# EDGAR Filing Document

**Accession Number:** 0000918608
**File Stem:** 0000918608-26-000007
**Filing Date:** 2026-3
**Character Count:** 1264770
**Document Hash:** b1c7ebb60f53c786c3d5d1bad798fd74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000918608-26-000007.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000918608-26-000007

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 196

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELDORADO GOLD CORP /FI
- **CENTRAL INDEX KEY:** 0000918608
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31522
- **FILM NUMBER:** 26803974

**BUSINESS ADDRESS:**
- **STREET 1:** 550 BURRARD STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2B5
- **BUSINESS PHONE:** (604) 687-4018

**MAIL ADDRESS:**
- **STREET 1:** 550 BURRARD STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2B5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ELDORADO CORP LTD                                       /FI
- **DATE OF NAME CHANGE:** 19960701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ELDORADO GOLD CORP                                      /FI
- **DATE OF NAME CHANGE:** 19940203

?xml version='1.0' encoding='ASCII'? ego-20251231_d2

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F**<br>

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| | |
|:---|:---|
| ◻ | **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934** |
| 🗹 | **ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended December 31, 2025**

**Commission file number: 001-31522**<br>

![image.jpg](ego-20251231_g2.jpg)

**ELDORADO GOLD CORPORATION**

(Exact Name of Registrant as Specified in its Charter)

**CANADA**

(Province or other jurisdiction of incorporation or organization)

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| |
|:---|
| **1040**<br>(Primary Standard Industrial<br>Classification Code Number (if applicable)) |
| **N/A**<br>(I.R.S. Employer<br>Identification Number (if Applicable)) |

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**1188 – 550 Burrard Street**

**Bentall 5**

**Vancouver, British Columbia**

**Canada V6C 2B5**

**604-687-4018**

(Address and Telephone Number of Registrant's Principal Executive Offices)

**CT Corporation System**

**28 Liberty Street, 42nd Floor**

**New York, New York 10005**

**(212) 894-8940**

(Name, Address (Including Zip Code) and Telephone Number

(Including Area Code) of Agent For Service in the United States)

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Copies to:

**James B. Guttman**

**Dorsey & Whitney LLP**

**66 Wellington Street West, Suite 3400**

**Toronto, Ontario M5K 1E6**

**(416) 367-7376**

Securities registered or to be registered pursuant to Section 12(b) of the Act.

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>**<br>**Common Shares, no par value** | **<u>Trading Symbol(s)</u>**<br>**EGO** | **<u>Name of each exchange on which registered</u>**<br>**NYSE** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **N/A**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **N/A**

For annual reports, indicate by check mark the information filed with this form:

⌧ Annual Information Form ⌧ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: As at December 31, 2025, 198,570,520 common shares of the Registrant were issued and outstanding.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ⌧Yes &nbsp;&nbsp;&nbsp;&nbsp; ◻No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ⌧Yes &nbsp;&nbsp;&nbsp;&nbsp; ◻No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ◻

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ◻

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ⌧

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

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Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-(b). ◻

**EXPLANATORY NOTE**

Eldorado Gold Corporation (the "Company" or the "Registrant") is a Canadian issuer eligible to file its annual report pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. The equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3 of the Exchange Act.

**FORWARD-LOOKING STATEMENTS**

Certain of the statements made and information provided in this annual report on Form 40-F are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "anticipates," "believes," "budgets," "continue," "commitment", "confident," "estimates," "expects," "forecasts," "foresee," "future," "goal," "guidance," "intends," "opportunity," "outlook," "plans," "potential," "project," "prospective," "scheduled," "strive," or "target" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "can," "could," "likely," "may," "might," "will" or "would" be taken, occur or be achieved.

Forward-looking statements or information contained in this annual report on Form 40-F include, but are not limited to, statements or information with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Skouries Project: including development and construction plans, expectations for first production and commercial production, overall capital cost estimate, including increases to accelerated operational capital costs, and funding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Lamaque Complex: including mine life and production estimates; development, construction and exploration plans; and drilling results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Olympias: production (including ramp ups and declines through to 2035); including production estimates and development, construction and exploration plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kışladağ: including development and construction plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efemçukuru: including development and construction plans, the development of the Perama Hill property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's production and cost guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's beliefs for reserve growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's jurisdictional and overall strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's intentions with respect to its quarterly dividend program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's future exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the vesting and redemption of the Company's incentive securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of Foran Mining Corporation ("Foran"), including completion and timing thereof, receipt of required approvals, and risks and benefits thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forecasts regarding production, cash operating cost per ounce, and sustaining capital for 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-IFRS financial measures and ratios; risk factors affecting the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's strategy and expectations with respect to currency holdings, hedging, and inflation; the Company's sustainability practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated economic and social impacts of the Company's projects; upcoming changes to accounting standards, laws and tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's expectations as to its future financial and operating performance, including expected metallurgical recoveries, conversion of Mineral Resources to Mineral Reserves, and commodity price outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's strategy, plans and goals, including its proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities, and costs thereof, and related timelines and schedules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's expectation as to its future financial and operating performance.

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Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of the Company's construction and development activities, improvements, and exploration; the future price of gold and other commodities; the ability to complete the acquisition of Foran, including the ability to obtain all necessary consents and satisfaction of all necessary conditions to complete the transaction, and the timing thereof; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; the Company's ability to continue accessing its project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; the Company's ability to effectively use invested capital and unlock potential expansion opportunities across the portfolio; the Company's ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and the Company's ability to optimize it in the future; the cost of, and extent to which the Company uses, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary of shipping for important or critical items for construction, development and improvements activities or for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on its business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that the Company operates in.

In addition, except where otherwise stated, the Company has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this annual report on Form 40-F. Even though the Company believes that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond the Company's control.

Furthermore, should one or more of the risks, uncertainties and other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or information. Generally, these risks, uncertainties, and other factors include, among others: commodity price risk; development risks at Skouries and other construction and development projects including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and the Company's ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to the Company's operations in foreign jurisdictions; risks related to production and processing; risks related to the Company's improvement projects; the Company's ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; the Company's reliance on significant amounts of critical equipment; the Company's reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; environmental matters; the Company's ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures and the Company's ability to mitigate such conditions or failures at reasonable cost, or at all and the Company's ability to mitigate such conditions or failures at reasonable cost, or at all; regulatory requirements as they relate to mine plan approvals; waste disposal; mineral tenure; permits; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of mineral reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; the acquisition of Foran, including the performance of Foran, and all risks related thereto, and the ability to complete the acquisition; acquisitions, including integration risks; dispositions; co-ownership of the Company's properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of the Company's shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company's profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of the Company's assets and changes in reporting standards); the global economic environment; labour (including in relation to availability of labour resources, including for including for construction, development and improvements activities, and their productivity employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade

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barriers; and those risk factors discussed in the section titled "Risk Factors" in in the Company's Annual Information Form for the fiscal year ended December 31, 2025 filed as Exhibit 99.1 to this annual report on Form 40-F (the "AIF").

The inclusion of forward-looking statements and information is designed to help you understand management's current views of the Company's near and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, the Company does not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the United States.

Capitalized terms under the heading "Forward-Looking Statements" and not otherwise defined herein have the meanings given

to them in the AIF.

**NOTE TO UNITED STATES READERS -**

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Company is permitted, under the multi-jurisdictional disclosure system adopted by the United States Securities and Exchange Commission (the "SEC"), to prepare this annual report on Form 40-F in accordance with Canadian disclosure requirements, which differ from those of the United States. The Company has prepared its financial statements, which are filed as <u>Exhibit 99.2</u> to this annual report on Form 40-F, in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board and they are not comparable to financial statements of United States companies.

**RESOURCE AND RESERVE ESTIMATES**

The exhibits filed with or incorporated by reference into this annual report on Form 40-F have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this annual report on Form 40-F and the documents incorporated by reference herein contain descriptions of the Company's mineral deposits that may not be comparable to similar information made public by United States companies subject to the SEC's reporting and disclosure requirements.

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this annual report on Form 40-F are in United States dollars. The exchange rate of United States dollars into Canadian dollars, on December 31, 2025 based upon the rate of exchange as quoted by the Bank of Canada, was USD $1.00 = CAD $1.3706.

**ANNUAL INFORMATION FORM**

The Company's AIF filed as <u>Exhibit 99.1</u> to this annual report on Form 40-F is incorporated by reference herein.

**AUDITED ANNUAL FINANCIAL STATEMENTS**

The audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, including the report of the independent registered public accounting firm thereon, are filed as <u>Exhibit 99.2</u> to this annual report on Form 40-F, and are incorporated by reference herein.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The Company's Management's Discussion and Analysis for the three and twelve months ended December 31, 2025 ("MD&A") filed as <u>Exhibit 99.3</u> to this annual report on Form 40-F is incorporated by reference herein.

 **TAX MATTERS**

Purchasing, holding, or disposing of the Company's securities may have tax consequences under the laws of the United States and Canada that are not described in this annual report on Form 40-F.

**CONTROLS AND PROCEDURES**

*Disclosure Controls and Procedures*

At the end of the period covered by this annual report on Form 40-F for the fiscal year ended December 31, 2025, an evaluation was carried out under the supervision of, and the with the participation of, the Company's management, including its Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation the CEO and CFO concluded that the disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in reports filed or submitted by the Company under the Exchange Act was (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (ii) gathered and reported to senior management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding public disclosure.

*Management's Annual Report on Internal Control over Financial Reporting*

Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, as such term as defined in Rule 13a-15(f) of the United States Exchange Act of 1934, as amended, and NI 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, and uses the Committee of Sponsoring Organizations of the Treadway Commission (2013) framework on Internal Control - Integrated Framework (2013) to evaluate the effectiveness of the Company's internal controls over financial reporting. The Company's internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures. Based on this assessment, management concluded that the Company's internal controls over financial reporting were effective as of December 31, 2025.

KPMG LLP, an independent registered public accounting firm, has audited the effectiveness of internal control over financial reporting as of December 31, 2025, and has expressed their opinion in their report included with the Company's annual consolidated financial statements.

*Attestation Report of the Independent Registered Public Accounting Firm*

The attestation report of KPMG LLP on the Company's internal control over financial reporting as of December 31, 2025 is included in the audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, which are filed as Exhibit 99.2 and incorporated by reference in this annual report on Form 40-F.

*Changes in Internal Control over Financial Reporting*

There have been no changes in the Company's internal control over financial reporting during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

*Limitations of Controls and Procedures*

Management, including the CEO and CFO, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all

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control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**CORPORATE GOVERNANCE**

The Company's Board of Directors (the "Board of Directors") is responsible for the Company's corporate governance and has a separately designated standing Corporate Governance and Nominating Committee, established in accordance with Section 303A.04 of the NYSE Listed Company Manual, and a Compensation Committee, established in accordance with Section 303A.05 of the NYSE Listed Company Manual. The Board of Directors has determined that all the members of the Compensation Committee and the Corporate Governance and Nominating Committee are independent, based on the criteria for independence prescribed by Sections 303A.02 and 303A.05 of the NYSE Listed Company Manual, as applicable.

*Compensation Committee*

Compensation of the Company's CEO and all other executive officers is recommended to the Board of Directors for determination by the Compensation Committee. The Company's Compensation Committee is comprised of Stephen Walker (chair), Hussein Barma, Samantha Espley, Judith Mosely and Steven Reid, all of whom are independent directors. The Compensation Committee is responsible for: assisting management in developing the Company's compensation structure, including the compensation policies and compensation programs for the Company's directors and executives; reviewing the results of the annual Say on Pay advisory vote when considering future executive and director compensation programs; determining where there is a need to engage with shareholders on compensation and related matters and conduct such engagement in coordination with Management, as appropriate; and assessing the performance of the Company's CEO every year and recommending the compensation of the Company's CEO and the Company's other executive officers to the Board of Directors for review and approval. The Compensation Committee conducts a thorough compensation review every year to assess: the competitiveness of the Company's cash and stock-based compensation for the Company's directors and executives; whether overall executive compensation continues to support the Company's goals of attracting, motivating and retaining executives with exceptional leadership and management skills; and the overall compensation packages for the Company's senior executives and whether the components are applied appropriately. The Compensation Committee also reviews and approves the terms of employment annually and evaluates the performance of the CEO for the prior year. The Company's CEO cannot be present during the Compensation Committee's deliberations or vote. The Company's Compensation Committee's Terms of Reference is available on the Company's website at <u>www.eldoradogold.com</u>.

*Corporate Governance and Nominating Committee*

Nominees for the election to the Board of Directors are recommended by the Corporate Governance and Nominating Committee. The Corporate Governance and Nominating Committee is comprised of Carissa Browning (chair), Teresa Conway, and Steven Reid, all of whom are independent directors. The Corporate Governance and Nominating Committee's responsibilities include: regularly reviewing the Company's corporate governance policies and practices; monitoring the Company's risk management program; reviewing the size and composition of the Board of Directors annually; facilitating the succession and nomination of directors to the Board of Directors; identifying new directors and managing the Board of Directors' nomination process, Board of Directors' committee appointments and assessment process; and evaluating the Board of Directors' competencies and defining the skills and experience necessary for an effective Board of Directors. The Nominating Committee also oversees company culture and human capital management matters including: employee engagement and cultural initiatives including key training and development programs, diversity and inclusion programs, and results of the employee engagement survey; development and monitoring of senior executive succession and development plans; monitoring the key metrics to evaluate the workforce including workforce diversity, hires, turnover, retention and restructuring; and creating the tone at the top and supporting management's efforts to foster a culture of integrity and compliance throughout the Company in support of its values. The Company's Corporate Governance and Nominating Committee Terms of Reference is available on the Company's website at <u>www.eldoradogold.com</u>.

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**AUDIT COMMITTEE**

The Company's Board of Directors has a separately designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and Section 303A.06 of the NYSE Listed Company Manual. The Company's Audit Committee is comprised of Teresa Conway (chair), Hussein Barma, Judith Mosely and Stephen Walker, all of whom, in the opinion of the Company's Board of Directors, are independent (as determined under Rule 10A-3 of the Exchange Act and Section 303A.02 of the NYSE Listed Company Manual). All four members of the Audit Committee are financially literate, meaning they are able to read and understand the Company's financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. The Audit Committee meets the composition requirements set forth by Section 303A.07 of NYSE Listed Company Manual.

The members of the Audit Committee do not have fixed terms and are appointed and replaced from time to time by resolution of the Board of Directors.

The Audit Committee meets with the CEO and the CFO of the Company and the Company's independent auditors to review and inquire into matters affecting financial reporting, the system of internal accounting and financial controls, as well as audit procedures and audit plans. The Audit Committee also recommends to the Board of Directors which independent registered public auditing firm should be appointed by the Company. In addition, the Audit Committee reviews and recommends to the Board of Directors for approval the annual and interim financial statements, the MD&A, and undertakes other activities required by exchanges on which the Company's securities are listed and by regulatory authorities to which the Company is held responsible.

The full text of the Audit Committee Terms of Reference is included in the Company's AIF, which is filed as Exhibit 99.1 to this annual report on Form 40-F.

*Audit Committee Financial Expert*

The Company's Board of Directors has determined that Hussein Barma, Teresa Conway, and Judith Mosely qualify as financial experts (as defined in Item 407(d)(5)(ii) of Regulation S-K under the Exchange Act) and that each are independent (as determined under Exchange Act Rule 10A-3 and Section 303A.02 of the NYSE Listed Company Manual).

**PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY**

**INDEPENDENT AUDITOR**

The Audit Committee pre-approves all audit and non-audit services to be provided to the Company by its independent auditor. Non-audit services that are prohibited to be provided to the Company by its independent auditors may not be pre-approved. In addition, prior to the granting of any pre-approval, the Audit Committee must be satisfied that the performance of the services in question will not compromise the independence of the independent auditor. Since the enactment of the Sarbanes-Oxley Act of 2002, all non-audit services performed by the Company's auditor have been pre-approved by the Audit Committee of the Company. In 2005, the Company's Audit Committee determined that non-audit services can only be provided by the Company's independent registered public auditing firm if it has been pre-approved by the Audit Committee. Generally, these services are provided by other firms and management has established agreements with other service providers for such non-audit services. All audit and non-audit fees paid to KPMG LLP, for the financial year ended December 31, 2025, were pre-approved by the Audit Committee and none were approved on the basis of the de minimis exemption set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES – INDEPENDENT AUDITOR**

For fiscal years ended December 31, 2025 and 2024, KPMG LLP, located in Vancouver, British Columbia, Canada (Auditor Firm ID: 85), was the Company's appointed auditor. The aggregate fees billed by the Company's principal accountant in each of the last two fiscal years for professional services rendered are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Year Ending** | **Audit Fees** <sup>(1)</sup> | **Audit Related Fees**<sup>(2)</sup> | **Tax Fees** <sup>(3)</sup> | **All Other Fees** <sup>(4)</sup> |
| &nbsp;&nbsp;December 31, 2025 | $2337878 | $83995 |  | $51750 |
| &nbsp;&nbsp;December 31, 2024 | $1945300 | $91895 |  | $8660 |

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(1) Total fees for audit services

(2) Majority of fees relate to French translation

(3) Total fees for tax advice, tax planning and tax compliance

(4) The aggregate fees billed for products and services other than as set out under the headings "Audit Fees", "Audit Related Fees" and "Tax Fees".

**OFF-BALANCE SHEET TRANSACTIONS**

The Company does not have any off-balance sheet financing arrangements or relationships with unconsolidated special purpose entities.

**CODE OF ETHICS**

The Company has adopted a Code of Ethics and Business Conduct (the "Code") for all its directors, executive officers, employees, and contractors which is posted on the Company's website, <u>www.eldoradogold.com</u>. The Code meets the requirements for a "code of ethics" within the meaning of that term in General Instruction 9(b) of the Form 40-F.

All amendments to the Code, and all waivers of the Code with respect to any of the officers covered by it, will be posted on the Company's website, <u>www.eldoradogold.com</u> within five business days of the amendment or waiver and provided in print to any shareholder who requests them. During the fiscal year ended December 31, 2025, the Company did not substantively amend, waive or implicitly waive any provision of the Code with respect to any of the directors, executive officers or employees subject to it.

**NOTICES PURSUANT TO REGULATION BTR**

There were no notices required by Rule 104 of Regulation BTR that the Company sent during the year ended December 31, 2025 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

------

**NYSE CORPORATE GOVERNANCE**

The Company's common shares are listed on the NYSE. Section 303A.11 of the NYSE Listed Company Manual permits foreign private issuers to follow home country practices in lieu of certain provisions of the NYSE Listed Company Manual. A foreign private issuer that follows home country practices in lieu of certain provisions of the NYSE Listed Company Manual must disclose any significant ways in which its corporate governance practices differ from those followed by domestic companies either on its website or in the annual report that it distributes to shareholders in the United States. A description of the significant ways in which the Company's governance practices differ from those followed by domestic companies pursuant to NYSE standards is set forth on the Company's website at <u>www.eldoradogold.com</u>.

In addition, the Company may from time-to-time seek relief from NYSE corporate governance requirements on specific transactions under Section 303A.11 of the NYSE Listed Company Manual, in which case, the Company shall make the disclosure of such transactions available on its website at <u>www.eldoradogold.com</u>. Information contained on the Company's website is not part of this annual report on Form 40-F.

**MINE SAFETY DISCLOSURE**

Not applicable.

**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not applicable.

**UNDERTAKING**

The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Company filed an Appointment of Agent for Service of Process and Undertaking on Form F-X with the SEC on January 31, 2019, which is hereby incorporated by reference, with respect to the class of securities in relation to which the obligation to file this annual report on Form 40-F arises. Any change to the name or address of the agent for service of process will be communicated promptly to the SEC by amendment to Form F-X referencing the Company's file number.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | |
|:---|:---|
| **ELDORADO GOLD CORPORATION** | **ELDORADO GOLD CORPORATION** |
| By: | /s/ George Burns |
| Name: | George Burns |
| Title: | Chief Executive Officer |
| Date: | March 27, 2026 |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Annual Information** | **Annual Information** |
| [97.1](a971-executivecompensation.htm) | Executive Compensation Recovery Policy |
| [99.1](a2025aifego2026-03x27991.htm) | Annual Information Form of the Company for the year ended December 31, 2025 |
| [99.2](ego-20251231.htm) | The following audited Consolidated Financial Statements of the Company, are exhibits to and form a part of this Report: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Financial Position as of December 31, 2025 and 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations for the years ended December 31, 2025 and 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025 and 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Equity for the years ended December 31, 2025 and 2024 |
| [99.3](managementsdiscussionandan.htm) | Management's Discussion and Analysis for the three and twelve months ended December 31, 2025 |
| **Certifications** |  |
| [99.4](a994-egoceocertification20.htm) | Certificate of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act |
| [99.5](a995-egocfocertification20.htm) | Certificate of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act |
| [99.6](a996-ceosoxcertification20.htm) | Certificate of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| [99.7](a997-cfosoxcertification20.htm) | Certificate of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| **Consents** |  |
| [99.8](a998-consentofkpmgllp2025.htm) | Consent of KPMG LLP |
| [99.9](a999-consentofsimonhille20.htm) | Consent of Simon Hille, FAusIMM |
| [99.10](a9910-consentofjessythella.htm) | Consent of Jessy Thelland, géo |
| [99.11](a9911-consentofpeterlind20.htm) | Consent of Peter Lind, P. Eng. |
| [99.12](a9912-consentofianlipchak2.htm) | Consent of Ian Lipchak, P.Eng. |
| [99.](a9913-consentofseanmckinle.htm)13 | Consent of Sean McKinley, P.Geo. |
| [99.14](a9914-consentofsurajpriyad.htm) | Consent of Suraj Priyadarshi, P.Eng. |
| [99.1](a9915-consentofrobertchesh.htm)5 | Consent of Robert Chesher, FAusIMM (CP), RPEQ, MTMS |
| [99.1](a9916-consentofamcminingco.htm)6 | Consent of AMC Mining Consultants (Canada) Ltd. |
| [99.1](a9917-consentofminingplusc.htm)7 | Consent of Mining Plus Canada Consulting Ltd. |
| [99.](a9918-consentofrichardkiel.htm)18 | Consent of Richard Kiel, P.E. |
| [99.](a9919-consentofwspcanadain.htm)19 | Consent of WSP Canada Inc. |
| [99.2](a9920-consentoffluorcanada.htm)0 | Consent of Fluor Canada Limited |
| [99.2](a9921-consentofjacquessimo.htm)1 | Consent of Jacques Simoneau, géo |
| [99.2](a9922-consentofphilppegrol.htm)2 | Consent of Philippe Groleau, Eng. |
| [99.2](a9923-consentofmehdibouana.htm)3 | Consent of Mehdi Bouanani, Eng. |
| [99.2](a9924-consentofvutran2025.htm)4 | Consent of Vu Tran, Eng. |
| [99.2](a9925-consentoffilipmedina.htm)5 | Consent of Filip Medinac, P.Eng. |
| [99.26](a9926-consentofkarinebrous.htm) | Consent of Karine Brousseau, Eng. |
| **XBRL** |  |
| 101.INS | XBRL Instance |
| 101.SCH | XBRL Taxonomy Extension Schema |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

## Exhibit 97.2

**Exhibit 97.1**

**EXECUTIVE COMPENSATION RECOVERY POLICY**

**ELDORADO GOLD CORPORATION**

(The "**Company**")

**PURPOSE**

The Company's incentive-based compensation, which includes all short-term and long-term cash and equity incentive compensation that is granted, earned or vested based wholly or in part upon attainment of a financial reporting measure, operating measure or other performance indicator or measure ("**Incentive-Based Compensation**") is intended to align the interests of the Company's executive officers and shareholders through equity and other performance-based compensation plans. Incentive-Based Compensation includes short-term and long-term cash and equity compensation that is granted, earned or vested based wholly or in part upon attainment of a financial reporting measure ("**FRM-Based Incentive Compensation**"). This Executive Compensation Recovery Policy (the "**Recovery Policy**") provides for the right to recover Incentive-Based Compensation under the circumstances described in the Recovery Policy.

**ADMINISTRATION**

The Recovery Policy shall be administered by the Company's board of directors (the "**Board**") or, if so designated by the Board, the compensation committee of the Board (the "**Compensation Committee**"). The Compensation Committee shall make all initial determinations in relation to this Recovery Policy, and the Board shall make the final determinations in relation to this Recovery Policy. Any final determination made by the Board shall be deemed conclusive and binding on all individuals covered by the Recovery Policy. To the extent that it relates to recovery prompted by a Material Restatement (defined below), this Recovery Policy shall be interpreted and applied in accordance with Section 303A.14 of the NYSE Listed Company Manual and any related guidance by the NYSE.

**SCOPE**

The Recovery Policy applies to the Company's Chief Executive Officer, Chief Financial Officer, President, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company, including such individuals employed by any parent or subsidiary of the Company if such individuals perform policy making functions for the Company or as specified under stock exchange rules, including such individuals formerly employed by the Company (each, an "**Officer**"). The Recovery Policy applies to all Incentive-Based Compensation granted, vested or paid to each Officer, regardless of when any applicable reporting measure, operating measure or other performance indicator or measure was satisfied or met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Material Restatement**

The Recovery Policy shall apply if the Company is required to prepare an accounting restatement of its financial statements filed with the Securities and Exchange Commission due to the Company's material noncompliance with any financial reporting requirements under U.S. federal securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "**Material Restatement**").

Subject to Section 4 of the Recovery Policy, reasonably promptly after it is determined that a Material Restatement is required, the Company will recover from any and each impacted Officer the portion of FRM-Based Compensation received during the three completed fiscal years (in addition to any transition period that results from a change in the Company's fiscal year) immediately preceding the date on which the Company is required to prepare the Material Restatement that exceeds the amount of FRM-Based Compensation that otherwise would have been received had it been determined based on the restated amounts. The amount to be recovered must be computed without regard to any taxes paid. If the Board cannot determine the amount of FRM-Based Compensation to recover from the Officer directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Material Error**

The Recovery Policy shall apply if the Board determines, in its sole discretion, that there was an error in any financial reporting measure, operating measure or other performance indicator or measure that affected the value of a grant of Incentive-Based Compensation, or the vesting or payment of Incentive-Based Compensation, the result of which would be considered material to the Company (a "**Material Error**").

Subject to Section 4 of the Recovery Policy, within 12 months of the Board determining that a Material Error occurred, the Company will recover from any and each impacted Officer, some or all of the Incentive-Based Compensation granted to the Officer or that vested or was paid to the Officer, during the three completed fiscal years (in addition to any transition period that results from a change in the Company's fiscal year) immediately preceding the date the Material Error is discovered, provided that such amount shall not exceed the amount of Incentive-Based Compensation that would have been granted, would have vested, or would have been paid to such Officer had such compensation been calculated on the basis of the revised financial reporting measure, operating measure or other performance indicator or measure. If the Board cannot determine the amount of Incentive-Based Compensation to recover from the Officer directly from the revised information, then it will make its determination based on a reasonable estimate of the effect of the revised information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Serious Misconduct Recovery Event**

The Recovery Policy shall apply if the Board determines, in its sole discretion, that an Officer engaged in serious misconduct, which includes fraud or intentional and/or reckless non-compliance with applicable laws, material violations of the Company's Code of Business Conduct and Ethics or other intentional conduct that causes material damage to the Company or its reputation (a "**Serious Misconduct Recovery Event**").

Subject to Section 4 of the Recovery Policy, within 12 months of the Board determining that a Serious Misconduct Recovery Event occurred, the Company will recover from any and each impacted Officer, some or all of the Incentive-Based Compensation granted to the Officer or that vested or was paid to the Officer, during the three completed fiscal years (in addition to any transition period that results from a change in the Company's fiscal year) immediately preceding the date the Serious Misconduct Recovery Event was discovered, provided that such amount shall not exceed the amount of the damage to the Company caused by the Officer's serious misconduct as determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. General**

The Board will determine, in its sole discretion, the method(s) for recovering Incentive-Based Compensation or other damages hereunder, which method(s) may include recovery, reduction, cancellation, forfeiture, repurchase, recoupment and/or offset against future discretionary grants or awards of Incentive-Based Compensation. In addition to seeking recovery of Incentive-Based Compensation, the Board may dismiss the Officer, authorize legal action for breach of fiduciary duty, or take other action to enforce the Officer's obligations to the Company as it may fit the facts of the particular case. Subject to applicable laws and stock exchange rules, in determining the appropriate action, the Board may also take into account penalties or punishments imposed by law enforcement agencies or regulators. The Board's power to determine the appropriate action against the Officer is in addition to, and not in lieu of, penalties and punishment imposed by third-party entities, including law enforcement agencies or regulators.

For purposes of this Recovery Policy, an act or omission will not be considered to constitute a Serious Misconduct Recovery Event if the Officer, in good faith, relied upon the advice received from the Company's accountants, auditors, financial advisors or legal counsel.

Subject to any requirements set out in the Sarbanes-Oxley Act of 2002, any FRM-Based Compensation recovered under this Recovery Policy shall be limited to FRM-Based Compensation received (as described below) by Officers on or after October 2, 2023 that results from attainment of a financial reporting measure based on or derived from financial information for any fiscal period ending on or after October 2, 2023. FRM-Based Compensation is deemed "received" in the Company's fiscal period during which the financial reporting measure specified in the FRM-Based Compensation award is attained, even if the payment or grant of the FRM-Based Compensation occurs after the end of that period.

For purposes of this Recovery Policy, "financial reporting measures" has the meaning as set forth in Section 303A.14 of the NYSE Listed Company Manual, which for purposes of clarity shall include measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also financial reporting measures.

------

A financial reporting measure need not be presented within the financial statements or included in a filing with the United States Securities and Exchange Commission.

**BOARD DISCRETION IN ENFORCING THE RECOVERY POLICY**

Except as required by applicable laws or stock exchange rules, the Board is empowered with the authority to decline to seek recovery, reduction, cancellation, forfeiture, repurchase, recoupment and/or offset against future discretionary grants or awards, in whole or in part, of excessive Incentive-Based Compensation or FRM-Based Incentive Compensation, as applicable, if it, as well as the Company's Compensation Committee, determines that doing so would be (1) impracticable with respect to a Material Restatement; or (2) impracticable, unreasonable or contrary to the interests of the Company and its shareholders with respect to a Material Error or Serious Misconduct Recovery Event.

In making such determination with respect to a Material Restatement, the Board may take into consideration the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the direct expense paid to a third party to assist in enforcing this Recovery Policy would exceed the amount to be recovered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)recovery would violate home country law where that law was adopted prior to November 28, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)any other factor permitted by stock exchange rules.

In making such determination with respect to a Material Error or Serious Misconduct Recovery Event, the Board may take into consideration various factors, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the likelihood of success of recovering such Incentive-Based Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the impact on the Officer of any taxes paid on such Incentive-Based Compensation and the likelihood that the Officer will be able to recover any such taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the likelihood that such claim may prejudice the interests of the Company (including due to enforcement costs and the required investment of Company resources);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the passage of time since the occurrence of the Material Error or Serious Misconduct Recovery Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)the Officer's position and degree of responsibility for the Material Error or Serious Misconduct Recovery Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)the existence of any legal proceedings against the Officer related to the Material Error or Serious Misconduct Recovery Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)the direct expense paid to a third party to assist in enforcing this Recovery Policy would exceed the amount to be recovered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;any other factor permitted by stock exchange rules.

**AMENDMENT**

The Board intends that the Recovery Policy will be applied to the fullest extent of the law and in full compliance of federal securities laws and stock exchange rules, as applicable. Thus, the Board may amend this Recovery Policy from time to time in its discretion and to the extent required to reflect rules and regulations adopted by the United States Securities and Exchange Commission, stock exchanges or other applicable securities regulators.

**SUCCESSORS**

The Recovery Policy shall be binding and enforceable against all Officers and their beneficiaries, heirs, executors, administrators, or other legal representatives.

**Approved by the Board of Directors: December 5, 2024**

## Exhibit 99.1

**Exhibit 99.1**

![imagee.jpg](imagee.jpg)

Eldorado Gold Corporation

Annual Information Form

in respect of the Year-Ended December 31, 2025

Dated: March 27, 2026

ELD (TSX) EGO (NYSE)

------

About this Annual Information Form

Throughout this annual information form ("AIF"), references to "we", "us", "our", "Eldorado" and the "Company" mean Eldorado Gold Corporation and its subsidiaries. References to "Eldorado Gold" mean Eldorado Gold Corporation only. References to "this year" mean 2025.

For all other defined technical and other terms, please refer to our Glossary section on page <u>[128](#i34318012aa6e42a3ad8ab4a86cc99e95_46)</u>.

All dollar amounts are in United States dollars unless stated otherwise.

Except as otherwise noted, the information in this AIF is as of December 31, 2025. We prepare the financial statements referred to in this AIF in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and file the AIF with appropriate regulatory authorities in Canada and the United States. Information on our website is not part of this AIF, nor is it incorporated by reference. Filings on SEDAR+ are also not part of this AIF or incorporated by reference, except as specifically stated. For greater certainty, Eldorado's Climate Change & GHG Emissions Report, and Sustainability Report as well as each of the Kışladağ Technical Report, Efemçukuru Technical Report, Olympias Technical Report, Skouries Technical Report, and Amended Lamaque Complex Technical Report (each, as defined herein) are expressly excluded from incorporation by reference herein.

You can find more information about Eldorado Gold, including information about executive and director compensation and indebtedness, principal holders of our securities, and securities authorized for issuance under equity compensation plans (such as our incentive stock option plan and performance share unit plan, among others), in our management proxy circular dated April 15, 2025 filed on SEDAR+ (www.sedarplus.ca) under the name Eldorado Gold Corporation ("Management Proxy Circular"). For additional financial information, you should also read our audited consolidated financial statements and management's discussion and analysis ("MD&A") for the year ended December 31, 2025. You can find these documents and additional information about the Company filed under our name on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov), or you can ask us for a copy by writing to:

Eldorado Gold Corporation<br>Corporate Secretary<br>11<sup>th</sup> Floor, 550 Burrard Street<br>Vancouver, British Columbia, V6C 2B5

------

**Table of Contents**

---

| | |
|:---|:---|
| **[Forward-](#i34318012aa6e42a3ad8ab4a86cc99e95_10)[L](#i34318012aa6e42a3ad8ab4a86cc99e95_10)[ooking](#i34318012aa6e42a3ad8ab4a86cc99e95_10)[I](#i34318012aa6e42a3ad8ab4a86cc99e95_10)[nformation and](#i34318012aa6e42a3ad8ab4a86cc99e95_10)[R](#i34318012aa6e42a3ad8ab4a86cc99e95_10)[isks](#i34318012aa6e42a3ad8ab4a86cc99e95_10)** | **[1](#i34318012aa6e42a3ad8ab4a86cc99e95_10)** |
| **[Reporting](#i34318012aa6e42a3ad8ab4a86cc99e95_13)[M](#i34318012aa6e42a3ad8ab4a86cc99e95_13)[ineral](#i34318012aa6e42a3ad8ab4a86cc99e95_13)[R](#i34318012aa6e42a3ad8ab4a86cc99e95_13)[eserves and](#i34318012aa6e42a3ad8ab4a86cc99e95_13)[Mineral R](#i34318012aa6e42a3ad8ab4a86cc99e95_13)[esources](#i34318012aa6e42a3ad8ab4a86cc99e95_13)** | **[3](#i34318012aa6e42a3ad8ab4a86cc99e95_13)** |
| **[About Eldorado Gold](#i34318012aa6e42a3ad8ab4a86cc99e95_16)** | **[4](#i34318012aa6e42a3ad8ab4a86cc99e95_16)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Properties as of March](#i34318012aa6e42a3ad8ab4a86cc99e95_16)[2](#i34318012aa6e42a3ad8ab4a86cc99e95_16)[7](#i34318012aa6e42a3ad8ab4a86cc99e95_16)[, 202](#i34318012aa6e42a3ad8ab4a86cc99e95_16)6 | [4](#id0b69d5a98e24d82b5b24254908cf623_3017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Eldorado Gold Corporation](#i34318012aa6e42a3ad8ab4a86cc99e95_16) | [4](#id0b69d5a98e24d82b5b24254908cf623_3018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Subsidiaries](#i34318012aa6e42a3ad8ab4a86cc99e95_16) | [5](#id0b69d5a98e24d82b5b24254908cf623_3019) |
| **[Key Events in Our Recent History](#i34318012aa6e42a3ad8ab4a86cc99e95_19)** | **[6](#i34318012aa6e42a3ad8ab4a86cc99e95_19)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | [7](a2025aifego2026-03x27991.htm#i34318012aa6e42a3ad8ab4a86cc99e95_19-bookmark-e3b4cfd1a3884df7be6627e29a33cdb7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | [7](#if8c2c5cffc844ae48d9c235f487fb2f8_7074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 and 2026 to date  | [8](#if8c2c5cffc844ae48d9c235f487fb2f8_7076) |
| **[About our Business](#i34318012aa6e42a3ad8ab4a86cc99e95_22)** | **[9](#i34318012aa6e42a3ad8ab4a86cc99e95_22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[An](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[O](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[verview of](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[O](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[ur](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[B](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[usiness](#i34318012aa6e42a3ad8ab4a86cc99e95_22) | [9](#i21c28b46b16640e4ae4713f0897e0dc8_24125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Production and](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[C](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[osts](#i34318012aa6e42a3ad8ab4a86cc99e95_22) | [11](#i21c28b46b16640e4ae4713f0897e0dc8_24122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How we Measure Our[C](#i34318012aa6e42a3ad8ab4a86cc99e95_22)[osts](#i34318012aa6e42a3ad8ab4a86cc99e95_22) | [12](#i21c28b46b16640e4ae4713f0897e0dc8_24123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental, Social and Governance](#i34318012aa6e42a3ad8ab4a86cc99e95_22) | [13](#i21c28b46b16640e4ae4713f0897e0dc8_24121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Our Workforce](#i34318012aa6e42a3ad8ab4a86cc99e95_22) | [15](#i21c28b46b16640e4ae4713f0897e0dc8_24124) |
| **[Material Properties](#i34318012aa6e42a3ad8ab4a86cc99e95_25)** | **[15](#i34318012aa6e42a3ad8ab4a86cc99e95_25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kışladağ | [15](#ibee5b77f0dc04b41ac47dfe745b83838_179066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Efemçukuru](#i34318012aa6e42a3ad8ab4a86cc99e95_25) | [23](#ibee5b77f0dc04b41ac47dfe745b83838_179067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Olympias](#i34318012aa6e42a3ad8ab4a86cc99e95_25) | [31](#ibee5b77f0dc04b41ac47dfe745b83838_179068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Skouries](#i34318012aa6e42a3ad8ab4a86cc99e95_25) | [39](#ibee5b77f0dc04b41ac47dfe745b83838_179070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lamaque](#i34318012aa6e42a3ad8ab4a86cc99e95_25) Complex | [53](#ibee5b77f0dc04b41ac47dfe745b83838_179069) |
| **[Non-Material Properties](#i34318012aa6e42a3ad8ab4a86cc99e95_28)** | **[64](#i34318012aa6e42a3ad8ab4a86cc99e95_28)** |
| **[Mineral Reserves and](#i34318012aa6e42a3ad8ab4a86cc99e95_31)<u>[Mineral](#i34318012aa6e42a3ad8ab4a86cc99e95_31)</u>[Resources](#i34318012aa6e42a3ad8ab4a86cc99e95_31)** | **[65](#i34318012aa6e42a3ad8ab4a86cc99e95_31)** |
| **[202](#i34318012aa6e42a3ad8ab4a86cc99e95_31)[5](#i34318012aa6e42a3ad8ab4a86cc99e95_31)[Mineral Reserve and Mineral Resource Tabulations](#i34318012aa6e42a3ad8ab4a86cc99e95_31)** | [65](#i12c7322efadb4efeb34bbdbf43a12779_8357) |
| **[Risk](#i34318012aa6e42a3ad8ab4a86cc99e95_34)[F](#i34318012aa6e42a3ad8ab4a86cc99e95_34)[actors in](#i34318012aa6e42a3ad8ab4a86cc99e95_34)[O](#i34318012aa6e42a3ad8ab4a86cc99e95_34)[ur](#i34318012aa6e42a3ad8ab4a86cc99e95_34)[B](#i34318012aa6e42a3ad8ab4a86cc99e95_34)[usiness](#i34318012aa6e42a3ad8ab4a86cc99e95_34)** | **[69](#i34318012aa6e42a3ad8ab4a86cc99e95_34)** |
| **[Investor Information](#i34318012aa6e42a3ad8ab4a86cc99e95_37)** | **[106](#i34318012aa6e42a3ad8ab4a86cc99e95_37)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Our Corporate Structure](#i34318012aa6e42a3ad8ab4a86cc99e95_37) | [106](#i32a0da3145f843d6a288ccac7ce8d565_14124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Eldorado Gold Capital Structure](#i34318012aa6e42a3ad8ab4a86cc99e95_37) | [106](#i32a0da3145f843d6a288ccac7ce8d565_14125) |
| **[Governance](#i34318012aa6e42a3ad8ab4a86cc99e95_40)** | **[113](#i34318012aa6e42a3ad8ab4a86cc99e95_40)** |
| **[Audit Committee Terms of Reference](#i34318012aa6e42a3ad8ab4a86cc99e95_43)** | **[120](#i34318012aa6e42a3ad8ab4a86cc99e95_43)** |
| **[Glossary](#i34318012aa6e42a3ad8ab4a86cc99e95_46)** | **[128](#i34318012aa6e42a3ad8ab4a86cc99e95_46)** |

---

i

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Forward-Looking Information and Risks

Certain of the statements made and information provided in this AIF are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "anticipates", "believes", "continues", "commitment", "estimates", "expects", "forecasts", "foresees", "future", "goal", "guidance", "intends", "opportunity", "outlook", "plans", "potential", "projects", "prospective", "scheduled", "strives", or "targets" or the negatives thereof or variations of such words and phrases or statements that certain actions, events, or results "can", "could", "likely", "may", "might", "will", or "would" be taken, occur, or be achieved.

