Third Quarter 2026 Results Conference Call - ELDORADO GOLD CORP

Explicit Guidance:

• 2026 Production Guidance (Revised):
  • Operating Assets (Excl. Skourios & McElvenna Bay): 410,000 – 430,000 ounces.
  • Skourios (2026): 10,000 – 35,000 ounces of gold; 5 – 15 million pounds of copper.
  • McElvenna Bay: Commercial production expected in late Q4 2026.
• 2027 Production Expectations (Forward-looking, based on current ramp-up plans):
  • Skourios: Expected to meet long-term design capacity targets (previously guided 150k–180k oz Au equivalent), with ramp-up to full production expected by mid-2027.
  • Olympias: Expansion ramp-up to nameplate capacity anticipated in the first half of 2027; initial 2027 guidance may trend toward the lower end of previous ranges (75k–90k oz) due to ramp-up timing, with more precise guidance to be issued in early 2027.
  • Kisladag: Guidance of 140,000 – 160,000 ounces expected to return as the normal cadence, supported by the whole ore agglomeration circuit commissioning in H1 2027.
  • McElvenna Bay: Expected to reach steady-state cash flow inflection in early 2027.
• Capital Expenditure (CapEx) & Costs:
  • Skourios Total Project Capital: Revised to approx. $1.425 billion (includes $65M actual increase + $45M reclassified from Opex to Project Capex).
  • Skourios Accelerated Operating Capital: $390 million ($95M actual increase + $35M reclassified).
  • Skourios Contingency: Up to $30 million identified for potential timing-related costs.
  • McElvenna Bay Total Project Capital: Revised to $975 million (increase of ~$23M).
  • McElvenna Bay 2026 CapEx (Post-Comm. Prod.): ~$15 million growth; ~$10 million sustaining.
  • Sustaining CapEx (Established Operations): Increased to $170M–$190M for 2026 (vs. prior $140M–$165M); expected to double for the portfolio (including new assets) in 2027.
  • McElvenna Bay OPEX: Target steady-state mine OPEX of $90–$110 per tonne by end of 2026/early 2027.
  • Inflation Assumptions: Turkey (20–30% range); Greece/Canada (3–5% range).
• Financial Performance:
  • Free Cash Flow (FCF) Inflection: Expected early 2027 (potentially late 2026 if performance exceeds expectations).
  • Capital Allocation Priority: Once FCF turns positive, evaluate balance between debt reduction, reinvestment, and shareholder returns (dividends/buybacks).

Business-Segment Outlook:

• Skourios (Greece):
  • Status: First concentrate achieved Sept 8; two filter presses operational; four required for commercial production, with remaining two coming online in November/next few weeks.
  • Ramp-up: Targeting 60–80% nameplate throughput for "commercial production" designation (20–30 days steady ops); full nameplate capacity expected mid-2027.
  • Operations: Underground development advancing (2,100m completed, East ramp breakthrough); substantial ore stockpile (5M+ tonnes, ~50% sulfide) available to blend oxide ore in H2 2026/early 2027.
  • Infrastructure: Grid power connection completed; temporary generators demobilized.
  • Future Projects: PACE plant construction ongoing; tailings embankment raising and mine water treatment plant completion continuing into 2027.
• McElvenna Bay (Canada):
  • Status: Ramp-up focused on solid-liquid separation, thickening, filtration, and reagent control; targeting commercial production late Q4 2026.
  • Operations: Process plant operating at ~70% average throughput; challenges in back-end (solid-liquid) largely resolved.
  • Exploration/Expansion: "Tesla" deposit inferred resource update expected Q4 2026; technical report update expected Q1 2027 following shaft/material handling studies and mill expansion study.
  • Capacity: No major expansion construction expected in 2027; 2028 earliest start for material expansion projects.
• Kisladag (Turkey):
  • Status: Mine sequencing delays in waste removal causing lower grades; higher grade material now stacked on North Heap.
  • Recovery: 300-day leach cycle benefit expected end of Q4 2026 into 2027; Whole Ore Agglomeration (WOA) circuit commissioning/ramp-up expected H1 2027 to improve leach rates.
• Olympias (Greece):
  • Expansion: 650k tonne/annum expansion completion ongoing; final circuit tie-ins planned Q1 2027; ramp-up to nameplate expected H1 2027.
  • Operations: Production temporarily impacted by lead/zinc stockpiling; controlled blending program to resume in Q4.
• Lamco (Greece): Strong performance continued; ORMAC providing high-grade ore; WORMAC underground development transitioned to sustaining capital.

