Third Quarter 2026 Results Conference Call - ELDORADO GOLD CORP

Explicit Guidance:

• 2026 Production Guidance (Revised):
  • Operating assets (excluding Scourios and McIlvenna Bay): 410,000–430,000 ounces gold. Strong LeMac performance offsets lower expected output at Kisladag and Olympias.
  • Scourios: 10,000–35,000 ounces gold and 5–15 million pounds copper (reflects slower ramp-up; does not alter long-term design capacity expectations).
• 2027 Production Guidance:
  • Scourios: Reiterated comfort with previous full-year targets of 150,000–180,000 ounces gold and 50–70 million pounds copper, assuming normalized ramp-up in the first half of 2027; high-grade stockpiles provide a buffer.
  • Olympias: 75,000–90,000 ounces gold (expected to be at the lower end of the range due to H1 2027 ramp-up; new precise guidance expected Q1).
  • Kisladag: Reiterated 140,000–160,000 ounces gold guidance, supported by improved access to higher grade ore and the commissioning of the whole ore agglomeration circuit (expected to reduce leach cycle days by H2 2027).
• Capital Expenditure (CapEx):
  • Scourios: Revised total project capital to approx. $1.425 billion (increase of $65 million actual; $45 million reclassified from post-commercial sustaining capital to project capital). Accelerated operating capital increased by $95 million (actual); $35 million reclassified.
  • Scourios: Up to $30 million contingency identified for potential additional costs depending on commercial production timing.
  • McIlvenna Bay: Revised total project capital to $975 million (increase of $23 million actual).
  • 2026 Sustaining Capital (Operating Assets): Increased to $170–190 million (prior: $140–165 million).
  • 2027 Sustaining Capital: Expected to be roughly double the 2026 operating asset level (approx. $340–380 million) when including new mines and Olympias upgrades; detailed budget finalized in Q1.
• Cost Guidance:
  • Scourios: Target steady-state OPEX $90–110 per tonne by end of 2026/2027; currently at upper end of range due to ramp-up.
  • McIlvenna Bay: Target steady-state OPEX $90–110 per tonne by end of 2026; currently transitioning through this range.
• 2027 Financial Outlook:
  • Expect to reach free cash flow inflection point in early 2027 (possibly late 2026).
  • Capital allocation priority shift in 2027: Focus on shareholder returns (dividends, buybacks) and debt reduction as new assets stabilize. No major construction expansions expected in 2027 (material spend on expansions like Lamac or McIlvenna Bay unlikely until 2028).

Business-Segment Outlook:

• Scourios (Greece):
  • Timeline: First concentrate achieved Sept 8, 2026. Commercial production targeted for late Q4 2026.
  • Status: Two of four filter presses operational; remaining two expected online within 2 weeks. Full grid connection achieved; temporary generators demobilized.
  • Output: Plant operating continuously; 5 million tonnes of ore stockpiled (approx. 50% sulfide) to support blending. Plan to introduce oxide ore at 20–30% blend into 2027.
  • Capacity: Aiming for nameplate capacity by mid-2027.
• McIlvenna Bay (Canada):
  • Timeline: Commercial production targeted for late Q4 2026.
  • Status: Process plant at 70% throughput; challenges in solid-liquid separation (filtering/thickening) resolved.
  • Exploration: Inferred mineral resource for Tesla deposit expected in Q4 annual update; mill expansion study underway.
  • Capacity: Aiming for steady-state optimization and nameplate capacity by mid-2027.
• LeMac (Greece):
  • Performance: Strong Q3 driven by throughput, grade, and recoveries (including ORMAC contribution); expected to continue strong performance in 2027.
• Kisladag (Turkey):
  • Status: Mine sequencing completed; higher grade ore now accessible. Whole ore agglomeration circuit commissioning/ramp-up expected H1 2027 to improve leach rates.
• Olympias (Greece):
  • Expansion: 650,000 tpa expansion tie-ins planned for Q1 2027; ramp-up to nameplate capacity expected H1 2027.
  • Production: Q3 impacted by stockpiling high lead/zinc material; controlled blending program to optimize recoveries in Q4.
• FM Chukaru (Turkey):
  • Status: Consistent contributor; grades lower in Q3 but throughput strong; development underway to extend mine life (Co-carpenter deposit).

