Assets, and Improved Jurisdictional Balance✓ Cultural Alignment Anchored in Sustainable Operations✓
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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 Canadian Values, Strategic Growth 4 (1) These are non-IFRS financial measures or ratios. See Slide 2 ‘Non-IFRS Measures’ for more information. (2) Please refer to t he appendix for more information with respect to the mineral resou rces and mineral reserves. (3) Based on public disclosure; assumes stree t consensus analyst prices of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu and US $1.26/lb Zn in 2027 (4) Using street consensus pricing of US$3,137/o z Au, US$37.74/ oz Ag, US$4.51/lb Cu and US$1.21/lb Zn (5) Ave rage mine life based on current reserves McIlvenna Bay, CANADA Olympias, GREECE Perama Hill, GREECE Skouries, GREECE Operations 4 Assets entering production in 2026 2 2027E GEO(3) ~900 koz Copper Exposure ~15% Average Mine Life(5) 13+ M&I Mineral Resources (GEO)(2,4) 25.5 Moz
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Transaction Summary 5 Transaction • Eldorado to acquire all the issued and outstanding common and non-voting shares of Foran via a plan of arrangement • Transaction equity value of approximately C$3.8 billion • Eldorado and Foran shareholders to own approximately 76% and 24% of the combined company, respectively • Dan Myerson to join Board of Directors Consideration • Foran shareholders to receive 0.1128 of an Eldorado share for each Foran share held • Represents an 8.0% premium to the 20-day VWAP of both Foran and Eldorado shares for the period ended January 30, 2026 and a nil premium to the closing price of Foran on the TSX on the same date Approvals & Conditions • Unanimously approved by the Boards of Directors of Eldorado and Foran • Foran shareholder vote with 66 2/3% approval threshold and if applicable, a share holder vote with a simply majority of the minority approval threshold • Eldorado shareholder vote with a simple majority approval threshold • All Directors and executive officers of Foran have entered into voting support agreements, pursuant to which they will vote their common shares held in favor of the transaction Timing • Shareholder meetings expected to be held in April 2026 • Transaction expected to close in Q2 2026
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Benefits to Canada 6 Transaction strengthens Canadian critical minerals development and provides long-term economic benefits ACCELERATION OF CANADIAN CRITICAL MINERALS PRODUCTION • Combination strengthens pathway to production for a nationally significant critical minerals project McIlvenna Bay recognized by the Government of Canada, being among the first projects referred for consideration to the new Major Projects Office in September last year • McIlvenna Bay adds another cornerstone Canadian asset to ELD portfolio Increased portfolio focus with plans to accelerate levels of investment in Canadian exploration and development NATIONAL AND PROVINCIAL ECONOMIC BENEFITS • Combined business headquartered in Vancouver • McIlvenna Bay slated to provide jobs, investment and long-term economic benefits to Canada and the province of Saskatchewan Sustained benefits to be realized over an initial 18-year expected mine life “This proposed transaction reinforces Saskatchewan’s position as a leading destination for responsible resource development. McIlvenna Bay is a high-quality project that will deliver jobs, investment, and long-term economic benefits to the province. A combination with Eldorado would further strengthen the project’s development pathway and underscore Canada’s role in supplying critical minerals to both domestic and global markets” - The Honourable Scott Moe, Premier of Saskatchewan
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Two World-Class Mines Ramping up in 2026 7 (1) Completion percentage for McIlvenna Bay based on surface construction co mplete as of December 31, 2025. Completion percentage for Skouries based o n Phase 1 and Phase 2 completion as of December 31, 2025. (2) Base d on most recent Technical Report. Skouries 90% 140 koz Au 67 Mlbs Cu20 McIlvenna Bay 85% 41 Mlbs Cu 20 koz Au 444 koz Ag 54 Mlbs Zn 18 Commercial Production Mid-2026 Annual Production(2)Initial Mine Life (yrs)% Complete (1)