Forward-looking statements or information contained in this AIF include, but are not limited to, statements or information with respect to the Skouries Project (as hereinafter defined), including development and construction plans, expectations for first production and commercial production, overall capital cost estimate, including increases to accelerated operational capital costs, and funding requirements;the Lamaque Complex (as hereinafter defined), including mine life and production estimates; development, construction and exploration plans; and drilling results; Olympias (as hereinafter defined), including production estimates and development, construction and exploration plans; Kışladağ (as hereinafter defined), including development and construction plans; Efemçukuru (as hereinafter defined), including development and construction plans, the development of the Perama Hill property; our production and cost guidance; our beliefs for reserve growth; our jurisdictional and overall strategy; intentions with respect to our quarterly dividend program; future exploration activities; the vesting and redemption of the Company's incentive securities; the acquisition of Foran Mining Corporation ("Foran), including completion and timing thereof, receipt of required approvals, and risks and benefits thereof; forecasts regarding production, cash operating cost per ounce, and sustaining capital for 2026; non-IFRS financial measures and ratios; risk factors affecting our business; our strategy and expectations with respect to currency holdings, hedging, and inflation; our sustainability practices; the anticipated economic and social impacts of our projects; upcoming changes to accounting standards, laws and tax rates; our expectations as to our future financial and operating performance, including expected metallurgical recoveries, conversion of Mineral Resources to Mineral Reserves, and commodity price outlook; our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities, costs, and related timelines and schedules thereof; and our expectations as to our future financial and operating performance.

Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements, and exploration; the future price of gold and other commodities; the ability to complete the acquisition of Foran, including the ability to obtain all necessary consents and satisfaction of all necessary conditions to complete the transaction, and the timing thereof; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to effectively use invested capital and unlock potential expansion opportunities across the portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary of shipping for important or critical items for construction, development and improvements activities or for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; and the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.

In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this AIF. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties and other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or information. Generally, these risks, uncertainties, and other factors include, among others: commodity price risk; development risks at Skouries and other construction and development projects including the ability of key suppliers to meet key contractual commitments in terms

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of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; environmental matters; our ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures, our ability to mitigate such conditions or failures at reasonable cost, or at all, and our ability to mitigate such conditions or failures at a reasonable cost, or at all; regulatory requirements as they relate to mine plan approvals; waste disposal; mineral tenure; permits; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of mineral reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; the acquisition of Foran, including the performance of Foran, and all risks related thereto, and the ability to complete the acquisition; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company's profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic environment; labour (including in relation to availability of labour resources, including for including for construction, development and improvements activities, and their productivity employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers; and those risk factors discussed in the section titled "Risk Factors in Our Business" below.

The inclusion of forward-looking statements and information is designed to help you understand management's current views of our near and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the United States.

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Reporting Mineral Reserves and Mineral Resources

There are differences between the standards and terms used for reporting Mineral Reserves and Mineral Resources in Canada, and in the United States pursuant to the requirements of the United States Securities and Exchange Commission (the "SEC") applicable to domestic United States reporting companies. The terms Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and the CIM Definition Standards for Mineral Resources & Mineral Reserves (the "CIM Definition Standards") adopted by the CIM Council, and must be disclosed according to Canadian securities regulations.

These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this AIF with respect to mineral deposits may not be comparable to similar information made public by domestic United States reporting companies subject to the SEC's reporting and disclosure requirements.

Except as otherwise noted, Simon Hille, FAusIMM, our Executive Vice President and Chief Operating Officer, is the "Qualified Person" under National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("NI 43-101") responsible for preparing or supervising the preparation of, or approving the scientific or technical information contained in this AIF for all our properties except Québec. With respect to our properties in Québec, Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this AIF, except as otherwise noted. Specifically, scientific and technical information disclosed since the effective date of the relevant Technical Reports disclosed in this AIF for all our properties except Québec have been updated and approved by Simon Hille, a "Qualified Person" under NI 43-101. Scientific and technical information disclosed since the effective date of the Technical Reports with respect to our properties in Québec have been updated and approved by Jessy Thelland, a "Qualified Person" under NI 43-101. Simon Hille and Jessy Thelland are employees of the Company.

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About Eldorado

Eldorado owns and operates mines in Canada, Greece and Türkiye. Eldorado's focus is on the production of gold and base metals such as silver, lead and zinc. In addition, the Company is advancing a copper-gold development project. Its activities involve all facets of the mining industry, including exploration, discovery, acquisition, financing, development, production, reclamation and operation of mining properties. Eldorado Gold is governed by the *Canada Business Corporations Act* ("CBCA") and is headquartered in Vancouver, British Columbia.

Each operation has a general manager and operates as a decentralized business unit within the Company. We manage exploration, merger and acquisition strategies, legal, corporate financing, global tax planning, consolidated financial reporting, regulatory compliance, commodity price and currency risk management programs, investor relations, engineering for capital projects, health, safety and sustainability, and general corporate matters centrally, at our head office in Vancouver. Our risk management program is developed by senior management and monitored by the board of directors (the "Board of Directors" or "Board").

Properties as of March 27, 2026

Operating Gold Mines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kışladağ, Türkiye (100%) ("Kışladağ" or the "Kışladağ Project")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efemçukuru, Türkiye (100%) ("Efemçukuru" or the "Efemçukuru Project")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lamaque Complex, Canada (100%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Olympias, Greece (100%) ("Olympias" or the "Olympias Project")

Other Mines and Development Projects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Skouries, Greece (100%) copper-gold development project ("Skouries" or the "Skouries Project")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stratoni, Greece (100%), silver-lead-zinc mine, currently on care and maintenance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perama Hill, Greece (100%) development project, currently in project engineering and pre-permitting

Kışladağ, Efemçukuru, the Lamaque Complex, Olympias and Skouries are material properties for the purposes of NI 43-101. The term "Kassandra Mines" is used throughout this AIF to reference the Stratoni and Olympias mines and the Skouries Project. The Stratoni mine in turn consists of two deposits: Mavres Petres and Madem Lakkos, which were mined out previously. The term "Lamaque Complex" is used throughout this AIF to reference the active Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug #4 Deposit and the Sigma mill.

Eldorado Gold Corporation

**Head Office:**

11th Floor, 550 Burrard Street<br>Vancouver, British Columbia, V6C 2B5<br>Telephone: 604.687.4018<br>Facsimile: 604.687.4026<br>Website: www.eldoradogold.com

**Registered Office:**

Suite 2900 – 550 Burrard Street<br>Vancouver, British Columbia, V6C 0A3

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Our corporate structure as at December 31, 2025 is illustrated in the chart below (other than those subsidiaries permitted to be excluded under applicable securities laws).

![subsorgchart-dec 312025.jpg](subsorgchart-dec 312025.jpg)

Subsidiaries

We abbreviate and refer to our subsidiaries as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hellas Gold Single Member S.A. ("Hellas Gold")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eldorado Gold (Québec) Inc. ("Eldorado Québec")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG Resources B.V. ("SG")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag")

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Key Events in Our Recent History

2023

On April 5, 2023, the Company announced that Hellas Gold had satisfied all necessary conditions precedent and had closed its previously announced €680 million term facility for the development of the Skouries Project (the "Term Facility").

On May 30, 2023, the Company announced it had entered into agreements with respect to a C$81.5 million strategic investment in Eldorado by the European Bank for Reconstruction and Development (the "EBRD"). The investment was effected by way of a private placement whereby the EBRD subscribed for 6,269,231 shares at a price of C$13.00 per share (the "EBRD Private Placement").

In addition, the Company announced that it had entered into an agreement with BMO Capital Markets and National Bank Financial, on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters agreed to purchase on a bought deal basis 10,400,000 common shares of the Company at the same price as the EBRD Private Placement (that is, at C$13.00 per common share), for gross proceeds of C$135 million (the "Bought Deal Offering").

On June 7, 2023, the Company announced the closing of the Bought Deal Offering and disclosed that proceeds from the Bought Deal Offering were expected to be used to fund growth initiatives across Eldorado's portfolio, including some not currently contemplated within the Company's five-year plan, as well as for general corporate and working capital purposes. The growth initiatives may include, but are not limited to: Perama Hill; the expansion of Olympias to 650 ktpa; bringing the Ormaque discovery into production; and exploration opportunities in Türkiye and Québec.

On June 14, 2023, the Company announced the closing of the EBRD Private Placement. The proceeds of the EBRD Private Placement have been invested in the Skouries Project, and have been credited against the Company's equity funding commitment under the terms of the Term Facility that closed on April 5, 2023.

On December 13, 2023, the Company announced a number of executive management changes including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the retirement of Joe Dick in 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment of Louw Smith as Executive Vice President, Development, Greece, effective January 1, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment of Paul Ferneyhough as Executive Vice President, Chief Strategy & Commercial Officer, effective November 1, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment of Simon Hille as Executive Vice President, Technical Services & Operations, effective November 1, 2023.

2024

On January 2, 2024, the Company announced the appointment of Paul Ferneyhough as Executive Vice President and Chief Financial Officer with immediate effect. Mr. Ferneyhough previously served as the Executive Vice President, Chief Strategy & Commercial Officer for the Company and succeeded Philip Yee on that date. Mr. Ferneyhough also assumed additional responsibility for the Human Capital Resources role following the departure of Lisa Ower, Executive Vice President, Chief People Officer & External Affairs.

On February 22, 2024, the Company announced a revised capital estimate for the Skouries Project. The revised capital estimate reflected negotiated and pending contracts incorporating higher labour rates and labour hours than originally estimated.

On June 27, 2024, the Company announced an extension and increase of its Senior Secured Credit Facility. This Credit Facility (as hereinafter defined) has a four-year term and consists of a $350 million revolving senior secured credit facility (previously $250 million) with a US$100 million accordion feature. The Credit Facility bears interest at a rate of secured overnight financing rate ("SOFR") plus a margin of 2.125 - 3.250%, depending on the Company's net-leverage ratio.

On December 11, 2024, the Company announced an inaugural Mineral Reserve of 619 koz at the Ormaque deposit located within the Lamaque Complex in Québec, which was supported by the Amended Lamaque Complex Technical Report that was filed on February 20, 2025.

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2025 and 2026 to Date

On February 5, 2025, the Company provided an update on construction progress, schedule and costs at the Skouries Project, noting that a very tight construction labour market in Greece had impacted the pace of the workforce ramp-up. As a result, the Company updated the schedule and as a result the capital cost estimate for Skouries. In addition, the Company announced that it expected to complete additional pre-commercial production mining and had accelerated the purchase of higher capacity mobile mining equipment (originally expected to be purchased post-commercial production as part of the contract mining fleet), resulting in additional accelerated operational capital spend prior to commercial production.

On May 1, 2025, the Company announced that the Toronto Stock Exchange had accepted the notice filed by the Company to amend its normal course issuer bid (the "NCIB") effective as of May 6, 2025. The amendment increased the maximum number of common shares of the Company that may be repurchased from the current 350,000 common shares to 10,245,474 common shares, representing approximately 5% of the total 204,909,496 common shares issued and outstanding as at October 31, 2024.

On July 31, 2025, the Company announced that it had received approval from the Toronto Stock Exchange of Eldorado's notice of intention to renew its NCIB. Pursuant to the renewed NCIB, Eldorado may purchase up to 10,159,967 common shares of Eldorado, which represents approximately 5% of the 203,199,350 issued and outstanding common shares as at July 30, 2025. Purchases will be made through the facilities of the TSX, the New York Stock Exchange (the "NYSE") and alternative trading systems in Canada or the United States at prevailing market prices. The NCIB commenced on August 6, 2025 and will end on July 31, 2026.

On August 15, 2025, the Company announced the appointment of Christian Milau as President and the transition of George Burns from Chief Executive Officer and President to Chief Executive Officer, effective September 12, 2025. Mr. Milau's areas of accountability include Canada and Türkiye Operations, Technical Services, Exploration, Finance, Human Resources, and Health, Safety and Sustainability.

In October 2025, the Company completed the sale of its indirect 80% interest in the Certej project in Romania.

On December 17, 2025, the Company announced the acquisition of 14,868,200 additional common shares ("Amex Shares") of Amex Exploration Inc., at a price per Amex Share of C$4.00, for total consideration of C$59,572,800, pursuant to a private agreement with a third party. Following the acquisition Eldorado beneficially owns and controls 38,626,330 Amex Shares and 207,000 warrants representing approximately 27.27% of the outstanding Amex Shares on a non-diluted basis and approximately 27.37% on a partially diluted basis assuming full exercise of the warrants.

On January 22, 2026, Eldorado announced the initiation of a dividend program. The dividend program provides for the payment of a regular quarterly dividend per common share of Eldorado. The initial quarterly dividend of US$0.075 per common share was declared and was paid on March 13, 2026 to Eldorado shareholders of record at the close of business on February 27, 2026.

On February 2, 2026, Eldorado Gold and Foran Mining Corporation ("Foran) announced that they had entered into an arrangement agreement dated February 1, 2026 (the "Foran Arrangement Agreement") pursuant to which Eldorado agreed to acquire all of the issued and outstanding common shares in the capital of Foran (the "Foran Common Shares"), by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia) (the "Arrangement"). Pursuant to the Arrangement, holders of outstanding Foran Common Shares (including Foran Common Shares to be issued on conversion of the outstanding non-voting shares in the capital of Foran) will receive 0.1128 of a common share of the Company and CDN$0.01 in cash in exchange for each Foran Common Share held. In addition to approval by the shareholders of the Company, Foran securityholder approval and court approval, the Arrangement is subject to the satisfaction of other closing conditions customary to a transaction of this nature, including TSX and NYSE approval. The Arrangement is expected to be completed in the second quarter of 2026.

On February 19, 2026, Eldorado provided 2026 production and a three-year production outlook. The Company also disclosed, among other things, that production of first concentrate at the Skouries Project

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would be delayed by approximately one quarter to early Q3 2026, with commercial production expected in Q4 2026, resulting in a $50 million increase in capital costs of the Skouries Project.

On March 11, 2026, in connection with the Arrangement, Eldorado announced the mailing of a Joint Management Information Circular of Eldorado and Foran for the special meeting of shareholders of Eldorado and the special meeting of securityholders of Foran. The special meetings will be held on April 7, 2026.

In addition, on March 11, 2026, it was announced that George Burns, Chief Executive Officer of Eldorado will retire in Q3 2026 on the ramp-up toward commercial production at the Skouries Project. Christian Milau, President of Eldorado, will assume the role of Chief Executive Officer at that time. Mr. Burns will remain a member of the Board following his retirement, and Mr. Milau will join the Board on assuming the role of Chief Executive Officer. In addition, Steven Reid, Chair of the Board, has indicated his intention, after 13 years of service, to retire from the Board at Eldorado's annual meeting of the shareholders in 2027. Related to the Arrangement, it was announced that following completion of the Arrangement, Dan Myerson, Executive Chair and Chief Executive Officer of Foran, will be appointed to the Board as Deputy Chair at its first regular meeting following closing of the transaction.

On March 24, 2026, it was announced that Simon Hille, previously Executive Vice-President, Technical Services and Operations, had been appointed as Executive Vice President and Chief Operating Officer of Eldorado Gold.

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About our Business

Eldorado is a global gold and base metals producer. We believe our international expertise in exploration, mining, finance and project development places us in a strong position to grow in value and deliver returns for our stakeholders as we create and pursue new opportunities.

Eldorado's strategy is to focus on jurisdictions that offer the potential for long-term growth and access to high-quality assets. Fundamental to executing this strategy is the strength of the Company's in-country teams and relationships with affected parties. The Company has a highly skilled and dedicated workforce with approximately 8,000 people worldwide, with the majority of our employees and management being nationals of the country of operation. Through discovering and acquiring high-quality assets, safely developing and operating world-class mines, growing resources and reserves, responsibly managing impacts and building opportunities for local communities, Eldorado strives to deliver value for all its stakeholders.

From time to time, we may evaluate and re-align our business objectives, including considering suspension or delay of projects or disposition of assets.

We are committed to the following four strategic priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Quality Assets**

Our business is based on a portfolio of long-life, low-cost assets in prospective jurisdictions. Our goal is to manage our asset portfolio to achieve long-term growth with solid margins and enhance our ability to generate free cash flows and earnings per share.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operational Excellence**

We invest in new technologies and continue training our people to increase productivity, reduce risk and operate to guidance year-on-year. We also work to achieve these goals in a socially responsible and sustainable manner.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital Discipline**

Capital discipline underpins every business decision we make. Eldorado considers all competing uses of cash and prioritizes capital for sustaining its operations and developing its key projects.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability**

We are committed to doing business honestly, respecting our neighbors, minimizing our environmental impacts and keeping our people safe. Operating this way is essential to the sustainability of our business.

An Overview of Our Business

Below we describe each stage of the mining life cycle and the role of our dedicated teams at each phase.

**Exploration**

Eldorado's Exploration and Corporate Development teams actively evaluate potential new assets within our strategic jurisdictions and in new regions with the objectives of generating opportunities and growing a high-quality portfolio, expanding and enhancing mineral resources, and providing geoscience support to sustain Eldorado's operations and advanced projects. They assess early and advanced stage exploration projects, acquire licenses through staking prospective open ground, commercial agreements and participation in license auctions, and conduct near-mine and grassroots exploration programs with the primary goal of adding value through discovery and ongoing growth of our Mineral Resources and Mineral Reserves. Our exploration programs are focused primarily in the countries in which we operate: Canada, Greece and Türkiye. During early-stage exploration, our teams visit prospective areas to conduct geological, geochemical and geophysical surveys and associated sampling, often partnering with other companies or prospectors to benefit from their local knowledge and experience. If results indicate a potential mineralized deposit, we drill exploration holes to determine whether economically viable concentrations of metals may exist. Successful projects will continue to an advanced exploration stage, where drilling programs have the potential to delineate Mineral Resources, while parallel assessments are undertaken to determine potential for future development.

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**Evaluation and Development**

During the evaluation and development stage, our finance, engineering, technical services and metallurgy teams conduct studies to determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Mineral Resources contained in a project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the optimal mining methods and mineral recovery processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the best placement and design of facilities, based on impact and migration assessments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required mine monitoring, closure and reclamation plans.

These studies provide information on the capital and operating costs required for development and the longer-term economics of the project. We are then able to decide if a capital investment makes economic sense and meets our required risk-adjusted, return rate in order to make capital allocation and construction decisions.

**Construction**

The assessment of the project's environmental impact (generically referred to as an "EIA" herein, but also referred to as an "Environmental Impact Study" ("EIS") or, if social factors are included, an Environmental and Social Impact Assessment) and other relevant permits require approval by government authorities. Once we have received these permits, along with all required approvals from the Management Investment Committee and the Board of Directors, our Capital Projects team can begin construction. Explicit requirements described in each EIA guide our activities and help us manage any social and environmental risks.

The construction phase requires the greatest input of capital and resources over a project's life cycle. Throughout this phase, we can add significant value to local economies through local job growth and procurement.

**Mining and Processing**

During production, our operations team and site personnel are responsible for mining and extracting ore from our underground mines (Efemçukuru, Olympias, Skouries and the Lamaque Complex) and our open pit mines (Kışladağ and Skouries), and our site and regional teams are responsible for new Mineral Resources to expand production and mine life. The ore is processed on-site to produce concentrates or doré. Any leftover materials generated by our mining activities, which typically include topsoil, waste rock and tailings, are either placed on-site in engineered facilities for storage and treatment, or reused elsewhere on-site as part of construction activities, rehabilitation, or as underground backfill. Tailings are produced at four of our operations, and filtered tailings technologies and deposition methods – generally considered an industry-leading practice – are used at three of these four sites. Rigorous environmental monitoring – to test air, water and soil quality, noise, blast vibration and dust levels – enables us to comply with environmental regulations and our operating licenses and permits.

**Reclamation and Closure**

Restoring the land so it is compatible with the surrounding landscape is a priority for us and the communities in which we operate. How we conduct our rehabilitation in one jurisdiction impacts how we are welcomed in another. Therefore, prior to and throughout a mine's operation, our operations teams develop and continuously enhance plans for the mine's future closure in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• protect public health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevent environmental damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• return the land to a natural condition, or an acceptable and productive alternative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide for long-term social and economic benefits.

**Sales of Mineral Products**

We produce gold doré as well as gold, silver, lead and zinc contained in concentrates. Our marketing teams are responsible for finding downstream smelters and refineries and establishing long-term working relationships and purchase agreements. These agreements outline the terms and conditions of payment for our products, and specify parameters and penalties for the quantity, quality and chemical composition of our doré and concentrate.

The gold doré produced at Kışladağ is refined to market delivery standards at gold refineries in Türkiye and sold at the spot price on the Precious Metal Market of the Borsa Istanbul. Gold doré produced at the Lamaque Complex is sold to local refineries in Ontario.

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Concentrates from Greece and Türkiye are sold through purchase agreements with customers. These include gold concentrates from Efemçukuru and Olympias, lead/silver and zinc concentrates from Olympias, and gold/copper concentrate planned from Skouries. These concentrate purchase agreements are based on payable terms and metal prices for the contained metals.

Production and Costs

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **2025** | **2025** | **2025** | **2025** |
| | **2025** | **2024** | **Change** | **First<br>quarter** | **Second<br>quarter** | **Third<br>quarter** | **Fourth quarter** |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;**Gold ounces produced** | 488268 | 520293 | (32025) | 115893 | 133769 | 115190 | 123416 |
| &nbsp;&nbsp;&nbsp;**Production costs** ($M) | 677.6 | 564.2 | 113.4 | 148.3 | 162.2 | 164.1 | 203.0 |
| &nbsp;&nbsp;&nbsp;**Total cash costs**<sup>1</sup> ($/oz sold) | 1176 | 940 | 236 | 1153 | 1064 | 1195 | 1295 |
| &nbsp;&nbsp;&nbsp;**All-in sustaining costs**<sup>1</sup> ($/oz sold) | 1664 | 1285 | 379 | 1559 | 1520 | 1679 | 1894 |
| &nbsp;&nbsp;&nbsp;**Revenue** ($M) | 1818.9 | 1322.6 | 496.3 | 355.2 | 451.7 | 434.7 | 577.2 |
| &nbsp;&nbsp;&nbsp;**Average realized gold price**<sup>1</sup> ($/oz sold) | 3505 | 2405 | 1100 | 2933 | 3270 | 3527 | 4251 |
| &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** | &nbsp;&nbsp;&nbsp;**Kışladağ** |
| &nbsp;&nbsp;**Gold ounces produced**  | 168701 | 174080 | (5379) | 44319 | 46058 | 37184 | 41140 |
| &nbsp;&nbsp;**Tonnes to pad**  | 12869908 | 13123978 | (254070) | 3194730 | 3368735 | 2968244 | 3338199 |
| &nbsp;&nbsp;&nbsp;**Grade** (grams per tonne)  | 0.73 | 0.81 | (0.08) | 0.79 | 0.74 | 0.70 | 0.68 |
| &nbsp;&nbsp;&nbsp;**Production costs** ($M) | 221.1 | 162.7 | 58.4 | 47.5 | 52.7 | 50.1 | 70.8 |
| &nbsp;&nbsp;&nbsp;**Total cash costs**<sup>1</sup> ($/oz sold) | 1264 | 918 | 346 | 1039 | 1133 | 1309 | 1593 |
| &nbsp;&nbsp;&nbsp;**All-in sustaining costs**<sup>1</sup> ($/oz sold) | 1478 | 1025 | 453 | 1138 | 1324 | 1545 | 1933 |
| &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** | &nbsp;&nbsp;&nbsp;**Lamaque Complex** |
| &nbsp;&nbsp;&nbsp;**Gold ounces produced** | 187208 | 196538 | (9330) | 40438 | 50640 | 46823 | 49307 |
| &nbsp;&nbsp;&nbsp;**Tonnes milled** | 997227 | 943509 | 53718 | 248549 | 251273 | 255633 | 241772 |
| &nbsp;&nbsp;&nbsp;**Grade** (grams per tonne)  | 6.19 | 6.74 | (0.55) | 5.38 | 6.62 | 6.00 | 6.78 |
| &nbsp;&nbsp;&nbsp;**Production costs** ($M) | 150.8 | 140.3 | 10.5 | 35.7 | 36.1 | 36.0 | 43.0 |
| &nbsp;&nbsp;&nbsp;**Total cash costs**<sup>1</sup> ($/oz sold) | 790 | 711 | 79 | 836 | 721 | 767 | 841 |
| &nbsp;&nbsp;&nbsp;**All-in sustaining costs**<sup>1</sup> ($/oz sold) | 1302 | 1134 | 168 | 1392 | 1231 | 1199 | 1392 |
| &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** | &nbsp;&nbsp;&nbsp;**Efemçukuru** |
| &nbsp;&nbsp;&nbsp;**Gold ounces produced** | 72482 | 80143 | (7661) | 19307 | 21093 | 17586 | 14496 |
| &nbsp;&nbsp;&nbsp;**Tonnes milled** | 535270 | 541782 | (6512) | 127785 | 134064 | 131211 | 142210 |
| &nbsp;&nbsp;&nbsp;**Grade** (grams per tonne)  | 4.88 | 5.39 | (0.51) | 5.52 | 5.75 | 4.71 | 3.65 |
| &nbsp;&nbsp;&nbsp;**Production costs** ($M) | 118.1 | 99.9 | 18.2 | 24.7 | 28.5 | 32.3 | 32.6 |
| &nbsp;&nbsp;&nbsp;**Total cash costs**<sup>1</sup> ($/oz sold) | 1510 | 1231 | 279 | 1357 | 1335 | 1522 | 1929 |
| &nbsp;&nbsp;&nbsp;**All-in sustaining costs**<sup>1</sup> ($/oz sold) | 1846 | 1411 | 435 | 1550 | 1667 | 1791 | 2536 |
| &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** | &nbsp;&nbsp;&nbsp;**Olympias** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gold ounces produced** | 59877 | 69532 | (9655) | 11829 | 15978 | 13597 | 18473 |
| &nbsp;&nbsp;&nbsp;**Tonnes milled** | 431116 | 446732 | (15616) | 98602 | 118475 | 111340 | 102699 |
| &nbsp;&nbsp;&nbsp;**Grade** (grams per tonne) | 8.28 | 8.54 | (0.26) | 7.65 | 8.21 | 7.64 | 9.66 |
| &nbsp;&nbsp;&nbsp;**Production costs** ($M) | 187.6 | 161.3 | 26.3 | 40.3 | 44.8 | 45.8 | 56.7 |
| &nbsp;&nbsp;&nbsp;**Total cash costs**<sup>1</sup> ($/oz sold) | 1722 | 1304 | 418 | 2398 | 1578 | 1869 | 1324 |
| &nbsp;&nbsp;&nbsp;**All-in sustaining costs**<sup>1</sup> ($/oz sold) | 2145 | 1562 | 583 | 2842 | 1967 | 2421 | 1676 |

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Notes:

<sup>1</sup> These financial measures and ratios are non-IFRS financial measures or ratios. See the section 'How We Measure Our Costs' in this AIF for explanations and discussion of these non-IFRS financial measures or ratios.

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How We Measure Our Costs

The Company has included certain non-IFRS financial measures and ratios in this AIF, as discussed below. The Company believes that these financial measures and ratios, in addition to conventional measures prepared in accordance with IFRS, provide investors with an ability to evaluate the underlying performance of the Company. The non-IFRS financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS financial measures and ratios have been incorporated by reference and can be found in the section 'Non-IFRS and Other Financial Measures and Ratios' in the December 31, 2025 MD&A filed on February 19, 2026, available on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).

Total cash costs are calculated using the standard developed by the Gold Institute for International Strategy, a worldwide association of suppliers of gold and gold products including leading North American gold producers. The Gold Institute for International Strategy stopped operating in 2002, but its standard is still widely used in North America to report cash costs of production. Adoption of the standard is voluntary, so you may not be able to compare the costs reported here to those reported by other companies.

Total Cash Costs, Total Cash Costs per Ounce Sold

Total cash costs and total cash costs per ounce sold are non-IFRS financial measures and ratios. Total cash costs include direct operating costs (including mining, processing and administration), refining and selling costs (including treatment, refining and transportation charges and other concentrate deductions), and royalty payments, but exclude depreciation and amortization, share-based payments expenses and reclamation costs. Revenue from sales of by-products including silver, lead and zinc reduce total cash costs. Total cash costs per ounce sold is calculated by dividing total cash costs by gold ounces sold in the period. The Company discloses total cash costs and total cash costs per ounce sold as it believes these measures assist investors and analysts in evaluating the Company's operating performance and ability to generate cash flow. The most directly comparable IFRS measure is production costs.

All-in Sustaining Cost (AISC), AISC per Ounce Sold

AISC and AISC per ounce sold are non-IFRS financial measures and ratios. AISC is defined based on the definition set out by the World Gold Council, including the updated guidance note dated November 14, 2018. The Company defines AISC as the sum of total cash costs (as defined above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation. As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded. AISC per ounce sold is calculated by dividing AISC by gold ounces sold in the period.

The Company discloses AISC and AISC per ounce sold as it believes these measures assist investors, analysts and other stakeholders with understanding the full cost of producing and selling gold and in evaluating the Company's operating performance and ability to generate cash flow. In addition, the Compensation Committee of the Board of Directors uses AISC per ounce sold, together with other measures, in its Corporate Scorecard to set incentive compensation goals and assess performance. The most directly comparable IFRS measure is production costs.

Sustaining and Growth Capital

Sustaining and growth capital are non-IFRS financial measures. The Company defines sustaining capital as capital required to maintain current operations at existing levels, including capitalized stripping and underground mine development. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include capitalized interest, expenditure related to capitalized evaluation, development projects, or other growth or sustaining capital not related to operating gold mines. Growth capital is defined as capital expenditures for major growth projects or enhancement capital for significant

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infrastructure improvements at existing operations and new operations (including Skouries construction project capital and Skouries accelerated operational capital). The Company uses sustaining capital to understand the ongoing capital cost required to maintain operations at current levels, and growth capital to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production from current levels. The most directly comparable IFRS measure is additions to property, plant and equipment.

Average Realized Gold Price per Ounce Sold

Average realized gold price per ounce sold is a non-IFRS financial measure. The Company defines average realized gold price per ounce sold as revenue from gold sales, adding back treatment charges, refining charges, penalties and other costs that are deducted from proceeds from gold concentrate sales, divided by gold ounces sold in the period. The Company uses average realized gold price per ounce sold to better understand the price realized in each reporting period for gold sales. The most directly comparable IFRS measure is revenue.

Free Cash Flow

Free cash flow is a non-IFRS financial measure. The Company defines free cash flow as net cash generated from (used in) operating activities of continuing operations, less net cash used in investing activities of continuing operations before increases or decreases in cash from the following items that are not considered representative of our ability to generate cash: term deposits, restricted cash, cash used for acquisitions or disposals of mineral properties, marketable securities and non-recurring asset sales. The Company discloses free cash flow as it believes this measure is a useful indicator of its ability to operate without reliance on additional borrowing or usage of existing cash. The most directly comparable IFRS measure is net cash generated from (used in) operating activities of continuing operations.

Environmental, Social and Governance

Governance

Eldorado's vision to build a safe, sustainable and high-quality business, creating value today and for future generations, is enacted by fostering safe, inclusive and innovative operations; engaging with communities; responsibly producing products; and managing our impacts on natural environments.

![sustainability_frameworkxu.jpg](sustainability_frameworkxu.jpg)

Our sustainability governance approach is grounded in Eldorado's vision and values and is supported by our sustainability governance systems. Eldorado's Sustainability Framework provides structure for identifying and managing our environmental, social, and operational focus areas. Our sustainability-related policies articulate commitments for key topics, and our Sustainability Integrated Management System ("SIMS") sets performance-based minimum requirements designed to support implementation of these commitments throughout the mine lifecycle.

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The Board of Directors utilizes its diverse perspectives and experiences in overseeing Eldorado's business and sustainability-related activities, including the integration of sustainability considerations into governance processes and executive performance assessment, and key strategic, operational and capital investment decisions.

The Sustainability Committee, composed of independent directors, oversees Eldorado's environmental, health and safety, community, human rights and climate-related policies and performance. The Corporate Governance and Nominating Committee provides additional governance oversight. The Board works with management to support safe, healthy and secure workplaces across the Company. Additional information on Board oversight of sustainability-related matters is available in our Annual Proxy Circular.

Sustainability Frameworks & Standards

SIMS is aligned with the Responsible Gold Mining Principles (RGMP), the Mining Association of Canada's Towards Sustainable Mining (TSM) program, the International Cyanide Management Code, and the Voluntary Principles on Security and Human Rights. Since 2021, implementation has focused on site-level compliance verifications and external assurance against RGMP and TSM requirements, supported by internal subject-matter experts.

Our operations undergo regular external TSM verifications, most recently at Lamaque (2025), Kışladağ and Efemçukuru (2024), and Olympias (2023). Sites demonstrated strong performance, including AAA ratings in Safety and Health, Water Stewardship, and Indigenous and Community Relations at Lamaque, and in Biodiversity and Tailings Management at Lamaque, Olympias and Efemçukuru. Year-over-year improvements were also recorded across protocols such as Community Relationships, Water Stewardship, Climate Change and Biodiversity. Public TSM results are available on the Mining Association of Canada's website. Additionally, all operating sites have also been assessed to be in full conformance with the Responsible Gold Mining Principles following external assurance.

Eldorado's properties are routinely inspected by regulators. We also conduct internal inspections and participate in external audits to confirm conformance with applicable policies, standards and regulatory requirements.

Eldorado continues to implement its Climate Change Strategy and Energy & Carbon Management System. In November 2025, we published our fourth Climate Change & GHG Emissions Report, aligned with the Task Force on Climate-Related Financial Disclosures, detailing governance, risk management, strategy, performance and progress toward climate targets, including expanded Scope 3 inventories (2023–2024) and updated physical risk assessments across all operating mines and relevant projects.

Effective January 1, 2024, Eldorado Gold and Eldorado Québec became subject to Canada's new "Fighting Against Forced Labour and Child Labour in Supply Chains Act" (the "Modern Slavery Act"). Eldorado is committed to meeting its obligations under the Modern Slavery Act. In accordance with the Act, in April 2025, we published our second Modern Slavery Report outlining structure, policies, governance, due diligence, training and measures to identify, prevent and mitigate risks of forced and child labour across operations and the supply chain.

Eldorado adheres to the World Gold Council's Conflict-Free Gold Standard and publishes an externally assured annual report confirming operations do not cause, support or benefit unlawful armed conflict or contribute to human rights abuses.

More information on our Sustainability frameworks, policies, and reporting can be found on our <u>website</u>.

Health, Safety and Environmental Initiatives

The health and safety of our employees, local stakeholders and Indigenous communities are a key priority for Eldorado. We are committed to implementing robust technical and operational standards, adhering to stringent health and safety regulations and apply management systems designed to identify and control risks. We work to foster a strong safety culture across all our sites through clear accountabilities, training and continuous improvement.

Environmental and Tailings Management

We apply a risk-based approach and deploy engineering controls, including filtered tailings where appropriate, to enhance facility safety and long-term stability. Tailings and technical facilities are monitored through geotechnical, hydrological and environmental programs, supported by regular site and third-party inspections and instrumented surveillance. Heap leach facilities at Kışladağ are continuously

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monitored, surveyed, and where applicable, satellite data are used to detect deformation and confirm structural stability.

Our tailings facilities are managed in accordance with the Mining Association of Canada's Guide to the Management of Tailings Facilities and applicable regulations, and undergo regular third-party reviews. Our ITRB provides external oversight of design, operation and performance, supporting continuous improvement.

Reclamation and Closure

Throughout the mining lifecycle, we identify and advance reclamation and closure opportunities. Where feasible, progressive reclamation proceeds in parallel with operations. Post-closure, we conduct environmental monitoring and any required reclamation in line with site EIAs and permits. All operations maintain stakeholder-informed closure plans that guide key activities (including community engagement) and cost estimates.

Human Rights

Eldorado is committed to supporting the protection of international human rights in all of our business activities. Our approach is guided by our Human Rights Policy, the UN Guiding Principles on Business and Human Rights, and the Voluntary Principles on Security and Human Rights. Independent Human Rights Assessments were completed across all operating jurisdictions in 2022 and again in 2025, with findings informing risk management, training, and engagement with workers, contractors, communities and security providers.

Additional details on our health, safety, social and environmental initiatives are available on our <u>website</u>.

Our Workforce

At the end of 2025, we directly employed 8,006 employees and contractors worldwide. The vast majority of our workforce are nationals of the countries where we operate, and many of our employees are from local communities near our operations.

We have permanent employees and contractors in five countries. The table below shows the number of personnel working at our operations and projects by country as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| | **Employees** | **Contractors** | **Total** |
| **Türkiye** | 1477 | 1160 | 2637 |
| **Canada** | 671 | 328 | 999 |
| **Greece** | 1461 | 2898 | 4359 |
| **Netherlands** | 11 | 0 | 11 |
| **Total** | **3620** | **4386** | **8006** |

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To provide a healthy and safe work environment, our workforce is trained on a regular and ongoing basis. These training programs emphasize health and safety, accident avoidance and skills development.

Material Properties

Kışladağ

Technical Report

The information that follows relating to the scientific and technical information regarding Kışladağ in this AIF is based on, derived substantially from, and in some instances is a direct extract from, the technical report titled "Technical Report, Kışladağ Gold Mine, Turkey" with an effective date of January 17, 2020 (the "Kışladağ Technical Report"), other than technical information disclosed since the effective date of the Kışladağ Technical Report. The Kışladağ Technical Report was prepared by Stephen Juras, Ph.D., P.Geo., Paul Skayman, FAusIMM, David Sutherland, P.Eng., Richard Miller, P.Eng. and Sean McKinley, P.Geo. Peter Lind, P.Eng. is responsible for the scientific and technical information previously prepared by Paul Skayman and David Sutherland; Suraj Priyadarshi, P.Eng. is responsible for the scientific and

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technical information previously prepared by Richard Miller. Karine Brousseau, P.Eng. is responsible for the scientific and technical information (except for section 14.7 of the Kışladağ Technical Report) previously prepared by Stephen Juras, Ph.D., P.Geo. Sean McKinley, P.Geo. is responsible for section 14.7 of the Kışladağ Technical Report, which was previously prepared by Stephen Juras, Ph.D., P.Geo. Sean McKinley, Peter Lind, Suraj Priyadarshi and Karine Brousseau are "Qualified Persons" for the purposes of NI 43-101. Peter Lind, Suraj Priyadarshi, Karine Brousseau, and Sean McKinley, are all employees of the Company.