Market and Competitive Outlook:

• Off-take: Contracts secured for bulk of next 2.5 years; no penalties for delay as terms allow flexibility. First concentrate shipments to a European smelter (few hours from site) expected within the next week or so.
• Pricing: Realized gold price average $4,326/oz in Q3 2026 (vs. $3,527/oz in Q3 2025); benefit from higher prices offset volume declines.
• Shareholder Returns: Expect to initiate material shareholder returns in 2027; share buybacks viewed as high-priority capital allocation given undervaluation (trading at development overhang multiples).

Macro / Industry Outlook:

• Turkey: High inflation environment transitioning from hyperinflation to 20–30% range; government controlling devaluation. Expect additional Lira devaluation in 2027.
• Greece: Inflation expected at 3–5% for 2027; wage increases anticipated via collective bargaining.
• Canada: Inflation expected 3–5%; tight labor market in fly-in/fly-out sectors driving higher turnover, requiring competitive remuneration packages.
• Commodities: Diesel prices up 20–25% due to Gulf conflict; expected to impact Kisladag (current) and Scourios (future open pit) costs.
• Regulatory: Scourios designated a strategic project by the European Commission.

Strategic Initiatives:

• Project Governance: Enhanced project team embedded across business; no significant capital project undertaken without team involvement from outset.
• Exploration: $80–100 million allocated for exploration in 2027; high-priority portfolio updates including Tesla deposit (McIlvenna Bay) and Parama Hill.
• Debt Management: Revolving credit facility upsized to $600 million, extended to March 2029.
  • Refinancing: Plan to refinance high-interest project financing debt (acquired from Foran) once cash flow inflection occurs (early 2027).
  • Repayment: Project financing repayments start end of 2026; RCF pay-down priority in early 2027.
• Capacity Additions: No major construction expansions planned for 2027; focus on ramp-up and stabilization. Material spend on expansions (Lamac, McIlvenna Bay, Parama Hill) not expected until 2028.
• Technical Updates: New technical report for McIlvenna Bay (incorporating Tesla resource and mill expansion) expected Q1 2027.

Risks and Headwinds to Outlook:

• Scourios Ramp-up: Slower-than-expected ramp-up led to $65 million actual increase in project capital and $95 million increase in operating capital; $30 million contingency remaining.
• McIlvenna Bay Ramp-up: Solid-liquid separation challenges delayed commercial production to late Q4 2026; additional $23 million capital required.
• Kisladag: Lower grades and mine sequencing delays; 300-day leach cycle limits immediate benefit from higher grade ore (benefit delayed to end of Q4 2026/2027).
• Inflation & FX: Lira volatility and inflation in Turkey; diesel price fluctuations globally.
• Labor: Higher turnover in Canadian fly-in/fly-out operations (McIlvenna Bay) due to competitive market.
• Production Timing: Potential for Q1 2027 guidance to reflect softer production for Olympias due to ramp-up; 2027 full-year guidance assumes normalized ramp-up which may require first-half/second-half differentiation.

Management Tone on the Future:

• Confidence: "Comfortable" with 2027 outlook; "excited" about Scourios momentum and stockpiles; "confident" in asset quality and long-term cash flow potential.
• Discipline: Emphasis on "capital discipline," "transparency," and "sustainable long-term value."
• Transition: Acknowledges 2026 as a "cutback" and "heavy lifting" year; views 2027 as the "breather" and inflection year for cash flow and shareholder returns.
• Strategic Pause: Explicitly states "no major projects" in 2027, prioritizing stabilization and returns over growth for growth's sake.

Miscellaneous:

• Leadership: Christian Malau is the new CEO; George (previous CEO) remains a board member and shareholder.
• Financial Highlights: Q3 2026 revenue $512 million (+18% YoY); Net earnings $118 million ($0.45/share); Adjusted net earnings $127 million ($0.49/share).
• Liquidity: Total liquidity $672 million ($397M cash + $275M RCF availability) at quarter-end.
• Restructuring: Olympic expansion ramp-up moved to Q1 2027; Scourios and McIlvenna Bay commercial production targeted late Q4 2026.