Q4 & FULL YEAR 2024 RESULTS CONFERENCE CALL February 21, 2025 Millionth ounce gold pour at the Lamaque Complex, Canada 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 20, 2025 of Eldorado Gold Corporation for the three and twelve months ended December 31, 2024 (the "MD&A"). Photos shown within the presentation were taken as recently as Fe ...

Core Viewpoint - Eldorado Gold Corporation has filed an amended Technical Report for its Lamaque Complex, which replaces the previous report and removes the preliminary economic assessment case without altering the reserve case or mineral estimates [1][2]. Group 1: Technical Report Details - The amended Technical Report, effective December 31, 2024, supersedes the January 2025 Report and reflects the removal of the preliminary economic assessment case [2]. - The amended report does not change the reserve case, mineral resource estimates, mineral reserve estimates, financial assumptions, or economic analysis [2]. - Minor changes include updates to the qualified persons responsible for the report, additional details on their experience, and compliance updates to sections as per NI 43-101F1 requirements [3]. Group 2: Company Overview - Eldorado Gold is a producer of gold and base metals with operations in Türkiye, Canada, and Greece, emphasizing a skilled workforce and responsible operations [5]. - The company's shares are traded on the Toronto Stock Exchange (TSX:ELD) and the New York Stock Exchange (NYSE:EGO) [5].

Financial Performance - Revenue for 2024 reached $1,322.6 million, a 31.1% increase from $1,008.5 million in 2023[15] - Net earnings for the period were $289.1 million, compared to $104.6 million in 2023, marking a significant increase[15] - Adjusted net earnings from continuing operations were $320.7 million in 2024, up from $110.7 million in 2023[15] - Free cash flow for 2024 was $6.8 million, a recovery from a negative $47.2 million in 2023[15] - Cash and cash equivalents increased to $856.8 million, up from $540.5 million in 2023[15] - Total assets rose to $5,835.6 million in 2024, compared to $4,987.6 million in 2023[15] - Total revenue for Q4 2024 reached $435.7 million, a 42% increase from $306.9 million in Q4 2023[135] - Net earnings from continuing operations in Q4 2024 were $108.2 million, compared to $91.8 million in Q4 2023, reflecting a 17% year-over-year growth[135] - Adjusted earnings per share (basic) for Q4 2024 were $0.62, up from $0.24 in Q4 2023, representing a 158% increase[135] Production and Sales - Gold produced in 2024 was 520,293 ounces, up 7.2% from 485,139 ounces in 2023[15] - Gold sales in 2024 amounted to 517,926 ounces, a 7% increase from 483,978 ounces in 2023[32] - Gold production in 2025 is expected to be between 460,000 and 500,000 ounces, with higher production anticipated in the second half of the year[55] - Kisladag produced 174,080 ounces of gold in 2024, a 12% increase from 154,849 ounces in 2023, benefiting from higher average grades[64] - Lamaque produced 196,538 ounces of gold in 2024, an 11% increase from 177,069 ounces in 2023, due to higher mining rates and ore throughput[73] - Efemcukuru produced 80,143 payable ounces of gold in 2024, a 7% decrease from 86,088 ounces in 2023, due to lower grades and recoveries[80] - Olympias produced 69,532 ounces of gold in 2024, a 4% increase from 67,133 ounces in 2023, attributed to higher average gold grades[88] Costs and Expenses - Total cash costs per ounce sold in 2024 were $940, compared to $850 in 2023[35] - Production costs for 2024 were $564.2 million, an increase from $478.9 million in 2023[35] - Royalty expenses increased to $79.4 million in 2024 from $51.8 million in 2023, reflecting higher average gold prices and sales volumes[36] - Total cash costs averaged $940 per ounce sold in 2024, up from $850 per ounce sold in 2023, primarily due to higher royalties and labor costs[37] - AISC per ounce sold increased to $1,285 in 2024 from $1,220 in 2023, driven by higher total cash costs and increased sustaining capital expenditures[37] - Total cash costs per ounce sold increased to $1,231 in 2024 from $954 in 2023, reflecting rising labor costs and increased royalties[82] - All-in sustaining costs (AISC) per ounce sold rose to $1,411 in 2024 from $1,154 in 2023, primarily due to higher total cash costs and sustaining capital expenditures[83] Capital Expenditures and Financing - The company secured a €680.4 million project financing facility for the Skouries Project, enhancing its development capabilities[10] - The company completed a $350 million revolving senior secured credit facility on June 27, 2024[26] - Capital expenditures on a cash basis in 2024 amounted to $594.2 million, including $130.3 million for sustaining capital and $146.1 million for growth capital investments[117] - The total capital expenditures for 2024 were $620.3 million, compared to $411.2 million in 2023[118] - Skouries Project construction capital cost estimate increased by approximately $143 million, totaling $1.06 billion, with first production expected in Q1 2026[93] Cash Flow and Debt - Net cash generated from operating activities increased to $645.7 million in 2024 from $382.9 million in 2023, primarily due to higher revenue[50] - As of December 31, 2024, the Company’s long-term debt was $915.4 million, up from $636.1 million in 2023[128] - The Company had unrestricted cash and cash equivalents of $856.8 million as of December 31, 2024, compared to $540.5 million at the end of 2023[129] - The Company’s working capital as of December 31, 2024, was $1,063.4 million, compared to $639.4 million in 2023[128] Exploration and Development - The company plans to continue exploring and evaluating new projects, with exploration costs reported at $3.9 million for 2024[159] - Exploration and evaluation expenditures in Q4 2024 totaled $7.7 million, up from $5.7 million in Q4 2023, with a total of $23.8 million for 2024 compared to $22.4 million in 2023[111] - The company is actively managing risks associated with exploration and development, with a quarterly risk assessment report prepared for the Board's review[196] Market Conditions - Average realized gold price per ounce sold increased to $2,405 in 2024, a 23.7% rise from $1,944 in 2023[15] - The average realized gold price increased to $2,424 per ounce in 2024 from $1,953 in 2023, reflecting market conditions[67] - Higher average realized gold prices contributed to revenue and net earnings growth in 2024, despite increased royalties[139]