The information below is based on assumptions, qualifications and procedures that are set out only in the Kışladağ Technical Report and reference should be made to the full text of the Kışladağ Technical Report which is available under Eldorado Gold's profile on SEDAR+ and EDGAR.

Property Description, Location and Access

The Kışladağ gold mine is an operating open pit mine in commercial production since 2006, with surface facilities consisting of a crushing plant, heap leach pads, and adsorption, desorption, regeneration ("ADR") plants, along with ancillary buildings.

Kışladağ is located in west-central Türkiye, 180 km east of the Aegean coast between Izmir and Ankara. The Kışladağ Project site lies 35 km southwest of the city of Uşak, which has a greater area population of approximately 370,000 inhabitants, and near the village of Gümüşkol. Access to the mine is via the main highway towards Ankara from Uşak, and a secondary highway 35 km southwest towards Eşme. A 5.3 km private mine access road connects the mine to the public highway. The mine site sits on the western edge of the Anatolian Plateau at an elevation of approximately 1,000 m, in gentle rolling topography. The climate in this region is arid, with warm dry summers and mild wet winters.

There are no permanent water bodies in the area and water supply is limited to ephemeral streams and shallow seasonal stock ponds. Water is supplied to the mine from various well fields with a capacity of approximately 280 m<sup>3</sup>/hr. A dam was constructed in partnership with the water authority in 2016 and is connected to the site to serve as an additional reservoir to support operations.

The Turkish Electricity Distribution Corporation provides power to the site via two transmission lines from the Uşak industrial zone, 154 kV (27.7 km) and 34.5 kV (25 km).

The Kışladağ Project land position consists of a single operating license, number 85995, with a total area of 17,192 ha. According to Turkish mining law, Tüprag retains the right to explore and develop any mineral resources contained within the license area provided fees and taxes are maintained. The license was issued on April 9, 2003, renewed on May 10, 2012 and is currently set to expire on May 10, 2032. The duration of the mining license can be extended if mine production is still ongoing at the end of the license period.

No environmental liabilities have been assumed with the Kışladağ Project.

The current project's EIA area covers 2,509 ha. The land is classified as forestry (49%), treasury (7%), with the remaining area belonging to private landholders. As of December 31, 2025, Tüprag is the majority owner of private land within the concession.

Mining licenses in Türkiye are divided into five groups. The Kışladağ license is in group 4, which includes gold, silver, and platinum mines. Royalty rates for group 4 licenses are calculated on a sliding scale implemented in 2015 and updated in 2025. Royalty rates are based on the run of mine ("ROM") sales price. The ROM sales price is calculated by subtracting processing, transport, and depreciation costs from the gold and silver revenues. This amount is then multiplied by the appropriate royalty rate. The royalty rates are determined once a year by the General Directorate of Mines based on the average sales price of gold and silver quoted on the London Metal Exchange. Doré produced at Kışladağ is considered to be the product of ore processing and is eligible for a factored royalty rate, which is summarized in Table 1-1, inclusive of the increase to the base royalty rates (25%) based on Presidential Decree No. 2932. . The corporate tax rate in Türkiye is 25%.

**Table 1-1: Royalties Calculation**

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| | | |
|:---|:---|:---|
| **Average Annual Gold Price ($/oz)** | **Base Royalty (%)** | **Factored Royalty (%)** |
| < 800 | 1.00% | 0.75% |
| 801 - 900 | 2.00% | 1.50% |
| 901 - 1000 | 3.00% | 2.25% |
| 1001 - 1100 | 4.00% | 3.00% |
| 1101 - 1200 | 6.00% | 3.75% |

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| | | |
|:---|:---|:---|
| 1201 - 1300 | 7.00% | 4.50% |
| 1301 - 1400 | 8.00% | 5.25% |
| 1401 - 1500 | 9.00% | 6.00% |
| 1501 - 1600 | 10.00% | 6.75% |
| 1601 - 1700 | 11.00% | 7.50% |
| 1701 - 1800 | 12.00% | 8.25% |
| 1801 - 1900 | 13.00% | 9.00% |
| 1901 - 2000 | 14.00% | 9.75% |
| 2001 - 2100 | 15.00% | 10.50% |
| 2101 - 2400 | 16.00% | 11.25% |
| 2401 - 2700 | 17.00% | 12.00% |
| 2701 - 3000 | 18.00% | 12.75% |
| 3001 - 3300 | 19.00% | 13.50% |
| 3301 - 3600 | 20.00% | 14.25% |
| 3601 - 3900 | 21.00% | 15.00% |
| 3901 - 4200 | 22.00% | 15.75% |
| 4201 - 4500 | 23.00% | 16.50% |
| 4501 - 4800 | 24.00% | 17.25% |
| 4801 - 5100 | 25.00% | 18.00% |
| > 5100 | 25.00% | 18.75% |

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With an average realized gold price at Kışladağ for 2025 of $3,468/oz, the applicable factored royalty rate was 14.25%.

There are no other royalties, overrides, back-in rights, payments, agreements or encumbrances to which the Kışladağ mine is subject. Other than normal course land acquisitions, there are no known significant factors or risks that might affect access or title, or the right or ability to perform work on the Kışladağ mine, including permitting and environmental liabilities to which the project is subject.

History

To the extent known, there is no prior exploration or development of the Kışladağ Project undertaken by previous owners, any significant historical estimates, or any previous production on the Kışladağ Project property.

Geological Setting, Mineralization and Deposit Types

Western Türkiye is host to several major porphyry and epithermal gold deposits including the Kişladağ porphyry gold, Efemçukuru intermediate sulfidation gold and Ovaçik low sulfidation gold mines. The gold-rich region is part of the Western Tethyan orogeny defined by a series of magmatic belts that have a strike length of over 3,600 km extending from Romania through Türkiye, Iran, and continuing to the east through Pakistan into Central and Eastern Asia. The magmatic belts in Türkiye broadly trend younger in age north to south, and are internally punctuated in age and preservation level along strike.

Kışladağ is a gold-only porphyry deposit located in the eroded Miocene Beydağı stratovolcano in western Türkiye. Gold mineralization is centered on a set of nested subvolcanic porphyritic intrusions (monzonites and quartz monzonites) that were emplaced through the underlying Menderes metamorphic basement rocks into the base of the Beydaǧı volcanic cover.

Five intrusions have been distinguished based on crosscutting relationships: 1, 2 central, 2A, 2 NW, and 3. All the intrusions have a similar mineralogy and are dominated by plagioclase phenocrysts, with subordinate biotite and amphibole phenocrysts. K-feldspar occurs in minor quantities as phenocrysts but is typically the dominant phase in the groundmass. Intrusions 1 and 3 contain sparse quartz phenocrysts, and clinopyroxene was identified in intrusions 2 central, 2 NW, and 3. Strong hydrothermal alteration in intrusion 1, and especially intrusion 2A, makes the identification of primary mineral assemblages difficult. Stratigraphic layering dips gently radially outward from the eroded center of the volcanic system, with no evidence of fault-related tilting. At depth, the composite porphyry intrusions extend beyond the current limit of drilling (~1,000 m).

The deposit is associated with five main types of alteration assemblages: (1) potassic alteration focused on intrusion 1 and containing the highest gold grades, (2) sodic-calcic alteration, (3) tourmaline-white mica alteration, (4) advanced argillic alteration, and (5) late retrograde argillic alteration. Potassic alteration is characterized by biotite and K-feldspar ± magnetite and is most intensely developed in the center of the deposit in intrusions 1, 2 NW, and 2 central. Sodic-calcic alteration affected the deep parts of

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the deposit where it overprints the potassic alteration and is characterized by feldspars (including albite), actinolite, biotite, and magnetite ± carbonates. Tourmaline-white mica altered all intrusions but is most intense around the potassic zone. It also occurs in the metamorphic host rocks immediately next to the porphyry intrusions as well as in the volcanic pile within a few hundred metres around the deposit. Tourmaline is also abundant in the matrix of breccias in and around the deposit. These tourmaline breccias can be well mineralized where they contain coarse-grained pyrite. Advanced argillic alteration (quartz-alunite ± pyrophyllite ± dickite ± pyrite) is most abundant as a lithocap on the eastern side of the deposit. It also occurs along fracture-controlled zones and especially along stratigraphic contacts in the volcanic rocks around the deposit. Poorly mineralized advanced argillic alteration is present in all the intrusions and overprinted potassic and tourmaline-white-mica alteration. Pyrite has largely been oxidized to jarosite in the shallower parts of the deposit. The pervasively developed argillic alteration assemblage is dominated by kaolinite-smectite (mainly montmorillonite and nontronite) and overprinted all other alteration assemblages. It is widely distributed throughout the deposit, particularly at shallow levels, as well as in the surrounding volcanic rocks. The largest and strongest zone of argillic alteration in the deposit is focused on intrusion 2A.

Veinlets mainly occur as a low-density stockwork and show a temporal evolution from quartz-K-feldspar, quartz-pyrite, quartz-pyrite with tourmaline alteration halos in potassic alteration, pyrite-tourmaline in tourmaline-white-mica alteration, to pyrite-only veinlets cutting all other veins. Pyrite ± tourmaline veinlets are the most abundant in the deposit, and quartz veinlets are volumetrically minor. Molybdenite, chalcopyrite, and galena occur as minor phases associated with these veinlets. Molybdenite is dominantly associated with quartz-bearing veinlets in the shallower parts of the potassic zone. In the upper parts of the deposit, gold occurs mainly as nonrefractory, fine (10 μm) grains associated with pyrite, whereas in the deeper parts, within the potassic and sodic-calcic alteration zones, gold is dominantly included in the feldspar grains associated with pyrite.

Exploration

Tüprag discovered the Kışladağ deposit in the late 1980s during a regional grassroots exploration program focusing on Late Cretaceous to Tertiary volcanic centres in western Türkiye. It selected the prospect area on the basis of Landsat-5 images that had been processed to enhance areas of clay and iron alteration, followed by regional stream sediment and soil sampling programs. Preliminary soil sampling programs identified a broad 50 ppb gold anomaly within a poorly exposed area now known to directly overlie the porphyry deposit. Early exploration of the deposit area included excavation of trenches to better characterize the soil anomaly, and ground geophysical surveys including IP-resistivity, magnetic and radiometric surveys.

Eldorado has not undertaken any recent exploration works at the Kışladağ Project.

Drilling

Several drilling campaigns using both diamond core drilling and reverse-circulation drilling took place from 1998 through 2016 for a total of 198,000 m of which 38% was drilled from 2007 to 2010, and 26% from 2014 to 2016. It is this later drilling, mostly core holes, that provided information to enable the conversion of the Mineral Resource to Mineral Reserves.

Additional diamond drilling was carried out between 2018 and 2024, with a total of 220 holes and 45,661 m. This drilling was primarily used for geometallurgical testing. In late 2024, Eldorado commenced a geometallurgical drilling campaign to improve definition of the recovery model. At the end of December 2025, 19,556.2 m had been drilled from 51 finalized drill holes with two additional holes in progress. Two of these holes were solely for geotechnical purposes. Five holes served for both geometallurgical sampling and tests for exploration at depth (4,598.3 m), with the remainder being used for Resource definition and for additional geotechnical data capture.

Diamond drilling in Kışladağ was done with wire line core rigs, primarily of HQ size. Drillers placed the core into wooden core boxes, with each box holding about 4 m of HQ core. Geology and geotechnical data were collected from the core, and the core was photographed (wet) before sampling. Specific gravity measurements were done approximately every 5 m. Core recovery in the mineralized units was excellent, usually between 95% and 100%. The entire lengths of the diamond drill holes were sampled (sawn in half by diamond saw). The core library for the Kışladağ deposit is kept in core storage facilities on site.

Sampling, Analysis and Data Verification

Samples were prepared at Eldorado's in-country preparation facility near Çanakkale in north-western Türkiye. A Standard Reference Material ("SRM"), a duplicate and a blank sample were inserted into the sample stream at every 8<sup>th</sup> sample. From there, the sample pulps were shipped to the ALS Chemex

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Analytical Laboratory in North Vancouver until April 2015, and to Bureau Veritas (formerly Acme Labs) in Ankara since then. All samples were assayed for gold by 30 g fire assay with an atomic absorption finish and for multi-element determination using fusion digestion and inductively coupled plasma ("ICP") analysis.

Based on the verification carried out during site inspection by the QP, the process followed by Eldorado is consistent with industry standards, ensuring that samples are free of errors, while also guaranteeing that the samples follow a standardized and secure process, with backups of them (half-core samples and pulp samples) being maintained for future reviews. Some areas for improvement include the protection of the wooden boxes containing the half-core samples, which would help ensure their long-term preservation.

Monitoring of the quality control samples showed that all data were in control throughout the preparation and analytical processes. In Eldorado's opinion, the Quality Assurance ("QA")/Quality Control ("QC") results confirm that the Kışladağ deposit assay database is sufficiently reliable for resource estimation.

Mineral Processing and Metallurgical Testing

Kışladağ has been processing ore from the mine since commissioning in 2006. Based on this long operating history, the operation has developed an understanding around ore types and the leaching of its ore.

In 2021, the crushing circuit was modified to replace the tertiary crushers with a HPGR circuit. This modification changed the size distribution of the crushing circuit product that is being fed to the heap leach circuit, and a fine ore agglomeration circuit was added. Since commissioning the HPGR, testwork has been undertaken to assess the effectiveness of this fine ore agglomeration and its effect on solution percolation and recovery rates. Regular column tests are also conducted to validate leach kinetic rates and recoveries.

A geometallurgical drilling program is ongoing to support a laboratory testing program currently underway to improve the understanding of geometallurgical properties of the ore with respect to hardness, recovery sensitivity to particle size, and the effects of agglomeration on leach recoveries and kinetics. Testwork will include comprehensive analytical and mineralogical characterization, column leaching, and gold deportment analysis with diagnostic leaching. There are no significant deleterious elements identified at Kışladağ, however gold deportment and size sensitivity can vary significantly between geometallurgical ore types.

In parallel with the geometallurgical drilling program, the secondary crusher was identified as a bottleneck to higher throughputs, and as a contributor to high HPGR tire wear, and is planned to be upgraded in 2026. Also, an engineering study has been initiated for completion in 2026. Based on initial outcomes of the metallurgical testwork and industrial-scale test pads, a decision was made to advance whole ore agglomeration. Two large agglomeration drums, ordered in January 2026, are expected to be delivered and installed in 2027. These upgrades are anticipated to enhance permeability, improve leach kinetics and shorten the leach cycle time, which management believes will unlock additional value. The remaining components of the engineering study will focus on optimizing metallurgical recovery through assessment of whole ore screening of the HPGR product.

Mineral Resource and Mineral Reserve Estimates

The Mineral Resources of the Kışladağ deposit were classified using the CIM Definition Standards for Mineral Resources and Reserves (May 10, 2014) that are incorporated by reference into NI 43-101. The mineralization of the project satisfies sufficient criteria to be classified into Measured, Indicated, and Inferred Mineral Resource categories.

The Mineral Resource estimates for Kışladağ were derived using a 3D block model developed in Hexagon Mine Planning software. The resource model incorporated geologic data, a lithology model and mineralized shells. The model used a 20 m x 20 m x 10 m block size, considering mining selectivity for open pit mining. Assays were composited into 5 m fixed-length intervals and then tagged with lithology and mineralized shell units.

For grade modeling, ordinary kriging ("OK") was used inside the mineralized shell, while inverse distance weighting ("IDW") was used for background blocks. A two-pass interpolation approach was applied, with checks for global bias, local trends, and smoothing levels. The Kışladağ deposit shows consistent grade and geological continuity, with drilling typically spaced 40 m to 80 m apart. Blocks were classified as Indicated Mineral Resources if they were estimated from samples spaced within 80 m and from at least two drill holes. Blocks with tighter spacing of around 50 m or less, and estimates from at least three drill

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holes, were classified as Measured Mineral Resources due to high confidence in the grade and lithology. All other blocks were classified as Inferred Mineral Resources.

To assess the reasonableness for the expectation of economic extraction, a series of open pit designs based on optimal operational parameters and gold price assumptions were made. An open pit design was developed with assumptions of $2,100/oz gold and heap leaching. Eligible model blocks within this pit shell are reported using a cut-off grade of 0.13 g/t recoverable Au.

The Kışladağ Mineral Resources as of September 30, 2025 are shown in Table 1-2. The Kışladağ Mineral Resource is reported at a 0.13 g/t recoverable Au within a resource pit shell for Measured, Indicated and Inferred Mineral Resources.

**Table 1-2: Kışladağ Mineral Resources, as of September 30, 2025** 

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| | | | |
|:---|:---|:---|:---|
| **Mineral Resource Category** | **Resource**<br>**(t x 1,000)** | **Au Grade** <br>**(g/t)** | **Contained Au** <br>**(oz x 1,000)** |
| Measured | 238626 | 0.62 | 4767 |
| Indicated | 38158 | 0.48 | 593 |
| **Measured & Indicated** | **276784** | **0.60** | **5359** |
| Inferred | 6594 | 0.43 | 91 |

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Notes:

• CIM Definition Standards (2014) were used for reporting the Mineral Resources.

• Mineral Resources include those resources converted to Mineral Reserves.

• Tonnages of mined out blocks and sterilized areas were depleted from the model.

• An optimized pit shell was used for Mineral Resources Reporting using a $2,100/oz gold price.

• The numbers may not compute exactly due to rounding.

• Measured Mineral Resources in this table include 348 kt of stockpiled ore at the end of September 2025.

The operation uses conventional open pit mining techniques to feed crushing and heap leaching to process the ore. The Mineral Reserves reported in this section are based upon the operation with the HPGR since 2021.

The open pit optimization and pit design was completed using MineSight (MinePlan) software with comparative checks using Whittle® software. No dilution was included in the conversion of Mineral Resources to Mineral Reserves as the block modelling methodology already accounts for dilution. Wall slope design incorporated inter-ramp slope angles by the usage of 15 sectors, created from analysis and modelling of geotechnical data collected over multiple years.

The Mineral Reserves for the deposit were estimated using a gold price of $1,700/oz and are effective September 30, 2025. The Mineral Reserves are reported using a cut-off grade of 0.1575 g/t recoverable gold grade for ore that will be processed by heap leaching. Mineral Reserves are summarized in Table 1-3. The Mineral Reserves as reported are derived from and are included in the Mineral Resources.

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**Table 1-3: Kışladağ Mineral Reserves as of September 30, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Mineral Reserves Category** | **Ore**<br>**(t x 1,000)** | **Au Grade** <br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** |
| Proven | 175742 | 0.65 | 3645 |
| Probable | 18702 | 0.50 | 301 |
| **Proven & Probable** | **194444** | **0.63** | **3946** |

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Mineral Resource and Mineral Reserve estimates for Kışladağ may be affected by technical and other relevant factors which are more specifically described in the section of this AIF titled "Risk Factors in Our Business".

Mining Operations

Kışladağ is a large tonnage, low grade operation. Mining and processing activities operate 24 hours a day, seven days a week. The mining operation is a standard truck and shovel operation using owner-operated equipment and labour. All mined rock requires blasting. The blast holes are sampled and analyzed in-house for detailed grade control.

Processing and Recovery Operations

Ore is processed in a standard heap leach facility as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore is fed into a three-stage crushing and screening plant. The first two stages are conventional crushing and the third stage is the HPGR. The HPGR is coupled with an oversize screen for edge product recirculation resulting in size reduction as fine as 80% passing 6.3 mm. Crushed ore is transported via overland conveying and stacked on the leach pad with a radial stacker in 10 m high lifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The heap leach pad has a two-part liner system consisting of a layer of compacted low-permeability clay soil or geosynthetic clay liner, and a 2 mm thick polyethylene membrane liner textured on both sides for stability toe areas, and for regular areas non-textured or, in some cases, single-sided textured linear low-density polyethylene synthetic liner. High-density polyethylene liner is also used where the membrane will be subjected to sunlight for an extended period. The current permitted stack height is 120 m, increased from 60 m as a result of the 2014 EIA addendum. Interlift liners are installed within the leach pad to control loaded leach solution contact with spent ore. Leaching currently occurs on both the South Heap Leach Pad ("SHLP") and North Heap Leach Pad ("NHLP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reagents used in leaching include lime, cyanide and cement. Ore is leached with diluted cyanide solution applied by drip emitters; gold is recovered in a conventional ADR circuit, using carbon-in-column ("CIC") trains and a standard Zadra process including pressure stripping, electrowinning and smelting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The final product is a gold doré bar, which sees further processing to 99.95% purity in domestic refineries.

In Q1 of 2021, two additional CIC trains were installed successfully. The installation of a new carbon regeneration kiln was completed in Q2 of 2021 to support improved gold recoveries in the circuit. The HPGR circuit reached commercial production in December 2021. Throughout 2022, belt agglomeration using cement was undertaken to improve leaching permeability and 54" materials handling equipment was added to improve the stacking rate on the pad. NHLP construction continued throughout 2022 and was ready for stacking in the second half of 2023. In 2023, a fine ore in-plant agglomeration circuit that handles approximately one-third of the processed ore was installed to further optimize and improve the heap leach performance. A new North ADR was constructed and commissioned in Q4 2024. The NHLP continues to expand with construction advanced to cells 11 in 2025.

In 2025, Kışladağ stacked 12.9 Mt of ore and produced 168,701 ounces of gold.

Infrastructure, Permitting and Compliance

The Kışladağ Project does not expect to upgrade the existing access road, power or water supplies. The NHLP facility, process and collection ponds were constructed approximately 600 m north of the SHLP and are accessed by an extension of the overland conveyor from the SHLP to the NHLP.

The South Waste Rock Dump is now closed and under progressive rehabilitation as a part of closure. The new North Waste Rock Dump ("NWRD") on the mountain west of the leach pads is now operational.

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Designed to a capacity of 200 Mt, there will be sufficient capacity to hold the waste rock generated in the current mine plan. The NWRD can be expanded to contain more waste rock if necessary.

The site is bounded by a series of collection ditches to divert non-contact water around the site to reduce the volume of contact water. All contact water is collected from the mine site and pit inflows and sent to collection ponds at the water treatment plant. The treatment plant is located north of the existing South ADR plant with a capacity of 625 m<sup>3</sup>/hr. On site there are numerous ponds to collect process streams (loaded and unloaded solutions at the ADR plant), contact water, non-contact water, and surge ponds for storm events. The ponds were sized based on a 100-year storm event with additional capacities for storage and process surges.

The Kişladağ Project's EIA was completed in January 2003 and submitted to the Turkish Authorities at the Ministry of Forest and Environment. The EIA considered the potential impact on the local and regional environment. An Environmental Management Plan was developed to address the potential impacts of the mining operation addressed in the EIA and additional issues. This plan was put in place prior to preproduction mining starting in 2005 and has been maintained throughout the production phase. Amendments to the EIA were applied for and received in 2011 and 2013 to increase the Kişladağ operational throughput to 12.5 Mtpa and 35 Mtpa respectively. The Environmental License and Permit for the operation was renewed in October 2024 and is valid until June 2028.

The Kişladağ gold mine employs approximately 82% of its labour force from Uşak and villages surrounding the mine and 100% of its labour force from Türkiye. As an active part of the surrounding communities, the mine has completed numerous infrastructure programs within the region including primary schools, water works including the Gedikler Dam, and a classroom building for Uşak University.

Capital and Operating Costs

Capital costs at Kışladağ consist primarily of the continued development of the NHLP, as well as waste stripping in the open pit and capitalized overhauls.

Operating costs were estimated based on actual 2025 operating costs and 2026 budget estimates. Mining costs include all consumables and equipment required to meet the production schedule objectives. Labour requirements were developed to support the operation and maintenance of the fleet and for the general operation of the mine area. All these estimates align with manpower levels.

Process operating costs were based on current annual consumption of process reagents, major wear parts, and utilities. General and administrative costs are based on current personnel requirements and salaries. Unit rates forecast for 2026 are summarized in Table 1-4.

**Table 1-4: Operating Cost Summary**

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| | |
|:---|:---|
| **Area** | **Unit Costs<br>(US$/t processed)** |
| Mining | $4.34 |
| Processing | $7.95 |
| Site General & Administrative | $3.28 |
| **Total Mine Operating Costs** | **$15.57** |

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Production, cash operating cost per ounce, growth and sustaining capital actuals for 2025 as well as forecasts for 2026 follow in Table 1-5:

**Table 1-5: Production, Cash Cost, and Sustaining Capital Summary**

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| | | |
|:---|:---|:---|
| | **2025** | **2026 Forecast** |
| &nbsp;&nbsp;&nbsp;**Production** | 168,701 oz | 105000 - 130000 |
| &nbsp;&nbsp;**Total Cash Cost per ounce sold** <sup>(1)</sup> | $1264 | $1830 - $2080 |
| &nbsp;&nbsp;**Growth Capital** <sup>(1)</sup> | $104.9 million | $130 - $140 million |
| &nbsp;&nbsp;**Sustaining Capital** <sup>(1)</sup> | $28.1 million | $25 - $30 million |

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Notes:

<sup>1</sup> These financial measures and ratios are non-IFRS financial measures or ratios. See the section 'How We Measure Our Costs' in this AIF for explanations and discussion of these non-IFRS financial measures or ratios.

In 2026, Kışladağ is expected to mine and place on leach approximately 12.5 to 13.5 million tonnes of ore at an average gold grade of 0.5 to 0.6 g/t. Total cash costs are expected to be higher as a result of inflation not currently being fully offset by the depreciation of the Turkish Lira against the US dollar, and increased royalties due to the anticipated continuation of high gold prices.

Planned 2026 sustaining capital of $25 to $30 million primarily includes capitalized overhaul of mining equipment, interlifts within the North Heap Leach Pad and geometallurgical drilling. Planned 2026 growth capital of $130 to $140 million includes the continuation of capitalized waste stripping campaign (which will also assist in resolving ongoing geotechnical challenges), the phased expansion of the NHLP, whole ore agglomeration, an upgrade to the secondary crusher, and an additional CIC train for solution handling at the North ADR. Management has announced that in 2026 it will evaluate changes to the pit shell which would open up the western area of the pit and support resource expansion. Management believes that the mine optimization plan, which has not yet been finalized or approved, will be beneficial in the long-term through improved balancing of ore and waste movement which in turn will support consistent year-over-year performance.

**Efemçukuru**

Technical Report

The information that follows relating to the scientific and technical information regarding Efemçukuru in this AIF is based on, derived substantially from, and in some instances is a direct extract from the technical report titled "Technical Report, Efemçukuru Gold Mine, Türkiye" with an effective date of December 31, 2023 (the "Efemçukuru Technical Report"), other than technical information disclosed since the effective date of the Efemçukuru Technical Report. The Efemçukuru Technical Report was prepared by David Sutherland, P.Eng., Peter Lind, P.Eng., Mike Tsafaras, P.Eng., Sean McKinley, P.Geo., and Ertan Uludag, P.Geo. Karine Brousseau, P.Eng., is responsible for the scientific and technical information previously prepared by Ertan Uludag, P.Geo. Ian Lipchak, P.Eng. is responsible for the scientific and technical information previously prepared by Mike Tsafaras, and Peter Lind is responsible for the scientific and technical information previously prepared by David Sutherland. Karine Brousseau, Peter Lind, Ian Lipchak, and Sean McKinley are "Qualified Persons" and are all employees of the Company.

The information below is based on assumptions, qualifications and procedures that are set out only in the Efemçukuru Technical Report and reference should be made to the full text of the Efemçukuru Technical Report which is available under Eldorado Gold's profile on SEDAR+ and EDGAR.

Property Description, Location and Access

The Efemçukuru mine is an operating underground mine in commercial production since 2011. Facilities at the mine consist of an underground crushing plant, milling and flotation plant, filtration and paste backfill plant, water treatment plant, and ancillary buildings.

The mine is located near the village of Efemçukuru in the İzmir province in western Türkiye, approximately 20 km southwest of the city of İzmir. The mine site is accessed via paved roads directly to the site. All water is sourced from contact water; all contact water discharged is treated before release. Power is supplied from the local grid with sufficient capacity for current and future operations.

The Efemçukuru mine land position consists of a single operating license (number 51792) with a total area of 2261.49 ha. According to Turkish mining law, Tüprag retains the right to explore and develop any mineral resources contained within the license area provided fees and taxes are maintained. The license was issued on April 20, 1999 and renewed on August 19, 2013; it is currently set to expire on August 19, 2033. Within the 126.6 ha operating area, forestry land makes up about 80%, treasury land makes up approximately 1%, and the remaining area is private land wholly owned by Tüprag.

No prior environmental liabilities have been assumed with the Efemçukuru Project. Capital cost allowances have been made in respect of estimated closure costs. Efemçukuru is fully permitted with no additional permits currently required. All infrastructure required to mine and process the Mineral Reserves disclosed in this report fall under the scope of the existing EIA and operating license.

Mining licenses in Türkiye are divided into five groups. The Efemçukuru mine operating license belongs to group 4, which includes gold, silver, and platinum mines. Royalty rates (Table 2-1) for group 4 licenses

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are calculated on a sliding scale implemented in 2019 by the Republic of Türkiye Ministry of Energy and Natural Resources. The rates are revised periodically and are based on the ROM sales price. The ROM sales price is calculated by subtracting processing, transport, and depreciation costs from the gold and silver revenues. This amount is then multiplied by the appropriate royalty rate. The royalty rates are determined once a year by the General Directorate of Mines based on the average sales price of gold and silver quoted on the London Metal Exchange. Concentrate produced at the Efemçukuru mine is considered the product of ore processing and is eligible for the 40% reduction in the royalty rate. The corporate tax rate in Türkiye is 25%.

**Table 2-1: Royalties Calculation**

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| | | |
|:---|:---|:---|
| **Average Annual Gold Price ($/oz)** | **Base Royalty (%)** | **Factored Royalty (%)** |
| < 800 | 1.00% | 0.75% |
| 801 - 900 | 2.00% | 1.50% |
| 901 - 1000 | 3.00% | 2.25% |
| 1001 - 1100 | 4.00% | 3.00% |
| 1101 - 1200 | 6.00% | 3.75% |
| 1201 - 1300 | 7.00% | 4.50% |
| 1301 - 1400 | 8.00% | 5.25% |
| 1401 - 1500 | 9.00% | 6.00% |
| 1501 - 1600 | 10.00% | 6.75% |
| 1601 - 1700 | 11.00% | 7.50% |
| 1701 - 1800 | 12.00% | 8.25% |
| 1801 - 1900 | 13.00% | 9.00% |
| 1901 - 2000 | 14.00% | 9.75% |
| 2001 - 2100 | 15.00% | 10.50% |
| 2101 - 2400 | 16.00% | 11.25% |
| 2401 - 2700 | 17.00% | 12.00% |
| 2701 - 3000 | 18.00% | 12.75% |
| 3001 - 3300 | 19.00% | 13.50% |
| 3301 - 3600 | 20.00% | 14.25% |
| 3601 - 3900 | 21.00% | 15.00% |
| 3901 - 4200 | 22.00% | 15.75% |
| 4201 - 4500 | 23.00% | 16.50% |
| 4501 - 4800 | 24.00% | 17.25% |
| 4801 - 5100 | 25.00% | 18.00% |
| > 5100 | 25.00% | 18.75% |

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With an average realized gold price for 2025 of $3,654/oz, the applicable factored royalty was 15.0%.

There are no other royalties, overrides, back-in rights, payments, agreements or encumbrances to which the Efemçukuru mine is subject. There are no known significant factors or risks that might affect access or title, or the right or ability to perform work at the Efemçukuru mine, including permitting and environmental liabilities to which the project is subject.

History

To the extent known, there is no prior exploration or development of the Efemçukuru Project undertaken by previous owners, any significant historical estimates, or any previous modern-day production on the property. The Efemçukuru Deposit was discovered by Tüprag in 1992 while carrying out reconnaissance work in western Türkiye. Ancient workings were identified in the deposit, and it was concluded that the area was likely mined during the Roman dynasty two thousand years ago. Only limited surface work was completed on the property before Tüprag's acquisition.

The Efemçukuru mine started commercial production in June 2011.

Geological Setting, Mineralization and Deposit Types

Western Anatolia, Türkiye, is host to several major porphyry and epithermal gold deposits. The gold-rich region is part of the Western Tethyan orogen. The Efemçukuru deposit is hosted in the centre of a broadly NE-SW trending upthrown block known as the Seferihisar Horst, which regionally exposes basement rocks of the Bornova Flysch in the Menderes Massif.

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The intermediate sulfidation epithermal veins at Efemçukuru are hosted by quartz, feldspar, muscovite and chlorite bearing schists and phyllites of the Bornova Flysch, with the distinction based on the intensity of deformation fabric and relative muscovite abundance. The schists host chlorite-altered spilitic basalt lenses as well as lenses of finely crystalline, massive white marble.

Two major, broadly NW-SE striking epithermal vein systems, namely Kestanebeleni and Kokarpınar, occur at Efemçukuru. They have strike extents of approximately 2 km and 4 km, respectively. At surface, the veins are up to 5 m wide, are characterized by banded quartz-rhodochrosite-rhodonite with pyrite-galena-sphalerite and have surface coatings of Mn- and Fe-oxide. The two main veins have complex geometries with multiple shoots and splays. The Kestanebeleni vein is divided into several ore shoots along its strike length, including South Ore Shoot ("SOS"), Middle Ore Shoot ("MOS"), North Ore Shoot ("NOS") and Kestanebeleni Northwest ("KBNW"). In the footwall to the Kestanebeleni vein, two similarly oriented but narrower veins are present and termed the Batı veins. The Kokarpınar vein has a more consistent northwesterly strike and dips moderately to the northeast.

The formation of the Efemçukuru gold deposit in western Anatolia coincided with Miocene extension, magmatism and hydrothermal activity, including the formation of several other significant gold-rich porphyry and epithermal deposits in the region. Efemçukuru is classified as an intermediate sulfidation epithermal system due to its high-base metal content and the Mn-rich nature of the veins. The dominantly NE dipping Efemçukuru veins formed within faults that had east side down normal-dextral (right lateral) shear sense. The spatial and temporal distribution of rhyolite, high-temperature calc-silicate alteration, and intermediate sulfidation epithermal veins support a magmatic-hydrothermal origin. Detailed carbon and oxygen isotope analysis of vein carbonates indicate a mixed meteoric and magmatic source for the hydrothermal fluids and strongly support degassing and boiling of magmatic fluids during the formation of the main epithermal veins.

Exploration

The Turkish Mine Exploration Institute records document Efemçukuru as a manganese occurrence. Modern exploration activity at Efemçukuru was initiated in 1992 when Tüprag geologists recognized the exploration potential of the area while conducting reconnaissance work in western Türkiye.

Exploration since 2010 has focused on the Kokarpınar vein located east of, and subparallel to, the Kestanebeleni vein. In 2018, the Batı veins were discovered in the footwall to the Kestanebeleni vein. Since 2018, the Batı and West veins have been added to the focus of the exploration.

Geological mapping at Efemçukuru has proven to be highly effective for discovering and delineating new veins. Mapping of the underground mine developments is ongoing. Surface and underground mapping, in addition to drill hole logging combined with structural data, have been used to model the vein systems in 3D and help define new mineralized targets around the mine.

Nearly 150 line-km of ground geophysics, including ground magnetic, induced polarization ("IP") and gradient IP surveys, have been conducted on the property to assist in mapping and tracing with depth structures, lithologies, alteration domains and sulfides associated with the epithermal veins.

Interpretations from surface mapping, sampling and geophysics have resulted in the identification of additional systems (e.g., Dedebağ, Volkan, Huseyinburnu) in the southwestern part of the property that are collectively called the West veins. These veins, and related blind veins (that are not exposed at the surface), have been the focus of exploration drilling in 2024 and remain prospective for the discovery of additional mineralization. Mine exploration from underground has also helped identify new mineralized targets and extensions at Efemçukuru.

Drilling

Several phases of exploration drilling were carried out between 1992 and 1997 to gather geological, geochemical and metallurgical data following the discovery of the Kestanebeleni vein. Delineation and further exploration drilling from 2006 to 2008 focused on the Kestanebeleni NOS. Tüprag continued drilling activity on the Kokarpınar vein area between 2009 and 2011. Drilling in 2011 and 2012 focused on testing the Kestanebeleni vein along strike including KBNW, testing down-dip extensions to the SOS, as well as further defining the geometry and continuity of the Kokarpınar vein. Exploration drilling programs from 2013 through 2017 tested the Kokarpınar vein over a 3 km strike length and identified Mineral Resources in several discrete shoots. Between 2018 and 2021 exploration drilling targeted the expansion of the resource in the Kokarpınar vein and the newly discovered Batı veins. Following this, from 2021 to 2023, drilling continued to delineate the Kestanebeleni, Kokarpınar and Batı veins, and drilling was also undertaken to test the West vein area.

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Diamond drilling is essential for infill and delineation to increase the geologic confidence in the mining areas and to improve the grade control model. At Efemçukuru, the gold is not visible and is unevenly distributed along the mineralized vein. Core recovery is typically good and averages 97% in over 92% of core intervals intercepting mineralized zones.

Drilling of a specific area is scheduled to be finished six to eight months prior to mining. This timeline is sufficient for short-term grade model updates and applying any changes to the planned development or stope sequencing prior to planned production from the stope area.

In 2025, 21,374.6 m of drilling across 37 holes were drilled for exploration purposes and 572 holes were drilled for infill and production drilling, totalling 50,185.9m.

Sampling, Analysis, and Data Verification

Most diamond drilling since production commenced at Efemçukuru mine has been comprised of infill and delineation drill holes. Drill core is placed into core boxes marked with hole ID, sequence numbering, and depth interval. Sample intervals are selected and marked up by the logging geologist. Drill core samples are either cut with a diamond rock saw (if a delineation hole) or whole core sampled (if an infill hole). Samples are bagged and sent to the nearby ALS analytical laboratory in Izmir for sample preparation, including cataloging, crushing to 90% passing 2 mm, sub-sampling by riffle splitter until approximately 1 kg remains, and then pulverizing of the sub-sample to 90% passing 75 microns.

Exploration core samples are assayed for gold by 50 g fire assay and underground core samples are assayed for gold by 30 g fire assay with an atomic absorption finish. All samples are assayed for multi-element determination using fusion digestion and ICP spectroscopy analysis. A comprehensive QA/QC program is carried out as part of the assaying procedure, involving regular insertion of Certified Reference Materials ("CRMs"), coarse duplicates and fine and coarse blank samples. The procedure includes inserting either a CRM, blank, or duplicate into the sample stream of every eighth sample. Site geologists regularly monitor the performance of CRMs, blanks, and duplicates as the assay results arrive on site.

Assay results are provided to Eldorado in electronic format and as paper certificates. Upon receipt of assay results, values for CRMs and field blanks are reviewed to verify pass-fail criteria for the analytical sample batch. Additionally, laboratory check assays are conducted at the rate of one per batch of 20 samples, using the same QA/QC criteria as routine assays. In addition, the ALS laboratory is regularly visited by the site geology team to observe and check that stated procedures are being used.

The site geology team regularly monitors the performance of CRMs, blanks and duplicates as the assay results arrive on site. Eldorado implemented a program that monitors data from regularly submitted coarse reject duplicates. The data indicates no bias in the assay process or in the analyses.

In the Qualified Person's opinion, the QA/QC results demonstrate that the Efemçukuru mine's assay database is sufficiently reliable for the resource estimation. All of the Qualified Persons carried out verification of data pertaining to the sections for which they are responsible.

Mineral Processing and Metallurgical Testing

The Efemçukuru concentrator has been processing ore from the mine since commissioning in 2011. Based on this long operating history, the operation has developed an understanding around blending different feed materials coming from various ore shoots to match overall processing capacity, particularly in terms of sulfide content.

Metallurgical testwork has been carried out on ore samples from future ore zones within the Kokarpınar and Batı veins. This testwork has included comminution testing, to confirm that the future ore feeds can be milled at the required throughput rate. Flotation tests have also been carried out to assess the expected quality of future concentrates and any additional blending requirements that may be necessary.

Deleterious elements that have been identified during testwork and from operational performance include moderate levels of arsenic and halides (chlorine and fluorine). The introduction of column flotation has been positive in terms of rejecting gangue from the final concentrate and thereby reduced the concentrations of halides. Arsenic levels are manageable within the expected ranges required to meet sales contract specifications. Base metals (lead and zinc) can be deleterious or provide some additional value depending on the specific sales contract and method of downstream processing. The use of column flotation and appropriate marketing strategies has allowed for mitigation of the impact of deleterious elements on potential economic extraction.

