EGO

CEO Transition and Board Updates

• Outgoing CEO George Burns will transition out of the role in Q3 2026 following the achievement of first concentrate production at Skouries, his last quarterly call as CEO
• Burns will remain on the board of directors to support the leadership transition; current President Christian Milau will step into the CEO role
• Board leadership transition completed: Steve Reed stepped down as chair, Dan is the new chair, and Patrick is the new lead independent director

ESG and Company Recognition

• The company published its 2025 annual sustainability report, outlining progress across environmental, social, and governance priorities
• The Eldorado Quebec team received the 2025 F.J. O'Connell Trophy for Underground Operations, recognizing excellence in workplace health and safety
• The Quebec team also earned recognition from the Quebec Mining Association for leading environmental management and sustainable mining practices
• Eldorado was named to the 2026 list of Canada's best companies for the second consecutive year

Growth Project Milestones

• Skouries (Greece): First ore crushed at the primary crusher in July 2026, marking the start of crushing circuit commissioning. 4 million tons of ore are already stockpiled, covering full planned 2026 and early 2027 mill feed. The process plant is substantially complete, wet commissioning is underway, and all 12 power transmission towers are fully constructed. First concentrate production remains on track for Q3 2026, with commercial production expected in Q4 2026.
• McIlvenna Bay (Saskatchewan): First copper concentrate produced in June 2026, first zinc concentrate produced in July 2026. The project is currently ramping up towards 4,900 tonnes per day nameplate capacity. The underground mine already holds 2 million tonnes of fully developed reserves in Block 1. Management is conducting a feasibility study for an expansion to 7,000 tonnes per day and an added silver-lead circuit, targeting 2028 commissioning for the silver-lead circuit and 2030 for the mill expansion. The first mineral resource estimate for the Tesla Zone is expected in Q4 2026, with an updated technical report due Q1 2027.

Financial Performance and Capital Allocation

• Q2 2026 revenue was $487 million, up from $452 million year-over-year, driven by a higher realized gold price of $2,379 per ounce that offset lower sales volumes. Net earnings attributable to shareholders was $173 million ($0.68 per diluted share), up from $139 million ($0.67 per diluted share) year-over-year. Adjusted net earnings was $137 million ($0.54 per share), up from $90 million ($0.44 per share) year-over-year.
• The company ended Q2 with $555 million in cash and cash equivalents, plus $300 million in available revolving credit capacity, for strong overall liquidity. Free cash flow was negative $334 million in Q2 due to planned investment in the two growth projects; excluding these projects, the existing producing base generated $41 million in free cash flow.
• Capital allocation priorities remain: 1) fund commissioning and ramp-up of Skouries and McIlvenna Bay; 2) maintain a strong balance sheet and financial flexibility; 3) return capital to shareholders via dividends and share repurchases. In the first half of 2026, the company repurchased 2.4 million shares for $84 million and paid $34 million in dividends.

Operational Updates for Producing Assets

• Kisladag: Increased waste stripping is underway to support future mining phases; the whole-ore agglomeration circuit upgrade remains on track for commissioning in H1 2027, which will improve operational consistency and long-term performance.

• Skouries (Greece): First concentrate production is maintained for Q3 2026, with commercial production targeted for Q4 2026. Total development capital expenditure guidance is maintained at ~$1.315 billion, with only minor variation possible based on the exact timing of commercial production declaration.
• McIlvenna Bay (Saskatchewan): Commercial production is expected to be declared in Q3 2026, once the operation consistently maintains 60-80% of 4,900 tonnes per day nameplate capacity and produces consistent saleable concentrate. Positive free cash flow from the project is expected by the end of 2026. The planned mill expansion to 7,000 tonnes per day and new silver-lead circuit target commissioning in 2030 and 2028 respectively, conditional on permitting, stakeholder engagement and a final investment decision. The inaugural Tesla Zone mineral resource estimate is maintained for Q4 2026, with an updated technical report expected Q1 2027.
• Olympias (Greece): The 650,000 tonnes per annum mill expansion is now targeted for completion by the end of 2026, with ramp-up to start in Q1 2027, a slight delay from prior guidance.
• Kisladag (Turkey): 2026 production is back-end loaded, with a 45/55 H1/H2 production split, so production is expected to increase in Q3 and Q4 2026 as waste stripping progresses. The whole-ore agglomeration circuit commissioning is maintained for H1 2027.
• La Macha Complex: Second half 2026 gold grades are expected to land at the top end of the 6 to 6.5 grams per tonne guidance range.

