A global gold mining company, much like a smaller Barrick Gold or Newmont.

Imagine an ExxonMobil, but focused on digging for gold and other precious metals instead of oil.

• Gold: The company's primary mineral product, extracted from its various gold mines.
• Silver: A valuable byproduct mineral produced alongside gold and other base metals.
• Lead: A base metal product extracted from its mining operations.
• Zinc: Another base metal product derived from its mining activities.

Eldorado Gold (EGO) is a mining company that extracts and produces mineral products such as gold, silver, lead, and zinc. As such, it operates within the commodities market, selling its raw or semi-processed materials to other businesses rather than directly to individual consumers.

Due to the nature of commodity sales, mining companies typically do not have a small, defined list of "major customers" in the traditional sense, as their output is sold to a diverse global market. Specific customer names are generally not disclosed publicly. Instead, Eldorado Gold's primary customers fall into the following categories:

• Metal Refiners and Smelters: These companies purchase the gold doré bars, silver, lead, and zinc concentrates produced by Eldorado Gold. They then process and purify these materials into marketable forms (e.g., pure gold bullion, refined base metals) for onward sale to various industries.
• Bullion Banks and Commodity Traders: These financial institutions and trading firms act as intermediaries in the global metals market. They buy precious and base metals from producers like Eldorado Gold, facilitate transactions, and sell to investors, industrial users, or other market participants.
• Industrial End-Users: While often purchasing through refiners or traders, the ultimate consumers of Eldorado Gold's products include manufacturers in industries such as jewelry, electronics, automotive, and other sectors that utilize gold, silver, lead, and zinc as raw materials.

George Burns, President & Chief Executive Officer

George Burns joined Eldorado Gold in February 2017 and assumed the role of President & Chief Executive Officer in April 2017. Prior to his time at Eldorado, he served as Executive Vice President and Chief Operating Officer of Goldcorp, and as Senior Vice President and Chief Operating Officer of Centerra Gold. Mr. Burns is slated to retire in the third quarter of 2026.

Paul Ferneyhough, Executive Vice President & Chief Financial Officer

Paul Ferneyhough was appointed Executive Vice President & Chief Financial Officer in January 2024, having joined Eldorado Gold in May 2021. Previously, he held the positions of Executive Vice President, Chief Strategy & Commercial Officer, and Senior Vice President, Chief Growth & Integration Officer at Eldorado. Before joining Eldorado Gold, Mr. Ferneyhough spent nearly two decades with Repsol SA (and Talisman Energy), where he most recently served as Executive Director leading Repsol's North American upstream oil and gas division. During his tenure at Repsol, he held various senior leadership roles in corporate, line, and functional areas, including 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.

Christian Milau, President

Christian Milau was appointed President of Eldorado Gold in August 2025. He is expected to assume the role of Chief Executive Officer in the third quarter of 2026. Before joining Eldorado, Mr. Milau was a founder and Chief Executive Officer of Saudi Discovery Company, a private copper and gold exploration firm. From 2016 to 2022, he served as Chief Executive Officer of Equinox Gold, overseeing its growth from a single-asset developer to a multi-mine producer. His earlier career also includes roles as Chief Executive Officer at True Gold Mining, Chief Financial Officer of Endeavour Mining, and Vice President, Treasurer at New Gold.

Simon Hille, Executive Vice President, Technical Services & Operations

Simon Hille was appointed Executive Vice President, Technical Services & Operations in November 2023, having joined Eldorado Gold in November 2020. He brings over 30 years of experience in gold and base metals, with a focus on leading high-performance, cross-functional technical and operational teams. Prior to his time at Eldorado, Mr. Hille was the Group Executive, Technical Engineering & Global Projects at Newmont (Goldcorp).

Niklas Frank, Senior Vice President, Operations

Niklas Frank was appointed Senior Vice President, Operations at Eldorado Gold in November 2023, after joining the company in July 2023. In this role, he is responsible for operational support and acts as the primary lead for the site general managers in Quebec and Türkiye, as well as providing operations support in Greece. Mr. Frank has more than 26 years of experience in the international mining industry, having managed and overseen mining operations across various countries, including Canada, the United States, Peru, the Democratic Republic of Congo, and Cuba.

1. Project Delays and Execution Risks, particularly with the Skouries Project

   Eldorado Gold faces significant risks related to delays and execution challenges for its key development projects, most notably the Skouries project in Greece. The Skouries project has experienced delays, which could impact production timelines and financial performance. Specific issues cited include labor market tightness in Greece, which has slowed workforce ramp-up and progress in certain areas. Operational disruptions or delays to production from current mines are also a risk, such as past metallurgical problems at the Olympias mine. Any further delays or cost overruns at Skouries, which is a major growth catalyst for the company, could significantly impact its future financial performance and investor confidence.

2. Fluctuations in Commodity Prices

   As a mining company primarily producing gold, and also silver, lead, and zinc, Eldorado Gold is highly susceptible to the volatility of commodity prices. Significant fluctuations in the market prices of gold and copper, which is a growing part of its portfolio with the Skouries project, can directly impact the company's revenue, profitability, and cash flow. While higher gold prices can be beneficial, a downturn could adversely affect financial results.

