Eldorado Gold Corp. Q4 FY2024 earnings call

Management Statement and Operational Highlights

• 2024 was a strong operational and financial year with 2024 gold production of 520,293 ounces, 7% increase over 2023. Cash and all-in sustaining costs met Titan guidance range.
• Safety performance: LTIFR in 2024 was 0.99, increase from 0.65 in 2023. In 2025, focus on preventing high potential incidents and cultivating safety culture.
• Notable achievements: Hellas Gold won silver at 2024 European Mine Safety Awards; published conflict-free gold report and climate/GHG emissions report.
• Technical report update: Amended technical report for Lamaque Complex due to BCSC review, removing PEA section as it didn't meet NI 43-101 definition.

Segment Performance

• Lamaque Complex: Fourth quarter production was 63,742 ounces with total cash costs of $615 per ounce sold. Full year 2024 production was 196,538 ounces, achieving record production.
• Kışladağ: Fourth quarter production totaled 56,483 ounces with total cash costs of $978 per ounce sold. Benefited from the operation of the new North ADR facility.
• Efemcukuru: Fourth quarter gold production was 19,451 ounces at total cash costs of $76 per ounce sold. Marked the tenth consecutive year of achieving annual production guidance.
• Skouries: Construction progress was 60% of Phase two, with revised project capital cost increased to $1.06 billion, expecting first gold production in Q1 2026 and commercial production in mid-2026.
• Olympias: Fourth quarter gold production was 15,923 ounces with total cash costs of $1,463 per ounce sold. Production lower due to planned equipment downtime and unplanned maintenance.

Guidance

• Skouries construction: On track to reach 1,300 workers by quarter end, with focus on hiring 80 additional concrete workers by end of Q1. Transition to other trades (mechanical, electrical, etc.) as concrete work wraps up.
• Lamaque Complex: Expect to continue delivering value with ongoing drilling and conversion of inferred resources to reserves, planning 43,000 meters of drilling on Triangle and 48,000 meters on Ormaque in 2025.

Risks

• Labor market tightness affecting Skouries construction progress.
• Technical report adjustment: BC Securities Commission's view that PEA in technical report didn't meet NI 43-101 definition, impacting reliance on certain economic assessments.

Q: Update on Skouries labor needs, specifically about needing 80 more people by end of Q1 and breakdown of trades.

A: George Burns stated they're on track to reach 1,300 workers by quarter end, focusing on concrete workers now with 80 more needed by end of Q1. Transition to other trades like mechanical, electrical, etc., will happen as concrete work progresses.

Q: Review of the removal of preliminary assessment in the technical report.

A: George Burns explained the BC Commission pulled the PEA section as it used technical and economic parameters from the reserve case in an inferred resource PEA, which didn't meet NI 43-101 definition. Inferred resources remain intact, and Eldorado is confident in continuing to convert inferred resources to reserves through drilling and infill work.