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Peer-Leading Growth 8 Strong growth and cash flow drive clear re-rating potential (1) Gold equivalent ounces (GEO): Based on public disclosure assuming street consensus analyst prices of US$3,965/oz Au, US$47.54/oz Ag, US$5.02/lb Cu a nd US$1.26/lb Zn in 2027. (2) Free cash flow based on street consen sus estimates as per FactSet, calculated as operating cash flow less capex. (3) EBITDA calculated as revenue based on public disclo sure less cash operating costs based on street consensus analyst estimates as pe r S&P CapIQ. Revenue based on publicly disclosed production figures and a ssumes average annual prices in 2025, street consensus pricing of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu a nd US$1.26/lb Zn in 2027, and spot pricing of US$4,895/oz Au, US$ 118.45/ oz Ag, US$6.28/lb Cu and US$1.58/lb Zn. Production (koz GEO)(1) ~510 ~900 2025 2027E $1.0 B $2.1 B 2025 2027E $1.0 B $3.1 B 2025 2027E EBITDA at Street Consensus Pricing(3) EBITDA at Spot Pricing(3) ($0.6) B $1.5 B 2025 2027E Free Cash Flow(2)
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(1) Production based on public disclosure for PF Eldorado and street consensus estimates for peers as per S&P CapIQ; assumes average annual p rices in 2025 and street consensus pricing of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu and US$1.26/lb Zn in 2027. Peer-Leading Near-Term Growth Profile 9 Combined Company to drive significant production growth . 1,437 1,036 ~900 836 777 714 613 594 509 345 330 295 Harmony B2Gold PF Eldorado Equinox IAMGOLD Alamos SSR Oceana- Gold Lundin Gold Centerra Artemis DPM Metals 2025E – 2027E Production Growth (GEO %)(1) 2027E Production (GEO koz)(1) 77% 63% 36% 31% 13% 7% 6% 1% 1% 1% (0%) (1%) PF Eldorado Artemis SSR Alamos Oceana- Gold Equinox B2Gold IAMGOLD Centerra Lundin Gold DPM Metals Harmony
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77% 15% 8% Balanced Revenue and Geographic Exposure 10 (1) Based on publicly disclosed production figures; assumes street consensus p ricing of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu and US$1 .26/lb Zn in 2027. (2) Based on street consensus estimates. NAV by Jurisdiction(2) Street Consensus NAV Commodity Mix(1) 2027E Revenue – Street Consensus Gold Copper Other Greece Canada Türkiye 43% 37% 20% A globally balanced operating portfolio
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Operating Asset Overview • Location: Quebec, Canada • Mine type: Underground • Metals mined: Gold dore • Expected mine life: 8(1) • First production: 2019 Lamaque Complex • Location: Halkidiki, Greece • Mine type: Underground • Metals mined: Gold- silver-lead-zinc concentrate • Expected mine life: 6(1) • First production: 2017 Olympias • Location: Uşak Province, Türkiye • Mine type: Open pit, heap leach • Metals mined: Gold dore • Expected mine life: 13(1) • First production: 2005 Kışladağ • Location: Izmir Province, Türkiye • Mine type: Underground, epithermal deposit • Metals mined: Gold concentrate • Expected mine life: 8(1) • First production: 2011 Efemçukuru 11 Average gold production of ~500,000 oz of gold since 2020 across steady operating portfolio (1) Based on Proven and Probable Mineral Reserves as of September 30, 2025. Please refer to the advisories in the appendix for more informa tion on the Mineral Reserves and Mineral Resources. For more information, plea se find the latest Technical Report for each of Eldorado’s assets and the Resources and Reserves page of the Eldorado Gold website.
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Development Asset Overview 12 • Location: Halkidiki, Greece • Mine type: Open pit & underground • Metals mined: Copper, gold • Expected mine life: 20(1) • Stage: 90% complete(2), commercial production mid-2026 • Expected production: 312 koz GEO per year(4) Skouries • Location: Saskatchewan, Canada • Mine type: Underground • Metals mined: Copper, zinc, gold, silver • Reserve mine life: 18(1) • Stage: 85% complete(2), commercial production mid-2026 • Expected production: 41 Mlb Cu, 20 koz Au, 444 koz Ag, 54 Mlb Zn per year McIlvenna Bay • Location: Thrace, Greece • Mine type: Open pit • Metals mined: Gold & silver • Expected mine life: 8(1) • Stage: EIA submitted, community consultation • Expected production: 100 koz Au per year(4) Perama Hill • Location: Quebec, Canada • Mine type: Underground • Metals mined: Gold doré • Expected mine life: 8(1) Ormaque, part of Lamaque Complex (1) Based on Proven and Probable Mineral Reserves as of September 30, 2025. Please refer to the advisories in the appendix for more informa tion on the Mineral Reserves and Mineral Resources. For more information, plea se find the latest Technical Report for each of Eldorado’s assets and the Resources and Reserves page of the Eldorado Gold website. (2) As of December 3 1, 2025. (3) As of December 31, 2024. (4) Based on most recent Tech nical Report.