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Mineral Resources and Reserves Estimates

The Mineral Resource estimates for Efemçukuru consist of 3D block models formed on the Kestanebeleni, Kokarpınar, and Batı epithermal vein systems. Creation of these models utilized a commercial mine planning software package (Geovia Gems). Mining is primarily carried out within the Kestanebeleni vein system, but some production from the Kokarpinar vein system has commenced. Gold mineralization at Efemçukuru, primarily occurring in the principal veins, can only be confirmed through assays. Gold mineralization is concentrated in the primary veins and confirmed through assays. The grade interpolation for the models is based on a 2.0 g/t Au grade threshold and vein geometry, with extreme grades capped between 40 and 200 g/t to reduce risk. Prior to grade interpolation, the assay data were composited into 1-m fixed-length composites.

Modelling consisted of grade interpolation by ordinary kriging for Kestanebeleni domains and IDW to the second power in the remainder of the zones where data was too limited to create correlograms. Nearest-neighbour ("NN") grades were also assigned for validation purposes. No grades were interpolated outside the modelling domains. The search ellipsoids were oriented preferentially to the orientation of the vein in the respective domains. A two-pass approach was instituted for interpolation. The first pass required a grade estimate to include composites from a minimum of two holes from the same estimation domain. The second pass allowed a single hole to place a grade estimate in any block that was uninterpolated from the first pass. Outlier restriction was applied in all domains to control smearing during interpolation and blow outs. The gold model was validated by visual inspection, checks for global bias and local trends, and for appropriate levels of smoothing (change-of-support checks).

The Mineral Resources of the Efemçukuru mine were classified using the CIM Definition Standards for Mineral Resources and Reserves (May 10, 2014) that are incorporated by reference into NI 43-101. The mineralization of the Efemçukuru Project satisfies sufficient criteria such that it can be classified into Measured, Indicated, and Inferred Mineral Resource categories.

Efemçukuru Mineral Resources, as of September 30, 2025, are shown in Table 2-2. Mineral Resources were reported within constraining 3D volumes whose design was guided by contiguous areas of mineralization and mineability, excluding material below 104.5 US$/NSR cut-off value, but including must-take material following the reasonable prospects for eventual economic extraction ("RPEEE").

**Table 2-2: Efemçukuru Mineral Resources, as of September 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Resource Category** | **Resource**<br>**(t x 1,000)** | **Grade Au**<br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** | **Grade Ag <br>(g/t)** | **Contained Ag <br>(oz x 1,000)** |
| Measured | 1529 | 6.25 | 307 | 22 | 1096 |
| Indicated | 3625 | 6.58 | 767 | 22 | 2571 |
| **Measured & Indicated** | **5154** | **6.48** | **1074** | **22** | **3666** |
| Inferred | 1419 | 3.90 | 178 | 32 | 1469 |

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Notes:

• CIM Definition Standards (2014) were used for reporting the Mineral Resources.

• Mineral Resources include those resources converted to Mineral Reserves.

• Tonnages of mined out blocks and sterilized areas were depleted from the model.

• Mineralized shapes based on RPEEE identified based on $104.50 NSR cut-off value.

• The numbers may not compute exactly due to rounding.

• Measured Mineral Resources in this table include 4 kt of stockpiled ore at the end of September 2025.

The Mineral Reserves of the Efemçukuru mine were classified using the CIM Definition Standards for Mineral Resources and Reserves (May 10, 2014) that are incorporated by reference into NI 43-101. The mineralization of the project satisfies sufficient criteria to be classified into Proven and Probable Mineral Reserves. Only Measured and Indicated Mineral Resources were converted, using appropriate modifying factors, to Mineral Reserves. The Mineral Resources include Mineral Reserves.

The Mineral Reserve estimate is summarized in Table 2-3 and has an effective date of September 30, 2025.

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**Table 2-3: Efemçukuru Mineral Reserves Effective September 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ore**<br>**(t x 1,000)** | **Grade Au**<br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** | **Grade Ag<br>(g/t)** | **Contained Ag<br>(oz x 1,000)** |
| Proven | 929 | 4.04 | 120 | 13.5 | 404 |
| Probable | 3361 | 4.72 | 510 | 11.1 | 1202 |
| **Proven & Probable** | **4290** | **4.57** | **630** | **11.6** | **1606** |

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Mineral Resource and Mineral Reserve estimates for Efemçukuru may be affected by technical and other relevant factors which are more specifically described in the section of this AIF titled "Risk Factors in Our Business".

Mining Operations

Since 2011, the Efemçukuru mine has produced 7 Mt of ore at an average grade of 7.2 g/t Au, using a combination of Drift-and-Fill ("DAF") and Longhole Open Stoping ("LHOS") methods. Break-even cut-off values of $136.10/t for DAF mining and of $130.05/t for LHOS were calculated based on the 2025 budget costs and a steady state LOM production profile. The budget costs are supported by 2025 actual production costs. Use of the Deswik Stope Optimizer software identified potentially mineable material in the form of mining shapes for both DAF and LHOS mining methods. Dilution was captured as internal dilution (mining shape) and planning (overbreak), the latter equaling 14%. A mining recovery factor of 97% was also implemented for DAF mining and 95% for LHOS mining. Both factors are supported by regular reconciliation and stope closure exercises.

The Efemçukuru mine employs small-scale underground mechanized mining methods to exploit the narrow, high-grade, subvertical mineralization. The projected mine life is eight years at the current production rate of 545 ktpa.

The current mine layout has the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Six declines (SOS, MOS, NOS, KBNW, Kokarpınar Ore Shoot, and Batı Ore Shoot), each covering approximately a 400 m strike extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two surface portals (south and north) with an additional portal under development for access to Kokarpinar South .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One surface conveyor adit for conveying crushed ore to the surface crushed ore bins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Five primary ventilation surface exhausts (south, central, north, northwest, and Batı) and three fresh air raises for NOS, Kokarpınar, and Batı.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Link drives connect declines and serve as a secondary egress from the mine.

The mine plan is based on the combination of DAF and LHOS methods. Both DAF and LHOS stopes are mined concurrently from multiple production blocks to fulfil production requirements. The production blocks are mined in a top-down sequence, but stopes within a production block are mined bottom-up (overhand).

A geotechnical domain model has been developed and updated for geotechnical logging of exploration and stope definition drilling information. At Efemçukuru, the rock mass has been classified by the widely used Q-System by adopting characterization logging values to determine Q-input parameters. The selection of DAF and LHOS mining methods is primarily based on the orebody geometry (width and dip) and the expected ground conditions determined through geotechnical assessment. Regular geotechnical assessments indicate that the current mining method, stope sizes, and mining sequence will not change significantly over the LOM.

The mine operates seven days a week with three shifts per day. This annual schedule is equivalent to 365 days per year of operation.

Processing and Recovery Operations

The Efemçukuru operation is an underground mine with facilities consisting of an underground crushing plant, milling and flotation plant, filtration and paste backfill plant, water treatment plant, and ancillary buildings. The process plant produces a gold-containing bulk sulfide flotation concentrate. Major sulfide minerals comprise pyrite, sphalerite, and galena.

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Ore is ground to a P80 target of 54 µm. The reagents used in flotation are sodium bisulfite as a sulfidizing agent, copper sulfate as an activator, xanthate as collector, promoter, and frother. In most cases, gold recovery is proportional to sulfur recovery and has averaged between 93 to 94% in recent years.

Run-of-mine ore is crushed underground and transferred to two ore storage bins on the surface via a conveyor. The two ore storage bins allow for blending of different ore types feeding the process plant to target a desirable gold / sulfur ratio and reduce the contents of penalty elements for concentrate sales.

The comminution circuit consists of a semi-autogenous grinding mill operated in closed circuit with a pebble crusher, a ball mill operated in closed circuit with hydrocyclones, and a flash flotation cell. Ball mill discharge is treated in a flash cell to recover the fast-floating liberated sulfide mineral particles and prevent overgrinding of gold-containing particles. Overflow from the hydrocyclones is sent to flotation.

The flotation circuit consists of a rougher / scavenger flotation bank and two parallel cleaner flotation banks. Concentrates from the flash flotation cell and the first two cells of the rougher / scavenger bank are combined and upgraded in cleaner bank 1. Rougher cells 3-6 concentrate are treated in cleaner bank 2. Concentrates from cleaner banks 1 and 2 are combined and sent to the final concentrate thickener.

Underflow of the concentrate thickener is filtered, and the filtered concentrate is stored in big bags for shipping. The tailings are sent to a tailings thickener. The final tails are filtered. A portion of the tailings is used in the underground paste backfill plant, and the rest is dry stacked in the tailings storage facility ("TSF").

Column flotation as the third cleaner flotation stage was added in 2020 to increase concentrate quality and reduce mass pull with minimal gold recovery loss.

Infrastructure, Permitting and Compliance Activities

The Efemçukuru Project is well established for LOM purposes with all surface infrastructure in place to support the current reserves. Existing ancillary buildings, the warehouse, and administration buildings will continue to be utilized. All power, water supply, water collection and treatment, and road infrastructure exist and will support operations for the reserves at the current throughput.

There are two mine rock storage facilities on site: the central mine rock storage facility ("MRSF"), which is in operation; and the south MRSF, construction of which was recently completed. The two facilities have capacity for the current reserves and a third north TSF location is available for future expansion if needed.

Management of the site water will use the existing ponds. The water treatment plant is appropriately sized to include the new facilities. The constructed areas will be sloped and ditched appropriately to tie into the existing systems.

Tüprag has acquired and maintained all permits required to construct and operate the Efemçukuru Project. Tüprag conducted baseline studies throughout the early 2000s prior to development. An EIA was submitted in 2005 and was approved with an Environmental Positive Certificate received in September 2005. Since mining began in 2011, Efemçukuru mine operations have routinely collected environmental data outlined in an Environmental Management Plan and submitted data to the relevant government agencies. An inspection and monitoring committee has regularly visited the Efemçukuru mine site since 2007. The committee checks if the present mining operations are executed within the applicable laws, regulations, and EIA commitments.

Tüprag submitted applications for revisions to the EIA and received approvals for the revisions in 2015 to allow for larger facilities. The Environmental License and Permit for the operation was renewed in June 2023 and is valid until June 2028. The permit covers air emissions, water emissions, and environmental noise while the environmental license addresses the mining waste storage facilities, environmental and geochemical characterization of mining wastes, and potential risks identified. MRSF and TSF areas are designed to address identified risks and licensed as Category B facilities by the Ministry of Environment, Urbanisation and Climate Change (MoEUCC).

Efemçukuru is certified ISO 14001 (Environmental Management System), ISO 45001 (Occupational Health and Safety Management System) and ISO 50001 (Energy Management System). The ISO 14001 certificate was first obtained in 2012 and renewed in 2022. The ISO 45001 certificate was first obtained in 2019 and renewed in 2022. The ISO 50001 certificate was obtained in 2023.

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Capital and Operating Costs

Efemçukuru is fully constructed and operating, and actual costs form the basis of future operating and sustaining cost estimates. Mining sustaining capital costs include mine development, paste backfill borehole development, purchase of additional equipment, equipment leasing costs, and health and safety initiatives. Growth capital cost is included for development of the Kokarpınar and Batı vein systems and the associated infrastructure required to support mining in these vein systems.

The underground mine operating costs were estimated based on actual 2025 operating costs and 2026 budget estimates that allow for maintaining a steady-state production profile. The underground operating costs include all consumables (ground support, explosives, services, cement, aggregates, and fuel) and equipment required to meet the development and production schedule objectives. The operating unit costs for mobile equipment and fuel consumption rates were largely obtained from historic mine data. Labour requirements were developed to support the operation and maintenance of the fleet and for the general operation of the underground mine. All these estimates align with resourcing levels.

General and administrative costs are based on current personnel requirements and salaries. Adjustments have been made if known changes, such as increasing labour, are required in the future. General supplies are based on the current operating experience. Process operating costs were based on current annual consumption of process reagents, major wear parts, and utilities. Budget quotations were obtained for the supply of all significant consumables and utilities. Power consumption is based on 2025 operating experience. Costs forecast for 2026 are summarized in Table 2-4.

**Table 2-4: 2026 Operating Cost Forecast**

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| | |
|:---|:---|
| **Area** | **Unit Costs<br>(US$/t processed)** |
| Mining | $61.32 |
| Processing | $45.17 |
| Site General & Administrative | $51.58 |
| **Total Mine Operating Costs** | **$158.07** |

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2025 Summary and 2026 Outlook

Production, cash operating cost per ounce, growth and sustaining capital actuals for 2025 as well as forecasts for 2026 follow in Table 2-5:

**Table 2-5: Production, Cash Cost, and Sustaining Capital Summary**

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| | | |
|:---|:---|:---|
| | **2025** | **2026 Forecast** |
| &nbsp;&nbsp;&nbsp;**Production** | 72,482 oz | 70,000 - 80,000 oz |
| &nbsp;&nbsp;**Total Cash Cost per ounce sold** <sup>(1)</sup> | $1510 | $1680 - $1880 |
| &nbsp;&nbsp;**Growth Capital** <sup>(1)</sup> | $13.4 million | $25 - $30 million |
| &nbsp;&nbsp;**Sustaining Capital** <sup>(1)</sup> | $22.9 million | $20 - $25 million |

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Notes:

<sup>1</sup> These financial measures and ratios are non-IFRS financial measures or ratios. See the section 'How We Measure Our Costs' in this AIF for explanations and discussion of these non-IFRS financial measures or ratios.

In 2026, Efemçukuru is expected to mine and process approximately 530,000 to 550,000 tonnes of ore at an average gold grade of 4.5 to 5.0 grams per tonne. Total cash costs per ounce sold are expected to be higher when compared to 2025, reflecting increases in labour costs and electricity costs.

Planned sustaining capital expenditures for 2026 of $20 to $25 million include underground development and equipment purchases. Planned growth capital for 2026 of $25 to $30 million is expected to be primarily focused on the development and infrastructure for the expansion of the Kokarpinar vein system, including portal construction and development of the Bati vein system. Additionally, it is expected that the mine will transition to self-performance for capital development activities.

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**Olympias**

Technical Report

The information that follows relating to the scientific and technical information regarding Olympias in this AIF is based on, derived substantially from, and in some instances is a direct extract from, the technical report titled "Technical Report, Olympias Mine, Greece" with an effective date of December 31, 2023 ("Olympias Technical Report"), other than technical information disclosed since the effective date of the Olympias Technical Report. The Olympias Technical Report was prepared by David Sutherland, P.Eng., Peter Lind, P.Eng., Victor Vdovin, P.Eng., Sean McKinley, P.Geo., and Ertan Uludag, P.Geo. Karine Brousseau, P.Eng., is responsible for the scientific and technical information previously prepared by Ertan Uludag. Peter Lind is responsible for the scientific and technical information previously prepared by David Sutherland. Filip Medinac, P.Eng., is responsible for the scientific and technical information previously prepared by Victor Vdovin. Peter Lind, Filip Medinac, Sean McKinley and Karine Brousseau are all "Qualified Persons" for the purposes of NI 43-101 and are all employees of the Company.

The information below is based on assumptions, qualifications and procedures that are set out only in the Olympias Technical Report and reference should be made to the full text of the Olympias Technical Report which is available under Eldorado Gold's profile on SEDAR+ and EDGAR.

Property Description, Location and Access

Olympias is located within the Kassandra Mines complex located on the Halkidiki Peninsula of Northern Greece, about 100 km by road from Thessaloniki, the second largest city in Greece. There are paved roads directly to the site. The Stratoni port lies 9 km south-southeast of the Olympias mine site and is accessed by a paved road along the coast (26 km). The terrain is characterized by hills rising to about 600 m above sea level, with steeply incised valleys.

The property consists of mining concession numbers F13 and F14, which have a combined area of 47.27 km<sup>2</sup>. Hellas Gold has been granted mining rights over these concessions until March 6, 2051. An investment agreement signed with the Hellenic Republic on February 5, 2021 (the "Investment Agreement") and ratified by law, provides for further renewal for two consecutive periods of 25 years each. Hellas Gold has applied and received the first 25-year renewal to 2051. Hellas Gold has ownership of a small portion of private land within the concessions.

In July 2011, the Ministry of Environment of Greece ("MOE") formally approved the EIS submitted by Hellas Gold for the three Kassandra Mines mine sites, being Olympias, Skouries and Stratoni, which was subsequently amended in 2021, 2022 and 2023, and is now valid until 2038. As provided in Greek environmental legislation (law 4014/2011), it is subject to an extension for four years if Hellas Gold is certified with ISO 14001, or for six years if it is certified under the Eco-Management and Audit Scheme.

For production to commence, the MOE required the submission of a technical study. A study was submitted to the MOE and approved in early 2012. The installation permit for what was termed the Phase II process plant was issued on March 22, 2016. Hellas Gold received the operating permit for the Phase II plant in September 2017, allowing commencement of commercial production operations. In September 2017, Hellas Gold also received an extension of the installation permit and an interim operating permit for the Kokkinolakkas Tailings Management Facility ("KTMF"), as well as the delayed installation permit for the paste backfill plant.

Notifications for the Operation of the Olympias Paste Plant and KTMF were formally submitted in 2018 and remain in force in line with new legislation that replaced previous operating permit issuance procedures.

The Investment Agreement governs the further development, construction, and operation of the Kassandra Mines complex. The Investment Agreement became legally effective on March 23, 2021, following ratification by the Hellenic Parliament and publication in the Greek Government Gazette. The Investment Agreement is governed by Greek law. Its initial term continues to 2051 and may be extended by an additional 25 years subject to certain conditions.

The Investment Agreement included a planned expansion of Olympias to 650 kilotonnes per annum (ktpa) of ore, from a 2023 throughput of 454 ktpa. On an annualized basis, the operation has demonstrated the capability to achieve approximately 520 ktpa with its current configuration, considering the highest monthly throughputs achieved. The Investment Agreement also outlines additional benefits to the region, including additional jobs, increased fiscal revenues and community development. The new EIA approved in 2023 includes the expansion of Olympias. The expansion to 650 ktpa is advancing with all necessary process equipment now on site and installation activities underway. As part of the commitments made in

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the Investment Agreement, the Company continues to advance studies of alternate processing for Olympias ores through a Committee made up of representatives of the Company and the Greek State.

Based on current Greek legislation, royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices and US$/€ exchange rates. Based on the ministerial decision (Ministry of Environment and Energy / Directorate of Mining, Energy and Industrial Minerals / 77795/713), the royalty rates applicable to gold, silver, lead, and zinc for active mining concessions are defined according to the metal prices on the London Metal Exchange. The applicable royalty rates are shown in Table 3-1.

**Table 3-1: Royalties Calculation**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold Price**<br>**(€/oz)** | **Royalty Rate (%)** | **Silver Price (€/oz)** | **Royalty Rate (%)** | **Lead Price (€/t)** | **Royalty Rate (%)** | **Zinc Price (€/t)** | **Royalty Rate (%)** |
| 601 - 900 | 1.0 | 10.00 - 17.50 | 1.5 | 1400 - 1800 | 0.5 | 1400 - 1800 | 0.5 |
| 901 - 1100 | 1.5 | 17.60 - 25.00 | 2.5 | 1801 - 2200 | 1.0 | 1801 - 2200 | 1.0 |
| 1101 - 1300 | 2.0 | 25.10 - 32.50 | 3.5 | 2201 - 2600 | 1.5 | 2201 - 2600 | 1.5 |
| 1301 - 1500 | 3.0 | 32.60 - 40.00 | 4.5 | 2601 - 3000 | 2.0 | 2601 - 3000 | 2.0 |
| 1501 - 1650 | 4.0 | > 40.10 | 6.0 | > 3,001 | 2.5 | > 3,001 | 2.5 |
| 1651 - 1800 | 5.0 |  |  |  |  |  |  |
| > 1,800 | 6.0 |  |  |  |  |  |  |

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At current metal prices, Hellas Gold would pay a royalty of approximately 6.0% on Au, 6.0% on Ag, 0.5% on Pb, and 2.0% on Zn revenues. As part of the terms of the Investment Agreement, the Company pays an additional 10% of the royalty value until such time that a gold processing metallurgy plant is constructed. The corporate income tax rate is set at 22%.

There are no other royalties, back-in rights, payments, or other agreements and encumbrances to which the Olympias Project is subject. There are no known significant factors or risks that might affect access or title, or the right or ability to perform work on, the Olympias Project, including permitting and environmental liabilities to which the project is subject.

History

Mining has occurred since ancient times in the area, peaking during the time of Philip II of Macedon and Alexander the Great in the period 350 to 300 BC, with bulk ores extracted from the mine. Modern mining began in 1933 with an exploration shaft and drilling programs intermittently through to the 1960s. Operations began in 1970 and were suspended in 1995.

In 2012, Eldorado acquired European Goldfields Mining (Netherlands) B.V. and, indirectly, a 95% interest in Hellas Gold, a wholly-owned subsidiary of European Goldfields, which held the concession for the project. In 2020, Eldorado purchased the remaining 5% ownership in Hellas Gold from Aktor, an unrelated third party.

Geological Setting, Mineralization and Deposit Types

The Western Tethyan orogenic belt in southeast Europe contains several major metallogenic provinces, including the Serbo-Macedonian Metallogenic Province that hosts the Kassandra mining district. Crystalline basement within the district includes the upper Serbo-Macedonian Vertiskos Unit and the lower Kerdilion Unit, exposed within the southern Rhodope metamorphic core complex.

The Olympias deposit is located 6 km north of the Stratoni fault within the Kerdilion Unit. Replacement-style sulfide orebodies are hosted by marble interlayered within a sequence of quartzo-feldspathic biotite gneiss, amphibolite, and plagioclase microcline orthogneiss. The massive sulfide orebodies plunge shallowly to the southeast for over 1.8 km, subparallel to the orientation of F2 fold hinges and a locally developed L2 intersection lineation. The locations of the sulfide lenses, however, are largely controlled by

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strands of the ductile-brittle Kassandra fault and East fault and sub-horizontal shear zones that occur between the two faults.

Sulfide mineralogy of the Olympias deposit consists of coarse-grained, massive, and banded lenses dominated by variable amounts of sphalerite, galena, pyrite, arsenopyrite, chalcopyrite, and boulangerite. Gold occurs primarily in solid solution within arsenopyrite and pyrite.

Olympias is an example of a polymetallic carbonate replacement deposit. However, it is somewhat unusual due to the high gold content of the deposit. Key characteristics of this class of deposit include carbonate host rocks, massive sulfide mineralization, spatial and temporal relationship with magmatism, and zoned metal distribution.

Exploration

Eldorado has conducted limited exploration at Olympias since 2012 as focus has been on improving definition of the known resource. Several geological studies, including surface mapping and hyperspectral analyses, have been carried out. In 2023, a surface IP geophysical survey and a soil geochemical survey were conducted to the west and north of the resource footprint to identify possible future drilling targets. Results of these surveys showed good correlation between areas of high chargeability and known subsurface orebodies. A zone of high chargeability extends to the northwest and underlies an area of anomalous metals in soils from the 2023 survey, validating the potential target for future drill testing.

Drilling and Sampling

In 2025, drilling activities at Olympias totalled 36,508.4 m from 191 holes, including 13,983.8 m from 33 exploration holes.

Drilling targeted high Au grade mineralization and confirmation and conversion of the indicated and inferred resources that could then be incorporated into short- and mid-term mine planning. The target areas for the infill drilling were mainly the northern part of the Flats zone, the southern area of the West zone and the central part of the East zone. Exploration drilling was primarily focused on testing the southwest extension of the Flats zone, and the northern part of the East zone. Additionally, some exploration drill holes were testing a possible extension of the Flats zone in the northern of the deposit. To date, 512,720 m have been drilled (surface and underground drilling) around the East, Flats and West ore zones in the drilling program.

Diamond drill holes are the sole source of subsurface geologic and grade data for the Olympias Mineral Resource estimation. The previous operator, TVX Gold Incorporated ("TVX"), drilled 764 drill holes for a total of 93,246 m. These drill holes are becoming less important as new information is acquired. Currently, holes are drilled by Eldorado using contractors drilling HQ or NQ-size (63.5 mm or 47.6 mm nominal core diameter). The average drill hole depth is approximately 100 m, as the holes are drilled from locations underground giving good intersection angles with the zones. A total of 3,228 holes totalling 357,826.8 m were drilled by Eldorado since 2014 for the purposes of exploration, delineation, infill and mine services.

Core is delivered to secure core logging areas, and the core is logged in detail straight into a database using computer tablets. Lithology, alteration, structure, and mineralization data are collected; core recovery data are also measured. Core photos are routinely taken of all the core, both wet and dry, using a camera stand to ensure consistent photographs.

A comparison of the measured versus calculated bulk densities was carried out using a quantile-quantile plot. It was determined that most calculated bulk densities were about 6% higher than measured and that this disparity was most likely due to voids that could not be accounted for in a calculated bulk density. Thus, each block in the resource model has a calculated bulk density (based on the interpolated metal grades for each block) that is then adjusted downward by 6% to reflect the typical volume of voids.

Sampling, Analysis and Data Verification

Sampling of the core is carried out on approximately 1 m intervals or to geological contacts. The core is sawn using an automated core saw and half is bagged for dispatch, with the remainder being placed in the core box for storage. Drill core samples are routinely sent to the ALS Global (ALS) facility in Romania. They are bagged and packed in large sealed wooden bins before being trucked to ALS. The sample

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rejects are returned to the mine site in the same bins. The samples are prepared for assaying at the ALS facility.

All samples were assayed for gold by 30 g fire assay with an AAS finish, with Au values above 10 ppm determined by a gravimetric finish. Multi-element determination was carried out by ICP mass spectrometry analysis and / or ICP emission spectroscopy analysis.

A comprehensive QA/QC program is in place incorporating CRM, blanks, and duplicate samples. CRMs are used that contain all of the payable metals at Olympias (Au, Ag, Pb, Zn). Blank samples are used to monitor contamination during the sample preparation and assay processes.

In the opinion of the Qualified Person, the sampling, sample preparation, security, and analytical procedures, as confirmed by the QA/QC results, demonstrate that the Olympias mine's assay database is adequate for Mineral Resource estimation.

All of the Qualified Persons carried out verification of data pertaining to the sections for which they are responsible.

Mineral Processing and Metallurgical Testing

Metallurgical testwork was carried out ahead of the re-start of the Olympias operation with the current process flowsheet in 2017.

In 2015, metallurgical testwork and mineralogical investigations were carried out on ore samples from the Olympias deposit. The main sulfide minerals in these samples were found to be galena, sphalerite, pyrite and arsenopyrite. Other than quartz, all other minerals can be considered minor. The liberation of all sulfide minerals was excellent at a grind of 120 µm P80. Flotation of galena, sphalerite and pyrite / arsenopyrite in a sequential flowsheet was found to be effective at producing lead / silver, zinc, and gold concentrates.

The three concentrates are produced by differential flotation through the use of depressants, collectors and activators, as well as manipulation of the pH of the pulp.

Tests confirmed good settling-thickening characteristics for the concentrates and tailings samples. Vacuum filtration of the tails underflow sample showed high throughput and low residual cake moisture. Pressure filtration on concentrate underflow samples indicated high throughput and low residual moisture.

Additional variability testwork was carried out in 2021, with composites and blends produced from the East, West, and Flats areas of the deposit. Comminution results from this testwork confirmed that future ores would continue to be considered as soft in terms of grindability. Flotation testwork identified that the proportion of lead hosted within galena, boulangerite, or bournonite had a direct impact on the amount of antimony recovered to the final lead concentrate.

Mineral Resources and Reserves Estimates

Mineral Resource estimates update for the Olympias mine were made from a 3D block model utilizing Leapfrog Edge software. Project limits, in UTM coordinates are 4781105 to 479700 East, 4491165 to 4493480 North and -800 to +60 m Elevation. A sub-cell block model was used for the project with parent blocks of 5m east x 5m north x 5m high.

A grade-based discriminant was developed to allow for more consistent interpretations to be made. This was accomplished by creating a simplistic value formula based on the logic of a Net Smelter Return ("NSR") formula that used a combination of metal prices and metal recoveries to act as weighting factors against each metal. This metric, a dollar value, proved to be an excellent surrogate for a comprehensive equivalent grade. Inspection of these resource defining values ("RDV") showed that, for the parameters used, a value of $50 best defined what one would classify as likely economically mineralized zones.

For the Olympias modelling, the deposit was divided into three zones: East, West, and Flats. Within each of these zones, modelling domains were created using the $50 RDV. High grade (HNSR > $50) and low grade (LNSR < $50) domains, within each zones, were defined in 2025 to improve the estimation results. Assays and composite samples were tagged by these domain shapes ahead of data analysis and grade interpolation. The assays were top capped prior to compositing and were composited into 1 m composites within the domains.

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Grade estimates for Au, Ag, As, Pb, Zn, and Fe were interpolated generally using OK. In a few estimation domains IDW was used. Interpolation parameters were updated to reflect new data and updated geological interpretation. Nearest neighbour grades were also interpolated as a declustered distribution to validate the estimation method. Note that bulk density and sulfur were calculated as a function of the estimated block grades.

Areas of previous mining are located mainly in the West and East zones, and to a lesser extent in the Flats zone, and these were removed from the initial Mineral Resource estimate. The metal models were validated by visual inspection, checks for global bias and local trends.

The Mineral Resource was classified using the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) that are incorporated by reference into NI 43-101. The mineralization of the mine satisfies sufficient criteria to be classified into Measured, Indicated, and Inferred Mineral Resource categories. Olympias mine Mineral Resources, as of September 30, 2025, are shown in Table 3-1. The Olympias mine Mineral Resources are reported within 3D constraining volumes whose design was guided by the reporting cut-off value of NSR $105.5/t, contiguous areas of mineralization and mineability. Only material internal to these volumes was eligible for reporting, to satisfy RPEEE. Both Measured and Indicated Mineral Resources and Inferred Mineral Resources decreased due to depletion, model estimation parameter updates, and the exclusion of un-minable material which were previously included, off-setting extensional discoveries. As part of the annual review of Mineral Resources with respect to RPEEE, some un-mineable material was removed due to proximity to existing infrastructure, areas of poor geotechnical conditions and inaccessibility due to previous mining activities.

**Table 3-2: Olympias Mineral Resources as of September 30, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Tonnes (kt)** | **Au (g/t)** | **Au (koz)** | **Ag (g/t)** | **Ag (koz)** | **Pb (%)** | **Pb (kt)** | **Zn (%)** | **Zn (kt)** |
| Measured | 4760 | 9.32 | 1426 | 152 | 23251 | 4.9 | 233 | 6.2 | 293 |
| Indicated | 5864 | 6.63 | 1251 | 140 | 26478 | 4.8 | 284 | 6.7 | 394 |
| **Measured and Indicated** | **10624** | **7.84** | **2677** | **146** | **49728** | **4.9** | **517** | **6.5** | **687** |
| Inferred | 2693 | 8.25 | 714 | 143 | 12355 | 4.7 | 127 | 5.7 | 153 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CIM Definition Standards (2014) were used for reporting the Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources include those Resources converted to Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tonnages of mined out blocks and sterilized areas were depleted from the model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade of $105.50 NSR, contiguous areas of mineralization and mineability. Only material internal to these volumes was eligible for reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The NSR value is based on a combination of metal price and individual metal recoveries, which are variable throughout the deposit, and smelter considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource prices used to define potentially mineable shapes are as follows: gold $2,100/oz, silver $24/oz, zinc $2,800/t, lead $2,200/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The numbers may not compute exactly due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Measured Mineral Resources in this table include 27.5 kt of stockpiled material at the end of September 2025.

The Mineral Reserve estimates were classified using the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) that are incorporated by reference into NI 43-101. All design and scheduling have been completed using the Mineral Resource model and estimate. Only Measured and Indicated Mineral Resources have been used for Mineral Reserve estimation. The estimation assumes that the mining method employed at the mine will be DAF.

The cut-off values supporting the estimation of underground Mineral Reserves were developed in 2025 from the 2025 budget and future projected operating and sustaining capital costs at a steady-state target production rate of 650 ktpa. The cost assessment indicated that NSR values of $223.40/t for DAF mining would adequately cover all site operating and sustaining capital costs. The DAF costs were used to create potentially mineable stope shapes from the NSR block model.

In the evaluation of underground Mineral Reserves, modifying factors were applied to the tonnages and grades of all mining shapes to account for dilution and ore losses. In the DAF stopes, a mining dilution factor of 15% and a mining recovery of 95% were used to estimate Mineral Reserves.

The Mineral Reserve estimate is summarized in Table 3-2 and has an effective date of September 30, 2025.

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**Table 3-3: Olympias Mineral Reserves as of September 30, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes** <br>**(kt)** | **Au** <br>**(g/t)** | **Au** <br>**(koz)** | **Ag**<br> **(g/t)** | **Ag** <br>**(koz)** | **Pb** <br>**(%)** | **Pb**<br> **(kt)** | **Zn** <br>**(%)** | **Zn** <br>**(kt)** |
| Proven | 3791 | 7.38 | 899 | 122 | 14929 | 3.9 | 149 | 4.9 | 185 |
| Probable | 5400 | 5.07 | 881 | 112 | 19427 | 3.9 | 211 | 5.4 | 290 |
| **Proven & Probable** | **9191** | **6.02** | **1780** | **116** | **34356** | **3.9** | **360** | **5.2** | **475** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Figures in the tables may not compute due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cut-off grades are based on a gold metal price of $1,700/oz, silver metal price of $20/oz, zinc metal price of $2,500/t, and lead metal price of $2,000/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical recoveries are based on feed grade and metallurgical algorithms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange rate used is €1.15 = US$1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average mining dilution and mining recovery factors of 15% and 95%.

Mineral Resource and Mineral Reserve estimates for Olympias may be affected by technical and other relevant factors which are more specifically described in the section of this AIF titled "Risk Factors in Our Business".

Mining Operations

The Olympias mine is an underground mining operation extracting ore from three main zones: East, West and Flats; the Remnants are a sub-zone of the West Zone. Total mined material at Olympias will ramp up from an approximate 767 kt in 2026 to a high of 989 kt in 2028, followed by a decline in total mined material. Total mined material includes ore, operating waste, and capitalized waste mined. Annual mined waste quantities follow a general decreasing trend from 2026 onward. Correspondingly, ore production will increase from an approximate 528 kt in 2026 to an average over 640 ktpa through 2040.

The rock mass conditions at the Olympias mine are highly variable due to complex geology and the presence of fault structures. Ground support classes have been implemented based on a range of Q values for ore and waste rock development. Ground support elements used at Olympias include wire mesh, shotcrete, rebar, split sets, Swellex, self-drilling anchors, and cable bolts of varying lengths. Field observations indicate that underground openings are stable and ground support application is generally adequate, with no unsecured ground being noted and good support performance.

DAF at Olympias commences once the decline reaches the footwall drive or level access elevation of the orebody, usually midway along its strike length. DAF is an overhand mining method. The stope sequence begins with the lowest 5.0 m high lift. Then each subsequent lift requires the back of the level access to be slashed down ('take-down-back' or TDB) to reach the next lift. There are four lifts between levels for a total rise of 20 m from each access.

All stopes are filled with backfill after excavation. Currently a combination of cemented aggregate fill (CAF), paste fill and waste rock fill is used. The paste fill system has been designed to produce 42 m3/h of paste, which will meet all future backfill requirements at mill throughput of 650 ktpa with 70% utilization. CAF and waste rock are delivered to stopes by truck and pushed into place with loaders. Paste is delivered with positive displacement pumps via drill holes and pipes.

There are two declines currently in use, one accessing the West zone that will be extended to the base of the West zone. The second decline accesses the East Zone that will be extended to the base of the East zone and will also connect to the upper Flats. There are multiple cross-over drifts between these two declines above the Flats. Both declines are currently being extended to the bottom of the West and East zones. The third and final main decline will be developed for the Flats from -370 metres above sea level to the base of the Flats.

Both ore and waste are hauled to the surface utilizing 40 t trucks on the existing and expanding declines. This will continue to be the case after the production increases to a steady state value of 650 ktpa.

The mine operates three shifts a day with 21 shifts per week. There are currently 20 large pieces of mobile mining equipment on site: three jumbos, four bolters, five trucks, and eight loaders. In addition, there are sixteen utility vehicles, two transmixers and three shotcrete sprayers. To achieve the production increase to 650 ktpa, additional primary equipment will be added to the fleet, including jumbos, bolters, trucks, and loaders.

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The ventilation design is based on an exhausting system configuration with the main fans ultimately located on the surface at the single exhaust raise. At present, fresh air for Olympias is supplied from the +59 Portal, +70 Portal, Shaft, and Fires area. Exhaust is through the main exhaust raise at -173 level. The recently installed ventilation system was upgraded in 2023, with the large surface exhaust fans located at the main exhaust raise collar, ensuring the required airflow for the mine of 420 m3/s is attained.

The Olympias mine currently uses bulk emulsion product for all blasting practices in the underground mine. There is no existing magazine on the property and explosives are delivered to the site daily by the supplier. However, bulk emulsion matrix is stored in large bays underground as it is not considered an explosive until it sensitizes inside the mobile emulsion production unit underground – usually done at the face during charging activities. The construction of a new underground magazine is ongoing, with excavations having been completed and installation of shelving planned to be completed in the near future. In 2024, an underground maintenance workshop was completed which will allow for the repair of heavy-duty machinery underground, saving tramming time of the equipment.

As an operating mine, infrastructure is well developed, with existing process water, compressed air, electrical distribution, and dewatering systems. For the 650 ktpa expansion, a new compressor, dewatering station, and underground shop are being installed. These activities are currently in progress.

Processing and Recovery Operations

The Olympias lead-zinc-gold-silver process plant has been developed in phases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase I involved the recommissioning of the plant after prolonged inactivity and processing of the existing tailings. Phase I commenced in 2013 and was completed on commissioning of Phase II in 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase II was commissioned in mid-2017 and is currently in operation. It included refurbishment and upgrading of all the process facilities to process 400 – 440 ktpa of ore. The Phase II process facility consists of comminution, flotation and filtering to produce three saleable concentrates: lead / silver (lead), zinc, and arsenopyrite / pyrite gold (gold). All concentrates are sold to worldwide markets. Tailings are used for underground backfill via the on-surface paste plant or trucked to the KTMF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expansion project involves upgrading the existing Olympias process plant to handle a mine feed rate of 650 ktpa of ore, an increase of approximately 25% considering the newly established technical limits of the existing process plant. Capital expenditure for the expansion of the plant is scheduled from 2023 to 2026, and the 650 ktpa throughput rate is targeted to be achieved in 2026. The expansion includes the addition of a secondary stirred grinding mill, additional flotation cells for Pb and Zn flotation, a new Au concentrate thickener, and a new repurposed Zn concentrate filter press.

The processing facility incorporates the following process unit operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Three-stage crushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stage ball milling in closed circuit with hydrocyclones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nearly all hydrocyclone underflow is fed to flash flotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lead flotation consists of rougher, scavenger, regrinding, and three stages of cleaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zinc flotation consists of rougher, scavenger, regrinding, and three stages of cleaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold-pyrite flotation utilizes rougher, scavenger, and a single stage of cleaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concentrate thickening, filtration, and packaging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings thickening and filtration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings paste backfill - mixing and pumping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reagent mixing, storage, and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Water and air services.

The Olympias plant produces three concentrates: an arsenopyrite / pyrite concentrate containing gold, a lead concentrate that also contains silver and gold, and a zinc concentrate that also contains gold. The Company has negotiated multiple concentrate sales contracts with commodity traders, blenders, and smelters for concentrates from Olympias. Agreements with several customers in various countries are currently in place. Production data on current ore and metallurgical testwork on future ores support the throughput and recovery assumptions of base and precious metals to the three concentrate products.

Infrastructure, Permitting and Compliance Activities

As an operating mine, current infrastructure is robust and complete. The mine has access to the main highway system in Greece via paved roads to the mine site. Local services are provided via the towns of Olympiada and Stratoni, with additional services available through Thessaloniki.

