Eldorado Gold Corporation Q1 FY2026 earnings call

Overview: 2026 is important with back - half weighted production, MacAvena Bay nearing first concentrate, Scourgis Q3 first concentrate, plan to enhance disclosure for copper assets. CEO change: George Burns to retire, Christian Milau to step in, Dan Meyerson joined board. Lamarck recognition: Received TSM Gold Leadership Award. MACPAY integration: Begun activities, expect Q2 results with production/cost outlook, expansion study timing, etc. Scourgis progress: Construction 94% complete, total project capital revised to $1.315B, operational capital ~$260M, stockpiled ore for 2026. Capital allocation: Five key priorities including highest return opportunities, increased exploration, balance sheet strength, sustainable dividend, share repurchases

In Q1 2026, Eldorado Gold produced 100,358 ounces of gold. Gold sales totaled 100,619 ounces at an average realized price of $4,891 per ounce, generating total revenue over $532 million. Production costs were $188 million. On a unit basis, total cash costs averaged $1,470 per ounce sold, ASIC averaged $1,942 per ounce sold. By segment: Lamarck produced 42,306 ounces, up 5% y-o-y, all-in sustaining costs $1,370 per ounce; Kisladag produced 28,339 ounces, all-in sustaining costs $2,060 per ounce; FM Chookeroo produced 15,394 payable ounces, all-in sustaining costs $2,528 per ounce; Olympias produced 14,319 payable ounces, up 21% y-o-y, all-in sustaining costs $2,031 per ounce

2026 production back - half weighted, MacAvena Bay and Scourgis near first concentrate. Plan to enhance disclosure for copper assets from Scourgis and MacBay starting Q3 2026. Capital allocation framework balancing growth, financial strength, shareholder returns

Scourgis capital increase related to labor for electrical and instrumentation. Risk of power connection timing affecting Scourgis first concentrate startup. Normal commissioning risks for Scourgis

Q: Looking at Scouris, labor cost pressures contributing to CapEx increase, read - through to operating costs?

A: No read through, extra labor for electrical/instrumentation, operating manpower levels expected normal.

Q: Risks on horizon before first concentrate for Scouris?

A: Construction complete mid - year, risk is power connection timing, collaboration with Greek Power Authority.

Q: Mac Bay expiration budget split?

A: ~$4M initial exploration budget, adding $17M, focusing on Tesla copper - rich feeder zone, big stone expansion, geoscience surveys.

Q: Scouris capital cost increase breakdown?

A: 60% contract work for electrical/instrumentation, balance materials, FX, owner support costs.

Q: Remaining risks and contingencies for Scouris startup?

A: Key risk power connection, commissioning risks, but confident in ramp - up.

Q: Labor productivity on Scouris?

A: Took more hours for electrical/instrumentation, brought in EU contractors.

Q: Mac Bay first production milestones?

A: Hot commissioning underway, expect to see running in coming months