Eldorado Gold (NYSE:EGO) Conference February 23, 2026 04:00 PM ET Speaker2Please take it away, George.Speaker1It's great to be at BMO again, and great to be talking about what we think is a fantastic combination of two Canadian-based companies. This is our typical forward-looking statement with cautions, and this is a map of our portfolio. What are we about? Well, at Eldorado, we got four existing operations. They're generating solid cash flow. We've been producing about 500,000 ounces the last couple of ye ...

This performance was supported by another strong year at the Lamaque Complex, steady contributions from Kisladag and Efemcukuru, and a solid finish at the Olympias mine, bringing it back on track. Solid operating execution combined with a favorable gold price environment drove strong financial results, including $1,800,000,000 in revenue, $743,000,000 in operating cash flow, and $316,000,000 in free cash flow excluding Skouries investment. In Greece, we are reaching a key inflection point. The first product ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved net earnings attributable to shareholders of $252 million, or $1.26 per share, with full-year net earnings totaling $520 million, or $2.56 per share, reflecting an increase compared to the prior year [13][14][17] - Revenue for 2025 reached $1.8 billion, supported by higher average realized gold prices, despite lower production volumes compared to 2024 [17] - Free cash flow for the full year was negative $233 million, but positive $316 million when excluding capital investment in the Skouries project [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with Q4 production at 123,416 ounces at an all-in sustaining cost of $1,894 per ounce sold [7][9] - The Olympias mine produced 18,476.73 ounces in Q4, while Klada and Efemçukuru produced 41,140 ounces and 14,496 ounces respectively, with varying all-in sustaining costs [25][26] - The Lamaque Complex delivered 49,307 ounces at an all-in sustaining cost of $1,392 per ounce sold [27] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow, with production costs increasing due to higher royalties and labor cost inflation [8][17] - The Turkish operations remain a stable cash-generating foundation for the company, despite local inflation impacting costs [8][17] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio, focusing on per-share value creation and sustainable free cash flow growth [6][36] - The company aims to advance its growth pipeline while maintaining flexibility to return capital to shareholders, including a newly initiated quarterly dividend program [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the delivery of the Skouries project, despite delays, emphasizing its long-term potential to generate meaningful cash flow [11][12] - The company anticipates a significant increase in production in 2027, supported by the addition of Skouries and a solid base of lower-cost operations [28][29] Other Important Information - The company reported a strong balance sheet with total liquidity of approximately $976 million at year-end, positioning it well for growth initiatives and capital returns [20] - The first production from Skouries is now expected in early Q3 2026, with commercial production anticipated in Q4 [10][11] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping, but they expect to open up new ore sources that could positively impact 2027 production [39][41] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors regarding the acquisition, highlighting the benefits of combining high-quality assets and the potential for accelerated investment [48] Question: Tailings management and weather impact - Management confirmed that the delay provides breathing room for tailings management and that heavy rains have not caused significant construction delays [54][56]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $1.8 billion, operating cash flow of $743 million, and free cash flow of $316 million, excluding Skouries investment [8][13] - Net earnings attributable to shareholders for Q4 were $252 million, or $1.26 per share, while for the full year, net earnings totaled $520 million, or $2.56 per share, reflecting an increase compared to prior periods [13][14] - Free cash flow for Q4 was negative $55 million, or positive $109 million when excluding capital investment in Skouries, while for the full year, it was negative $233 million, or positive $316 million when excluding Skouries [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with a strong performance from the Lamaque Complex and contributions from Klada and Efemçukuru [7][8] - In Q4, the company produced 123,416 gold ounces at an all-in sustaining cost of $1,894 per ounce sold [9][18] - Olympias produced 18,476.73 ounces in Q4, with all-in sustaining costs of $1,676 per ounce sold [25] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow [8][13] - Royalty expenses increased significantly, totaling $124 million in 2025, up from just over $79 million in 2024, primarily due to regulatory changes in Türkiye [17][18] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio [6][35] - The company aims to advance a disciplined exploration program and has initiated a quarterly dividend program to return capital to shareholders [5][10] - Skouries is projected to be a transformational asset, expected to generate meaningful cash flow and reset the company's production profile [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Skouries, despite a delay in first production now expected in early Q3 2026 [10][12] - The company anticipates a significant increase in production in 2027, supported by a solid base of lower-cost operations [28][29] - Management highlighted the importance of maintaining a strong balance sheet to support growth initiatives and return capital to shareholders [20][35] Other Important Information - The company reported a lost time injury frequency rate of 0.55 in Q4, an improvement from 1.02 in Q4 2024, indicating a focus on workplace safety [9] - Total liquidity at year-end was approximately $976 million, providing flexibility for growth initiatives and capital returns [20] Q&A Session Summary Question: Regarding Klada's 2026 guidance being lower than before - Management acknowledged the impact of lower grades and higher stripping but indicated potential for new ore sources in the future [37][39] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors, emphasizing the benefits of the acquisition for both companies [45] Question: Impact of delays on Skouries and tailings management - Management confirmed that the delay provides additional time to finalize equipment and improve ramp-up conditions, with a significant stockpile ready for processing [51][55]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $1.8 billion, with net earnings attributable to shareholders of $520 million, or $2.56 per share, reflecting an increase from the previous year [11][12] - Operating cash flow for the year was $743 million, while free cash flow was $316 million when excluding Skouries investment [6][13] - Total cash costs for the fourth quarter were $1,295 per ounce sold, and all-in sustaining costs (AISC) were $1,894 per ounce sold [16] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with significant contributions from the Lamaque Complex and steady performance from Klada and Efemçukuru [5][6] - The Olympias mine showed a solid finish, contributing to the overall production figures [5] - Fourth quarter production at Olympias was 18,476.73 ounces, with AISC at $1,676 per ounce sold [24] Market Data and Key Metrics Changes - The company noted a favorable gold price environment that positively impacted operating cash flow [6] - Royalty expenses increased significantly, totaling $124 million in 2025, up from just over $79 million in 2024, primarily due to regulatory changes in Türkiye [15] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio [5] - The company is focused on a clear value creation strategy, including launching a quarterly dividend and advancing a disciplined exploration program [4] - Skouries is anticipated to be a transformational asset, with first production expected in early Q3 2026 and commercial production in Q4 [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Skouries, despite a delay in first concentrate production [10][20] - The company is well-positioned to advance its growth pipeline while maintaining flexibility to return capital to shareholders [8][18] - Management highlighted the importance of safety and operational excellence in achieving production goals [34] Other Important Information - The company repurchased approximately $204 million of shares during 2025 and initiated a quarterly dividend program starting in Q1 2026 [8][18] - The balance sheet remains strong, with total liquidity of approximately $976 million at year-end [18] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping but expects to open up new ore sources in the western area [39][40] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors, emphasizing the compelling benefits of the acquisition for both companies [44][45] Question: Delay impacts on Skouries and tailings management - Management confirmed that the delay provides breathing room for tailings management and allows for better preparation of equipment before first concentrate [52][54]