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Exploration Overview 13 Organic Growth Potential Across Robust Exploration Portfolio Lamaque Complex Drilling will continue to test lateral and depth extensions of Ormaque. Drilling will target expansion of Lamaque South and nearby opportunities. Underground exploration drilling, is planned to test targets more readily accessible from the Sigma – Triangle decline. Efemçukuru Drilling planned to test newly identified veins outside current resource areas and their depth extensions. Olympias Bourlamaque Targeting depth extensions to the new resource at Bonnefond for assessing underground development potential. At the historic Bevcon and Aurbel mines, drilling to test newly modelled extensions as well as adjacent new targets. Central Anatolia Early-stage portfolio refreshed through license acquisitions and open-ground staking across Central Anatolia and northeast Türkiye. Stratoni Skarn Drilling planned to test NW Zone, a new high-grade extension at Olympias and other extensions beyond existing resource. Newly Identified, Emerging Gold-Copper System. Drilling planned to test wider skarn and potential intrusive center as well as continuity of higher-grade gold- copper zones. McIlvenna Bay . Tesla Zone Regional Targets . Initial phase 18 yr mine life based off 29 Mt reserve, with 43Mt total resources and open down plunge and offering mine life extension potential. Significant, near-mine mineralized zone with an exploration target range of 28-45Mt, immediate infrastructure access, and remains open down dip. Inaugural Resource expected H2 2026. Large, under-explored claims package with numerous targets including Thunder- Balsam and South Bay. Emerging scanning technologies and orebody knowledge studies redefining near-mine opportunities.
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Tesla Zone Has Significant Upside Potential 14 Note: Please refer to the Disclaimer at the beginning of this Presentation for fur ther information on the Exploration Target. The potential quantity and grade of this Exploration Target is conceptual in nature. There has bee n insufficient exploration to define a mineral resource in this area, and it is uncertain if further exploration will result in the target being delinea ted as a mineral resource. New Discoveries Target Expansion Time Mill Throughput Tesla McIlvenna Bay ? Discovered in 2022 ~86,000 m drilled 1,200m+ in length 500-700m widths Located 300m from McIlvenna Bay deposit Tesla Zone Tonnes (Mt) 28 – 45 Copper Grade (%) 0.9 – 1.3 Zinc Grade (%) 3.6 – 5.4 Silver Grade (g/t) 22 – 34 Gold Grade (g/t) 0.2 – 0.3 CuEq Grade (%) 2.2 – 3.2 Exploration Target Grades (July 2024)
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Funded for Growth 15 Strong financial position to grow . Near-Term High Return Development Capex $1.5 B Cash & Equivalents(1) $90 M Net Debt(1) $2.1 B 2027E EBITDA(2) 4 + 2 Operating Assets(3) (1) Reflects simple summation of both companies' balances as of Q3 2025 and inclu des restricted cash. (2) EBITDA calculated as revenue less cash operating costs ba sed on street consensus analyst estimates as per S&P CapIQ. Revenue based on publicly disclosed production figures, assumes street consensus pricing of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu and US$1.26/lb Zn. (3) McIlvenna Bay and Skouries coming online in mid-2026. (4) Based on January 30 closing prices Deep Exploration Pipeline Regular Dividends ($0.075/sh in March 2026; ~0.7% yield(4)) Share Buybacks (~$200 M in 2025)
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Significant Free Cash Flow and Re-Rate Opportunity 16 Note: Bubble size based on basic market capitalization. (1) Based on street consensus estimates for NAV. (2) Based on street co nsensus estimates as per FactSet; free cash flow calculated as operating cash flow less capex. B2Gold SSR Centerra Equinox Artemis DPM Metals IAMGOLD Alamos Oceana- Gold Harmony Lundin Gold Eldorado PF ELD ('27E) 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x 2.00x (20%) (10%) -- 10% 20% 30% 40% 50% 60% P / NAV (ratio) 2025E FCF Margin (%) First full year of production at Skouries and McIlvenna Bay (1) (2)
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Significant Re-Rating Opportunity 17 Skouries and McIlvenna Bay into production this year expected to drive re-rate . (1) Based on street consensus estimates. (2) Based on street consensus estim ates as per FactSet and S&P CapIQ. Consensus P/NAV(1) Consensus EV/2027E EBITDA(2) -- 0.25x 0.50x 0.75x 1.00x 1.25x 1.50x 1.75x SSR Centerra B2Gold Equinox Eldorado Artemis Alamos IAMGOLD DPM Metals Oceana- Gold Harmony Lundin Gold -- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x B2Gold Harmony Eldorado SSR Oceana- Gold Centerra IAMGOLD Equinox DPM Metals Artemis Alamos Lundin Gold
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Clear Upcoming Catalysts to Drive Re-Rate 18 McIlvenna Bay & Tesla Skouries Other Growth Corporate Q1 2026 First Production H2 2026 Tesla Maiden Resource Mid 2026 Commercial Production 2027 Tesla Study Q1 2026(1) First Production Mid 2026 Commercial Production Year End 2026 Target Perama Hill EIA Approval H1 2027 Kışladağ Whole Ore Agglomeration Q4 2026 Ramp-up of Olympias Expansion Project Late 2026 Ormaque Commercial Production 2026 2027 March 13, 2026 ELD First Dividend (1) Towards the end of Q1 2026