3. Geopolitical, Regulatory, and Cost Inflation Risks

   Eldorado Gold operates in several international jurisdictions, including Turkey, Greece, Canada, and Romania, exposing it to geopolitical uncertainties and regulatory changes. Changes in government policies, mining regulations, and an increase in royalty expenses, particularly in Turkey, can significantly affect profitability. Furthermore, rising costs for labor, materials, and essential consumables are a persistent challenge, pressuring margins and impacting overall operational efficiency and project economics.

The addressable markets for Eldorado Gold's main products are as follows:

• Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033.
• Lead: The global lead market was valued at USD 29.9 billion in 2025, estimated to reach USD 31.2 billion in 2026 and USD 47.1 billion by 2036.
• Zinc: The global zinc mining market size was valued at USD 77.07 billion in 2025 and is projected to grow from USD 81.13 billion in 2026 to USD 122.25 billion by 2034.

Eldorado Gold (EGO) Expected Drivers of Future Revenue Growth

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

1. Initial Production and Ramp-up of the Skouries Project: The Skouries copper-gold project in Greece is a significant expected driver of revenue growth and diversification. First production of copper-gold concentrate is anticipated in Q1 2026, with commercial production expected by mid-2026 or Q4 2026. This project is projected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over its initial 20-year mine life, positioning Eldorado Gold to become a diversified copper/gold major.
2. Increased Gold Production from Optimized Operations: Eldorado Gold has provided 2026 guidance for consolidated gold production between 490,000 and 590,000 ounces and aims for approximately 40% higher gold production by 2027 compared to 2025 levels. This growth is supported by ongoing operational improvements and resource conversion efforts at existing mines such as the Lamaque Complex in Canada, which has seen a 25% increase in reserves. Kisladag in Turkey has also demonstrated increased gold production.
3. Favorable Gold and Copper Price Environment: Sustained higher average realized gold prices have significantly contributed to Eldorado Gold's revenue and operating cash flow in recent periods. The profitability and revenue generation from the new Skouries project are also closely linked to the prevailing copper prices. A continued strong commodity price environment for both gold and copper is expected to bolster future revenue.
4. Advancement and Expansion of Other Greek Projects: Beyond Skouries, Eldorado Gold's other projects in Greece, specifically the Olympias expansion and the ongoing advancement of the Perama Hill project, are expected to deliver meaningful growth. These developments contribute to the overall increase in the company's production profile and revenue-generating capacity.

Share Repurchases

• Eldorado Gold announced an amended normal course issuer bid (NCIB) in May 2025, significantly increasing the maximum number of shares it can repurchase from 350,000 to 10,245,474 shares (approximately 5% of total outstanding shares). As of April 30, 2025, the company had repurchased 224,000 shares at an average price of $22.60 per share under this NCIB, which runs from November 8, 2024, to July 31, 2025.
• The company repurchased approximately $204 million of shares during 2025 through its NCIB program, with about $80 million purchased and canceled in Q4 2025.
• Under a previous NCIB that commenced November 8, 2024 and terminated July 31, 2025, Eldorado purchased 3,198,353 Common Shares at a volume-weighted average price of C$27.68 per share. The company expects to renew its NCIB for a further one-year period upon its expiration on July 31, 2025.

Share Issuance

• In Q2 2023, Eldorado Gold completed a bought deal financing, resulting in a cash increase of $101.1 million.

Inbound Investments

• In Q2 2023, Eldorado Gold received a strategic equity investment of $61.3 million from the European Bank for Reconstruction and Development (EBRD).

Outbound Investments

• In February 2026, Eldorado Gold announced an agreement to acquire Foran Mining Corporation in a transaction valued at approximately C$3.8 billion ($2.79 billion), aiming to create a diversified gold-copper mining company. This acquisition is expected to give existing Eldorado shareholders approximately 76% of the combined company.
• In Q3 2022, Eldorado Gold made a $20 million investment in the G Mining Ventures Corp. equity financing.
• In July 2024, Eldorado signed a definitive option agreement with TRU Precious Metals to earn an 80% ownership interest in TRU's Golden Rose gold-copper project in Newfoundland, Canada.

Capital Expenditures

• Total capital expenditures reached $978.9 million in 2025, including $475.2 million invested at the Skouries copper-gold project in Greece. For 2025, project capital for Skouries was revised upward to between $440 million and $470 million.
• In Q1 2025, the capital cost estimate for Skouries was revised to $1.06 billion. Cumulative project capital invested towards phase 2 of Skouries construction totaled $980.0 million as of December 31, 2025.
• Growth capital at operating mines in 2025 was $218.3 million, primarily focused on Kisladag for waste stripping and construction of the second phase of the North Heap Leach Pad, and at the Lamaque Complex for underground development, equipment rebuilds, and tailings management facility expansion. Sustaining capital for 2026 is expected to range between $70 million and $80 million.