Eldorado Gold is like Occidental Petroleum (OXY), but specializing in gold mining instead of oil and gas. It's an established, significant producer, though not one of the absolute global giants in the mining sector.

• Gold: A precious metal, mined and sold for various industrial and investment purposes.
• Silver: A precious metal, often extracted as a by-product of gold mining and sold for industrial use and investment.
• Copper: A base metal, sometimes produced as a by-product, primarily sold for its extensive industrial applications.

Eldorado Gold (EGO) is a gold mining company involved in the extraction and production of gold, silver, lead, and zinc. Its primary products are gold dore (an unrefined gold-silver alloy), gold concentrates, and other base metal concentrates.

As a producer of commodity products like gold, Eldorado Gold primarily sells to other companies rather than directly to individual consumers. However, due to the nature of the global precious metals and commodities markets, the company typically does not disclose the specific names of its "major customers." Sales are generally made into the open market, or to a limited number of refiners and bullion dealers who then process and distribute the metals further.

The general categories of customers that Eldorado Gold serves include:

• Precious metals refiners, who take the gold dore or concentrates and process them into investment-grade bullion bars.
• Bullion banks and large financial institutions, who act as intermediaries in the global gold market.
• Industrial users or smelters, particularly for base metal concentrates containing gold.

Because gold is a globally traded commodity, its pricing is determined by market rates, and the buyers are typically numerous and do not represent long-term, named client relationships in the same way as in other industries. Therefore, Eldorado Gold's public filings do not list specific customer companies by name or symbol.

• G Mining Services
• SNC-Lavalin Group Inc. (SNC.TO)
• WSP Global Inc. (WSP.TO)
• Public Power Corporation S.A. (PPC.AT)

George Burns, Chief Executive Officer

George Burns has over 40 years of experience in the mineral sector, encompassing executive, operations, development, and engineering leadership roles in gold, copper, and coal operations. He joined Eldorado Gold on February 1, 2017, and assumed the role of President & Chief Executive Officer on April 28, 2017. Before joining Eldorado, he was Executive Vice President and Chief Operating Officer at Goldcorp Inc., and held positions such as Senior Vice President, Mexican Operations, and Vice President, Canada and United States for Goldcorp. Mr. Burns also served as Senior Vice President & Chief Operating Officer of Centerra Gold Inc. Earlier in his career, he held various capacities for Asarco LLC, including Vice President of Mining, and for Cyprus Minerals Corporation, beginning his career with Anaconda Company in 1978.

Paul Ferneyhough, Executive Vice President & Chief Financial Officer

Paul Ferneyhough was appointed Executive Vice President & Chief Financial Officer in January 2024. He joined Eldorado Gold in May 2021. Prior to his CFO appointment, he served as Executive Vice President, Chief Strategy & Commercial Officer, and previously as Senior Vice President, Chief Growth & Integration Officer at Eldorado Gold. Before joining Eldorado, Mr. Ferneyhough spent nearly two decades with Repsol SA (and Talisman Energy), where his most recent role was Executive Director leading Repsol's North American upstream oil and gas division. At Repsol, he held progressively senior leadership roles in finance, investor relations, strategy, commercial, planning, and business performance management. He is a Chartered Accountant and a member of the Institute of Chartered Accountants of England and Wales. He was involved with Lasmo until its acquisition by ENI in 2001 and Talisman Energy until its acquisition by Repsol in 2015.

Joe Dick, Executive Vice President and Chief Operating Officer

Joe Dick joined Eldorado Gold in December 2019 as Executive Vice President and Chief Operating Officer. He will retire in 2024 and remain as an advisor to the company. Mr. Dick has over 35 years of mining experience, including executive, safe operations, projects, engineering, and production support roles in gold, silver, and base metals operations. Before Eldorado, he was SVP, Latin American Operations at Goldcorp, where he was responsible for four operating units. He also held progressively senior roles for Barrick Gold Corporation, including General Manager for the Pueblo Viejo mine and General Manager of the Cortez District, and management roles with Rio Tinto in Utah and Alaska.