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A port facility located at Stratoni, 9 km from the Olympias process plant (26 km by paved road) is owned by Hellas Gold. Currently lead, zinc and arsenopyrite concentrates are shipped via the port facility. Lead and arsenopyrite concentrate may also be bagged at the process plant and shipped by truck to the port at Thessaloniki.

Water is supplied by surface facility contact water run-off and from underground mine dewatering. A series of three settling ponds, with a fourth as a spare, is used to remove suspended solids. This water is pumped to a raw water tank next to the clean water and process water tanks. Excess water from mine dewatering is treated in the surface water treatment plant. Process water is reclaimed from the tailings thickening and filtration circuit and backfill clarifier overflow. A minimum amount of make-up water is supplied from the raw water tank.

Waste from the underground mine is brought to the surface and hauled to the KTMF. Some waste rock is stored temporarily underground and is used to backfill voids underground left from the stope mining, saving on transportation costs, as well as the cost of paste fill.

Thickened tailings are pumped to the paste plant. If thickened tailings production exceeds the maximum capacity of the paste plant, excess thickened tailings can be pumped to one of two tailings pressure filters located adjacent to the process plant. Filtered tailings are then trucked to the paste plant for additional feed into the plant when required.

Excess thickened tails are pumped to a tailings filter to produce a cake with a moisture content of 13%, which is then trucked to the KTMF for dry stacking. This facility is located 8.5 km south of Olympias (23 km by public paved road). In addition to mine tailings from the Olympias mining operations, tailings from historical mining activities at Olympias are also being hauled to the KTMF. It is designed to safely manage approximately 10.5 Mm<sup>3</sup> of mine waste at an average dry density of 1.6 t/m<sup>3</sup>.

Current power to the site consists of a 150kV transmission line from the national grid feeding a new 150kV to 20kV, 25MVA substation, which has sufficient rated capacity to meet all anticipated increases in mine load. Backup power consists of 3,700 kW of diesel generation in multiple distributed generators.

Water for the mine is obtained from underground dewatering, after treatment. Excess water from underground is discharged into the Mavrolakkas stream after settling and treatment to meet discharge standards. The plant has the capacity to handle 650 m<sup>3</sup>/hr, which is expected to be sufficient for the mine life. Service water is supplied via a local borehole in the regional aquifer.

Existing surface facilities consist of a surface workshop, administration building, dry, shaft, and fuel storage (60,000 litres capacity). The workshop and fuel storage will be adequate for the production increase. The shaft is used for inspection of a legacy pump station only and there are plans to rehabilitate the shaft as required in the future.

Current power to the site consists of a 20 kV 10 mVA pole line from the PPC grid. To facilitate the production increase, a new pole line at 150 kV 25 mVA, along with a new substation was completed in 2023. Backup power consists of 4,920 kW of diesel generation in multiple distributed generators. An additional 2,500 kW of generated power will be added for the production increase.

The EIS for the Kassandra Mines includes an area of 26,400 ha in northeastern Halkidiki (Macedonia Region). Kassandra Mines includes the Skouries, Olympias and Stratoni sites. No significant impact is expected on the landscape, geological environment, atmosphere, or water resources in the area. The overall impacts to date have been positive for the environment, as legacy tailings and concentrate storage are in the process of being removed to the KTMF, and the associated areas rehabilitated. As a whole, the Kassandra Mines project provides economic and social impacts for the Halkidiki Prefecture, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to the national economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infrastructure constructed and equipped by local companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service industries in the local economy expand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment of a large skilled workforce.

After the completion of all operations at the Kassandra Mines, the project areas will be rehabilitated according to appropriate and approved land uses. All structures are to be removed or left in a state that they do not pose a risk to the environment or public. The environment will be returned to a state of a self-sustaining ecosystem and safe and stable biological conditions will be re-created.

The Olympias Project has received and maintained all permits required to operate within Greece. Discussions are regularly held with the local communities and there are no ongoing negotiations which would materially affect the Olympias Project or operations.

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Capital and Operating Costs

The Olympias Project has been on a continuous improvement program in all aspects of the operation to achieve a throughput of 650 ktpa. Capital costs include process plant upgrades and continuing mine development into new zones. Capital is also allocated for infrastructure to support the Olympias Project including ancillaries and expanding water management systems, indirects including EPCM costs to support capital projects, owners' costs, continuing exploration, and contingencies.

Operating costs at Olympias consist of underground mining costs, processing costs, and general & administrative ("G&A") costs. These costs are forecast in Table 3-3 for the year 2026. It should be noted that the operating costs shown here are exclusive of refining and concentrate transport charges.

**Table 3-4: 2026 Operating Cost Forecast**

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| | |
|:---|:---|
| **Area** | **US$/t processed\*** |
| Mining | $116.45 |
| Processing | $75.57 |
| Site General & Administrative | $52.98 |
| **Total Mine Operating Costs** | **$245.02** |

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\*Totals may not add due to rounding

2025 Summary and 2026 Outlook

Production, cash operating cost per ounce, growth and sustaining capital actuals for 2025 as well as forecasts for 2026 follow in Table 3-4:

**Table 3-5: Production, Cash Cost, and Sustaining Capital Summary**

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| | | |
|:---|:---|:---|
| | **2025** | **2026 Forecast** |
| &nbsp;&nbsp;&nbsp;**Production** | 59,887 oz | 70,000 - 80,000 oz |
| &nbsp;&nbsp;**Total Cash Cost per ounce sold** <sup>(1)</sup> | $1722 | $1030 - $1230 |
| &nbsp;&nbsp;**Growth Capital** <sup>(1)</sup> | $34.8 million | $40 - $45 million |
| &nbsp;&nbsp;**Sustaining Capital** <sup>(1)</sup> | $24.1 million | $25 - $30 million |

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Notes:<sup>1</sup> These financial measures and ratios are non-IFRS financial measures or ratios. See the section 'How We Measure Our Costs' in this AIF for explanations and discussion of these non-IFRS financial measures or ratios.

In 2026, Olympias is expected to mine approximately 510,000 to 540,000 tonnes of ore at an average grade of 7.5 to 8.0 g/t of gold, 100 to 130 g/t of silver, 3.8 to 4.3% lead, and 4.6 to 5.1% zinc. Payable production is expected to be 70,000 to 80,000 ounces of gold, 1.55 to 1.75 million ounces of silver, 15,000 to 18,000 tonnes of lead metal and 16,000 to 19,000 tonnes of zinc metal. Cash operating costs per ounce in 2026 are expected to be lower than in 2025 due to increased by-product metals, partially offset by increased royalties due to the anticipated continuation of higher gold prices.

Planned 2026 sustaining capital expenditures of $25 to $30 million include underground mine development and management of the KTMF. Planned 2026 growth capital of $40 to $45 million is primarily focused around the mill expansion to support the ramp-up to 650 ktpa, capitalized development, and a resource conversion drilling program.

**Skouries**

Technical Report

The information that follows relating to the scientific and technical information regarding Skouries in this AIF is based on, derived substantially from, and in some instances is a direct extract from, the technical report titled "Technical Report, Skouries Project, Greece" with an effective date of January 22, 2022 (the "Skouries Technical Report"), other than technical information disclosed since the effective date of the

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Skouries Technical Report. The Skouries Technical Report was prepared by Robert Chesher, FAusIMM (CP), RPEQ, MTMS, three other former employees of AMC Mining Consultants (Canada) Ltd., a former employee of Mining Plus Canada Consulting Ltd., Richard Kiel, P.E., and a former employee of WSP Canada Inc., and another employee of Fluor Canada Ltd., all of whom are independent consultants and "Qualified Persons" under NI 43-101. AMC Mining Consultants (Canada) Ltd., is responsible for the scientific and technical information previously prepared by two formers employee of AMC Mining Consultants (Canada) Ltd. Mining Plus Canada Consulting Ltd. is responsible for the scientific and technical information previously prepared by a former employee of Mining Plus Canada Consulting Ltd. WSP Canada Inc. is responsible for scientific and technical information previously prepared by a former employee of WSP Canada Inc. Fluor Canada Ltd. is responsible for the scientific and technical information previously prepared by another employee of Fluor Canada Ltd.

Except as otherwise indicated, the information below is based on assumptions, qualifications, and procedures that are set out only in the Skouries Technical Report and reference should be made to the full text of the Skouries Technical Report which is available under Eldorado Gold's profile on SEDAR+ and EDGAR. As noted in the sections entitled "Reporting Mineral Reserves and Mineral Resources," and "Capital Cost Update", scientific and technical information disclosed since the effective date of the Skouries Technical Report has been updated and approved by Simon Hille, a "Qualified Person" under NI 43-101.

Property Description, Location and Access

The property is located within the Kassandra Mines complex, located on the Halkidiki Peninsula of northern Greece. The complex is located approximately 100 kilometres (km) east of Thessaloniki and comprises a group of mining and exploration concessions covering 317 square kilometres (km<sup>2</sup>), of which the property is part of. The properties within the complex include the Olympias mine currently in production, the Stratoni mine on care and maintenance, and the Skouries copper-gold porphyry deposit under development.

The Skouries Project is a copper-gold porphyry deposit to be mined using a combination of conventional open pit and underground mining techniques. The mineral processing facilities will produce a copper-gold concentrate. The property is situated at an elevation range of 350 metres above sea level to 620 metres above sea level near the village of Megali Panagia in the prefecture of Halkidiki, northern Greece. It is approximately 7.2 km from the road connecting the villages of Megali Panagia and Palaiochori. The area is centered on co-ordinates 4745300 E and 4481400 N of the Greek Reference System EGSA '87, at approximately Latitude 40°29' and Longitude 23°42'. The location is classified according to Greek Seismic Code NEAK 2000 (modified in 2003) as Zone II. The property consists of concession numbers OP03, OP04, OP20, OP38, OP39, OP40, OP48, and OP57, which have a combined area of 55.1 km<sup>2</sup>. Hellas Gold has applied for and received the first 25-year renewal of its mining rights over these concessions until March 6, 2051. Hellas Gold owns a small portion of private land within the concessions, is granted use of forestry land and is in negotiation for the remaining 0.3% of the total area required.

The EIS for the Kassandra Mines includes an area of 26,400 hectares (ha), in northeastern Halkidiki (Macedonia Region). The Skouries Project covers approximately 250 ha of the Kassandra Mines complex. The EIS considers the potential impact on the local and regional environment as it relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open pit and underground workings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings impoundment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infrastructure necessary for the Skouries Project operation.

Based on current Greek legislation, royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices and US$/€ exchange rates. At current metal prices, Hellas Gold would pay a royalty of approximately 6.0% on Au and 2.5% on Cu revenues. As part of the terms of the Investment Agreement, the Company pays royalties based on metal contained in concentrate and applies an additional 10% of the royalty value until such time that a gold processing metallurgy plant is constructed. The corporate income tax rate is set at 22%.

There are no other royalties, back-in rights, payments, agreements or encumbrances to which the Skouries Project is subject. There are no known significant factors or risks that might affect access or title, or the right or ability to perform work on, the Skouries Project, including permitting and environmental liabilities to which the project is subject.

History

There is a long history of mining in the region dating back to 350 to 300 BC and continuing through the Roman, Byzantine and Ottoman periods. There is limited historic development at the Skouries site. In

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modern times, the Skouries deposit was initially drilled by Nippon Mining and Placer Development ("Placer") during the 1960s. Placer also carried out limited underground development from an adit. The deposit was subsequently drilled in the 1970s by the Hellenic Fertiliser Company. TVX began a drilling program in August 1996 to confirm the deposit and to explore it at depth. A subsequent infill drilling program was conducted in 1997 with the objective of improving the evaluation of Indicated Mineral Resources in the deeper high-grade zone. European Goldfields Limited acquired the property in 2004, audited the TVX program and prepared a pre-feasibility study in 2006. The pre-feasibility study reflected an open pit operation followed by an underground mine using sub-level caving ("SLC") underground mining methods at a production rate of 6.5 million tonnes per annum ("Mtpa").

Geological Setting, Mineralization and Deposit Types

The tectonic structure of Greece consists of elongated tecto-magmatic belts of variable metamorphic grade which trend north-west (NW) to south-east (SE). These belts represent successive episodes of subduction, resulting from the north-east movement of the African plate during the Tertiary period. Within Greece there are three main geotectonic units: the Rodope massif to the east, the Serbo-Macedonian massif, and the Vardar Zone to the west. The Rodope and the Serbo-Macedonian massifs are considered to be part of a metamorphic core complex. The Kassandra mining district is located within the Serbo-Macedonian massif, which is sub-divided into two lithostratigraphic tectonic units, the upper Vertiskos formation to the west and the lower Kerdilia formation to the east, with a major fault separating the two formations. The Vertiskos formation is composed mainly of schist with quartz intercalations. Lower units of the Kerdilia formation include amphibolite gneiss with lenses of foliated migmatitic rocks, and the Upper unit consists mostly of biotite gneiss and schist interlayered with marble horizons, irregular pegmatite lenses and aplite. It is these marble horizons within the Upper Kerdilia formation that host mineralization in the Olympias area. Both the Kerdilia and the Vertiskos rocks were affected by early ductile and later brittle deformation during the mid-Cretaceous to mid-Tertiary which resulted in a series of folds and faults bounding the metamorphic core. One such fault is the Stratoni fault, a major feature that dominates the area. During the early Oligocene the district was subjected to extensional tectonics allowing for the intrusion of a post tectonic/metamorphic suite of plugs and dikes into both the Vertiskos and the Kerdilia formations.

The Madem Lakkos, Mavres Petres and undeveloped Piavitsa deposits occur along the east-west oriented, moderate south-dipping Stratoni fault zone. The fault zone crosscuts the lower portion of the late Oligocene (25.4 ± 0.2 Ma) Stratoni granodiorite stock but is cut by a Miocene glomerophyric monzonite porphyry dike at Piavitsa (20.62 ± 0.13 Ma) constraining major fault movement and related hydrothermal mineralization to the late Oligocene to early Miocene.

The Skouries deposit is centered on a small porphyry stock that has a surface expression of approximately 200 m in diameter. Skouries is typical of a copper-gold pencil porphyry. Mineralization occurs in stockwork veins, veinlets and disseminated styles typical of a porphyry, which has a sub-vertical, pipe-like shape. Mineralization has been tested to a depth of 920 m from the surface and the results show the orebody is open at depth. Potassic alteration and copper-gold mineralization also extend into the country rock; approximately two-thirds of the Measured and Indicated Mineral Resources are hosted outside of the porphyry, with about a 50:50 split in gold-equivalent ounces.

Exploration

Exploration work at the Skouries Project completed by Eldorado has focused on evaluating potential for additional porphyry mineralization within the surrounding area. This has included geological mapping, geochemical sampling (soil and outcrop) and geophysical survey programs, as well as drill-testing of new targets generated from this work. Detailed geological mapping of fresh outcrop areas generated during early construction has been complete in several phases beginning in 2014. Historical soil sampling completed by previous owners has been infilled and extended, with the immediate deposit area now covered at a sample spacing of 50 m x 50 m and the surrounding property at 200 m x 200 m, with anomalous zones at a closer spacing. In November 2020, Eldorado in collaboration with the EU funded Smart Exploration program carried out a SkyTEM312HP survey over the majority of the Halkidiki license area. In total this comprised 79 N-S flight lines spaced at ~200 m with a transmitter height of 40 – 55 m for a total of 1,465 km. The survey recorded magnetic, electromagnetic, and digital elevation data. This was subsequently processed and delivered as sections and inversion models and used for further exploration targeting.

In 2019, reconnaissance drilling was conducted at the Rian Prospect (9 drill holes, 1,078 m), a base metal vein showing discovered during mapping of the tailings management facility area. A drilling program testing new targets at the Tsikara prospect, a granodiorite to monzodiorite complex with a large quartz-sericite alteration anomaly located two to four kilometres southeast of Skouries was conducted in 2017 with 10 drill holes (4,453 m) completed.

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Drilling

Diamond drill holes are the sole source of subsurface geologic and grade data for the Skouries Project. Resource delineation drilling was carried out in two major campaigns: in 1996 – 98 by then owner TVX and in 2012 to 2013 by Eldorado. TVX drilled a total of 72,232 m of core in 121 drill holes using NQ (47.6 millimetres (mm)) diameter core. Holes reached a maximum depth of 1,013 m. Eldorado conducted two drill campaigns on the Skouries Project in 2012 and 2013: a 34-hole, infill drilling program comprising 6,922 m and a 10-hole, 6,617 m confirmation program. The confirmation program was completed to test the core of the main mineralized portion of the deposit to compensate for the lack of a drill core record from the earlier TVX campaign. These confirmation drill holes confirmed the earlier results and are not included in the current Mineral Resource estimation.

In 2024, 65 drill holes were drilled at Skouries, including 9 delineation holes for 4,601.6 m, 8 dewatering holes for 1,056.7 m, 23 geotechnical holes for 4,095.87 m, 25 holes for environmental, re-injection or piezometer purposes for 7,482.4 m. In 2025, drilling at Skouries included 11 delineation holes for 5,594.7 m, 12 dewatering holes for 1,045.5 m, 4 geotechnical holes for 717 m, and 155 infill holes for 16,368.1 m.

Sampling, Analysis and Data Verification

The majority of the core samples for the Skouries Project originated from the 1996 – 98 drill campaign by TVX. Eldorado has reviewed the TVX studies and QA/QC procedures and agrees with the conclusions that the drill data are acceptable to be used for Mineral Resource estimation. The Qualified Person concurs with this conclusion on the pre-Eldorado data having reviewed the reports. The background and QA/QC results of the Eldorado work were reviewed in detail under the Qualified Person's supervision, replotted and deemed suitable for estimation purposes. Confidence in the data is also provided by the results of Eldorado's confirmation drill program.

Mineral Processing and Metallurgical Testing

Metallurgical testwork and studies were performed by Lakefield Research Canada on composites selected from core samples of the major rock types, covering mineralogy, grinding and flotation. This testing was carried out to support the original 2007 design completed by Aker Kvaerner. Based upon this information, the criteria for process plant and infrastructure design were established.

Metallurgical testwork was also completed by Outotec in 2007, mostly at their laboratory in Pori, Finland, to give additional design confidence. This included flash flotation, gravity gold recovery, concentrate settling and filtration testing.

Additional testwork was undertaken by FLS Knelson in 2013 on gravity gold recovery and by Wardell Armstrong International (WAI) in 2015 on flotation concentrate. Solvay (formerly Cytec), in 2016, and Bureau Veritas Commodities Canada, in 2017, worked on selective flotation of copper from pyrite-rich ore. In 2014, Orway Mineral Consultants reviewed the testwork conducted by Aker Kvaerner to design the Skouries grinding circuit and conducted comminution circuit modelling studies using circuit simulations.

The testwork demonstrated that the number of flotation concentrate cleaning stages needed to be increased from two to three in order to achieve the targeted concentrate grade of 26% copper during periods when low grade ore is processed.

2015 testwork by WAI investigated reduction of the fluoride content in the copper flotation concentrate. The testwork concluded that the use of guar gum as a dispersant and depressant for slimes and clay in the cleaning circuit would keep the fluoride levels in the copper concentrate at or below the expected smelter penalty level.

More recent testwork carried out by WAI (now SLR Consulting Ltd.) since 2024 and ongoing, has focused on geometallurgical variability testing to validate comminution properties, flotation recoveries, and expected concentrate quality.

Mineral Resource and Mineral Reserve Estimates

Scientific and technical information disclosed since the effective date of the Skouries Technical Report has been updated and approved by Simon Hille, a "Qualified Person" under NI 43-101.

The Mineral Resource estimate for the Skouries deposit was developed using assays and data from surface and underground diamond drill holes. The estimate was updated in 2025 and is made from a three-dimensional (3D) block model based on copper grades and historical soluble copper in sulfuric acid (Cu_Lix). A low grade envelope of 0.1% Cu was first identified in the Cu probability plot. A solubility ratio

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(Cu_Lix/Cu) of 0.1 was used to distinguish the supergene and hypogene domains in a second step. Seven sub-domains were defined within the supergene domain based on different solubility ratios and a total of five sub-domains were defined within the hypogene domain based on the mineral content of pyrite, chalcopyrite and bornite. As gold and copper were showing a strong correlation within both lithology and mineralized domains, the estimation, for both gold and copper, used similar parameters and hard boundaries were applied between each mineralized sub-domains. The block size for the Skouries model was selected based on mining selectivity considerations and is 5 m x 5 m x 5 m. Copper and gold grades are highest in the porphyry. Generally, the coefficient of variance ("CV") values for copper in all units is relatively low reflecting the porphyry style mineralization of the deposit. Gold CV values are higher, especially in the schist unit, reflecting some influence by local extreme grades. Capping was applied on the 5 m composites by domain for gold and copper respectively to mitigate local extreme values, using additional restricted search where needed.

The assays were composited into 5 m fixed-length downhole composites and were back-tagged by the mineralized domains. The compositing process and subsequent back-tagging were reviewed and found to have performed as expected. Modelling consisted of grade interpolation by OK and IDW. A two-pass or three-pass approach was instituted for interpolation. Nearest-neighbour grades were also interpolated for validation purposes.

As part of this reporting, the Qualified Person reviewed and validated the model by performing visual, statistical, and graphical checks in the form of a series of swath plots and checking reporting. On this basis, the Qualified Person is comfortable with the validity of the model.

The Mineral Resources of the Skouries deposit were classified using logic consistent with the CIM Definitions Standards. The mineralization of the Skouries deposit satisfies sufficient criteria to allow classification into Measured, Indicated, and Inferred Mineral Resource categories.

Reasonable grade and geologic continuity are demonstrated over most of the Skouries deposit, which is drilled generally in 40 m to 80 m, spaced sections. A two-hole rule was used where blocks containing an estimate resulting from two or more samples, all within 80 m and from different holes, were classified as Indicated Mineral Resources. For Measured Mineral Resource classification, a three-hole rule was applied where blocks contained an estimate resulting from three or more samples, all within 50 m and from different holes.

All remaining model blocks containing a gold grade estimate were classified as Inferred Mineral Resources.

The demonstration of RPEEE was handled for both the open pit and underground portions of the deposit by creating potentially mineable shapes. In each case a long-term gold price of $2,100/oz and copper price of US$4.15/lb were selected for the determination of Mineral Resource cut-off grades and pit shell. The cut-offs used for defining the shapes were $15/t NSR for the open pit and $40/t NSR for underground. The parameters for cut-off grade calculations are listed in Table 4-1.

**Table 4-1: Economic Parameters for RPEEE Evaluation**

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| | | | |
|:---|:---|:---|:---|
| **Description**  | **Units**  | **Open pit**  | **Underground** |
| Gold price | US$/oz | $2100 | $2100 |
| Copper price | US$/lb | $4.15 | $4.15 |
| Process and G&A Costs | US$/t processed | $15 | $15 |
| U/G Mining Operating Costs | $/t | - | $22 |
| Sustaining and TSF Capital | $/t | - | $3 |
| Cut-off used | $/t NSR | $15 | $40 |

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Mineral resources are reported using resource reporting shapes representing volumes that have a reasonable expectation of being mined. Volumes that are within the Resources open pit are reported above the 15.0 US$/t of NSR CoV and volumes that are within the underground SO shapes are reported in their entirety, including blocks below the 40 US$/t of NSR CoV that is considered as must take material. This includes some isolated blocks that are below the assigned cut-off, but that lie within the volumes deemed to be reasonably mineable. Similarly, isolated blocks that are above the cut-off grades, but that lie outside of the expected mineable volumes are omitted from the Mineral Resource estimate.

The Skouries Mineral Resources as of September 30, 2025 are shown in Table 4-2. The economic parameters used are defined in the footnotes.

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**Table 4-2: Skouries Mineral Resources, as of September 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category**  | **Tonnes (kt)**  | **Au (g/t)**  | **Cu (%)**  | **Contained Au (koz)**  | **Contained Cu (kt)**  |
| Open Pit Mineral Resources | Open Pit Mineral Resources | Open Pit Mineral Resources | Open Pit Mineral Resources | Open Pit Mineral Resources | Open Pit Mineral Resources |
| Measured | 56544 | 0.60 | 0.41 | 1094 | 230 |
| Indicated | 13864 | 0.23 | 0.24 | 105 | 34 |
| **Measured & Indicated** | **70408** | **0.53** | **0.37** | **1199** | **264** |
| Inferred | 8323 | 0.32 | 0.29 | 85 | 24 |
| **Underground Mineral Resources**  | **Underground Mineral Resources**  | **Underground Mineral Resources**  | **Underground Mineral Resources**  | **Underground Mineral Resources**  | **Underground Mineral Resources**  |
| Measured | 33125 | 1.21 | 0.64 | 1284 | 213 |
| Indicated | 103798 | 0.64 | 0.49 | 2130 | 512 |
| **Measured & Indicated** | **136923** | **0.78** | **0.53** | **3414** | **725** |
| Inferred | 49971 | 0.43 | 0.42 | 685 | 209 |
| **Total Mineral Resources**  | **Total Mineral Resources**  | **Total Mineral Resources**  | **Total Mineral Resources**  | **Total Mineral Resources**  | **Total Mineral Resources**  |
| Measured | 89669 | 0.82 | 0.49 | 2378 | 443 |
| Indicated | 117662 | 0.59 | 0.46 | 2235 | 546 |
| **Measured & Indicated** | **207331** | **0.69** | **0.48** | **4613** | **989** |
| Inferred | 58294 | 0.41 | 0.40 | 770 | 233 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CIM Definition Standards (2014) were used for reporting the Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open pit Mineral Resources are constrained by a Pit Shell and reported at a 15 US$/t NSR cut-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underground Mineral Resources are constrained by Stope Optimizer and reported at a 40 US$/t NSR cut-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources are stated inclusive of Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The numbers may not compute exactly due to rounding.

The Qualified Person has validated the Mineral Resources. The data, methodology and analysis described in this report are considered sufficient for reporting Mineral Resources.

The Mineral Reserves at Skouries comprise an open pit and an underground component. Block model items transferred from the geology model for mine planning included estimated grades for copper and gold as well as Mineral Resource classification. Measured and Indicated Mineral Resources have been used to define the pit limits and for reporting of Mineral Reserves for scheduling. Inferred Mineral Resources were not used in the determination of Mineral Reserves.

The open pit optimization was carried out using MineSight (MinePlan) mine planning software. The Skouries open pit is constrained by the existing EIS boundary on surface and a potential underground mining crown pillar, which limits the pit depth to 420 masl. In addition to the physical boundary constraints, the open pit design and overall size are also affected by a requirement to provide construction materials for the IEWMF, which contains dry stacked tailings.

The Mineral Reserves for the deposit were estimated using a gold price of $1,700/oz and a copper price of $3.50/lb. The open pit Mineral Reserves are reported using a $15/t NSR cut-off value. The open pit combined Proven and Probable Mineral Reserves are 56.6 million tonnes (Mt) with an average grade of 0.57 g/t Au and 0.39% Cu.

The underground contribution to Mineral Reserves has been evaluated at a diluted NSR cut-off of $40/t, incorporating unplanned diluting material of 5% for porphyry stopes and 5.5% for schist stopes that is assumed to carry no metal value, and assuming an overall mining recovery of 95%. The Mineral Reserves for the underground deposit have been estimated to be 91.1 Mt with an average grade of 0.90 g/t Au and 0.57% Cu.

The combined Mineral Reserves for the Skouries Project, as of September 30, 2025, are stated in Table 4-3. The Mineral Reserves were most recently reported as part of Eldorado's Annual MRMR disclosure, effective September 30, 2025.

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**Table 4-3: Skouries Mineral Reserves, as of September 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category**  | **Tonnes (kt)**  | **Au (g/t)**  | **Cu (%)**  | **Contained Au (koz)**  | **Contained Cu (kt)**  |
| Proven  | 72536 | 0.85 | 0.51 | 1992 | 366 |
| Probable  | 75465 | 0.69 | 0.50 | 1674 | 375 |
| **Proven & Probable**  | 148001 | 0.77 | 0.50 | 3666 | 741 |

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<br>Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cut-off value applied, Open Pit: US$10.60/t ore; Underground: US$33.33/t ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold Price: $1,700/oz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical Gold Recovery: 92.62 – 17.5 x oxide (%) – 22 x e<sup>(-1.2 x Au Grade (g/t)</sup>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copper Price: $3.50/lb.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical Copper Recovery: 99.41 – 56 x oxide (%) – 41 x e<sup>(-338 x Cu Grade (%)</sup>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining Recovery, Open Pit: 100%, Underground: 95%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining Dilution, Open Pit: 0.0%; Underground - Ore Development: 5.0%, Porphyry Stopes: 5.0%, Schist Stopes: 5.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The numbers may not compute exactly due to rounding.

Mineral Resource and Mineral Reserve estimates for Skouries may be affected by technical and other relevant factors which are more specifically described in the section of this AIF titled "Risk Factors in Our Business".

Mining Operations and Methods

Open pit mining is expected to be conducted by conventional truck-shovel operations, with an ore production rate of approximately 5.5 Mtpa, at a waste to ore stripping ratio of approximately 0.90:1, which will be fed to the mill along with underground ore and stockpile reclaim to match the mill production rate of 8.0 Mtpa. The mining sequence will consist of drilling, blasting, loading, and hauling of ore and waste materials for processing and waste disposal. Based on the modelled rock types, approximately 17% of the mined material is amenable to free digging; this material will not be blasted. Direct feed ore from the open pit will be hauled to the Skouries processing plant. A portion of low-grade ore ("LGO") will be hauled directly to the plant, and an additional portion will be hauled to the LGO stockpile, where it will be re-handled during Phase 2 of the Skouries Project.

Waste material is expected to be hauled directly to one of the material management structures within the IEWMF. The structures internal to the IEWMF are the LGO embankment, J5, Capping Rock Dump 1, Cofferdam Karatza Lakkos Embankment, and South Diversion Channel. Drilling operations will be carried out continuously as part of the normal mining operation. Once full mine production is reached, drilling and blasting of approximately 1 Mt (dry) per month of material (ore and waste) will be required to maintain projected production levels.

The primary haul roads are designed at 25 m width, based on a 90 tonne (t) haul truck. Other haul roads, to be used by contractor trucks, are designed for 55 t articulated haul trucks with an overall roadway width of 15 m.

The number of haulage units was determined by calculating cycle times in Haulage© from MinePlan© using annual haul cycle profiles from MinePlan©. Haulage calculations were carried out based on the designated 90 t and smaller 55 t trucks. A maximum truck speed limit of 50 km/h was set for flat or inclined roads, reducing to 15 km/h near shovel and dump points and 15 km/h around switchback corners. On the downhill segments, speeds were limited to a maximum of 25 km/h. A tonnage factor for each material type was used to determine actual payload versus theoretical maximum payload for each truck class. These factors were based on experience from operations at other sites.

The open pit mine production schedule has been developed using a planned average annual ore production rate of 5.5 Mtpa. This open pit production rate is supplemented by underground ore and stockpile reclaim to provide mill feed of 8.0 Mtpa through to Phase 2. The actual yearly rate varies according to the ore production ramp-up schedule for the underground Phase 1, which will offset open pit ore. An open pit mining operation of 350 days per year consisting of three, eight-hour shifts operating 7 days a week is envisaged. The Skouries orebody that extends below the bottom of the open pit is amenable to a bulk underground mining method and has been evaluated under several different design approaches since the late 1990s, including block caving, SLC, and sublevel long hole open stope ("SLOS"). SLOS has been confirmed as the most appropriate underground mining method for a number of reasons including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The geo-technical stability of the final reclaimed land after closure of the Skouries Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The minimization of land-take needed for the surface tailings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to backfill the depleted open pit.

The majority of the stoping is considered to take place in reasonable quality rock mass. The stope stability assessment has indicated that, for stoping in the porphyry, a 60 m sub-level interval (60 m stope height plus 5 m top drive development) can largely be viable without significantly compromising stope wall stability if the length of the stope does not exceed 30 m. Of the stopes that will be extracted in the schist, only half of these excavations will expose schist in the stope sidewalls as secondary stopes will expose the paste backfill within the primaries.

Stope back stability assessments were conducted using the NGI-Q stability graph as well as the stability graph method to determine appropriate stoping spans. Stope span has been limited to 15 m. Thus, the standard stope dimensions were set to 65 m high x 30 m long x 15 m wide in porphyry stopes, 65 m high x 20 m long x 15 m wide for primary stope design in schist material, and 65 m high x 30 m long x 15 m wide for secondary stope design in schist material.

All levels in both phases have similar designs. Peripheral development (Ring-drives) will provide access to all sides of the orebody and terminate at return air raise locations. Ore drives for stope extraction will traverse the orebody east to west on 15 m centres, developed incrementally to meet the production schedule and mining sequence. Both ramps are planned to be used to haul ore, with the orebody divided into East and West in order to maintain a stope extraction sequence from the centre out. The underground portion of the Skouries Project will begin from the existing ramp from the surface to 385 masl. The ramp is currently developed to 35 m above the first production level, 350L. Mining will proceed to the 350L to establish major infrastructure and services. The 350L will serve as the mucking horizon for two test stopes, which are situated in the Crown Pillar and within the mining limits to enable a mineralized and accurate representation of the mining to be completed in Phase 1.

For Years -3 through to Year 2, underground mining efforts will focus on developing the access ramp and further establishing the levels and services for production, while also developing a second portal and ramp to the surface. In Year 4, the development is expected to begin in preparation for Phase 2. This development will entail the dual ramp systems to -130L, the major underground workshop, fuel bay and excavations for the materials handling systems.

Underground mining will be conducted by conventional underground mining techniques. The mining sequence will consist of drilling, blasting, loading, and hauling of ore and waste materials. During Phase 1, ore will be hauled to the surface crusher by truck. During Phase 2, ore will be hoisted to the surface by a shaft. In Year 4, the shaft headframe construction will commence, and shaft excavation will begin in Year 6. Excavation of the shaft will continue through Year 8, with the entire materials handling system projected for completion six months prior to the beginning of Phase 2 in Year 10.

The design of the Skouries mine includes provisions for remote mining technology ("RMT"), which has an impact on the cycle times of stopes and the productivity of equipment. This technology includes tele-remote operation of mechanized equipment by an operator located on surface or in a remote area of the underground mine. RMT is considered a best available technology, and the Skouries mine is uniquely positioned to benefit from improvements in the mining process due to the simple, repetitive nature of the design and the availability of highly skilled technical workers.

Processing and Recovery Methods

For the first nine years of operation, the ore will be extracted from the open pit mine as well as from the underground mine for a total mill feed rate of 8.0 Mtpa. From the tenth year of operation until the depletion of Mineral Reserves, the plant will process ore extracted from the underground mine at an average of around 6.5 Mtpa tailing off in Years 19 and 20. During years 10 to 14, previously stockpiled oxide ore will be re-handled to maintain mill feed at 8.0 Mtpa.

The plant will process the copper / gold ore at a projected LOM average head grade of 0.50% copper and 0.77 g/t gold. Anticipated LOM average payable recoveries are 87% for copper and 81% for gold. The mill will produce a flotation concentrate that contains an average of 26% copper and 27 g/t gold.

The process plant design provides for a nominal 8.0 Mtpa of ore throughput. While gravity classification, secondary gravity classification and gold room circuits have been designed, installation has been deferred pending confirmation of the need for gravity concentration to meet designed overall gold recoveries.

The unit operations comprise of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary crushing and crushed ore stockpile.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SABC grinding and pebble crushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flotation and regrinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flotation concentrate and tailings thickening.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flotation concentrate filtering, storage and loadout.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings filtration, conveying and paste fill production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reagent preparation and services.

Project Infrastructure

The principal waste streams generated from the Skouries Project are the overburden and waste rock from the open pit mining and underground development and the tailings from the mineral processing operations. Overburden and waste rock will be stored on the surface and tailings are expected to be used underground as paste backfill with the remainder being stored on the surface. The project mine plan and material balance have been developed such that overburden and waste rock are entirely used for construction requirements eliminating the need for a separate waste rock dump. The waste management plan has been developed to provide for surface storage of waste streams in the IEWMF all within one watershed.

The water within the project site can be classified into two categories, contact water and non-contact water. Non-contact water is surface water that is diverted around the mine facilities without being exposed to mine infrastructure, using a series of diversion drainage ditches and groundwater resulting from mine dewatering. Contact water includes groundwater and surface water that falls in the form of precipitation and has been exposed to mine infrastructure. A numerical groundwater model was developed for the Skouries Project utilizing site specific data from field investigations to estimate the dewatering rates for contact and non-contact water.

The Skouries Project is well situated to take advantage of Greece's modern transportation network for the shipment of construction and operations freight. The main access road connects the process plant and mining area with the national road network. The major regional center of Thessaloniki is approximately 80 km away and is accessed by highway EO 16. Thessaloniki has an international airport and one of Greece's largest seaports. Thessaloniki is linked to the rest of Greece by Greece's National Roadway, which has been extensively modernized in the last 20 years. Access to Europe and Türkiye is provided by the highway and rail infrastructure. The Skouries Project site substation is fed from a new overhead 6 km long 150 kV transmission line connected to the national power grid. Hellas Gold has signed an agreement with the Independent Electricity Transmission Operation for Greece in 2015 that sets out the terms and conditions for connecting to the Greek power grid. The high voltage substation being constructed for the Skouries Project has a power capacity of 51 MW.

Permitting and Compliance Activities

The technical study submitted to the MOE for the Skouries Project was initially approved in February 2012. After numerous supplements relating to the flotation plant, Tailings Management Facility ("TMF") arrangements and "auxiliary temporary facilities", approval by the MOE was granted in 2013 - 14. An updated technical study covering amended aspects of the process plant and associated infrastructure was submitted to the MOE in December 2015, and was approved in May 2016.

Subsequently, an updated specific technical study for the flotation plant was submitted to the MOE and approved on November 11, 2016. An update of the installation permit for the flotation plant was submitted in August 2016 and was approved on September 3, 2019.

The Investment Agreement which amends the 2003 Transfer Agreement and provides a modernized legal and financial framework to allow for the advancement of Eldorado's investment in the Kassandra Mines was ratified into Greek law in early 2021. After the 2019 Greek Parliamentary elections, when Eldorado initiated talks with the newly established government, outstanding routine permits were released.

Hellas Gold provided a €55.0 million Bank Letter of Guarantee to the MOE as security for the due and proper performance of rehabilitation works in relation to the mining and metallurgical facilities of the Kassandra Mines complex and the removal, cleaning, and rehabilitation of the old, disturbed areas from the historical mining activity in the wider area of the project. Additionally, a Bank Letter of Guarantee to the MOE, in the amount of €8.3 million, was provided as security for the due and proper environmental performance of the KTMF.

The development of the Skouries Project is being carried out in line with the principles of sustainable development with a design that will mitigate impacts to the environment. Hellas Gold runs an extensive regional monitoring program covering air, water, noise, and vibration. This program will continue through the LOM and post closure.

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In the Investment Agreement and in accordance with the terms of its regulatory approvals, Hellas Gold has made a commitment to hire most of the workforce locally. Hellas Gold has also committed to ensure the smooth integration of the Skouries Project into the socio-economic environment of the local area, by adopting a policy of filling job positions on a preferential basis from the local population.

A stakeholder engagement plan has been developed by Hellas Gold and the management of Eldorado Gold with the aim of providing a structure for communication and consultation with all identified stakeholders that could affect the Skouries Project and that are affected by it, taking into consideration Greek, European and international law and best practices.

Capital Cost Update

The total Skouries Project capital cost in the Skouries Technical Report includes an estimate, as of the date of the Skouries Technical Report, of the remaining cost to complete the Skouries Project construction until commercial production is achieved and subsequent sustaining capital costs are spread out over the remaining 20 years of the mine life. Scientific and technical information disclosed since the effective date of the Skouries Technical Report has been updated and approved by Simon Hille, a "Qualified Person" under NI 43-101. On February 22, 2024, February 5, 2025, January 20, 2026, and February 19, 2026, the Company provided updates on construction progress, schedule and capital costs at the Skouries Project. As announced in February 2025, a very tight construction labour market in Greece impacted the pace of the workforce ramp-up. As a result, the Company updated the schedule and as a result the capital cost estimate for Skouries. First production at Skouries was expected in the first quarter of 2026, followed by commercial production expected in mid-2026. On February 19, 2026, a delay of approximately one quarter for initial concentrate production was announced such that initial concentrate production is now expected in early Q3 2026 and commercial production in Q4 2026. The delay is estimated to have an approximately $50 million impact on the construction project capital. The slight delay is attributable to: 1) Recent inspections have identified the need to replace the cyclone feed pump variable speed drive capacitors in the process plant main mill discharge cyclone feed, which experienced moisture damage during storage. Temporary replacement equipment has been ordered and is expected to be installed in the second quarter of 2026 with permanent equipment in the third quarter of 2026; and 2) Power line connection delays have resulted from slower than expected approval of the detailed engineering, and delayed the ramp-up of the subcontractor. Prior to commissioning, final electrical regulatory approval requires completion of inspection and energization protocols.