Core Viewpoint - Eldorado Gold Corporation is facing an investigation regarding potential securities fraud and unlawful business practices, coinciding with recent operational challenges and increased project costs [1][2]. Group 1: Company Operations - Eldorado provided an update on its Skouries Project, indicating that labor market tightness in Greece has limited the availability of key construction personnel, leading to a slower ramp-up of the workforce and delays in project progress [2]. - The company now expects first production at Skouries in Q1 2026, with commercial production anticipated in mid-2026 [2]. - The revised capital cost estimate for the Skouries Project has increased by approximately $143 million, or 15.5%, bringing the total to around $1.06 billion [2]. - Eldorado plans to accelerate the purchase of higher capacity mobile mining equipment, resulting in $154 million of accelerated operational capital prior to commercial production [2]. Group 2: Market Reaction - Following the announcement of the operational updates and increased costs, Eldorado's stock price fell by $1.78 per share, or 11.27%, closing at $14.01 per share on February 6, 2025 [2].

Core Viewpoint - Eldorado Gold Corporation has provided an update on the Skouries Project, highlighting construction progress, revised production and cost guidance for 2025, and a three-year production outlook, with first production now expected in Q1 2026 and commercial production in mid-2026 [1][3][34]. Construction Progress and Challenges - Labour market tightness in Greece has limited the availability of key construction personnel, resulting in slower workforce ramp-up and delayed project progress [2][4]. - A comprehensive analysis was conducted to mitigate the impact of these constraints, leading to an optimized production plan that allows earlier access to higher-grade ore [2][3]. Financial Overview - The revised capital cost estimate for the Skouries Project has increased by approximately $143 million (15.5%) to a total of approximately $1.06 billion, with additional pre-commercial production mining and accelerated equipment purchases amounting to $154 million [3][5]. - As of December 31, 2024, the company has incurred approximately $512 million in capital expenditures at Skouries, with about $705 million remaining to achieve commercial production [5][6]. Workforce and Operational Strategy - The company aims to maintain approximately 1,300 workers on-site during peak construction, with a current on-site total of about 1,150 workers [4]. - The operational strategy includes transitioning to an owner-operated model for the open pit mine and accelerating the purchase of higher-capacity mobile mining equipment [14][15]. Production and Cost Guidance for 2025 - The updated gold production guidance for 2025 is between 460,000 and 500,000 ounces, reflecting delays in initial production at Skouries [9][18]. - Total cash costs are expected to range from $980 to $1,080 per ounce sold, with all-in sustaining costs projected between $1,370 and $1,470 per ounce sold, driven by higher labour costs and inflation [19][22]. Three-Year Production Outlook - The company anticipates gold production of between 660,000 and 720,000 ounces by 2027, representing a 33% growth over the three-year period compared to 2024 production [34][36]. - The addition of copper to the portfolio is expected to enhance overall production capabilities [34].

Core Viewpoint - Eldorado Gold Corporation (EGO) is positioned to potentially continue its earnings-beat streak in the upcoming report, having a history of surpassing earnings estimates, particularly in the last two quarters with an average surprise of 16.49% [1][2]. Earnings Performance - For the last reported quarter, Eldorado Gold achieved earnings of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, resulting in a surprise of 6.06% [2]. - In the previous quarter, the company was expected to report earnings of $0.26 per share but delivered $0.33 per share, leading to a surprise of 26.92% [2]. Earnings Estimates - Recent estimates for Eldorado Gold have been trending upward, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a favorable outlook for earnings performance [3][6]. - The current Earnings ESP for Eldorado Gold stands at +3.99%, suggesting increased analyst optimism regarding its near-term earnings potential [6]. Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced a positive surprise nearly 70% of the time, indicating a strong likelihood of beating consensus estimates [4]. - Eldorado Gold's combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) further supports the possibility of another earnings beat [6]. Importance of Earnings ESP - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions, which may provide a more accurate prediction [5]. - A negative Earnings ESP does not necessarily indicate an earnings miss, but it can reduce predictive power [6].