Market and Competitive Outlook:

• Pricing/Off-take: Seller's market conditions allow for flexible off-take contracts (bulk covered for next 2.5 years) with no penalties for delivery timing; European smelter access established.
• Demand/Supply: Skourios designated strategic project by European Commission; first European-produced concentrate shipments expected within a week of call.
• Competitive Position: Focus on disciplined capital allocation and maximizing value of existing assets rather than chasing growth for growth's sake.
• Cost Structure: Diesel prices remain a key input cost volatility factor (up 20–25% YoY); labor markets tight in Canada (FIFO), less so in Greece/Turkey.

Macro / Industry Outlook:

• Geopolitical/Currency: Turkey's economic situation and potential lira devaluation (forecast 20–30% inflation) noted as primary inflation risk for Turkish assets.
• European Regulation: Skourios designated strategic project, reinforcing long-term viability.
• Labor Markets: Tight Canadian labor market driving turnover in McElvenna Bay (FIFO); competitive remuneration packages required to retain staff.
• Interest Rates: Financing costs impacted by cumulative debt and derivative fair value changes; focus on refinancing higher-rate acquisition debt (Foran) post-cash flow inflection.

Strategic Initiatives:

• Capital Discipline: Enhanced project governance; no significant capital project will proceed without early involvement of the enhanced projects team.
• Shareholder Returns: Priority to begin material shareholder returns (dividends, buybacks) starting 2027 as FCF inflection is reached. Share buybacks viewed as attractive at current valuation levels.
• Debt Management: Project financing repayments to commence end of 2026; priority to refinance higher-rate debt and eventually repay revolving credit facility.
• M&A/Exploration: Exploration budget of $80–$100 million planned; no major construction projects (expansions at Lamco, McElvenna Bay, Parama Hill) expected until 2028.
• Corporate Leadership: Transition to new CEO (Christian Malau) with focus on execution, transparency, and capital discipline.

Risks and Headwinds to Outlook:

• Project Delays: Skourios and McElvenna Bay ramp-ups took longer and cost more than expected (Skourios +$65M actual; McElvenna +$23M actual); 2026 production guidance revised downward.
• Execution Risk: Remaining commissioning work, filter press commissioning (McElvenna), and leach cycle optimization (Kisladag) present execution risks.
• Cost Inflation: Potential for further diesel price increases (Gulf conflict) and Turkish lira devaluation/inflation.
• Labor Turnover: Higher turnover risks at McElvenna Bay due to competitive FIFO labor market.
• Commodity Prices: Reliance on realized gold prices (currently high) to offset volume/cost variances.
• Contingency Usage: $30M Skourios contingency may be utilized depending on exact commercial production timing.

Management Tone on the Future:

• Confidence: Management expresses strong confidence in long-term asset quality, exploration potential, and 2027 production outlook despite 2026 delays.
• Transparency: Emphasis on "set clear expectations, report transparently," acknowledging 2026 shortfalls directly.
• Cautious Optimism: While 2027 targets are deemed achievable, guidance is conservative regarding ramp-up timing (mid-2027 for Skourios nameplate, lower-end of range for Olympias).
• Strategic Shift: Shift from "growth for growth's sake" to maximizing returns on existing assets and stabilizing the balance sheet before 2028 expansions.

Miscellaneous:

• Financial Results Q3 2026: Revenue $512M (+18% YoY); Net earnings $118M ($0.45/share); Adjusted net earnings $127M ($0.49/share).
• Liquidity: $672M total liquidity ($397M cash + $275M revolver); Revolver upsized to $600M, maturing March 1, 2029.
• Skourios Milestones: Filter presses operational; grid power connection complete; first concentrate achieved.
• Board/Leadership: George (previous CEO) retains board/shareholder role; Christian Malau (new CEO) emphasizes disciplined execution.