EGO · Eldorado Gold Corporation

Eldorado Gold delivered a solid second quarter in 2026, with net earnings attributable to shareholders of $172.8 million ($0.69 per share) compared to $138.0 million ($0.67 per share) in the same period last year. Revenue rose to $487.5 million from $451.7 million, driven by a higher average realized gold price of $4,379 per ounce, which offset a decline in gold sales volume to 102,691 ounces from 131,489 ounces. The volume decline was primarily due to planned lower production at Kisladag and lower grades at Efemcukuru, partially offset by strong output at the Lamaque complex following the Ormaque authorization. Adjusted net earnings were $136.7 million ($0.54 per share), reflecting adjustments including a $47.4 million deferred tax gain from a Turkish tax rate change and $97.6 million realized loss on commodity swaps. Cash flow from operations was $149.5 million, but free cash flow was negative $334.1 million due to significant capital investment in growth projects, notably Skouries and McIlvenna Bay. Excluding these projects, free cash flow was positive $40.9 million. Management highlighted progress at Skouries, where construction is 97% complete and first concentrate is expected in Q3 2026, and at McIlvenna Bay, which achieved first copper concentrate in June. The company updated its 2026 gold production guidance to 495,000-600,000 ounces, including initial output from McIlvenna Bay. Additionally, CEO George Burns announced his retirement effective September 30, 2026, with Christian Milau set to assume the role of President and CEO.