Core Viewpoint - Eldorado Gold Corporation has released an updated Technical Report for the Lamaque Complex, highlighting an 8-year mine life with a production of 1.2 million ounces of gold in the Reserve Case and a potential extension of mine life by 9 years with an additional 1.5 million ounces in the PEA Case [1][2]. Summary by Sections Technical Report Highlights - The Lamaque Complex Technical Report includes updated life-of-mine plans based on Mineral Reserves and Inferred Mineral Resources [1][3]. Reserve Case Highlights - The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold with an average annual production of approximately 175,000 ounces through 2028 [2][8]. - The all-in sustaining cost (AISC) is projected at $1,176 per ounce of gold [8]. - The after-tax net present value (NPV) at a gold price of $2,000 per ounce is estimated at $555 million [8]. PEA Case Highlights - The PEA Case indicates the potential to extend the mine life to 17 years, producing an incremental 1.5 million ounces of gold [2][8]. - Average annual gold production is expected to be around 185,000 ounces through 2036, with an AISC of $1,149 per ounce [8]. - The after-tax NPV at a gold price of $2,000 per ounce is projected at $623 million, leading to a total after-tax NPV of $1.2 billion when combined with the Reserve Case [8][19]. Economic Metrics - The PEA Case shows an incremental internal rate of return (IRR) of 43.5% at a gold price of $2,000 per ounce and 68.2% at $2,600 per ounce [8][19]. - The total capital costs for the Reserve Case are estimated at $497 million, while the PEA Case has total capital costs of $457 million [14]. Exploration Potential - There is significant exploration potential to grow Mineral Resources in existing deposits, particularly in the Ormaque and Triangle deposits, which remain open at depth [9][10]. - The company plans to continue resource conversion drilling and assess exploration opportunities across the Lamaque Complex and the contiguous Bourlamaque property [25][26]. Historical Context - Since acquiring the Lamaque Complex in 2017 for $430 million, the company has generated over $300 million in net cash flow and produced nearly one million ounces of gold [19][21]. - The Lamaque Complex is expected to remain a cornerstone asset for the company over the next decade and beyond [19].

Core Viewpoint - Eldorado Gold Corporation has released an updated Technical Report for the Lamaque Complex, highlighting an 8-year mine life with a production of 1.2 million ounces of gold in the Reserve Case and a potential extension of mine life by 9 years with an additional 1.5 million ounces in the PEA Case [1][2]. Summary by Sections Technical Report Highlights - The Lamaque Complex Technical Report includes updated life-of-mine plans based on Mineral Reserves and Inferred Mineral Resources [1][3]. Reserve Case Highlights - The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold with an All-In Sustaining Cost (AISC) of $1,176 per ounce [2][8]. - The after-tax Net Present Value (NPV) at a gold price of $2,000 per ounce is $555 million, and at $2,600 per ounce, it is $1.1 billion [8][19]. PEA Case Highlights - The PEA Case indicates a potential extension of mine life to 17 years, producing an incremental 1.5 million ounces of gold [2][8]. - The average annual gold production is expected to be approximately 185,000 ounces through 2036, with an AISC of $1,149 per ounce [8][19]. - The after-tax NPV for the PEA Case is $623 million at a gold price of $2,000 per ounce and $1.1 billion at $2,600 per ounce, with an incremental Internal Rate of Return (IRR) of 43.5% and 68.2% respectively [8][19]. Exploration Potential - Significant exploration potential exists to grow Mineral Resources in existing deposits, particularly in the Ormaque and Triangle deposits, which remain open at depth [9][10]. - The company is well-positioned with a large, under-explored land package in the Val d'Or area, continuing to assess exploration opportunities [10][11]. Operational Developments - The development of the Ormaque deposit will add a second underground mine to the Lamaque Complex, enhancing operational flexibility and efficiency [11][12]. - The company has successfully brought the Triangle deposit into commercial production and has produced nearly one million ounces of gold since acquisition in 2017 [11][21]. Financial Performance - Since the acquisition of the Lamaque Complex for $430 million, it has generated over $300 million in net cash flow, indicating strong financial performance [19][21]. - The company maintains an optimistic view of the long-term potential at the Lamaque Complex based on favorable findings from the Technical Report [13].

Shares of Eldorado Gold Corporation (EGO) have gained 3.7% over the past four weeks to close the last trading session at $15.53, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $19.84 indicates a potential upside of 27.8%.The mean estimate comprises 11 short-term price targets with a standard deviation of $2.39. While the lowest estimate of $16.60 indicates a 6.9% increase from ...

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