The revised Skouries Project capital cost is now estimated at approximately $1.16 billion. In addition, the Company expects to complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining equipment (originally expected to be purchased post-commercial production as a part of the contract mining fleet), resulting in $154 million of accelerated operational capital prior to commercial production.This amount was increased by $24 million as announced on January 20, 2026 to reflect accelerated underground development and an increase in the width of the underground stopes.

Capital costs from the Skouries Technical Report, as well as updates to certain estimates as announced on February 22, 2024, February 5, 2025, January 20, 2026, and February 19, 2026 are summarized in Table 4-4 and Table 4-5 below. Sunk costs to the end of 2021 are not included in the capital cost estimate.

**Table 4-4: Capital Cost Summary, Project Capital**

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| | |
|:---|:---|
| **Item** | **Cost (US$ M)**  |
| **Original Project Capital Estimate (Skouries Technical Report)** | **845**<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Revised Estimate (announced February 22, 2024) | 920 |
| **Cost Variance (announced February 5, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indirect Costs | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other  | 21 |
| **Impact of Unfavourable Foreign Exchange (announced January 20, 2026)**<sup>(4)</sup> | **43** |
| **Impact of Schedule Extension (announced February 19, 2026)** | **50** |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Variance** | **236** |
| **Current Project Capital Estimate (as at February 19, 2026)** | **1156** <sup>(1) (2)</sup> |

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Notes:

(1)This amount does not include the additional $154 million that was announced by the Company in February 2025 for the accelerated operational capital which among other things includes the purchase of higher capacity mobile mining

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equipment. That equipment was originally expected to be purchased post-commercial production by the mining contractor as part of the contract mining fleet. This decision is expected to result in lower life-of-mine open pit mining costs. The accelerated operational capital was increased by $24 million as announced in January 2026 to reflect accelerated underground development and an increase in the width of the underground stopes.

(2)The numbers may not compute exactly due to rounding.

(3)&nbsp;&nbsp;&nbsp;&nbsp;As disclosed in the Skouries Technical Report, this estimate is considered Class 3 AACE (as defined in Footnote 1 to Table 4-5 below) with an accuracy of -15%/ +20%.

(4)&nbsp;&nbsp;&nbsp;&nbsp;As announced in January 2026, as the Company reports Skouries capital costs in US dollars, the persistent strength of the Euro through the end of 2025 has led to an unfavorable foreign exchange impact, estimated to be approximately $43 million (through to commercial production).

**Table 4-5: Capital Cost Summary, Post Commercial Production**

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| | |
|:---|:---|
| **Area**  | **Cost (US$ M)** |
| **Development capital (Phase 2 underground)** <sup>(</sup><sup>1)</sup> | **172** |
| **Sustaining capital**  | **Sustaining capital**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Underground  | 569  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open pit  | 21  |
| &nbsp;&nbsp;&nbsp;&nbsp;Process and infrastructure  | 190  |
| &nbsp;&nbsp;&nbsp;&nbsp;IEWMF and water management  | 81  |
| **Sub-total sustaining capital**  | **861**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ramp up period (costs net of production)  | -19  |
| &nbsp;&nbsp;&nbsp;&nbsp;Addback spares  | 5  |
| **Total sustaining capital**  | **847** <sup>(2)</sup> |

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(1)The accuracies of the cost estimates are consistent with the standards outlined by the Association for the Advancement of Cost Engineering ("AACE"). The cost estimate is a feasibility-level estimate categorized as AACE Class 3. Direct costs were developed from a combination of budget quotes, material take-offs, existing contracts, project-specific references, and historical benchmarks. Indirect and owners' costs were estimated using a combination of existing commitments, calculated project requirements, and historical benchmarks. Contingency was applied to each cost item in the estimate, based on the level of engineering definition and reliability of its unit rates.

(2)The numbers may not compute exactly due to rounding.

Operating Costs

The operating cost estimate provides the LOM operating costs associated with mining, the process plant, tailings filtration plant, backfill plant, WTP, water systems, and general and administrative facilities. The operating cost includes all on-site costs from mining through to the production of copper concentrate, including tailings filtration, tailings compaction and paste production.

The operating cost estimate has been developed on a year-by-year basis in accordance with Eldorado's envisaged operations and mine plan. The estimated total costs by cost centre and cost category are presented in Table 4-6.

A €/US$ exchange rate of 1.20 was used for the preparation of the operating costs. The cost per tonne averages for the open pit and underground mining are calculated based on the tonnages mined for the production years of those phases. The non-mining cost centre expenditures are averaged based on the process plant ore throughput for the production years. The operating cost excludes costs associated with pre-production years.

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**Table 4-6: Operating Costs**

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| | | |
|:---|:---|:---|
| **Cost Centre** | **Production years total cost** <br>**(US$ M)**  | **Production years cost per tonne of production ore (US$/t)**  |
| Open pit mining | 245 | 4.24 |
| Underground mining | 1681 | 19.32 |
| Process plant | 1247 | 8.54 |
| Tailings filtration plant | 314 | 2.15 |
| Backfill plant | 28 | 0.19 |
| Water system | 20 | 0.14 |
| G&A | 409 | 2.80 |
| **Subtotal mining**  | **1925** | **13.18**  |
| **Subtotal non-mining**  | **2018** | **13.81**  |
| **Total**  | **3944** | **26.99**  |

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The economic analysis is based on the Mineral Reserves production schedule, mill feed, metal recoveries and the capital and operating costs. The Skouries Project case metal prices used in the economic model are US$1,500/oz Au and US$3.85/lb Cu. The economic model was also evaluated at the (then) respective Mineral Reserve gold and copper prices of US$1,300/oz and US$2.75/lb. The model makes use of a first principles build-up in Euros, with values then converted to US$. All reporting is in US$.

The after-tax cash flow analysis shows that the Skouries Project provides a robust return on the remaining capital to complete the Skouries Project scope and bring the Skouries Project into commercial production. An internal rate of return (IRR) of 19% on an after-tax basis is achieved with the project case metal prices of US$1,500/oz Au and US$3.85/lb Cu. Using those metal prices, the net present value (NPV) of the Skouries Project is estimated to be US$1,273 million using a discount rate of 5%, with a payback of the remaining capital expenditure achieved in 3.7 years from the start of commercial production.

The economic model was subjected to a sensitivity analysis to determine the effects of changing metal prices, operating costs and capital costs on the Skouries Project financial returns. The results of the sensitivity analysis are provided in Table 4-7 to Table 4-10.

A test of economic extraction for the Skouries Mineral Reserves is demonstrated by means of a sensitivity analysis (see below). At the Mineral Reserve metal prices of US$1,300/oz Au and US$2.75/lb Cu the Skouries Project shows positive economics. The after-tax IRR is 9.8% and the NPV is estimated to be US$354 million using a 5% discount rate, with a calculated payback period of 8.1 years from the start of commercial production. Corporate income tax rates in Greece are 22% of net earnings. Income from operations can be offset by operating costs and by depreciation of capitalized items according to a schedule of depreciation based on the type of asset.

The sensitivity analysis shows that the Skouries Project is most sensitive to metal prices, followed by operating costs and then capital costs. The copper concentrate grade is the least sensitive. The sensitivity ranges show that the Skouries Project is also robust when evaluated using lower metal price assumptions, or higher operating and capital costs. Positive cash flows and positive NPV are maintained at metal prices of US$1,125/oz Au and US$2.89/lb Cu (except for when the NPV is discounted at 8%), operating and capital cost increased by 25% individually, or concentrate grade reduced by 25%.

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**Table 4-7: Metal Price Sensitivity Analysis**

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** |
| **Parameters** | **Reserve case** | **-25%** | **-12.5%** | **Project case** | **+12.5%** | **+25%** |
| Gold price | 1300.00 | 1125.00 | 1312.50 | **1500.00** | 1687.50 | 1875.00 |
| Copper price | 2.75 | 2.89 | 3.37 | **3.85** | 4.33 | 4.81 |
| **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** |
| NPV 0% | 1104 | 834 | 1818 | **2726** | 3596 | 4451 |
| NPV 5% | 354 | 195 | 755 | **1273** | 1772 | 2261 |
| NPV 8% | 105 | -16 | 401 | **788** | 1161 | 1526 |
| IRR% | 9.8 | 7.7% | 14.1% | **19.0%** | 23.4% | 27.3% |
| Payback period | 8.1 | 8.8 | 5.3 | **3.7** | 3.1 | 2.7 |
| Taxation | 253 | 209 | 417 | **667** | 913 | 1154 |
| Royalties | 87 | 79 | 120 | **193** | 308 | 444 |

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**Table 4-8: Capital Cost Sensitivity Analysis**

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** |
| **Parameters** | **Units** | **-25%** | **-12.5%** | **Project case** | **+12.5%** | **+25%** |
| LOM capital costs | US$M | 1397 | 1630 | **1863** | 2096 | 2329 |
| **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** |
| NPV 0% | US$M | 3100 | 2913 | **2726** | 2538 | 2349 |
| NPV 5% | US$M | 1578 | 1426 | **1273** | 1121 | 968 |
| NPV 8% | US$M | 1064 | 926 | **788** | 651 | 512 |
| IRR | % | 26.4 | 22.3 | **19.0%** | 16.3 | 14.1 |

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**Table 4-9: Operating Cost Sensitivity Analysis**

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** |
| **Parameters** | **Units** | **-25%** | **-12.5%** | **Project case** | **+12.5%** | **+25%** |
| LOM operating costs | US$/t ore | 20.24 | 23.62 | **26.99** | 30.36 | 33.74 |
| **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** |
| NPV 0% | US$M | 3495 | 3110 | **2726** | 2338 | 1950 |
| NPV 5% | US$M | 1696 | 1484 | **1273** | 1061 | 849 |
| NPV 8% | US$M | 1097 | 943 | **788** | 634 | 478 |
| IRR | % | 22.4 | 20.8 | **19.0** | 17.2 | 15.3 |

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**Table 4-10: Concentrate Grade Sensitivity Analysis**

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** | **Sensitivity Ranges** |
| **Parameters** | **Units** | **-25%** | **-12.5%** | **Project case** | **+12.5%** | **+25%** |
| LOM operating costs | %Cu | 19.5 | 22.75% | **26%** | 29.25% | 32.5% |
| **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** | **Results (after tax)** |
| NPV 0% | US$M | 2601 | 2672 | **2726** | 2767 | 2800 |
| NPV 5% | US$M | 1203 | 1243 | **1273** | 1297 | 1315 |
| NPV 8% | US$M | 736 | 766 | **788** | 806 | 820 |
| IRR | % | 18.4 | 18.8 | **19.0** | 19.2 | 19.4 |

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Note: Sensitivity plots for the metal price and the sensitivity to capital expenditure (capex), opex, and copper concentrate grade varied by ±25% are provided in Figure 4.1 to Figure 4.3.

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**Figure 4.1: Sensitivity Plot for Metal Price Analysis**

<br> ![sensitivityplotfigure41.jpg](sensitivityplotfigure41.jpg)

**Figure 4.2: NPV Sensitivity Plot for Capital Costs, Operating Costs, and Copper Concentrate Grade**

<br> ![npvsensitivityplotfigure42.jpg](npvsensitivityplotfigure42.jpg)

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**Figure 4.3: IRR Sensitivity Plot for Capital Costs, Operating Costs, and Copper Concentrate Grade**

<br> ![irrsensitivityplotfigure43.jpg](irrsensitivityplotfigure43.jpg)

**Lamaque Complex**

The Company is referring to specific assets within the Eldorado Québec portfolio as the Lamaque Complex. The Lamaque Complex (as previously defined), includes the Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug No. 4 Deposit, the Sigma mill, the Sigma tailings storage facilities (Sigma TSF), the historic Lamaque tailings storage facilities, surface and underground infrastructure from the historic Sigma mine, and underground infrastructure from the historic Lamaque mine.

Technical Report

The information that follows relating to the scientific and technical information regarding the Lamaque Complex in this AIF is based on, derived substantially from, and in some instances, is a direct extract from the amended technical report titled "Technical Report for the Lamaque Complex, Québec, Canada" with an effective date of December 31, 2024 (the "Amended Lamaque Complex Technical Report"), other than technical information disclosed since the effective date of the Amended Lamaque Complex Technical Report. The Amended Lamaque Complex Technical Report was prepared by Jacques Simoneau, P. Geo., Peter Lind, Eng., P. Eng., Jessy Thelland, P. Geo, Philippe Groleau, Eng., Mehdi Bouanani, Eng., and Vu Tran, Eng. Jacques Simoneau, Peter Lind, Jessy Thelland, Philippe Groleau, Mehdi Bouanani, and Vu Tran are all "Qualified Persons" for the purposes of NI 43-101 and are all employees of the Company.

The information below is based on assumptions, qualifications and procedures that are set out only in the Amended Lamaque Complex Technical Report and reference should be made to the full text of the Amended Lamaque Complex Technical Report which is available under Eldorado Gold's profile on SEDAR+ and EDGAR.

Project Description, Location and Access

The Lamaque Complex is situated near the city of Val-d'Or in the province of Québec, Canada, approximately 550 km northwest of Montreal. The coordinates for the approximate center of the host of the Mineral Reserves, the Triangle deposit, are latitude 48°4'38" N and longitude 77°44'4" W. The properties that form the Lamaque Complex represent the amalgamation of three separate but contiguous properties: Lamaque South, Sigma-Lamaque, and Aumaque, previously registered to lntegra Gold and Or lntegra. The Sigma mill is accessed via the Provincial Highway 117, 1.4 km east of Val-d'Or. The Triangle

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mine site is accessed from the south of Val-d'Or, 3.7 km east along a private gravel service road, Voie de Service Goldex-Manitou.

The Government of Québec recognizes 13 types of land registration for mining and exploration. The Lamaque Complex consists of 76 map designated claims (Exploration Claims (CDC), 1,452 ha), 10 mining concessions (Mining Concessions (CM), 2,325 ha) and one mining lease (Mining Lease (BM), 76 ha), all of which are in good standing at the time of this report. Pursuant to a number of amalgamations and changes of name, all the claims, mining concessions, and the mining leases forming the Lamaque Complex, have been registered in the name of Eldorado Gold (Québec) Inc.

The corporate tax rate in Québec is 26.5%. The Québec Mining Tax is applied based on a sliding scale according to profit margin with rates of 16% / 22% / 28%.

Table 5-1 summarizes the royalties applicable to certain claims and mining concessions within the wider Lamaque Complex.

**Table 5-1: Summary of Royalties, Lamaque Complex**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Property | Owner | Royalty Type | % | NSR Company | Buyback Clause, and Amount | Comment |
| Sigma-Lamaque | Eldorado Gold (Québec) Inc. |  |  |  |  |  |
| Aumaque | Eldorado Gold (Québec) Inc. |  |  |  |  |  |
| Lamaque | Eldorado Gold (Québec) Inc. | NSR | 1% | Osisko Royalties (now OR Royalties Inc.) (0.85%), Osisko financial partners (0.15%) |  | Osisko acquired NSR royalty from Teck in 2015. Eldorado purchased 1% from Osisko in 2019, as per its agreement |
| Roc d'Or West | Eldorado Gold (Québec) Inc. | NSR | 1% | Osisko Royalties (now OR Royalties Inc.) (0.85%), Osisko financial partners (0.15%) |  | Osisko acquired NSR royalty from Teck in 2015. Eldorado purchased 1% from Osisko in 2019, as per its agreement |
| Roc d'Or East | Eldorado Gold (Québec) Inc. | NSR | 1% | Osisko Royalties (now OR Royalties Inc.) (0.85%), Osisko financial partners (0.15%) |  | Osisko acquired NSR royalty from Teck in 2015. Eldorado purchased 1% from Osisko in 2019, as per its agreement |
| Roc d'Or East Extension (CL 3691171) | Eldorado Gold (Québec) Inc. | NSR | 2% | Sandstorm (now Royal Gold) | 1%, $1M | Triangle Claim. Sandstorm acquired NSR royalty from Alexandria in 2015. Buyback was exercised in 2020 |
| Bourlamaque | Eldorado Gold (Québec) Inc. |  |  |  |  |  |
| Donald | Eldorado Gold (Québec) Inc. | GMR | 3% | Globex | 1%, $750 K |  |
| McGregor | Eldorado Gold (Québec) Inc. | NSR | 2% | Jean Robert (0.6%)<br>Les Explorations Carat (0.6%)<br>Albert Audet (0.8%) | 1%, $500 K |  |

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In December 2010, Integra acquired an option to earn a 100% interest in the historic Bourlamaque Property (2 claims; 16 hectares) in Bourlamaque Township, adjacent to the Lamaque Complex. In addition to fulfilling the terms of the agreement, Integra also purchased the entire NSR royalty for CAD$5,000 on April 30, 2013. Therefore, there is no outstanding royalty on the Bourlamaque Property. Please note the Bourlamaque Property is separate from the Bourlamaque Block purchased from QMX Gold Corporation.

There are no other royalties, back-in rights, payments, agreements or encumbrances to which the Lamaque Complex is subject. There are no known significant factors or risks that might affect access or title, or the right or ability to perform work on, the Lamaque Complex, including permitting and environmental liabilities to which the project is subject.

History

Val-d'Or has been a highly active mining area for a century, with significant mineral deposits found throughout the region. Gold has been produced from the historic Sigma and Lamaque Complex mines starting in the early 1930s.

Exploration of the Lamaque Complex prior to Eldorado's acquisition in 2017 was conducted by numerous operators focusing on different portions of the project area. The most significant exploration campaigns during the 1988 to 2017 period are summarized in the following subsections.

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**1988 through 1990: Teck Cominco Limited (now Teck Resources Limited) / Tundra**

Teck entered into joint venture agreements with Golden Pond Resources Ltd. and Tundra Gold Mines Inc. in 1985. Teck was the operator for both the Golden Pond and Tundra JV programs. In 1988, Tundra signed an agreement with Teck to acquire a 100% interest in all of Teck's assets at Lamaque. The assets to be acquired included the Lamaque main mine property; all surface structures, including the mill; surface and underground equipment; and Teck's interest in the Tundra, Golden Pond and Roc d'Or Mines agreements. Tundra was also required to complete an exploration program and sink an exploration shaft to 304.8 m on the No.4 Plug. Preliminary work was initiated to meet the obligations of the agreement, but a downturn in the industry made funding difficult and the 1988 option was never exercised. Teck was left with a 100% interest in the main mine and mill area and eventually optioned and sold those interests to Placer Dome Inc. Subsequently, Tundra's and Golden Pond's interest in the Tundra and Golden Pond JV properties was diluted to 50% due to non-payment of their respective portions of lease rentals, assessment filings, and taxes.

**2003 through 2017: Integra Gold Corp. (Integra) – Kalahari**

Between 2003 and 2014, exploration work was completed on the Lamaque South property, mainly via drilling campaigns. Over 156,248 m of drilling was completed, mainly on various geophysical targets and the following zones: Fortune, Parallel, Triangle, South Triangle, No.6 Vein, No.4 Plug, No.5 Plug, Sigma Vein Extension, Mylamaque and Sixteen Zone.

In 2014, Integra completed the acquisition of the neighbouring Sigma-Lamaque mill and mine complex from Century Mining (Sigma-Lamaque property) and amalgamated it with the Lamaque South property to form the Lamaque Complex. From 2015 to 2016, Integra drilled 490 diamond drill holes, totaling 218,582 m on the Lamaque Complex (Sigma-Lamaque, Aumaque, Donald, McGregor, and Lamaque South properties). Between January 1 and April 10, 2017, Integra completed an additional 120 holes for 27,015 m on the Lamaque Complex (Triangle, No. 4 Plug, and Lamaque Deep).

Historical production from the Sigma and Lamaque Mines from 1935 to 2012 totalled nearly 10 million ounces, as summarized in Table 5-2.

**Table 5-2: Historical Production, Sigma and Lamaque Mines**

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| | | | | |
|:---|:---|:---|:---|:---|
| Operator | Operating Period | Production tonnes | Au Grade (g/t) | Au produced (oz) |
| Lamaque Gold | 1935 - 1985 | 24151963 | 5.9 | 4554167 |
| Sigma Mines | 1937 - 1997 | 23898243 | 5.8 | 4456420 |
| McWatters | 1997 - 2003 | 3724000 | 2.2 | 263405 |
| Century Mining | 2004 - 2012 | 4138981 | 1.7 | 224888 |
| Total |  | 55913187 | 5.3 | 9498880 |

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Eldorado acquired the Lamaque Complex through the purchase of lntegra Gold Corp in 2017. Eldorado achieved commercial production on March 31, 2019, from ore mined at the Upper Triangle deposit and processed at the refurbished Sigma mill.

Geological Setting, Mineralization and Deposit Types

The Lamaque Complex is located in the Val-d'Or district of the eastern Abitibi Greenstone Belt within the Superior Province of the Canadian Shield. Known deposits and mineral occurrences in the project area, including the Triangle deposit, are sulfide-poor quartz veins or quartz-tourmaline-carbonate veins typical of many of the orogenic gold deposits in the region. Host rocks consist of volcanic flows and volcaniclastic rocks of the Val-d'Or Formation, intruded by a variety of intermediate to mafic intrusions in various forms including plugs, dykes and sills. Mineralized veins occur dominantly as shear veins within faults and shear zones cutting these units, and to a lesser degree as secondary splays and extension veins. These veins are preferentially localized within the mafic intrusions and in the host volcanic sequence proximal to the intrusions, which provide a competent host for the emplacement of gold-bearing quartz- tourmaline veins.

Current gold resources at the Lamaque Complex are defined in the Triangle, Plug No. 4, Parallel and Ormaque deposits, with most resources occurring in the Triangle and Ormaque deposits. The Triangle

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deposit is localized within and peripheral to a feldspar porphyritic diorite intrusion referred to as the Triangle Plug. Gold mineralization in the Triangle deposit occurs in shear-hosted quartz-tourmaline-carbonate-pyrite veins cutting the Triangle Plug and extending into the surrounding mafic lapilli-blocks tuffs. The thickest and most continuous veins are localized within east-west striking ductile-brittle reverse shear zones dipping 50-70° south. Veins also occur as extensional shear vein splays dipping 20-45° south as well as subhorizontal extension veins. Gold occurs within the veins as well as in the silica-sericite-carbonate-pyrite alteration selvages flanking the veins.

The Ormaque deposit occurs mainly within the C-porphyry diorite, also the principal host to the Sigma deposit, along its contact with andesitic volcaniclastic rocks of the Val-d'Or Formation. High gold grades are associated with quartz-carbonate-tourmaline veins, both within the veins themselves and in tourmaline-flooded wall rocks. Coarse visible gold is common. The mineralized veins are extensional veins to hybrid extensional shear veins typically dipping 10° to 25° WSW. Both are spatially associated with steeply NNW-dipping ductile-brittle fault zones. This vein-fault geometry is similar to that present at the historical Mine #2, located between the Ormaque deposit and the Sigma Mine.

The Plug No. 4 deposit, located 550 m north of the Triangle deposit contains mineralized veins restricted to a subvertical fine to medium-grained cylinder-shaped gabbro intrusion measuring roughly 100 to 150 m in diameter. East-west striking reverse shear zones dipping between 45° and 75° to the south cut the intrusion and host gold-bearing quartz- tourmaline-carbonate-pyrite veins. Mineralized extensional shear veins dipping 35-45° south are associated with these but have limited lateral continuity. Sub-horizontal extensional veins occur in vein arrays or clusters that extend for tens of metres down the central core of the gabbro intrusion. The thickness of individual veins can vary from 1 mm to 1.25 m, with most around 5-10 cm. These vein clusters can carry significant gold concentrations, but grades are erratic.

Mineralized zones at the Parallel deposit occur as sub-horizontal extension veins at shallow depths (70-200 m) and as shear veins dipping approximately 30-45° south at deeper levels. The mineralized veins consist of quartz and carbonate with lesser amounts of tourmaline, chlorite and sericite, hosted within fine- to medium-grained porphyritic diorite. The sub-horizontal extension veins are laterally extensive (up to 300 m), occur in en echelon patterns and exhibit pinch and swell characteristics. In general, they occur in stacked sets 10-25 m thick each containing up to 7 or 8 individual veins. Shear veins occur as up to four parallel veins within a 75 m wide corridor. Individual shear veins typically range in width from 15 cm to 1.5 m, but can be up to 2.6 m thick locally.

Gold mineralization is also documented in numerous zones which are peripheral to the four above deposits. These show similar styles of vein control and host rock characteristics as the three deposits discussed. The principal zones currently defined at the project include: Fortune Zone; No. 5 Plug (including No. 35 Vein); No. 3 Mine (including No. 1 and 2 Veins); South Triangle Zone; Mylamaque Zone; No. 4 Vein; No. 6 Vein; Sixteen Zone; and Sigma East Zone. In addition, both the Sigma mine and Lamaque mine contain significant zones of residual mineralization not exploited during the historical mining of these deposits.

Exploration

Exploration in the Val-d'Or area has been ongoing for nearly a century. Since the acquisition of lntegra Gold Corp. by Eldorado in 2017, significant exploration activities have occurred at Triangle as well as several other targets including Plug No. 4, Parallel, Aumaque, South Gabbro, Lamaque Deep, Vein No. 6, P5 Gap, Sigma East Extension, Sector Nord, among others. In January 2020, Eldorado announced the discovery of the Ormaque deposit. Eldorado continues to explore the Lamaque Complex property extensively.

Extensive exploration activities began in 2017, shortly after Eldorado purchased the Lamaque Complex through the acquisition of Integra. During this period, in addition to extensive drilling at Triangle, exploration drilling programs were conducted at the Plug No 4 and Parallel deposits, as well as the Aumaque, South Gabbro, Lamaque Deep, Vein No.6, P5 Gap, Sigma East Extension, Ormaque, Sector Nord and other targets. Underground development at the Triangle mine has provided platforms for resource conversion and exploration drilling programs.

Due to the limited bedrock exposure over most of the project area, exploration targeting relies heavily on geophysical surveying combined with analysis of historical mining and exploration data. In 2017, a high-resolution AeroVision survey was completed on the Lamaque Complex by contractor Abitibi Geophysics, covering most of the claim blocks. Only the portion covered by the town was not surveyed. A total of 650 line-km was surveyed on 50 m spaced lines oriented north to south, with tie lines every 1,000 m and with a clearance height of roughly 50 m. The survey allowed identification of several magnetic anomalies of moderate to strong amplitudes. A series of nine exploration targets were recommended by the contractor based on the interpretation of the survey data.

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In January 2020, Eldorado announced the discovery of the Ormaque deposit, followed just over a year later by the announcement of its inaugural Inferred Mineral Resource estimate.

A geomechanical modelling study completed in 2021, focusing on the Triangle deposit area, defined multiple new exploration targets proximal to the mine for future drill testing. Also in 2021, a HeliFalcon airborne gravity gradiometer survey was conducted. The survey covered most of the Lamaque and Bourlamaque properties and was designed to help identify and map significant geological features and structures with the objective to refine the regional targeting efforts. Results of the gradiometer survey are being used in a camp-wide re-interpretation of the geology and structural features that are responsible for concentrating orogenic gold deposits, similar to the Sigma, Lamaque and Triangle Deposits.

Drilling

Drilling on the Triangle, Parallel, Plug No. 4, and Ormaque deposits amount to 8,161 completed drill holes totaling some 1,697,912 m. Much of the drilling has been completed since 2015, and in 2015 Eldorado took over the responsibilities for planning, core logging, interpretation and supervision and data validation of the diamond drill campaigns. Drilling was done by wireline method with NQ sized core (47.6 mm nominal core diameter) for exploration and conversion drilling and BQTK/BTW sized core for definition (grade control) drilling.

As of the end of 2025, total Lamaque Complex drilling amounted to 262,530.7 m across 1,530 holes. Resource definition drilling totalled 116,918.5 m from 1,136 holes, conversion drilling totalled 85,642.6 m from 312 holes, exploration drilling totalled 58,298.2 m from 72 holes, and geotech drilling totalled 1589.3 m from 10 holes. Of this drilling, 1,108 holes were drilled at Triangle (156,363 m), 331 were drilled at Ormaque (68,284.6 m), 64 at Plug 4 (14,986.4 m), and 7 at Lamaque South and exploration targets (22,917 m).

In the opinion of the QP, diamond drilling for core is the most appropriate method for the Lamaque Complex due to the depth and rock competency and has been employed on site for decades. The methodology and procedures followed by Eldorado Gold Québec meet or exceed standards within the gold mining industry. The historical operators generally operated within standards known and expected at the time. The geological database is reliable based on the extensive drilling programs. Drilling data is considered representative of the deposits and sufficient to support Mineral Resource and Mineral Reserve estimation in respect of the Lamaque Complex.

Sampling, Analysis and Data Verification

Geology and geotechnical data are collected from the core before sampling. All vein and shear zone occurrences are sampled with additional "bracket sampling" into unmineralized host rock on both sides of the veins or shear zones. Typically, about 50% of a hole is sampled. The core is cut at Eldorado's core facility in Val-d'Or, Québec. For security and quality control, diamond drill core samples are catalogued on sample shipment memos, which are completed at the time the samples are being packed for shipment. Standards, duplicates, and blanks are inserted into the sample stream by Eldorado staff.

Sample preparation procedures include an initial crush to 10 mesh followed by a riffle split of a 250 g subsample, which is pulverized to 85% passing 200 mesh. This subsample is sent for assay where a 30 g subsample is taken and fire-assayed with an AAS finish. Any values greater than or equal to 5 g/t Au were re-assayed by fire assay using a gravimetric finish. The sample batches contained QA/QC samples comprising SRMs, duplicates and blanks. It is the QP's opinion that the QA/QC results demonstrate that the Lamaque Complex database for assays is sufficiently accurate and precise for resource estimation.

The QP concluded that the data supporting the Lamaque Complex resource work is sufficiently free of error to be adequate for estimation. Eldorado has established a complete and thorough data verification protocol to ensure proper accuracy and validity of all data incorporated including, and not limited to, diamond drill hole deviation, assays, geological modeling, mine scheduling, and economical analysis.

Mineral Processing and Metallurgical Testing

The metallurgical responses of ores from Upper Triangle are well understood given seven years of operating data and extensive metallurgical testwork that has been completed. Tests included chemical analyses, comminution testwork, gravity concentration tests, whole ore cyanidation tests, carbon gold loading tests, cyanide destruction tests, as well as thickening, rheology, and filtration testwork. High

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metallurgical recoveries (96 - 97%) are obtained with the Upper Triangle ores and require a fine grind size (40 µm P80), long retention time (>70 hours), and high pH.

Recent testwork programs have focused on samples from Lower Triangle (zones C6 through C10) and the Ormaque deposit. Testwork programs have been carried out by third-party commercial laboratories.

Compared to ore from Upper Triangle, the Lower Triangle samples are slightly harder with a Bond Ball Mill work index of 12.8 kWh/t to 13.5 kWh/t. Recoveries from Lower Triangle are slightly lower than Upper Triangle, with an expected recovery of 95%. Samples tested from Ormaque indicate that the mineralized material is somewhat harder at 14.2 kWh/t and with metallurgical recoveries in line with Upper Triangle (96.5%) ores. A higher proportion of coarse gravity-recoverable gold was noted with the Ormaque samples.

A bulk sample of ore mined from the Ormaque deposit was processed in December 2024, which demonstrated metallurgical recoveries and throughput in line with expectations. Subsequent phases of bulk sampling were completed throughout 2025 to refine metallurgical comprehension and blending behaviour with Triangle ore.

There are no identified processing factors or deleterious elements that could have a significant impact on potential economic extraction.

Mineral Resource and Mineral Reserves Estimates

The Mineral Resources for the Triangle deposit, as of September 30, 2025, are shown in Table 5-3. The resources include 24.3 kt in surface stockpiles as of the end of September 2025. The Mineral Resources are reported within the constraining mineralized domain volumes that were created to control resource reporting and are based on an overall 3.5 g/t gold cut-off grade (3.40 g/t for longhole and 3.67 g/t for Drift-and-Fill).

**Table 5-3: Triangle Mineral Resources, as of September 30, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit Name** | **Categories** | **Tonnes**<br>**(x 1,000)** | **Grade Au**<br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** |
| Triangle | Measured | 2129 | 6.57 | 450 |
| Triangle | Indicated | 4354 | 6.84 | 957 |
| Triangle | **Measured and Indicated** | 6483 | 6.75 | 1406 |
| Triangle | Inferred | 5439 | 7.26 | 1270 |

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The Mineral Resources of the Parallel deposit were classified using logic consistent with the CIM Definition Standards for Mineral Resources and Mineral Reserves referred to in NI 43-101. The mineralization of the project satisfies sufficient criteria to be classified into Indicated and Inferred Mineral Resource categories. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability.

The Mineral Resources for the Parallel deposit, as of September 30, 2025, are shown in Table 5-4. The mineral resources are reported within the constraining domain volumes that were created to control resource reporting and at a 3.5 g/t gold cut-off grade.

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**Table 5-4: Parallel Mineral Resources, as of September 30, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit Name** | **Categories** | **Tonnes (x 1,000)** | **Grade Au**<br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** |
| Parallel | Indicated | 323 | 10.57 | 110 |
| Parallel | Inferred | 137 | 9.67 | 43 |

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Due to its similarity with the Triangle deposit, the same classification approach is used in the Parallel deposit, where the average distance of the samples to a block center interpolated by samples from at least two drill holes, up to 30 m was classified as indicated mineral resources. All remaining model blocks containing a gold grade estimate were assigned as inferred mineral resources.

The Mineral Resources of the Plug #4 Zone were classified using logic consistent with the CIM Definition Standards referred to in NI 43-101. The mineralization of the project satisfies sufficient criteria to be classified into Indicated and Inferred Mineral Resource categories. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability.

The Mineral Resources for the Plug #4 Zone, as of September 30, 2025, are shown in Table 5-5. The Mineral Resources are reported within the constraining domain volumes that were created to control resource reporting and at a 3.5 g/t gold cut-off grade.

**Table 5-5: Plug #4 Zone Mineral Resources, as of September 30, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit Name** | **Categories** | **Tonnes (x 1,000)** | **Grade Au**<br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** |
| Plug #4 Zone | Indicated | 601 | 6.04 | 117 |
| Plug #4 Zone | Inferred | 604 | 6.61 | 128 |

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Due to its similarity with the Triangle deposit, the same classification approach is used in the Ormaque deposit. The average distance of the samples to a block center interpolated by samples from at least two drill holes, up to 30 m was classified as Indicated Mineral Resources. All remaining model blocks containing a gold grade estimate were assigned as Inferred Mineral Resources.

The Mineral Resources of the Ormaque deposit were classified using logic consistent with the CIM Definition Standards for Mineral Resources and Mineral Reserves referred to in NI 43-101. The density of drill hole data and the continuity of mineralization at Ormaque only support an inferred classification for all resources. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability.

The Mineral Resources for the Ormaque deposit, as of September 30, 2025, are shown in Table 5-6. The mineral resources are reported within the constraining volumes that were created to control resource reporting at a 3.5 g/t gold cut-off grade.

**Table 5-6: Ormaque Mineral Resources, as of September 30, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit Name** | **Categories** | **Tonnes**<br>**(x 1,000)** | **Grade Au**<br>**(g/t)** | **Contained Au**<br>**(oz x 1,000)** |
| **Ormaque** | Measured | 56 | 13.03 | 23 |
| **Ormaque** | Indicated | 3327 | 9.54 | 1.020 |
| **Ormaque** | **Measured & Indicated** | **3383** | **9.59** | **1.044** |
| **Ormaque** | Inferred | 1907 | 9.12 | 559 |

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The Mineral Reserve estimate is based on Measured and Indicated Mineral Resources incorporating Triangle, Ormaque, Parallel and Plug #4 deposits, upon which the mining plan and economical study have demonstrated economical extraction. Mineral Reserves are reported using a gold price of $1,700 per ounce and an exchange rate of 1.30 CA$/1.00 US$. A cut-off grade of 4.19 g/t for longhole stoping and 4.54 g/t for Drift-and-Fill (after dilution) was applied at stope scale for discrimination of material to be retained in reserves and all stopes falling below cut-off were taken out of the mine plan. Isolated stopes with grade barely above cut-off were taken out of the reserves if their extraction could not support the cost of development. From a marginal cut-off grade perspective that considers sunk cost, mandatory development in mineralized ore was included in the reserves if it graded at least 2.5 g/t.

Areas of uncertainty that may materially impact the Mineral Reserve estimates include and are not restricted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold market price and exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost assumptions, particularly cost escalation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geological complexity and continuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dilution and recovery factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geotechnical assumptions concerning rock mass stability.

Orebody wireframes were produced on LeapFrog Geo software and an interpolated block model was produced by Edge software. Using Deswik Stope Optimizer Module, stope shapes were created using the following constraints and modifying factors:

Long Hole Mining (Triangle and Parallel deposits)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sizing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Vertical height: 25 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Minimum dip: 45°

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Longitudinal retreat for thicknesses between 3 and 7 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Transverse Primary / Secondary for thickness above 7 m and with sufficient continuity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External dilution of 25%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining recovery of 95%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development ore included in Mineral Reserves considering 100% mining recovery and no overbreak dilution

Drift-and-Fill Mining (Ormaque deposit)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sizing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Drift profile of 5 m wide by 3 m high, no maximum length

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ +15% to -15% drift gradient

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External dilution of 13%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining recovery of 98%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development Ore included in Mineral Reserves considering 100% mining recovery and no overbreak dilution

**Table 5-7: Lamaque Complex Mineral Reserves as of September 30, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reserve** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Total P&P** | **Total P&P** | **Total P&P** |
| **Deposit** | **Tonnes (x 1,000)** | **Grade Au (g/t)** | **Contained Au (oz x 1,000)** | **Tonnes (x 1,000)** | **Grade Au (g/t)** | **Contained Au (oz x 1,000)** | **Tonnes (x 1,000)** | **Grade Au (g/t)** | **Contained Au (oz x 1,000)** |
| Triangle, Plug #4 | 1181 | 5.55 | 211 | 2891 | 5.72 | 532 | 4072 | 5.68 | 743 |
| Ormaque, Parallel | 42 | 12.49 | 17 | 2759 | 9.37 | 831 | 2801 | 9.41 | 848 |
| **Total** | **1222** | **5.81** | **228** | **5650** | **7.50** | **1363** | **6873** | **7.20** | **1591** |

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Mineral Resource and Mineral Reserve estimates for Lamaque may be affected by technical and other relevant factors which are more specifically described in the section of this AIF titled "Risk Factors in Our Business".

Mining Operations

The primary mining method that is currently used at Triangle is mechanized longhole stoping. The existing mobile equipment fleet of conventional equipment, mine infrastructure, and services, as well as workforce skill sets are based on longhole, and this method will continue to be used. Ore is transferred to the surface using a mixed fleet of 45-tonne diesel haul trucks and 50-tonne battery electric haul trucks. Ore is brought to the surface via the Triangle-Sigma decline,

Drift-and-Fill mining methods will be employed at Ormaque due to the shallowly-dipping orientation of the mineralized zones, allowing for near-complete recovery of mineralization and providing better selectivity while allowing low grade material to be left in the stopes. New low-profile mining equipment will likely be required to reduce mining heights to 3.0 m and reduce external dilution. Successful bulk samples were mined and processed from Ormaque in 2024 and 2025 using the DAF method.

The mine operation is currently using cemented rockfill and unconsolidated rockfill as backfill. A paste backfill plant is under construction to provide cemented paste fill to both the Triangle and Ormaque operations. Mineralized material will continue to be transferred to the surface using underground haulage trucks. Subsequent to the commissioning of the paste plant, all waste material will be brought to surface. The majority of the waste material will be used for civil work on site.