Simon Hille, Executive Vice President, Technical Services & Operations

Simon Hille was appointed Executive Vice President, Technical Services & Operations in November 2023. He joined Eldorado Gold in November 2020, serving in increasingly senior roles within the company. Prior to joining Eldorado, Mr. Hille was with Newmont (Goldcorp) as Group Executive, Technical Engineering and Global Projects. Before the Newmont merger, he was Vice-President, Global Innovation, Metallurgy and Processing at Goldcorp. His career also includes progressively senior leadership roles in metallurgy and process development with Barrick Gold and Newcrest Mining.

Niklas Frank, Senior Vice President, Operations

Niklas Frank was appointed Senior Vice President, Operations at Eldorado Gold in November 2023, having joined the company in July 2023. In his role, he is responsible for operational support and is the primary lead for the site general managers in Quebec and Türkiye, as well as operations support in Greece. Mr. Frank brings over 26 years of experience in the international mining industry, during which he has managed and overseen mining operations in various countries including Canada, the United States, Peru, the Democratic Republic of Congo, and Cuba. Prior to Eldorado Gold, he served as Head of Operations and Group Chief Mining Engineer with Trafigura Mining Group. He also spent over 18 years with Boliden Mineral AB, where he progressed from a project engineer to the company's general manager.

Key Risks to Eldorado Gold (EGO)

1. Project Execution Delays and Cost Overruns, and Operational Challenges and Rising Costs: Eldorado Gold faces significant risks related to the execution of its development projects, particularly the Skouries Project in Greece. Large-scale mining projects are inherently complex and prone to challenges that can lead to delays and cost overruns. While Skouries is reported to be on track for Q1 2026 first production, unforeseen technical, regulatory, or operational issues could arise, having an outsized impact on the company's overall performance and stock valuation. Additionally, the company is susceptible to broader operational challenges such as production disruptions, technical difficulties at mine sites, and rising All-In Sustaining Costs (AISC). Recent reports indicate that higher royalty rates in operating regions and increased labor costs, driven by inflation, have pushed consolidated total cash costs and AISC to or above the high end of guidance.
2. Commodity Price Volatility: As a gold and base metals producer, Eldorado Gold's financial performance is highly sensitive to fluctuations in the market prices of gold and copper. Volatility in these commodity prices can directly impact the company's revenue, profitability, and project economics. While hedging strategies are employed to manage some financial risks, significant downside movements in commodity prices can still adversely affect the business.
3. Geopolitical and Regulatory Uncertainties in Operating Regions: Eldorado Gold operates in various jurisdictions, including Greece, Turkey, and Canada, exposing it to diverse geopolitical and regulatory risks. Changes in government policies, environmental regulations, or local community relations can significantly affect operations, project development, and timelines. The geopolitical environment in Greece, where the critical Skouries Project is located, adds a layer of risk, as do recently enacted higher royalty rates in Turkey and Greece.

Eldorado Gold (EGO) operates primarily in the gold mining sector, with its main products including gold and base metals such as silver, lead, and zinc, alongside a copper-gold development project.

Addressable Market Sizes for Eldorado Gold's Main Products:

Gold

• The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 457.91 billion by 2032.
• In terms of volume, the global gold market is estimated at 4.75 kilotons in 2025 and is expected to reach 6.78 kilotons by 2030.
• Regional Breakdown (2024):
  • Asia Pacific accounted for USD 194.01 billion, representing a 66.25% share of the global gold market in 2024.
  • North America held a 15% share of the global market.
  • Europe held a 10% share of the global market.
  • South America held a 5% share of the global market.
  • The Middle East & Africa market is poised to reach USD 31.59 billion in 2025.

Silver

• The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
• In terms of volume, the global silver market is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030.
• Regional Breakdown (2024):
  • Asia Pacific commanded 57.12% of global consumption.
  • North America was the largest contributor with an estimated share of 18.3%.
  • Europe held 16.3% of the market share.

Lead

• The global lead market was valued at USD 24.38 billion in 2024 and is expected to reach nearly USD 38.57 billion by 2032.
• Regional Breakdown (2024):
  • The Asia Pacific region dominated the global lead market.