Producing gold segments: 1. La Macha Complex: 52,340 ounces of gold produced Q2 2026, all-in sustaining costs of $1,192 per ounce sold. Strong mill performance and recoveries from the Ormac ore contribution contributed to solid results. 2. Kisladag: 19,108 ounces of gold produced Q2 2026, all-in sustaining costs of $2,407 per ounce sold. Production declined year-over-year due to planned lower grade and tonnage during Phase 6 development. 3. Efemcukuru: 18,019 ounces of gold produced Q2 2026, all-in sustaining costs of $2,252 per ounce sold. Lower grades in the quarter were offset by strong throughput and ongoing development of the co-carbonate deposit to extend mine life. 4. Olympias: 15,125 ounces of gold produced Q2 2026, all-in sustaining costs of $2,465 per ounce sold. Strong flotation performance offset lower grades; the 650,000 tonnes per annum mill expansion is ongoing with end-of-year completion targeted. Growth projects: 1. Skouries: 105,000 total ounces of gold produced company-wide in Q2 2026, total company revenue of $487 million, with Skouries contributing no revenue yet as it remains in pre-production development. $214 million invested in Skouries in Q2 2026. 2. McIlvenna Bay: $78 million invested in Q2 2026, has produced first copper and zinc concentrate and is in ramp-up, contributing no full revenue yet in Q2.

• Grid connection for Skouries could slip from the expected end-of-August 2026 connection date into September 2026, though management added temporary generators to de-risk this delay and continue ramp-up regardless.
• Small potential capital expenditure overruns at Skouries if commercial production declaration is delayed by a few weeks, as pre-commercial production costs are capitalized.
• Labor market pressure exists in the Saskatchewan region around McIlvenna Bay, though management has implemented recruitment strategies and uses contracted development labor to mitigate this risk.
• The Olympias brownfield expansion has experienced slower than expected construction progress in Q2 2026, leading to a delayed completion target, due to the complexity of working at an active operating mine.

Q: What is the current ramp-up status of McIlvenna Bay relative to its 4,900 tonnes per day nameplate capacity, and when will commercial production be declared? Is Q3 2026 the last quarter of high project CapEx for the project? / A: When the mill is operating, it already hits ~70% of nameplate throughput, with early stage work focused on debugging instrumentation and systems. Commercial production will be declared once the plant consistently maintains 60-80% of nameplate capacity and produces stable saleable concentrate for 30-60 days, which is expected to occur in Q3 2026. Q3 will be the last quarter where major development costs are capitalized to the project; the higher-than-previously-planned Q3 CapEx reflects scope additions (increased water treatment plant capacity, extra critical spares) that the company’s strong balance sheet allowed it to bring forward.

Q: Is a significant CapEx overrun expected for Skouries, given that most of the approved budget is already spent? Is there any read-through from delays at the Olympias expansion to Skouries? / A: Management remains confident that total project development cost will stay near the $1.315 billion guidance, with only minor variation based on the exact timing of commercial production declaration. The Olympias expansion and Skouries are completely separate projects with independent workforces and geography. Skouries is already in commissioning, with most construction wrap-up to be completed in August, and the construction workforce will be nearly fully ramped down by the end of Q3; remaining risk is only tied to the timing of commercial production, not the project’s overall scope or cost.

Q: What is the status of Skouries grid connection and tailings conveyor systems? Can ramp-up proceed even if grid connection is delayed? / A: All tailings conveyor construction is nearly complete, with all major mechanical work done and only final electrical connections remaining. All required construction for the grid connection substation is complete, and IPTO (Greek power authority)’s final 10-day inspection is scheduled for mid-August 2026, with connection expected by the end of August, with some risk of a short delay into September. To mitigate grid connection delays, management added 26MW of temporary generators to the existing 10MW, giving 36MW of on-site power (70% of the full 50MW grid capacity), enough to run the entire facility and support ramp-up through Q3 even if grid connection is delayed.

Q: What is the company’s comfortable leverage level, when will deleveraging begin, and when will McIlvenna Bay generate positive free cash flow? / A: The company is currently at peak leverage, as all project financing for both growth projects has been drawn down. Debt repayment will start at the end of 2026, and leverage will decline throughout 2027 as the new assets reach commercial production and generate cash flow. McIlvenna Bay is expected to start producing positive free cash flow by the end of 2026, once it reaches commercial production and ramps up in Q4.