Q4 AND YEAR END 2025 RESULTS CONFERENCE CALL February 20, 2026 Skouries Forward Looking Statement Definitions and Photos: Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management's Discussion and Analysis dated February 19, 2026 of Eldorado Gold Corporation for the three and twelve months ended December 31, 2025 (the "MD&A"). Photos shown within the presentation were taken as recently as February 14, 2026. Reporting Currency All amount ...

(All dollar figures are in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) (TSX: ELD) (NYSE: EGO) today provides 2026 production and cost guidance, together with a three-year production outlook that reflects the Company’s near-term growth profile and step-change to a higher steady-state production level from 2027 onward. Consolidated 2026 cost guidance includes the Company’s current operating mines: t ...

(All amounts expressed in U.S. dollars unless otherwise noted) VANCOUVER, British Columbia, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or the "Company”) today reports the Company’s financial and operational results for the fourth quarter and year ended December 31, 2025. For further information please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) filed on SEDAR+ at www.sedarplus.com under the Company’s profile. Q4 2025 and ...

Stock Performance - Eldorado Gold Corp's stock has experienced significant fluctuations recently, with a notable increase of 2.82% to $36.42 on January 5, 2026, accompanied by a substantial trading volume increase of 68.40%. Additionally, on December 22, 2025, the stock rose by 5.07% to $37.33. Earlier, on October 27, 2025, the stock had a decline of 5.03% to $24.73 [1] Financial Performance - The latest financial report indicates that as of December 22, 2025, the company reported revenues of $435 million and a net profit of $56.54 million, translating to earnings per share of $0.28 and a gross margin of approximately 43.2%. In comparison, the data from October 27, 2025, showed revenues of $452 million and a net profit of $139 million, indicating a change in financial metrics [2] Institutional Ratings - Institutional ratings for Eldorado Gold remain stable, with 64% of the 11 participating institutions providing a buy recommendation, 27% holding, and 9% selling. There have been no recent adjustments to these ratings. Currently, there are no specific events announced for Eldorado Gold after February 13, 2026, such as earnings releases, mergers, or suspensions [3]

Core Viewpoint - Eldorado Gold Corporation (NYSE:EGO) is recognized as one of the best mining stocks to buy according to Wall Street, with a recent price target increase by CIBC reflecting positive market sentiment towards the company and the precious metals sector [1][2]. Group 1: Price Target and Market Outlook - CIBC raised its price target on Eldorado Gold Corporation to $54 from $46, maintaining an Outperformer rating, as part of a broader update on precious metals [2]. - CIBC has increased its gold price forecasts to $6,000 per ounce in 2026 and $6,500 in 2027, indicating strong demand drivers remain in place despite heightened geopolitical risks [2]. Group 2: Acquisition and Growth Strategy - Eldorado Gold announced an agreement to acquire Foran Mining in an all-share transaction valued at approximately C$3.8 billion, aimed at creating a larger gold-copper producer with enhanced growth visibility and a diversified portfolio [3]. - The acquisition will allow Foran shareholders to receive 0.1128 Eldorado shares plus C$0.01 in cash for each Foran share, which is expected to improve Eldorado's production profile and add longer-life copper exposure [3]. Group 3: Operational Overview - Eldorado Gold operates mining and development assets primarily in Turkey, Canada, and Greece, producing gold along with silver, lead, and zinc [4]. - The company's core portfolio includes significant assets such as the Kisladag and Efemçukuru mines in Turkey, the Lamaque Complex in Quebec, and multiple projects in Greece, including Olympias and Skouries [4].