Zinc

• The global zinc market expanded from USD 36.26 billion in 2024 to USD 38.14 billion in 2025, with projections reaching USD 54.11 billion by 2032.
• In terms of volume, the global zinc market stood at approximately 14014 thousand tonnes in 2024 and is anticipated to grow to approximately 19272 thousand tonnes in 2035.
• Regional Breakdown (2024):
  • The Asia-Pacific region dominates the global market share in terms of both production and consumption, accounting for 62.84% of global volumes.

Copper

• The global copper market size is evaluated at USD 349.14 billion in 2025 and is forecasted to hit around USD 548.20 billion by 2034.
• Regional Breakdown (2024):
  • The Asia Pacific market size accounted for USD 129.93 billion. The region contributed more than 39% of the global revenue share.
  • North America is estimated to expand at the fastest CAGR between 2025 and 2034.

Eldorado Gold (EGO) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market factors:

1. Commissioning and Ramp-up of the Skouries Project: The Skouries copper-gold project in Greece is a primary catalyst for future revenue growth. First production of copper-gold concentrate is targeted for the first quarter of 2026, with commercial production expected in mid-2026. This project is projected to significantly increase both gold and copper output, transforming Eldorado Gold's free cash flow profile.

2. Increased Gold Production Volumes: Eldorado Gold forecasts a substantial increase in overall gold production, with expectations of a 43-44% rise by 2027 compared to 2023/2025 levels. This growth is expected not only from the new Skouries project but also through expansion efforts and operational optimizations at existing mines such as Olympias and Kisladag, aiming to boost production capacity and recovery rates.

3. Introduction of Copper Revenue Stream: The Skouries project will diversify Eldorado Gold’s revenue by adding significant copper production. This new base metal exposure provides an additional avenue for revenue generation and leverages strengthening metal prices.

4. Sustained Strong Gold Prices: Ongoing robust gold prices are consistently highlighted as a significant factor contributing to increased revenue and strong cash flow generation. The company aims to capitalize on these favorable market conditions to enhance its financial performance.

5. Operational Efficiencies and Optimizations at Existing Assets: Eldorado Gold's strategy includes a continued focus on optimizing its current mining operations and improving productivity at assets in Turkiye, Canada, and Greece. These efforts are aimed at increasing recovery rates and overall output, which directly contributes to higher revenue.

Share Repurchases

• Eldorado Gold repurchased approximately 2.98 million common shares for $78.8 million in Q3 2025 under its normal course issuer bid (NCIB).
• In Q2 2025, the company repurchased approximately 2.17 million common shares for $44.6 million.
• Eldorado Gold renewed its NCIB in July 2025, authorizing the repurchase of up to 10.16 million common shares (5% of outstanding shares) from August 2025 to July 2026.

Share Issuance

• The company issued common shares for cash, net of share issuance costs, totaling $1.575 million in Q3 2025.
• In Q2 2025, the issuance of common shares for cash, net of share issuance costs, amounted to $5.214 million.

Inbound Investments

• The European Bank for Reconstruction & Development (EBRD) made a strategic equity investment of C$81.5 million in Eldorado Gold.

Outbound Investments

• In January 2021, Eldorado Gold acquired QMX Gold, a gold mining and exploration company, for $104 million.
• Eldorado Gold made a strategic investment in Amex Exploration Inc. in August 2025, acquiring 11,000,000 charity flow-through shares and 1,000,000 hard dollar common shares for a total of C$19.2 million.

Capital Expenditures

• For 2025, projected capital expenditures include $440 million to $470 million for the Skouries project, $245 million to $270 million for operations growth capital, and $145 million to $170 million for sustaining capital expenditures.
• Cumulative project capital invested at Skouries reached $705.7 million as of June 30, 2025, with total estimated project capital for Skouries remaining at $1.06 billion.
• Capital expenditures are primarily focused on the construction and development of the Skouries copper-gold project in Greece, the mill expansion at Olympias, waste stripping and infrastructure at Kisladag, and the development of Ormaque at Lamaque.