Processing and Recovery Methods

In 2026, Lamaque is expected to mine and process approximately 950,000 to 1,000,000 tonnes of ore.

The Sigma mill operates a conventional process including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary jaw crusher and secondary cone crusher;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grinding circuit consisting of a 9' x 12' rod mill and two 12' x 14' ball mills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gravity concentration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leach circuit (7 tanks);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carbon-in-pulp (CIP) circuit (7 tanks);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Elution, carbon regeneration, and areas.

An average planned metallurgical recovery of 95.6% is used, taking into account ore characteristics across multiple deposits and seasonal variation affecting leach process parameters.

Infrastructure, Permitting, and Compliance Activities

The Triangle mine site consists of the following buildings built as part of the current mine surface infrastructure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A two-story building housing administration, technical services and operations offices. It also includes a dry facility for 400 people.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A garage with six working bays, a warehouse, a compressor room and offices to serve maintenance and procurement teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A set of buildings next to the main ventilation raise for main fans, heating system and compressor room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A complete diamond drill core logging facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cement slurry plant and a dry cement silo connected to the underground via piping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prefabricated modules housing offices and dry facilities for the site contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Several fabric buildings to serve as cold storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface fuel station connected to underground delivery piping.

The Ormaque mine site will add, following full construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Building to house administrative, operational, technical, and dry facilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Garage to service the Ormaque fleet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ventilation raise with heating system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cemented paste backfill plant servicing both Triangle and Ormaque operations

Eldorado Gold Québec manages one operational and two inactive tailings facilities. Slurried tailings are currently being deposited at the tailings facility located adjacent to the Sigma mill, designated as the Sigma TMF. A second, inactive TMF is located at the Lamaque site, designated as the Lamaque TMF. The third inactive tailings facility is located outside the operational area of the Lamaque Complex,

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designated as the Aurbel TMF. No tailings are currently being deposited at the Aurbel TMF or Lamaque TMF.

In 2021, Eldorado established the ITRB to provide technical guidance on design and operational practices at its tailings facilities. Independent reviews of all tailings facilities are completed on a regular basis.

Since 2020, in addition to the usual daily and monthly inspections, instrumentation with telemetry, including piezometers, inclinometers and tensiometer has been installed across the Sigma tailings facility, to help monitor the behaviour of the dykes. The ITRB advises on the design, the construction and the operating process of the TMF to ensure that it reflects industry best practices.

The Lamaque Complex includes significant fixed infrastructure in place at the Triangle deposit and the Sigma mill. This includes an underground ramp system currently extending to 975 m depth, with approximate dimensions of 5.1 m x 5.5 m that provides access to the ore zones on 18 m vertical intervals in the upper mine and 25 m vertical intervals in centers of production below 275 m level. A ventilation system with two 1500 hp surface fans and multiple 3.4 m – 7.3 m diameter raise connections to levels in the mine which provide sufficient air for underground operations. The airflow is heated with natural gas burners in winter months. A cement slurry mixing and distribution system is for use in the backfilling of stopes with cemented rockfill. A series of surface buildings including the mine site offices, mine dry, workshop, warehouse, contractor offices, laydown yards, diesel storage, explosives magazine and stockpile pads for ore and waste are available and capable of supporting the current operations at the Triangle site.

The ore from the Triangle site is processed at the Sigma mill. This infrastructure was largely in place at the Sigma mill and used by past operators. An upgraded cyanide destruction circuit is in place.

The Lamaque Complex operations include a diverse fleet of owner operated underground mining equipment including 30-tonne to 45-tonne capacity diesel haul trucks, 50-tonne battery electric haul trucks, underground loaders ranging in size from 3.1 to 7.6 m<sup>3</sup>, development jumbos, production drills, mechanized bolters, and support equipment such as scissor lifts, personnel carriers, backhoes, boomtrucks, explosive loaders and others.

The Lamaque Complex is operating and is fully permitted under Federal and Provincial regulations. The Lamaque Complex operates in compliance with environmental quality standards and is regularly assessed by Provincial authorities regarding the Environment Quality Act of Québec. The Triangle mine is fully permitted under existing certificates of authorizations ("CoA"). There is an existing CoA for mining in the Ormaque deposit that allows for mining above a depth of 453 metres, where the majority of reserves are located. An amendment is planned to be submitted to remove the depth limitation.

Eldorado actively participates in stakeholder engagement. In 2015, a monitoring committee was formed to keep the Company's stakeholders informed about the Lamaque Complex. Quarterly meetings are organized to provide updates on the status of the Lamaque Complex to the committee members. All proceedings are put on the Company's website. The purpose of such a monitoring committee, which is required under section 101.0.3 of the Québec Mining Act, is to develop the involvement of the local community in mining projects. The committee has representatives from the municipal sector, the economic sector, the public and the Nation Anishnabe de Lac Simon.

In June 2021, Eldorado made a commitment to the Anishnabe Nation of Lac Simon and the community of Kitcisakik towards the development of a Collaboration Agreement aimed at maximizing business opportunities, fostering employability and integration of the Anishnabe workforce, respect for the environment and socio-economic development. Currently there are no agreements in place and discussions are in progress.

Capital and Operating Costs

A summary of 2026 forecast operating costs follows in Table 5-8:

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**Table 5-8: 2026 Forecasted Operating Costs**

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| | |
|:---|:---|
| | **(US$/t processed)** |
| Mining | $121.82 |
| Processing | $25.70 |
| Site General & Administrative | $24.95 |
| **Total Mine Operating Costs** | **$172.47** |

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Production, cash operating cost per ounce, and growth and sustaining capital actuals for 2025 and forecasts for 2026 follow in Table 5-9:

**Table 5-9: Production, Cash Cost, and Sustaining Capital Summary**

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| | | |
|:---|:---|:---|
| | **2025** | **2026 Forecast** |
| &nbsp;&nbsp;&nbsp;**Production** | 187,208 oz | 185,000 - 200,000 oz |
| &nbsp;&nbsp;**Total Cash Cost per ounce sold** <sup>(1)</sup> | $790 | $790 - $990 |
| &nbsp;&nbsp;**Growth Capital** <sup>(1)</sup> | $65.2 million | $180 - $190 million |
| &nbsp;&nbsp;**Sustaining Capital** <sup>(1)</sup> | $94.1 million | $70 - $80 million |

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<sup>1</sup> These financial measures and ratios are non-IFRS financial measures or ratios. See the section 'How We Measure Our Costs' in this AIF for explanations and discussion of these non-IFRS financial measures or ratios.

In 2026, Lamaque is expected to mine and process approximately 950,000 to 1,000,000 tonnes of ore at an average gold grade of 6.0 to 6.5 grams per tonne. Total cash costs per ounce sold are expected to increase primarily due to higher direct operating costs associated with the deepening of the Triangle mine. Additionally, increases are expected as a result of increased labour costs, reagents and consumables to support the Ormaque ramp-up. Costs will also be impacted by a weaker foreign exchange rate.

Sustaining capital expenditures for 2026 are expected to range between $70 and $80 million, lower than in 2025 due to the reclassification of ramp development at Triangle to growth capital. Sustaining expenditures include continued development at Triangle, delineation drilling, major equipment replacement, and refurbishment and work on the Sigma tailings storage facility. Growth capital for 2026 is expected to range between $180 and $190 million, and primarily covers development, infrastructure and the fleet for Ormaque; construction of the paste plant; capital development for the Triangle ramp; construction of the North Basin, and the purchase of additional battery electric vehicles (BEVs) for the Triangle mine.

Exploration programs in 2026 will focus on drill testing early-stage targets proximal to existing operations and historic mine development in the Sigma - Lamaque - Triangle area of the Lamaque Complex, continued target definition and exploration on the adjacent Bourlamaque property, and the generation of additional early-stage targets for future drill test consideration.

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Non-Material Properties

Perama Hill

Perama Hill and Perama South, located 1.5 km southeast of Perama Hill, are epithermal gold-silver deposits located in the Thrace region of northern Greece. If developed, Perama Hill will operate as a small open pit mine that uses a conventional carbon in leach circuit for gold recovery. In 2025, an Environmental Impact Assessment study was completed and submitted. An update to the Feasibility Study also commenced.

Sapes Property

The Sapes project is located approximately 2 km east of the village of Sapes in northeastern Greece and is 14 km northeast from the Perama Hill project. Sapes was acquired in 2014 through Eldorado Gold's acquisition of Glory Resources Ltd. The Company is currently reviewing the project to determine future technical, economic, permitting, social and environmental work.

Stratoni

Stratoni, an underground, silver-lead-zinc mine which includes the underground mine of Mavres Petres and the Stratoni facility, is located in the Halkidiki Peninsula in northern Greece. As of December 13, 2021 Mavres Petres mine, which is part of the Stratoni project, was placed under care and maintenance with the workforce being re-distributed to other operations of Hellas Gold. In 2024 and 2025, exploration drilling was conducted to the east of Mavres Petres at the Stratoni Skarn target. Eldorado plans to continue evaluate those results and may follow up with additional drilling in 2026.

Bourlamaque

The Bourlamaque property covers approximately 20,000 hectares in Québec contiguous to the property where the Lamaque Complex is located. Eldorado advanced desktop data reviews and compilations toward defining future drill targets. Bonnefond is one of the drill targets located on the Bourlamaque property. In 2025, the Company carried out additional drilling and interpretation on Bonnefond and subsequently declared a Mineral Resource estimate.

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Mineral Reserves and Mineral Resources

2025 Mineral Reserve and Mineral Resource Tabulations

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** | **Table 1: Eldorado Mineral Reserves, as of September 30, 2025** |
| **Project** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Proven Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Probable Mineral Reserves** | **Total Proven and Probable** | **Total Proven and Probable** | **Total Proven and Probable** |
| **GOLD** | **Tonnes** | **Au** | **In-situ Au** | **Tonnes** | **Au** | **In-situ Au** | **Tonnes** | **Au** | **In-situ Au** |
| **GOLD** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** |
| Efemçukuru | 929 | 4.04 | 120 | 3361 | 4.72 | 510 | 4290 | 4.57 | 630 |
| Kışladağ | 175742 | 0.65 | 3645 | 18702 | 0.50 | 301 | 194444 | 0.63 | 3946 |
| *Triangle, Plug #4* | *1181* | *5.55* | *211* | *2891* | *5.72* | *532* | *4072* | *5.68* | *743* |
| *Ormaque, Parallel* | *42* | *12.49* | *17* | *2759* | *9.37* | *831* | *2801* | *9.41* | *848* |
| Lamaque Complex | 1222 | 5.81 | 228 | 5650 | 7.50 | 1363 | 6873 | 7.20 | 1591 |
| Olympias | 3791 | 7.38 | 899 | 5400 | 5.07 | 881 | 9191 | 6.02 | 1780 |
| Perama Hill | 3000 | 4.36 | 421 | 5909 | 2.59 | 491 | 8910 | 3.18 | 912 |
| Skouries | 72536 | 0.85 | 1992 | 75465 | 0.69 | 1674 | 148001 | 0.77 | 3666 |
| **TOTAL GOLD** | **257283** | **0.88** | **7315** | **114425** | **1.42** | **5209** | **371708** | **1.05** | **12525** |
| **SILVER** | **Tonnes** | **Ag** | **In-situ Ag** | **Tonnes** | **Ag** | **In-situ Ag** | **Tonnes** | **Ag** | **In-situ Ag** |
| **SILVER** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** |
| Efemçukuru | 929 | 13.5 | 404 | 3361 | 11.1 | 1202 | 4290 | 11.6 | 1606 |
| Olympias | 3791 | 122 | 14929 | 5400 | 112 | 19427 | 9191 | 116 | 34356 |
| Perama Hill | 3000 | 3.88 | 374 | 5909 | 4.78 | 909 | 8910 | 4.48 | 1283 |
| **TOTAL SILVER** | **7720** | **63** | **15707** | **14670** | **46** | **21538** | **22391** | **52** | **37425** |
|  | **(x1000)** | **%** | **ounces**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** |
| Skouries | 72536 | 0.51 | 366 | 75465 | 0.50 | 375 | 148001 | 0.50 | 741 |
| **TOTAL COPPER** | **72536** | **0.51** | **366** | **75465** | **0.50** | **375** | **148001** | **0.50** | **741** |
|  | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** |
| Olympias | 3791 | 3.9 | 149 | 5400 | 3.9 | 211 | 9191 | 3.9 | 360 |
| **TOTAL LEAD** | **3791** | **3.9** | **149** | **5400** | **3.9** | **211** | **9191** | **3.9** | **360** |
| **ZINC** | **Tonnes** | **Zn** | **In-situ Zn** | **Tonnes** | **Zn** | **In-situ Zn** | **Tonnes** | **Zn** | **In-situ Zn** |
| **ZINC** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** |
| Olympias | 3791 | 4.9 | 185 | 5400 | 5.4 | 290 | 9191 | 5.2 | 475 |
| **TOTAL ZINC** | **3791** | **4.9** | **185** | **5400** | **5.4** | **290** | **9191** | **5.2** | **475** |

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\* Mineral Reserve cut-off grades: Efemçukuru: $145.36/t NSR (long hole stoping), $151.76/t NSR (Drift-and-Fill); Kışladağ: 0.1575 g/t Au Recoverable; Lamaque Complex: 4.19 g/t Au (long hole stoping), 4.54 g/t Au (Drift-and-Fill); Olympias: $223.40/t NSR; Perama Hill: 0.85 g/t Au; Skouries: $15.00/t NSR (open pit), $43.00/t NSR (underground).

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> | **Table 2: Eldorado Mineral Resources, as of September 30, 2025** <sup>(1)</sup> |
| **Project** | **Measured Mineral**<br>**Resources** | **Measured Mineral**<br>**Resources** | **Measured Mineral**<br>**Resources** | **Indicated Mineral**<br>**Resources** | **Indicated Mineral**<br>**Resources** | **Indicated Mineral**<br>**Resources** | **Total Measured &**<br>**Indicated** | **Total Measured &**<br>**Indicated** | **Total Measured &**<br>**Indicated** | **Inferred Mineral**<br>**Resources** | **Inferred Mineral**<br>**Resources** | **Inferred Mineral**<br>**Resources** |
| **GOLD** | **Tonnes** | **Au** | **In-situ Au** | **Tonnes** | **Au** | **In-situ Au** | **Tonnes** | **Au** | **In-situ Au** | **Tonnes** | **Au** | **In-situ Au** |
| **GOLD** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** |
| Efemçukuru | 1529 | 6.25 | 307 | 3625 | 6.58 | 767 | 5154 | 6.48 | 1074 | 1419 | 3.90 | 178 |
| Kişladağ | 238626 | 0.62 | 4767 | 38158 | 0.48 | 593 | 276784 | 0.60 | 5359 | 6594 | 0.43 | 91 |
| *Triangle, Plug #4* | *2129* | *6.57* | *450* | *4955* | *6.74* | *1074* | *7084* | *6.69* | *1524* | *6043* | *7.20* | *1398* |
| *Ormaque, Parallel* | *56* | *12.77* | *23* | *3650* | *9.63* | *1130* | *3706* | *9.68* | *1153* | *2044* | *9.16* | *602* |
| Lamaque Complex (Total) | 2185 | 6.73 | 473 | 8605 | 7.97 | 2204 | 10790 | 7.72 | 2677 | 8087 | 7.69 | 2000 |
| Bonnefond |  | - |  | 514 | 4.48 | 74 | 514 | 4.48 | 74 | 2699 | 4.87 | 423 |
| Olympias | 4760 | 9.32 | 1426 | 5864 | 6.63 | 1251 | 10624 | 7.84 | 2677 | 2693 | 8.25 | 714 |
| Perama Hill - Oxide | 2980 | 4.30 | 412 | 6194 | 2.49 | 496 | 9175 | 3.08 | 908 | 3959 | 3.08 | 392 |
| Perama Hill - Sulfide |  | - |  |  | - |  |  | - |  | 13002 | 2.45 | 1025 |
| Perama South |  | - |  |  | - |  |  | - |  | 14870 | 1.52 | 728 |
| Piavitsa |  | - |  |  | - |  |  | - |  | 6613 | 4.82 | 1025 |
| Sapes |  | - |  |  | - |  |  | - |  | 3434 | 7.43 | 820 |
| Skouries | 89669 | 0.82 | 2378 | 117662 | 0.59 | 2235 | 207331 | 0.69 | 4613 | 58294 | 0.41 | 770 |
| **TOTAL GOLD** | **339749** | **0.89** | **9763** | **180623** | **1.31** | **7618** | **520372** | **1.04** | **17382** | **121665** | **2.09** | **8166** |
| **SILVER** | **Tonnes** | **Ag** | **In-situ Ag** | **Tonnes** | **Ag** | **In-situ Ag** | **Tonnes** | **Ag** | **In-situ Ag** | **Tonnes** | **Ag** | **In-situ Ag** |
| **SILVER** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** | **(x1000)** | **g/t** | **ounces**<br>**(x1000)** |
| Efemçukuru | 1529 | 22 | 1096 | 3625 | 22 | 2571 | 5154 | 22 | 3666 | 1419 | 32 | 1469 |
| Olympias | 4760 | 152 | 23251 | 5864 | 140 | 26478 | 10624 | 146 | 49728 | 2693 | 143 | 12355 |
| Perama Hill - Oxide | 2980 | 4 | 372 | 6194 | 5 | 929 | 9175 | 4.4 | 1302 | 3959 | 10 | 1297 |
| Perama Hill - Sulfide |  |  |  |  |  |  |  |  |  | 13002 | 12 | 4851 |
| Piavitsa |  |  |  |  |  |  |  |  |  | 6613 | 54 | 11389 |
| Stratoni |  |  |  | 1391 | 152 | 6785 | 1391 | 152 | 6785 | 1807 | 166 | 9672 |
| **TOTAL SILVER** | **9269** | **83** | **24719** | **17075** | **67** | **36763** | **26344** | **73** | **61481** | **29494** | **43** | **41034** |
| **COPPER** | **Tonnes** | **Cu** | **In-situ Cu** | **Tonnes** | **Cu** | **In-situ Cu** | **Tonnes** | **Cu** | **In-situ Cu** | **Tonnes** | **Cu** | **In-situ Cu** |
| **COPPER** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** |
| Perama Hill - Sulfide |  |  |  |  |  |  |  |  |  | 13002 | 0.12 | 15 |
| Skouries | 89669 | 0.49 | 443 | 117662 | 0.46 | 546 | 207331 | 0.48 | 989 | 58294 | 0.40 | 233 |
| **TOTAL COPPER** | **89669** | **0.49** | **443** | **117662** | **0.46** | **546** | **207331** | **0.48** | **989** | **71296** | **0.35** | **248** |
| **LEAD** | **Tonnes** | **Pb** | **In-situ Pb** | **Tonnes** | **Pb** | **In-situ Pb** | **Tonnes** | **Pb** | **In-situ Pb** | **Tonnes** | **Pb** | **In-situ Pb** |
| **LEAD** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** |

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Olympias | 4760 | 4.9 | 233 | 5864 | 4.8 | 284 | 10624 | 4.9 | 517 | 2693 | 4.7 | 127 |
| Stratoni |  |  |  | 1391 | 6.0 | 84 | 1391 | 6.0 | 84 | 1807 | 6.9 | 124 |
| **TOTAL LEAD** | **4760** | **4.9** | **233** | **7255** | **5.1** | **368** | **12015** | **5.0** | **601** | **4500** | **5.6** | **251** |
| **ZINC** | **Tonnes** | **Zn** | **In-situ Zn** | **Tonnes** | **Zn** | **In-situ Zn** | **Tonnes** | **Zn** | **In-situ Zn** | **Tonnes** | **Zn** | **In-situ Zn** |
| **ZINC** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** | **(x1000)** | **%** | **tonnes**<br>**(x1000)** |
| Olympias | 4760 | 6.2 | 293 | 5864 | 6.7 | 394 | 10624 | 6.5 | 687 | 2693 | 5.7 | 153 |
| Stratoni |  |  |  | 1391 | 8.4 | 117 | 1391 | 8.4 | 117 | 1807 | 8.3 | 150 |
| **TOTAL ZINC** | **4760** | **6.2** | **293** | **7255** | **7.0** | **511** | **12015** | **6.7** | **804** | **4500** | **6.7** | **303** |

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Notes:

(1) Resource grades are reported undiluted, however resources assessed for reasonable expectation of economic extraction by applying expected minimum mining shapes.

\* Mineral Resource cut-off grades: Efemçukuru: $104.50/t NSR; Kışladağ: 0.13 g/t Au (recoverable); Lamaque: 3.40 g/t Au (longhole), 3.67 g/t Au (Drift-and-Fill); Olympias: $105.50/t NSR; Perama Hill: 0.71 g/t, erama South:0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: $15.00/t NSR (open pit), $40.00/t NSR; Stratoni: $200/t NSR.

General Notes on the Tabulated Mineral Reserves and Mineral Resources

Mineral Reserves and Mineral Resources are reported on a 100% basis for each property and where applicable, are calculated to match the end of September 2024 mining as-builts. Except as described in this AIF, there are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially affect the estimates of the Mineral Reserves and Mineral Resources. Estimates of Mineral Resources include Mineral Reserves.

Grade estimates for the Mineral Resources are based almost entirely on diamond drill hole samples. Sampling and analyses of these samples are governed by Company-wide protocols to provide consistent and quality results. Analyses for gold, silver, copper, lead and zinc were done for the most part on sawn half core samples using fire assay, AAS and ICP analytical methods. These analyses and the preceding sample preparation are strictly controlled by Eldorado's Quality Assurance / Quality Control programs. These include SRMs, blank and duplicate samples that are regularly inserted prior to shipment from the preparation site. Results are used to monitor and control the quality of the assay data and only data that pass the thresholds set up in these programs are used in our resource estimates.

Except as otherwise described herein, the Mineral Reserve estimates incorporate adequate factors for ore loss and waste dilution. The Mineral Reserves are based on the following price assumptions:

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| | | |
|:---|:---|:---|
| **Metal** | **Price** | **Relevant Properties** |
| Gold | $1,700/oz | Efemçukuru, Kışladağ, Lamaque Complex, Olympias, Skouries, Perama Hill |
| Silver | $20.00/oz | Efemçukuru, Olympias, Perama Hill |
| Copper | $7,714/t ($3.50/lb) | Skouries |
| Lead | $2,000/t | Olympias |
| Zinc | $2,500/t | Olympias |

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Resource classification into Measured, Indicated and Inferred Mineral Resources and Reserve classification into Proven and Probable Mineral Reserves used logic consistent with the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (the definitions can be found at www.cim.org), and in accordance with the disclosure requirements of NI 43-101.

Eligible Mineral Resources for reporting fulfilled a demonstration of RPEEE. The Mineral Resources used a long term gold metal price of $2,100/oz for the determination of cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting. Open pit-only projects (Kışladağ, Perama Hill and Perama South) used pit shells created with the long term gold price to constrain reportable model blocks. Underground Mineral Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Only material internal to these volumes were eligible for reporting.

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Projects with both open pit and underground resources (Skouries) have the open pit resources constrained by the permit, and underground resources constrained by a reporting shape.

Understanding Mineral Reserve and Mineral Resource Classification

A Mineral Reserve is the part of a Measured or Indicated Mineral Resource that can be economically mined, demonstrated by at least a preliminary feasibility study that includes adequate information about mining, processing, metallurgical, economic and other relevant factors that demonstrate (at the time of reporting) that economic extraction can be justified. See the definition of "Mineral Reserve" in the "Glossary" for more information.

Mineral Resources are concentrations or occurrences of minerals that are judged to have RPEEE. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are classified into Measured, Indicated and Inferred. Inferred Mineral Resources are not known with the same degree of certainty as Measured and Indicated Mineral Resources and do not have demonstrated economic viability. See the definition of "Mineral Resource" in the "Glossary" for more information.

Mineral Resources that have not already been classified as Mineral Reserves do not have demonstrated economic viability, and there can be no assurance that they will ultimately be converted into Mineral Reserves. Consequently, these Mineral Resources are of a higher risk than Mineral Reserves.

Understanding Estimates

Estimating Mineral Reserves and Mineral Resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments made when interpreting it, which may prove to be unreliable.

The cut-off grades for the deposits are based on our assumptions for plant recovery, metal prices, mining dilution and recovery, and our estimates for operating and capital costs. We may have to recalculate our estimated Mineral Reserves and Mineral Resources based on actual production or the results of exploration.

Fluctuations in the price of gold, production costs or recovery rates can make it unprofitable for us to operate or develop a particular property for a period of time. See "Forward-looking information and risks" and "Risk Factors in Our Business" for additional information.

Qualified Persons ("QP") under NI 43-101

Ian Lipchak, P.Eng., Director Mine Planning and Evaluations for the Company has reviewed and approved Efemçukuru, Skouries, and Perama Hill Mineral Reserves, and is a "Qualified Person" under NI 43-101; Suraj Priyadarshi, P.Eng., Manager Open Pit Mine Planning has reviewed and approved Kışladağ Mineral Reserves, and is a "Qualified Person" under NI 43-101; Filip Medinac, P.Eng., Mine Manager, Olympias for the Company has reviewed and approved Olympias Mineral Reserves, and is a "Qualified Person" under NI 43-101; Jessy Thelland, P.Geo. (OGQ No. 758), Regional Director of Strategic Development for the Company, has reviewed and approved the Triangle and Plug #4 Mineral Reserves within the Lamaque Complex, and is a "Qualified Person" under NI 43-101; Philippe Groleau, Eng., (OIQ No. 5032770), Director Technical Services, Lamaque for the Company, has reviewed and approved the Ormaque and Parallel Mineral Reserves within the Lamaque Complex and is a "Qualified Person" under NI 43-101.

Sean McKinley, P.Geo., Manager, Technical Evaluations for the Company, has reviewed and approved the Skouries, Piavitsa, Sapes, and Stratoni Mineral Resources and is a "Qualified Person" under NI 43-101. Jessy Thelland, P.Geo. (OGQ No. 758), Regional Director of Strategic Development for the Company, has reviewed and approved the Lamaque Complex Mineral Resource including Triangle, Plug #4, Ormaque, and Parallel, and is a "Qualified Person" under NI 43-101; Karine Brousseau, Eng., Senior Manager, Resource Geology for the Company, has reviewed and approved the Efemçukuru, Kışladağ, Olympias, Bonnefond, Perama Hill and Perama South Mineral Resources, and is a "Qualified Person" under NI 43-101.

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Risk Factors in Our Business

Eldorado is involved in the exploration, discovery, acquisition, financing, development, production, reclamation and operation of mining properties. We face a number of risks and uncertainties which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The Company maintains an enterprise-wide risk management framework designed to identify, assess, and manage risks that could materially affect its business, financial condition, or results of operations. Oversight of risk management rests with the Board of Directors, with all Board Committees responsible for risks within their respective areas. The Company's Enterprise Risk Management policy formalizes responsibilities for management and reinforces accountability for risk identification and mitigation. Management is responsible for conducting formalized quarterly risk assessments and an annual strategic risk review, both of which are reported to the Board of Directors. The risks described below are not the only risks and uncertainties that we face. Although we have done our best to identify the risks to our business, there is no assurance that we have captured every material or potentially material risk and the risks identified below may become more material to the Company in the future or could diminish in importance. Additional existing risks and uncertainties not presently identified by the Company, risks that we currently do not consider to be material, and risks arising in the future could cause actual events to differ materially from those described in our forward-looking information, which could materially affect our business, results of operations, financial condition and the Eldorado Gold share price.

We have set out the risks in the order of priority we believe is appropriate for Eldorado based on our assessment of, among other things, the likelihood and impact of such risks, and our expected capabilities to mitigate such risks. Accordingly, you should review this section in its entirety.

*Commodity Price Risk*

The profitability of the Company's operations are directly related to, in large part, gold and other commodity prices (including copper upon commencement of commercial production at Skouries). Gold, copper, and other commodity prices fluctuate widely and are affected by many factors beyond the Company's control, including but not limited to: wars, terrorism and other conflicts, including the Middle East Conflicts (as defined below), global and regional demand, gold and financial market volatility and other market factors, political and economic events (global and regional) including international trade disputes and the imposition of tariffs, the availability and costs of metal and material substitutes, central bank purchases and sales of gold, monetary policies employed by central banks, producer hedging and de-hedging activities, expectations of inflation, expectations of economic activity, the exchange rate of the U.S. dollar to other major currencies, interest rates, production costs in major gold-producing regions, speculative positions taken by investors or traders in gold, changing investor or consumer sentiment,the popularity of cryptocurrencies as an alternative investment to gold, and gold lending.

If metal prices decline significantly, or decline for an extended period, losses would be sustained, and, under certain circumstances, Eldorado may curtail or suspend some or all of its mining, exploration or development activities at its mines. Sustained lower metal prices may require changes to the Company's mine plans, result in reduced production, and higher costs than anticipated, or both. The Company might also not be able to fulfill its obligations under its permits and licenses or agreements with partners, and this could increase the likelihood and amount that we may be required to record as an impairment charge on our assets. In addition, a significant metal price decline could result in significant reductions in our mineral reserves and resources, losing the ability to operate some or all of the Company's properties economically, or being forced to sell them, which could have a materially adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The cost of production, development and exploration varies depending on the market prices of certain mining consumables, including diesel fuel, electricity and chemical reagents. Electricity is regionally priced in Türkiye and semi-regulated by the Turkish government, which reduces the risk of price fluctuations. In addition, electricity is also regulated in the province of Quebec. The Company has elected to hedge some of its exposure to commodity price risk for gold and copper with a limited forward sales contract (for delivery on June 30, 2026). The Company may in the future elect to continue or further hedge, from time to time, commodity price contracts to manage its exposure to fluctuations in the price of gold, copper, and other metals. However, there is no assurance that Eldorado will be able to conduct further hedging on reasonable terms or that any hedges that have been, or may be, put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if we had no hedges in place.

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*Development Risks at Skouries and Other Development Projects*

*Development Risks - General*

Gold and other metal exploration is highly speculative in nature, involves many risks and is often not productive; and there is no assurance that we will be successful in our development efforts. Substantial expenditures are required to establish Proven and Probable Mineral Reserves, determine the optimal metallurgical process to extract the metals from the ore, and to plan and build mining and processing facilities for new properties and to maintain such facilities at existing properties. Once we have found ore in sufficient quantities and grades to be considered economic for extraction, metallurgical testing is required to determine whether the metals can be extracted economically. It can take many years of exploration and development before production is possible, and the economic feasibility of production can change during that time.

The capital expenditures and time required to develop new mines are considerable, and changes in cost or construction schedules can significantly increase both the time and capital required to build the project.

Project development schedules are dependent on obtaining the support of local communities, obtaining the governmental approvals necessary for the construction and operation of a project, and if applicable, allowing for the necessary regulatory process to be completed with respect to any new archaeological findings on the site. New mines may face opposition from local communities, and the timeline to obtain necessary government approvals is often beyond our control. See also "Indebtedness", "Skilled Workforce", "Liquidity and Financing Risk", and "Community Relations and Social License".

It is not unusual in the mining industry to experience unexpected problems during the start-up phase of a mine, resulting in delays and requiring more capital and other costs than anticipated. As a result of the complexity and substantial expenditures involved in development projects, developments are vulnerable to material schedule and cost overruns. While we will take steps to mitigate this, there is no assurance that the profitability or economic feasibility of a project will not be adversely affected by factors beyond our control. Delays can also occur when production initially commences and during ramp-up to commercial production. In the past, we have adjusted our estimates based on changes to our assumptions and actual results. There is no guarantee that such adjustments will alleviate the effects of such delays or problems. These unexpected occurrences may also impact our compliance with certain terms, conditions, and covenants set out in the Term Facility and commercial and other material agreements related to the development project. See also "Liquidity and Financing Risk", "Contractors", and "Skilled Workforce".

Mine development projects typically require a number of years and significant expenditures during the development phase before production is possible and there is no assurance that any of our development projects will become producing mines.

Development projects depend on successfully completing feasibility studies and environmental assessments, obtaining the necessary government permits and receiving adequate financing. Economic feasibility is based on several factors, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated metallurgical recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental considerations and permitting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future prices of gold, copper, and other metals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated capital and operating costs for the projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of sufficient numbers of skilled trades; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely execution of development plan.

Development projects have no operating history to base estimated future production and cash operating costs on. With development projects in particular, estimates of Proven and Probable Mineral Reserves and cash operating costs are largely based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interpreting the geologic data obtained from drill holes and other sampling techniques; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• feasibility studies that derive estimated capital and cash operating costs based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected tonnage and grades of ore to be mined and processed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the configuration of the ore body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected recovery rates of gold and other precious and base metals from the ore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated operating costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated climate conditions and other factors.

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It is therefore possible that actual capital and cash operating costs and economic returns will differ significantly from what we estimated for a project before starting production.

Mining of mineral-bearing material requires removal of waste material prior to gaining access to and extracting the valuable material. Depending on the location of the ore, this may entail removing material above the ore in an open pit situation (pre-stripping) or developing tunnels underground to gain access to deeper material. Where possible, this material is then generally used elsewhere in the project site for construction of site infrastructure. As a project is developed, a plan is put forward to complete the pre-strip or required underground development so that mining of ore can commence in line with the overall schedule to feed ore to the process plant at the right time. The degree of pre-strip in an open pit is based on selected drilling, which may result in adjustments to the resource model and a requirement for more or less pre-stripping to be completed. This may result in a deficit of material required to complete other earthworks around the project site, such as tailings facilities, or an increase in the pre-strip requirements prior to mining commencing. Similarly, with underground development, the mining method and optimized design are based on an amount of drilling that will be increased during normal operations. As work continues, there may be previously unknown ground conditions that may be exposed, or other changes to mining parameters that can cause a change in the mine design or direction of the underground development. Either of these occurrences could result in more or less material than can be used for other site projects if so designed, and could also delay the start-up of continuous production. This may result in lower revenues while the project ramps up to normal operating rates.

Our production, capital, and operating cost estimates for development projects are based on certain assumptions. We use these estimates to establish our Mineral Reserve estimates but our capital and cost estimates are subject to significant uncertainty as described above.

Although we undertake significant work to understand and update our assumptions and estimates related to our development projects, actual results for our projects may differ from current estimates and assumptions, and these differences may be material. The experience we gain from actual mining or processing operations can also identify new or unexpected conditions that could reduce production below our current estimates, or increase our estimated capital or operating costs. If actual results fall below our current estimates, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Development Risks - Skouries*

The risks described in "Development Risks – General" apply to the Skouries Project. In addition, the risks, uncertainties and other factors associated with the Skouries Project (including those described in this "Managing Risk" section) may cause delays in the Skouries Project construction and commissioning, which in turn may cause delays in the commencement of production and additional carrying costs during the construction phase. Any such delays and additional carrying costs are likely to result in further increases to the cost of the Skouries Project.

Labour market tightness in Greece, particularly pronounced in construction, continue to limit the availability of key construction personnel at Skouries, resulting in a slower ramp-up of the workforce and delayed progress in certain areas of the Skouries Project. Our ability to recruit the required number of personnel within the required timelines, manage changes to workforce numbers through the construction of the Skouries Project, recruit personnel having the requisite skills, experience and ability to work on site and increase productivity by adding or modifying labour shifts, will have a direct impact on the schedule and costs associated with the Skouries Project, as well as our guidance for 2026 and beyond. See "Labour – Employee/Union Relations", "Key Personnel", "Skilled Workforce", "Expatriates" and "Contractors."

Other risks and uncertainties related to the Skouries Project include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected damage to critical equipment and associated timelines to repair or replace such equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rising labour costs or costs of key inputs such as materials, power and fuel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the ability of contractors to perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost or quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to construct key infrastructure within the required timelines including the process plant, filter plant, waste management facilities and embankments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• differences between projected and actual degree of pre-strip required in the open pit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variability in metallurgical recoveries and concentrate quality due to factors such as the extent and intensity of oxidation or the presence of transition minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• presence of additional structural features impacting hydrological and geotechnical considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribution of sulfides that may dilute concentrate and change the characteristics of tailings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected disruptions to operations due to protests, non-routine regulatory inspections or road conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected inclement weather and climate events including short and long duration rainfall and floods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet pre-commercial producing mining or underground development targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected results from underground stopes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in support from local communities, and our ability to meet the expectations of communities, governments and stakeholders related to the Skouries Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely receipt of necessary permits and authorizations.

As noted in "Development Risks – General", there are substantial expenditures involved in the development of large development projects and these projects are generally prone to material cost overruns. While we will take steps to mitigate this in relation to the Skouries Project, there is no assurance that the profitability or economic feasibility of the Skouries Project will not be adversely affected by factors beyond our control. Delays may also occur when first production commences, which in turn could lead to schedule changes and delays in achieving commercial production. As disclosed in the Company's news releases, we have over time and as the development progressed, adjusted our estimates related to the schedule and costs of the Skouries Project based on changes to our assumptions, the current status of construction activities, and the impact of the strengthening Euro on construction costs. As previously announced, due to the revised schedule, the Company expects to complete additional pre-commercial production mining, has accelerated the purchase of higher capacity mobile mining equipment to support a faster transition from contract mining to an owner-operated model and has identified benefits to a longer period of underground mining prior to commercial production. The Company also continues to take steps to address the continued tightness in the Greek labour market. There is no guarantee that such adjustments and other mitigation efforts will prevent or alleviate the effects of such delays or problems.

Unexpected occurrences with respect to the development of the Skouries Project may impact our compliance with certain terms, conditions, and covenants set out in the Term Facility, and commercial and other material agreements related to the development of the Skouries Project. Depending on the nature of the impact, these unexpected occurrences could also impact our ability to access additional funds under the Term Facility.

Although we undertake significant work to understand and update our assumptions and estimates related to the Skouries Project, actual results may differ from current estimates and assumptions, and these differences may be material.

*Operations*

Our operations, some of which are located in foreign jurisdictions, are exposed to various levels of political, social and economic risks and uncertainties. These risks and uncertainties vary from country to country and include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earthquakes, wildfires, water events (including short and long duration rainfall, floods and droughts) and other natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing political, economic and social conditions, including changes in governments or political systems, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely receipt of necessary permits and authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in law or regulation (including in respect of mining, health, safety, and environmental regulations, taxation and royalties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in policies (including in respect of monetary policies and permitting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• wars or other conflicts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renegotiation or nullification of existing rights, concessions, licenses, permits and contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on foreign exchange, currency controls and repatriation of capital and profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extreme fluctuations in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs and other trade barriers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labour unrest, rising labour costs, and labour shortages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of suitable skilled labour due to tight labour markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mobility restrictions for personnel and contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability of consumables including electricity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil unrest or risk of civil war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bribery, extortion and corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expropriation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability of judicial recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operation of the rule of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of procedural rights and remedies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guerrilla activities, insurrection and terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anti-mining and other activism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hostage taking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• military repression; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trespass, illegal mining, theft and vandalism.

The occurrence of any of these risks in the countries in which we operate could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The mining and metals sector has been increasingly targeted by governments for the purposes of raising revenue or for political reasons, as governments continue to struggle with deficits and concerns over the effects of depressed economies or in response to rising gold and other metal prices. Governments are continually assessing the fiscal terms of the mining regimes and agreements that apply to an entity looking to exploit resources in their countries and numerous countries have recently introduced changes to their respective mining regimes that reflect increased government control over, or participation in, the mining sector.

The possibility of future changes to the mining regimes in the countries in which we operate adds uncertainty that cannot be accurately predicted and may result in additional costs, delays and regulatory requirements. In addition, such changes could restrict our ability to contract with persons or conduct business in certain countries. There is no assurance that governments will not take our rights, impose conditions on our business, prohibit us from conducting our business or grant additional rights to state-owned enterprises, private domestic entities, special interest groups, Indigenous peoples or residents in the countries in which we operate, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We expect to generate cash flow and profits at our foreign subsidiaries, and we may need to repatriate funds from those subsidiaries to service our indebtedness or fulfill our business plans in other geographic areas. From time to time, governments in countries in which Eldorado operates may impose limitations on Eldorado's ability to repatriate funds. As such, we may not be able to repatriate funds from foreign jurisdictions in the future, or we may incur tax payments or other costs when doing so, as a result of a change in applicable law or tax requirements at local subsidiary levels or at the Eldorado Gold level.

