Eldorado Gold Corp. Q1 FY2025 earnings call

• Extended condolences to those affected by the Lapu-Lapu Festival tragedy and made donations to Canadian Blood Services and Crisis Center of BC.
• Operations delivered solid quarter with 115,893 gold ounces produced, though Olympias had lower production due to flotation circuit and maintenance issues, resolved in Q2.
• Safety: Lost time injury frequency rate decreased to 0.7. Sustainability: Third version of SIMS rolled out.
• NCIB expanded as part of commitment to returning capital to shareholders.
• Skouries project: Phase 2 construction at 66% completion, workforce ramped up, capital spend in line with guidance, open pit mining to start Q4 2025.
• Olympias: Issues with flotation circuit stability resolved, production recovered in Q2.
• Turkish and Canadian operations: Kisladag and Efemçukuru had solid production, Lamaque affected by lower grades and haulage costs.

Skouries: Phase 2 construction at Q1 2025 was 66% complete, with first production expected in Q1 2026 and commercial production mid-2026. Capital invested in Skouries in Q1 was $84 million. Olympias: First quarter gold production was 11,829 ounces, affected by flotation circuit stability issues and pyrite concentrate filtration maintenance, but production recovered in Q2. Total cash costs were $2,398 per ounce sold. Kisladag (Turkey): Production totaled 44,319 ounces, total cash costs $1,039 per ounce, impacted by higher royalties, stronger lira, and labor costs. Efemçukuru (Turkey): First quarter gold production was 19,307 ounces, total cash costs $1,357 per ounce. Lamaque (Canada): Production was 40,438 ounces, total cash costs $836 per ounce, impacted by lower grades, recovery issues, and haulage costs.

• Expect to produce 460,000-500,000 ounces of gold in 2025.
• Skouries first gold production expected Q1 2026, commercial production mid-2026.
• NCIB expanded to return capital to shareholders, with flexibility to opportunistically repurchase shares.

• Global U.S. tariff discussions could add ~$4 per ounce to total cash costs and ~$6 per ounce to all-in-sustaining costs.
• Skouries workforce contingencies as a risk if labor recruitment and productivity don't meet expectations.
• Potential inflation in skilled labor costs in EU countries competing for construction workers.

Q: How can we use the 66% completion of Phase 2 at Skouries as a yardstick?

A: Plan is to have first production in Q1 2026 with construction at 100%. Q2 and Q3 will see ramp up in mechanical, piping work with contingency plans for workforce.

Q: Elaborate on Plan B, C for Skouries labor?

A: Plan B includes hiring from EU countries like Romania, Bulgaria, Italy; Plan C from Scandinavia. Good visibility on workforce.

Q: Should we expect NCIB usage to increase as Skouries nears completion?

A: Management believes shares are undervalued and will monitor progress/share price to buy back shares opportunistically.

Q: How is the year expected to unfold in terms of production?

A: Stronger second half, Q2 and Q3 expected to see better performance, with nothing beyond routine maintenance.

Q: Any constraints in labor for Skouries trades?

A: Good visibility on all trades, Q2 ramping up mechanical and piping, with progress on critical paths.

Q: Training on open pit side for Skouries?

A: Equipment arriving, 12 operators hired in Q1, 15 more in April, ramping up to 80, with training in place.

Q: Tariffs impact on consumables?

A: Impact on explosives, cyanide from U.S., with procurement teams monitoring inventory.

Q: NCIB increase background?

A: Moving from NCIB for incentives to one focused on returning value to shareholders, demonstrating confidence in business and Skouries project.