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Strong Alignment – Together, Breaking New Ground 19 A common culture built on shared values and a sustainability focus Care Innovation Accountability Excellence Collaboration Integrity Courage Drive Collaboration Integrity Agility Aligned Values Sustainability Focused
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Strategic Foundation Driving Long Term Value 20 Industry Leading Growth Starting in 2026 Strong Balance Sheet Funding Organic Growth and Capital Returns Attractive Revenue Mix and Jurisdictional Balance High Margin Cash Flow Re-Rating Shared Culture Supporting Sustainable Operations Exploration Pipeline Driving Mine Life Longevity
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eldoradogold.com foranmining.com Thank You TSX: ELD NYSE: EGO TSX: FOM
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22 APPENDIX
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Mineral Reserves (Gold, Silver) as of September 30, 2025 23 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 24
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Mineral Resources (Gold, Silver) as of September 30, 2025 25 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 26
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Notes on Mineral Resources and Reserves 27 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 mine ral 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 ar e 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 a pplicable to domestic United States reporting companies. Ac cordingly, information contained in this presentation wi th 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 (cont’d) 28 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 N SR (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 29 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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McIlvenna Bay 2024 Mineral Reserve and Mineral Resource Estimate 30 1. Effective date for Mineral Resources of November 16, 2024; CIM definitions were followed for Mineral Resources. 2. The mineral resource is estimated based on 271 diamond drill holes and a NSR cut-off of US$70/t. NSR values were derived, and high-grade caps were applied as per the discussion in Estimation Methodology and Parameters and include provisions for metallurgical recovery and estimates of current shipping terms and smelter rates for similar concentrates. Metal prices used are US$4.83/lb. Cu, US$1.37/lb. Zn, US$2,336/oz. Au, and US$29.72/oz. Ag. Lead contributes no value. 3. Rock density was interpolated for each block based on measurements taken from core specimens, with an average value of 3.56 g/cm3 for the main MS lens and 2.86 g/cm3 for the CS Zone. 4. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 5. The block model grades were estimated using the Ordinary Kriging interpolation method, with search parameters derived from geostatistical analysis performed within the mineralization wireframes. Variogram ranges are from 65 m to 85 m for Au and Ag in the major axis and up to 100 m to 120 m for Cu and Zn. 6. Micon’s QP has not identified any legal, political, environmental, or other factors that could materially affect the potential development of the mineral resource estimate. 7. The mineral resource estimates are classified according to the CIM Definition Standards, which define a Mineral Resource as “a concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge including sampling.” 8. The mineral resource was categorized based on geological confidence into inferred and indicated categories. An inferred mineral resource has the lowest level of confidence. An indicated mineral resource has a higher level of confidence than an inferred mineral resource. It is reasonably expected that the majority of the inferred mineral resources could be upgraded to indicated mineral resources with additional infill drilling. 9. Effective date for Mineral Reserves of November 21, 2024, CIM definitions were followed for Mineral Reserves. 10. Mineral Reserves include transverse, longitudinal, and Avoca stopes, as well as ore development, marginal development, and incremental stopes. 11. Stopes were estimated at a cut-off value of US $92.50/tonne NSR. 12. Marginal tonnes were estimated at a cut-off value of US $73.97/tonne NSR. 13. A minimum mining width of 3.0 m was applied for all stoping. 14. Numbers may not sum due to rounding. 15. NSR Reserve Prices (US$); Cu $4.20/lb, Zn $1.19/lb, Ag $25.84/oz, Au $2031/oz 16. Mr. Mark Hatton, P.Eng. of Stantec Inc. has reviewed and verified this mineral reserve estimate. Mr. Hatton is independent of Foran and is a “Qualified Person” within the meaning of National Instrument 43-101. Reserves Tonnes (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t) CuEq (%) Total Reserves 29.7 1.21% 2.17% 0.44 14.4 2.51% Resources Tonnes (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t) CuEq (%) Total Indicated 38.6 1.19% 2.18% 0.41 14.40 2.02% Total Inferred 4.5 0.93% 2.60% 0.28 15.80 1.71%