We have one operating mine, two development projects and one mine on care and maintenance in Greece. Following the global financial crisis in 2008 and 2009, the Greek economy experienced a significant downturn. The subsequent economic crisis from 2011 to 2018 resulted in austerity measures, a severe recession of the Greek economy, capital controls from 2015 to 2019 and concerns about sovereign debt default and of Greece exiting the Eurozone. During this crisis, Greece experienced protracted political instability, a high unemployment rate, popular unrest in response to austerity measures and rounds of bail-out negotiations with various governmental and private parties. Since 2019, in part due to economic measures adopted during the crisis, the Greek economy has stabilized and the Hellenic Republic regained its investment grade credit rating. However, there can be no assurance that the current period of political and economic stability in Greece will continue, and there is always a possibility that the OECD and IMF may insist on further reforms.

In February 2021, we entered into the Investment Agreement with the Hellenic Republic to govern the further development, construction and operation of the Skouries Project and the Olympias and Stratoni/Mavres Petres mines and facilities, which provides a modernized legal and financial framework to allow for the advancement of our investment in these assets. In March 2021, the Investment Agreement was ratified by the Greek parliament and published in the Greek Government Gazette, officially becoming law.

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We currently hold all necessary permits for our operations in Greece and the development of the Skouries mine, but in the past we have experienced significant delays in the timely receipt of necessary permits and authorizations from the Hellenic Republic in order to advance operations in Greece, and it is possible we will experience delays again in the future, notwithstanding the Investment Agreement. With respect to our mining concessions in Greece, the mining concessions relating to the Kassandra Mines (including the Skouries Project) expire in March 2026, similar to all other Greek mining concessions existing prior to 1976. We have followed the instructions of the responsible Ministry in filing our renewal application in relation to the Kassandra Mines and while we believe that the Government of the Hellenic Republic will take the appropriate action, there is no assurance that the required renewal will occur in the timeline and on the terms that we expect. There is no assurance that Greece will not adopt legal, regulatory or policy changes in the future which may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We also have two producing mines that are located in Türkiye. Türkiye has historically experienced, and may in the future experience, heightened levels of political and economic instability due to regional geopolitical instability. These conditions may be exacerbated by current global economic conditions or become exacerbated during electoral processes. In particular, there have been political conflicts and challenges in and nearby to Türkiye, including, among others, military operations, civil unrest, terrorist acts and a refugee crisis along its geographic borders with Syria, Iran and Iraq, and in parts of the broader Middle East region. Türkiye also has a history of fractious governing coalitions comprised of many political parties and has experienced anti-government protests as well as unrest following investigations initiated in December 2013 into alleged government corruption, and an attempted coup in 2016. Our operations have experienced no significant disruptions due to these periods of instability and continue to operate under normal business conditions. However, there can be no assurance that a current or future period of instability will not negatively affect our current and future operations in Türkiye. Such a period of instability may also have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

In 2023, certain changes were made to the tax legislation of Türkiye which resulted in a hyperinflationary adjustment to the local tax basis in Türkiye. In 2025, the Türkiye tax inflation accounting was postponed for the years 2025 to 2027. We cannot predict additional future changes to Turkish income tax legislation or their impact on our financial results.

Since late 2023, commercial shippers operating in the Red Sea and the Middle East have had to adjust to an environment of growing threats and hostilities to the safety and security of their ships, cargo, and personnel (including rocket attacks, drone strikes, and attempts to seize or commandeer vessels, cargo and crew). These threats and hostilities continue and have recently evolved with the U.S. and Israel commencing military operations in and against Iran in February 2026 (the "Middle East Conflicts"), leading to significant disruptions to shipping activity, increased insurance and security costs and some commercial shippers to reroute or suspend shipments entirely. These threats and hostilities in the Red Sea and the Middle East have impacted our inbound and outbound shipping activities for Greece and Türkiye. We may experience delays, additional increases in costs, or an inability to send or receive certain materials or equipment in a timely or cost-efficient manner. Shipping costs could in the future reach unsustainable levels for reasons beyond our control. If in the future any of our inbound or outbound shipping activities are impacted by the current or future conditions in the Red Sea and the Middle East, our commercial insurance policies in place may not provide coverage due to customary exclusions.

Aside from the Company's own operations, the Middle East and the Red Sea are critical to global energy producers and connect various transportation hubs. Continued conflicts and hostilities in the Middle East, including the partial or complete closure of the Strait of Hormuz, and Red Sea have the potential to increase global energy prices significantly and may adversely affect the Company through disruptions to global supply chains, increased transportation and logistics costs, increased costs for suppliers and service providers (who may choose to pass any higher costs on to the Company), volatility in energy and commodity prices, constraints arising from trade restrictions or sanctions and reduced industrial or consumer demand.

While the Company is attempting to mitigate these effects, any prolongation or expansion of the conflicts and hostilities in the Middle East and the Rea Sea may negatively affect the Company's current and future operations in Greece and Türkiye (or, in the case of rising global energy prices, internationally), and may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We operate in a range of environments and our employees, contractors and suppliers are at risk of injury, disease and natural disasters. In 2023, a significant earthquake struck the southeast of Türkiye. Although our operations experienced no significant disruptions due to this natural disaster, there is no guarantee that a similar natural disaster in the future, whether in Türkiye or in any other jurisdiction we operate in, will not have an adverse effect on our business, results of operations or financial condition. If our

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workforce is affected by a high incidence of injury, disease or natural disasters, the facilities and treatments may not be available to the same standard that one would expect in more economically developed countries such as Canada and the United States, which could have an effect on the availability of sufficient personnel to run our operations. This could result in a period of downtime or we may be subject to an order to cease operations, which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Climate Change".

The safety and security of our employees and associated contractors are of prime importance to the Company. Various security problems may occur in any of the jurisdictions in which we operate. We are at risk of incursions or acts of terrorism by third parties that may result in the theft of or result in damage to our property. We endeavor to take appropriate actions to protect against such risks, which may affect our operations or cause us to incur further costs.

The mineral exploration, development, mining, and processing activities of Eldorado in the countries where we operate are subject to various laws governing a wide range of matters, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the environment, including land and water use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to conduct our business, including limitations on our rights in jurisdictions where we are considered a foreign entity and restrictions on inbound investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospecting and exploration rights and methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mineral production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• royalties, taxes, fees and imposts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repatriation of profits and return of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immigration (including entry visas and employment of our personnel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labour standards and occupational health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply chain transparency including any required regulatory reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mine safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use of toxic substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mineral title, mineral tenure and competing land claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impacts on and participation rights of local communities and entities.

Although we believe our mineral exploration, development, mining, and processing activities are currently carried out in accordance with all applicable laws, rules regulations and policies, there is no assurance that new or amended laws, rules or regulations will not be enacted, new policies applied or that existing laws, rules, regulations or discretion will not be applied in a manner which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price, in any of the countries in which we operate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the fiscal regime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding government ownership of or participation in projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding permitted foreign investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• royalties, taxes, fees and imposts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation of, or restrictions on, importation of goods and movement of personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation of, or restrictions on, currency transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation of, or restrictions on, sales of our products, or other laws generally applicable in such country, or changes to the ways in which any of these laws are applied, any of which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding social and environmental regulation, including environmental reporting requirements.

*Production and Processing*

Estimates of total future production and costs for our mining operations are based on our LOM plans. These estimates can change, or we might not achieve them, which could have a material adverse effect

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on any or all of our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

Our plans are based on, among other things, our mining experience, reserve estimates, assumptions about ground conditions and physical characteristics of ores (such as hardness and the presence or absence of certain metallurgical characteristics, including the presence of materials that may adversely affect the ability to process, export and sell our products) and estimated rates and costs of production. Our actual production and costs may be significantly different from our estimates for a variety of reasons, including the risks and hazards discussed elsewhere as well as unfavorable operating conditions or external events impacting operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual ore mined varying from estimates in grade, tonnage and mineralogical and other characteristics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industrial accidents, environmental incidents and natural phenomena, including discharge of metals, concentrates, pollutants or hazardous materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seepage from tailings or other storage facilities or ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of mining pit slopes, waste rock storage facility and tailings impoundment walls, embankments, roadways and dams, other water storage structures and heap leach structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surface or underground fires, floods, landslides or ground subsidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in power supply and costs and potential power shortages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposition of a moratorium on our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of the disposition of mineral assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortages and timing delays of supplies and equipment needed for operation, including explosives, fuels, chemical reagents, water, equipment parts and lubricants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of unproven or evolving technologies or loss of information integrity or data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected geological, geochemical and water (ground and surface) conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable metallurgical conditions and metal recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable comminution properties of ore and effect on processing throughput;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient capacity for disposal of waste materials from our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in inventory levels at heap-leach operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fall-of-ground accidents in underground operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seismic activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renewal of required permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shipping interruptions or delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of the mining process, including revisions to mine plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unplanned maintenance and reliability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected work stoppages or labour costs, shortages or strikes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general inflationary pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presence of valuable by-products such as copper (which can be crucial in offsetting the costs of gold production); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in law, regulation or policy.

The occurrence of one or more of these events in connection with our exploration activities, development and production and closure of mining operations may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties, production facilities or property belonging to us or others, monetary losses, environmental damage and potential legal liabilities. In addition, the occurrence of one or more of the events listed above may result in a less than optimal operation and lower throughput or lower recovery, as well as interruptions, deferral or unanticipated fluctuations in production. This could cause a mineral deposit to become unprofitable, even if it had been mined profitably in the past. Although we review and assess the risks related to extraction and seek to put appropriate mitigating measures in place, there is no assurance that we have foreseen and/or accounted for every possible factor that might impact operations, production and processing. The occurrence of one or more of these events could therefore have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Environmental", "Waste Disposal", and "Geotechnical Considerations".

With respect to changes in power supply and costs and potential power shortages, our operations in Türkiye and Greece have experienced energy supply issues affecting the price and supply of gas, oil and electricity used in our operations, which has caused increased energy prices and decreased energy

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supply. A sustained increase in energy prices, or a sustained decrease in energy supply, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price.

A number of factors could affect our ability to process ore in the tonnages we have budgeted, the quantities of the metals or deleterious materials that we recover and our ability to efficiently handle material in the volumes budgeted, including, but not limited to the presence of oversized material at the crushing stage; material showing breakage characteristics different from those planned; and material with grades outside of planned grade range, among others.

Our operations at Kisladag involve the heap leaching process. The heap leaching process, while not as cost-intensive as the more conventional milling process, involves uncertainties associated with the chemical and physical processes included in leaching, which can impact ultimate recoveries or leach cycle times required to achieve the ultimate recovery. Variability in particle size of stacked materials, agglomeration quality, and percolation rate, coupled with stacked head grade, may materially adversely affect the leaching kinetics and ultimate recovery.

Some of our processing operations rely on the use of sodium cyanide to extract gold and silver from ore. As a result of rising energy prices and other factors, there has been an increase in sodium cyanide prices and, further, large sodium cyanide suppliers have substantially lowered or ceased production temporarily, particularly in Europe, causing a supply shortage. A sustained increase in sodium cyanide prices, or a sustained supply shortage thereof, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price.

The occurrence of any of the above factors could affect our ability to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned. This may result in lower throughput, lower recoveries, lower product qualities, more downtime or some combination of all four. While minor issues of this nature are part of normal operations, more issues may arise than anticipated, which may have an adverse effect on our future cash flow, results of operations and financial condition.

*Power and Water*

Our mining operations use substantial volumes of water and power during extraction and processing. Our ability to obtain secure supplies of power and water at a reasonable cost depends on a number of factors that may be out of our control, including global and regional supply and demand, political and economic conditions and problems affecting local supplies, among others.

There is no assurance that we will be able to secure the required supplies of power and water on reasonable terms or at all and, if we are unable to do so or there is an interruption in the supplies we do obtain or a material increase in prices, then it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Prices of Commodities and Consumables*

Our business operations use a significant amount of commodities, consumables and other materials. Prices for diesel fuel, steel, concrete, chemicals (including explosives, lime and cyanide) and other materials, commodities and consumables required for our operations can be volatile and price changes can be substantial, occur over short periods of time and are affected by factors beyond our control. Higher costs for, or tighter supplies of, construction materials like steel and concrete can affect the timing and cost of our development projects, including at the Skouries Project. If there is a significant and sustained increase in the cost of certain commodities, we may decide that it is not economically feasible to continue some or all of our commercial production and development activities, and this could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Political and economic conflicts (global and regional), and subsequent foreign policy decisions, could result in future economic sanctions or penalties from the U.S., Canada, and other governments. Politically motivated trade restrictions could further destabilize supply chains, causing significant cost increases and availability challenges. Additionally, threatened and actual tariffs by the U.S., Mexico, Canada and other countries could impact the availability and cost of essential commodities, exacerbating supply chain disruptions and increasing operational costs. Increased demand for metals and minerals may lead to higher costs for exploration, development, construction activities and equipment. This could result in delays if services or equipment are not available in a timely manner, leading to scheduling difficulties and increased project costs.

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We may maintain significant inventories of operating consumables, based on the frequency and reliability of the delivery process for such consumables and anticipated variations in regular use. We depend on suppliers to meet our needs for these commodities; however, it is possible that no alternative source for such commodities may be available. If the rates of consumption for such commodities vary from expected rates significantly or delivery is delayed for any reason, we may need to find a new source or negotiate with existing sources to increase supply. If any shortages are not rectified in a timely manner, it may result in reduced recovery or delays in restoring optimal operating conditions.

Higher worldwide demand for critical resources, such as drilling equipment and tires, could affect our ability to acquire such resources and lead to delays in delivery and unanticipated cost increases, which could have an effect on our operating costs, capital expenditures and production schedules.

Further, we rely on certain key third-party suppliers and contractors for equipment, raw materials and services used in, and the provision of services necessary for, the development, construction and continuing operation of our assets. As a result, our operations are subject to a number of risks, some of which are outside of our control, including the Middle East Conflicts, negotiating agreements with suppliers and contractors on acceptable terms, and the inability to replace a supplier or contractor and its equipment, raw materials or services if either party terminates the agreement, among others.

The occurrence of one or more of these risks could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Equipment*

Our operations are reliant on significant amounts of both large and small equipment that is critical to the development, construction and operation of our projects. Failures or unavailability of equipment could cause interruptions or delays in our development and construction or interruptions or reduced production in our operations (particularly where they exceed our anticipated/expected targets). These risks may be increased by the age of certain equipment. Equipment-related risks include delays in repair or replacement of equipment due to unavailability or insufficient spare parts inventory; delays in repair or replacement of equipment due to a shortage of skilled labour at the Company, its equipment suppliers, or key service providers (particularly as a result of growing labour shortages throughout the mining industry and related sectors); repeated or unexpected equipment failures; and restrictions on transportation and installation of large equipment, including delays or inability to obtain required permits for such transportation or installation, among others.

Delays in construction or development of a project or periods of downtime or reductions in operations or efficiency that result from the above risks or remediation of an interruption or inefficiency in production capability could require us to make large expenditures to repair, replace or redesign equipment. All of these factors could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Reliance on Infrastructure, Commodities and Consumables*

Our business and operations depend on our ability to access and maintain adequate and reliable infrastructure, including roads, bridges and ports, power sources and water systems. We may have to build the required infrastructure if it is not readily available to us for a given project, and there is no assurance that we will be able to do so in a timely manner or at all. Inadequate, inconsistent, or costly infrastructure could compromise many aspects of a project's feasibility, viability and profitability, including, but not limited to, construction schedules, capital and operating costs, and labour availability, among others.

There is no assurance that we can access and maintain the infrastructure we need and many critical sites have only single road access (that could be closed for reasons beyond our control for example due to accidents or adverse weather). There is also no assurance that, where necessary, we will be able to obtain rights of way, raw materials and government authorizations and permits to construct, or upgrade the same, at a reasonable cost, in a timely manner, or at all.

Our access to infrastructure and the commodities discussed below may be interrupted by natural causes, such as drought, floods, wildfires, earthquakes and other weather phenomena, or man-made causes, such as blockades, sabotage, conflicts and wars, government issues, political events, protests, rationing or competing uses. There is no assurance that such incidents may not occur at Eldorado's other mines. In late 2024, there was above normal precipitation at Skouries and Olympias, with very high rainfalls and resulting flooding impacting earthworks activities at Skouries and temporarily impacting access to a portion of the Skouries construction site. Construction progress could, in the future, be impacted if similar

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or more severe weather events occur. Such an event could result in material negative impacts on the project construction schedule and costs.

Our inability to obtain or build and to maintain adequate and continuous access to infrastructure and substantial amounts of commodities, power and water, at a reasonable cost, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Climate Change".

*Inflation Risk*

General inflationary pressures may affect our labour, commodity and other input costs, which could have a material adverse effect on our financial condition, results of operations and the capital expenditures required for the development and operation of Eldorado's projects. Specifically, labour costs at Kisladag and Efemcukuru increased in line with commitments under our collective bargaining agreement. We recognize a need to support our workforce as they face rising costs of food and electricity, but that may impact collective bargaining agreements and labour costs in the future. Labour costs are denominated in local currency and, if the Turkish Lira does not correspondingly weaken against the U.S. dollar, cost increases may not be offset by currency movements. We continue to monitor the impacts of cost inflation on our operations. Certain emerging markets in which we operate, or may in the future operate, have experienced fluctuating rates of inflation. There can be no assurance that any governmental action will be taken to control inflationary or deflationary cycles, that any governmental action taken will be effective, or whether any governmental action may contribute to economic uncertainty. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Community Relations and Social License*

Maintaining a positive relationship with the communities in which we operate is critical to continuing the successful operation of our existing projects and mines as well as the construction and development of existing and new projects and mines. As a mining business, we may come under pressure in the jurisdictions in which we operate, or will operate in the future, to demonstrate that other affected parties (including employees, communities surrounding operations, Indigenous rightsholders and the countries in which we operate) benefit and will continue to benefit from our commercial activities, and/or that we operate in a manner that will mitigate any potential damage or disruption to the Company or the interests of those parties. The evolving expectations related to human rights, Indigenous rights, and environmental protections may also result in opposition to our current and future operations, the development of new projects and mines, and exploration activities. There is no assurance that we will be able to mitigate these risks, which could materially adversely affect our business, results of operations, financial condition and the Eldorado Gold share price.

Community relations are impacted by a number of factors, both within and outside of our control. Relations may be strained or social license lost by poor performance by the Company in areas such as health and safety, environmental impacts from the mine, increased traffic or noise, and other factors related to communications and interactions with various affected or interested groups. The Company expends significant financial and managerial resources to comply with various environmental, health and safety laws across various jurisdictions (including implementing safety protocols at sites, monitoring leading indicators, and emphasizing positive reinforcement). Despite these efforts, external factors such as press scrutiny or other distributed information about Eldorado specifically or extractive industries generally from the media, governments, non-governmental organizations or interested individuals can also influence sentiment and perceptions toward the Company and its operations.

Surrounding communities may affect operations and projects through restriction of site access for equipment, supplies and personnel or through legal challenges. This could interfere with work on the Company's operations, and potentially pose a security threat to employees or equipment. Social license may also impact our permitting ability, Company reputation and our ability to build positive community relationships in exploration areas or around newly acquired properties. Such opposition may also take the form of legal or administrative proceedings or manifestations such as protests, roadblocks or other forms of public expression against our activities, and may have a negative impact on our local or global reputation and operations.

Erosion of social license or activities of third parties seeking to call into question social license may have the effect of slowing down the development of new projects and may increase the cost of constructing and operating these projects. Opposition by community and activist groups or Indigenous rightsholders to our operations may require modification of, or preclude the operation or development of, our projects and mines or may require us to enter into agreements with such groups or local governments with respect to

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our projects and mines or exploration activities, in some cases, causing increased costs and significant delays to the advancement of our projects. Productivity may also be reduced due to restriction of access, requirements to respond to security threats or proceedings initiated or delays in permitting and there may also be extra costs associated with improving the relationship between Eldorado and the surrounding communities. We seek to mitigate these risks through our commitment to operating in a socially responsible manner; however, there is no guarantee that our efforts in this respect will mitigate these risks.

In addition, governments in many jurisdictions where we operate, including Quebec, must consult with local affected parties, including Indigenous peoples, with respect to grants of mineral rights and the issuance or amendment of project authorizations. These requirements are subject to change from time to time. Eldorado supports consultation and engagement with local communities, and consultation and other rights of Indigenous peoples which may require accommodations, including undertakings regarding financial compensation, employment, and other matters. This may affect our ability to acquire within a reasonable time frame effective mineral titles or environmental permits in these jurisdictions, including in some parts of Canada in which Indigenous title is claimed, and may affect visibility, the timetable and costs of developing mineral properties in these jurisdictions. The risk of unforeseen Indigenous claims, grievances, legal challenges or other opposition Indigenous peoples also could affect existing operations as well as development projects and future acquisitions. These legal requirements and the risk of opposition by Indigenous peoples may increase our operating costs and affect our ability to expand or transfer existing operations or to develop new projects and accordingly may materially adversely affect our business, results of operations, financial condition and the Eldorado Gold share price.

*Environmental*

Although we monitor our sites for potential environmental hazards, there is no assurance that we have detected, or can detect all possible risks to the environment arising from our business and operations. We expend significant resources to comply with environmental laws, regulations and permitting requirements, and we expect to continue to do so in the future. The failure to comply with applicable environmental laws, regulations and permitting requirements may result in injunctions, damages, suspension or revocation of permits and imposition of penalties, as well as a loss event in excess of insurance coverage and reputational damage. There is no assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been or will be at all times in complete compliance with such laws, regulations and permitting requirements, or with any new or amended laws, regulations and permitting requirements that may be imposed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compliance will not be challenged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to comply with applicable environmental laws, regulations and permitting requirements will not require us to suspend, substantially alter or terminate our development activities or operations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of compliance will be economic and will not materially or adversely affect our future cash flow, results of operations and financial condition.

We may be subject to proceedings (and our employees subject to criminal charges in certain jurisdictions) in respect of alleged failures to comply with increasingly strict environmental laws, regulations or permitting requirements or of posing a threat to or of having caused hazards or damage to the environment or to persons or property. While any such proceedings are in process, we could suffer delays or impediments to or suspension of development and construction of our projects and operations and, even if we are ultimately successful, we may not be compensated for the losses resulting from any such proceedings or delays.

There may be existing environmental hazards, contamination or damage at our mines or projects that we are unaware of. We may also be held responsible for addressing environmental hazards, contamination or damage caused by current or former activities at our mines or projects or exposure to hazardous substances, regardless of whether or not hazard, damage, contamination or exposure was caused by our activities or by previous owners or operators of the property, past or present owners of adjacent properties or by natural conditions and whether or not such hazard, damage, contamination or exposure was unknown or undetectable.

Any finding of liability in such proceedings could result in additional substantial costs, delays in the exploration, development and operation of our properties and other penalties and liabilities related to associated losses, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monetary penalties (including fines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on or suspension of our activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of our rights, permits and property, including loss of our ability to operate in that country or generally;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completion of extensive remedial cleanup or paying for government or third-party remedial cleanup;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• premature reclamation of our operating sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seizure of funds or forfeiture of bonds.

The costs of complying with any orders made or any cleanup required and related liabilities from such proceedings or events may be significant and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Current and Future Operating Restrictions".

We are not able to determine the specific impact that future changes in environmental, health and safety laws, regulations and industry standards may have on our operations and activities, and our resulting financial position; however, we anticipate that capital expenditures and operating expenses will increase in the future as a result of the implementation of new and increasingly stringent environmental, health and safety laws, regulations and industry standards. For example, emissions standards for carbon dioxide and sulphur dioxide are becoming increasingly stringent, as are laws relating to the use and production of regulated chemical substances and the consumption of water by industrial activities. Further changes in environmental, health and safety laws, regulations and industry standards, new information on existing environmental, health and safety conditions or other events, including legal proceedings based upon such conditions, or an inability to obtain necessary permits, could require increased financial reserves or compliance expenditures, or otherwise have a material adverse effect on Eldorado. Changes in environmental, health and safety laws, regulations and industry standards could also have a material adverse effect on product demand, product quality and methods of production, processing and distribution. In the event that any of our products were demonstrated to have negative health effects, we could be exposed to workers' compensation and product liability claims, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Waste Disposal".

On May 27, 2021, the Ministry of Industry and Information Technology of the People's Republic of China issued YS/T 3004-2021 – Gold Industry Standard of the People's Republic of China (the "Industry Standard") which was implemented on October 1, 2021. When imported into China, gold concentrates that comply with the Industry Standard are cleared under tariff number HS 2616 9000.01 and are exempt from import charges, whereas all other gold concentrates are declared under tariff number HS 2616 9000.09 and a VAT charge of 13% is imposed. Olympias gold concentrates do not fall within the scope of the Industry Standard due to the level of arsenic contained therein and therefore have been declared under tariff number HS 2616 9000.09 since October 1, 2021. Upon importation into China, they are subject to a 13% VAT import charge. Although we continue to explore other markets and have addressed this change in our commercial agreements on a bilateral basis to minimize the effect, approximately 6% of Olympias sales were subject to the 13% VAT charge in 2025 and there can be no assurance that the effects of the Industry Standard or updates to this standard will not have a material adverse effect on Eldorado's business, results of operations and financial condition.

*Geotechnical Considerations*

Throughout the mining industry, operational conditions continue to become more challenging, with the need to mine increasingly variable and deep deposits which increases exposure to seismic activity, geotechnical complexity and hydrogeological uncertainty. These considerations can be observed with unusual or unexpected geological conditions, rock bursts, rock falls, rock slides, cave-ins, ground or stope instabilities. Although we take precautions to mitigate such risks, unanticipated adverse conditions may occur and may be difficult to predict.

Geotechnical challenges can be observed in the following underground facilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ramp portals and main declines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ore stopes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• workshops and wash bays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• office and canteen excavations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pump station and ventilation-related excavations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ore shafts and material handling systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ventilation shafts and escapeways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• electrical substation excavations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• warehouse and storage facilities; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• backfill reticulation systems.

Geotechnical challenges can also be observed in surface facilities such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heap leach pads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• water management structures and ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waste rock or ore storage areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tailings storage areas (both slurried and filtered); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open pit operations, including at Kisladag which has experienced geotechnical challenges in the open pit.

Adverse and variable conditions may occur and may be affected by risks and hazards outside of our control, and may result in sudden or unpredicted movement of material, including slips or other failures in heap leach pads, tailings storage areas, waste rock or ore storage areas, water management areas, open pits or around other surface infrastructure such as roads and other accessways. These material movement events may result in containment discharges, leakage of leaching solutions or other hazardous substances, disruption of operational activities or significant risk to personnel and equipment safety. Such events may not be detected in advance and all of which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Environmental", "Waste Disposal", and "Production and Processing".

*Waste Disposal*

The water collection, treatment and disposal operations at the Company's mines are subject to substantial regulation and involve environmental risks. The extraction process for gold and other metals can produce tailings. Tailings are the process waste generated once grinding and extraction of gold or other metals from the ore is completed in the milling process, which are stored in engineered facilities designed, constructed, operated and closed in conformance with applicable regulations and industry standards. Tailings may be filtered for placement in a surface facility, stored in slurry form in a surface facility, or mixed with cement (and potentially other waste material) and used underground as structural fill. A number of factors can affect our ability to successfully dispose of waste material in the form that is optimal for our operations, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to suitable locations due to permitting, operational or other restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements to encapsulate acid-generating or other hazardous material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• milled material being ground too fine and requiring further treatment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sufficient infrastructure required to place material underground in the right locations.

If issues with any of the above items occur, the normal discharge or placement process may be affected, requiring us to alter existing plans. While minor issues of this nature are part of normal operations, more issues may arise than anticipated, which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The Company operates its tailings facilities to conform with Towards Sustainable Mining (TSM) guidelines and aligns with the Canadian Dam Association standards. The Company currently operates active filtered tailings facilities at the Efemcukuru operation in Türkiye (designated as the Efemçukuru TMF) and at the Olympias operation in Greece (designated as the KTMF).

The Lamaque Complex contains one operational and two inactive tailings facilities. Slurried tailings are currently being deposited at the tailings facility located adjacent to the Sigma mill, designated as the Sigma TMF. An inactive second TMF is located at the Aurbel site, designated as the Aurbel TMF. The third inactive tailings facility is located within the operational area of Lamaque, designated as the Lamaque TMF. No tailings are currently being deposited to the Aurbel TMF or Lamaque TMF.

In 2021, Eldorado established an ITRB to provide technical guidance on design and operational practices at its tailings facilities.

Although the Company has established the ITRB and conducts extensive maintenance and monitoring, engages external consultants and incurs significant costs to maintain the Company's operations, equipment and infrastructure, including TMFs (including, without limitation, those tailings facilities, both active and inactive, associated with Eldorado's operations in Türkiye, Greece and Quebec), unanticipated failures or damage, insufficient equipment or infrastructure, as well as changes to laws and regulations may occur that could cause injuries, production loss, environmental pollution, a loss event in excess of insurance coverage, reputational damage or other materially adverse effects on the Company's operations and financial condition resulting in significant monetary losses, restrictions on operations and/or legal liability, and which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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A major spill, failure or material flow from the tailings facilities (including through occurrences beyond the Company's control such as extreme weather, a seismic event, or other incidents) may cause damage to the environment and the surrounding communities. Poor design or poor maintenance of the tailings impoundment structures or improper management of site water may contribute to structural failure or tailings release and could also result in damage or injury. Failure to comply with existing or new environmental, health and safety laws and regulations may result in injunctions, fines, suspension or revocation of permits and other penalties. The costs and delays associated with compliance with these laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a mine or increase the costs of development or production and may materially adversely affect the Company's business, results of operations, financial condition and the Eldorado Gold share price. The Company may also be held responsible for the costs of investigating and addressing contamination (including claims for natural resource damages) or for fines or penalties from governmental authorities relating to contamination issues at current or former sites, either owned directly or by third parties. The Company, and in some cases its directors and officers, could also be held liable for claims relating to exposure to hazardous and toxic substances and major spills or failure of the tailing facilities, which could include a breach of a tailings impoundment. The costs associated with such responsibilities and liabilities may be significant, be higher than estimated and involve a lengthy clean-up. Moreover, in the event that the Company is deemed liable for any damage caused by a major spill, failure or material flow from the tailings facilities (including through occurrences beyond the Company's control such as extreme weather, a seismic event, or other incidents), the Company's losses or the consequences of regulatory action might exceed insurance coverage. Should the Company be unable to fully fund the cost of remedying such environmental concerns, the Company may be required to suspend operations temporarily or permanently. Such incidents could also have a negative impact on the reputation of the Company and have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Mineral Tenure*

In the countries in which we operate, the mineral rights, or certain portions of them, are state-owned. In such countries, we must enter into contracts with the applicable governments, or obtain permits or concessions from them, that allow us to hold rights over mineral rights and rights (including ownership) over parcels of land and conduct our operations thereon. The availability of such rights and the scope of operations we may undertake are subject to the discretion of the applicable governments and may be subject to conditions. New laws and regulations, or amendments to laws and regulations relating to mineral tenure and land title and usage thereof, including expropriations and deprivations of contractual rights, if proposed and enacted, may affect our rights to our mineral properties.

In many instances, we can initially only obtain rights to conduct exploration activities on certain prescribed areas, but obtaining the rights to proceed with development, mining and production on such areas or to use them for other related purposes, such as waste storage or water management, is subject to further application, conditions or licenses, the granting of which are often at the discretion of the governments. In many instances, our rights are restricted to fixed periods of time with limited, and often discretionary, renewal rights. Delays in the process for applying for such rights or renewals or expansions, or the nature of conditions imposed by government, could have a material adverse effect on our business, including our existing developments and mines, and our results of operations, financial condition and the Eldorado Gold share price. Further information on the potential impact of Bill 63 in Quebec, Canada is included under the risk factor "Permits" below.

The cost of holding these rights often escalates over time or as the scope of our operating rights expands. There is no assurance that the mineral rights regimes under which we hold properties or which govern our operations thereon will not be changed, amended, or applied in a manner which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price, that the ongoing costs of obtaining or maintaining our rights will remain economic and not result in uncompensated delays or that compliance with conditions imposed from time to time will be practicable. Any inability to obtain and retain rights to use lands for our ongoing operations at all or on a timely basis could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

It is possible that our present or future tenure may be subject to challenges, prior unregistered agreements or transfers, and competing uses. In addition, certain lands in Canada are subject to Indigenous rights protected under Section 35 of Canada's Constitution Act, 1982, including Aboriginal title . Our rights may also be affected by undetected defects in title. There is no assurance that any of our holdings will not be challenged. We may also be subject to expropriation proceedings for a variety of reasons. When any such challenge or proceeding is in process, we may suffer material delays in our business and operations or suspensions of our operations, and we may not be compensated for resulting losses. Any defects, challenges, agreements, transfers or competing uses which prevail over our rights,

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and any expropriation of our holdings, could have a material adverse effect on our business, including our total loss of such rights, and our results of operations, financial condition and share price.

Certain of our mining properties are subject to royalty and other payment obligations. If we fail to meet any such obligations, we may lose our rights.

There is no assurance that we will be able to hold or operate on our properties as currently held or operated or at all, or that we will be able to enforce our rights with respect to our holdings, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Permits*

Activities in the nature of our business and operations can only be conducted pursuant to a wide range of permits and licenses obtained or renewed in accordance with the relevant laws and regulations in the countries in which we operate. These include, without limitation, permits and licenses, which authorize us to conduct business in such countries; import or export goods and materials; employ foreign personnel in-country; and operate equipment, among other things.

In connection with the development of projects, we may be actively discussing permits with various government authorities. The duration and success of each permitting process are contingent upon many factors that we do not control. In the case of foreign operations, granting of government approvals, permits and licenses is, as a practical matter, subject to the discretion of the applicable governments or government officials. In all jurisdictions, there may be a lack of available or experienced personnel at the applicable regulator, and we may be competing against other mineral projects for the regulator's attention. As a result of these and other factors specific to each application, there may be delays in the review process. If the Company experiences such delays, the Company may be required to pay standby costs for the period during which activities are suspended, including payment of a portion of the salaries to those employees who have been suspended pending resolution of the permitting process. In addition, certain of Eldorado's mining properties are subject to royalty and other payment obligations. Failure to meet Eldorado's payment obligations under these agreements could result in the loss of its rights.

In the context of environmental protection permitting, including the approval of reclamation plans, we are required to comply with existing laws and regulations and other standards that may entail greater or lower costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations implemented by the permitting authority.

We have in the past experienced significant delays in the timely receipt of necessary permits and authorizations from the Hellenic Republic in order to advance operations in Greece, including in respect of Skouries. As a result, Skouries was placed on care and maintenance and these delays impacted the Company's business and financial condition. We currently hold all necessary permits for the development of Skouries mine, but it is possible that in the future other delays in the timely receipt of other necessary permits may delay or otherwise impact our operations. Delays and other impacts may be further exacerbated by legal challenges, reviews, or appeals by various government and non-government organizations. Further information on the renewal of our Kassandra mining concessions is included under the risk factor entitled "Operations" above.

In Q2 2023, we obtained a modification and time extension (up to 2038) of the Kassandra Mines Environmental Terms approval (the "2023 Environmental Terms Approval") which covers the expansion of the Olympias processing facility and the Stratoni port modernization. Our current Environmental Terms are valid through April 2038 and cover all of our operations. In June 2023, local associations and residents around the Kassandra Mines filed an appeal for the annulment of the 2023 Environmental Terms Approval. The appeal claims legal grounds relating to the Investment Agreement, and requests that the provisions concerning the independent environmental auditor and certain environmental provisions should be annulled. The Company has filed an intervention, and the hearing was held on March 25, 2025. The decision is pending. In the case of a partial or full annulment of the 2023 Environmental Terms Approval, the 2011 Environmental Terms (as applicable in 2023) would still be valid on the relevant chapters. However, any provisions in the 2023 Environmental Terms not covered by the 2011 Environmental Terms would be subject to a new approval process and, depending on the extent of the relevant provisions and process duration, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

In addition, some of our current mineral tenures, licenses and permits, including environmental and operating permits for Olympias, and forest permits and the Environment License and Permit for Kisladag, are due to expire prior to our planned life of mines, and will require renewals on terms acceptable to Eldorado. In the case of Olympias, there are relevant provisions for their renewal in the Investment

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Agreement. We are also in the process of negotiating a new lease for our Sapes property and two exploration licenses. We have filed all necessary applications and continue to hold a view that we maintain an interest in these properties; however, we have no assurance that the Greek Government agrees with our view and will issue the necessary lease and exploration licenses in a timely manner or at all. There is no assurance that we will be able to obtain or renew these tenures and permits in order to conduct our business and operations, in a timely manner or at all, or that we will be in a position to comply with all conditions that are imposed. The failure to obtain or renew such tenure and permits, or the imposition of extensive conditions, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

At our Lamaque Complex, we have submitted various requests for authorizations and permits with both provincial and federal authorities. These permits relate to, among other things, the construction of a paste backfill plant, additional exploitation of the Ormaque deposit and geotechnical work on the Lamaque tailing storage facility. The failure to obtain such permits or material delays in obtaining the required permits and authorization may impact our ability to complete required projects or to do so in a timely manner, which in turn could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. In November 2024, the Québec National Assembly adopted An Act to amend the Mining Act and other provisions, SQ 2024, c 36 ("Bill 63"). This statute amends the Québec Mining Act as well as other provincial laws and regulations in several ways. Among other things, the new legislation grants enhanced powers to the Québec Minister of Natural Resources and Forests (the "Minister") to control mining operations. For instance, the Minister may impose, at the time the Minister considers appropriate, new conditions and requirements to prevent or limit the impact that mining exploration activities may have on local and Indigenous communities, or to prioritize or reconcile competing uses of land. Similar conditions may also be imposed by the Minister when granting a mining lease. Bill 63 also introduced a no-fault liability regime for mining operators for certain events that will be determined by regulation. This regime could require Eldorado to make reparation for any harm or injury caused in the exercise of a mining right in connection with such events. These changes will affect the regulatory landscape within which Eldorado operates in Québec and could potentially result in increased obligations and liabilities as well as permitting delays or restrictions for our projects in Québec.

*Non-Governmental Organizations*

Certain non-governmental organizations ("NGOs") that oppose globalization and resource development are often vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities and the related environmental impact, and such NGOs may oppose our current and future operations or further development or new development of projects or operations on such grounds. Adverse publicity generated by such NGOs or other parties generally related to extractive industries or specifically to our operations, could have an adverse effect on our reputation, impact our relationships with the communities in which we operate and ultimately have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

NGOs may lobby governments for changes to laws, regulations and policies pertaining to mining and relevant to our business activities which, if made, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

NGOs may organize protests, install road blockades, apply for injunctions for work stoppage, file lawsuits for damages and intervene and participate in lawsuits seeking to cancel our rights, permits and licenses. These actions can relate not only to current activities but also historic mining activities by prior owners and could have a material adverse effect on our business and operations. NGOs may also file complaints with regulators in respect of our directors and officers. Such complaints, regardless of whether they have any substance or basis in fact or law, may have the effect of undermining the confidence of the public or a regulator in Eldorado Gold or such directors or officers. This may adversely affect our prospects of obtaining the regulatory approvals necessary for the advancement of some or all of our exploration and development plans or operations and our business, results of operations, financial condition and the Eldorado Gold share price.

*Reputational*

Damage to Eldorado's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Although we believe that we operate in a manner that is respectful to all affected parties and take care in protecting our image and reputation, we do not have control over how we are perceived by others. Any reputation loss could result in decreased investor confidence and increased challenges in developing and maintaining community relations, which may have adverse effects on our business, results of operations, financial condition and the Eldorado Gold share price.

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The usage of social media and other web-based applications (collectively, "social media") to connect the global community continues to increase. As a result, social media has increasing power to influence public perceptions (and impact corporate reputations). We do not have control over third-party content about Eldorado that is generated and shared by users of social media platforms, nor can we control user discussions and commentary about the Company, which in turn increases the risk of losing control over public perception of the Company and its reputation. Reputation loss, including specifically as a result of social media misinformation campaigns targeting the Company's development projects in Greece, may lead to increased and continued challenges in developing and maintaining community relations, decreased investor confidence, and may act as an impediment to the Company's overall ability to advance its projects and procure capital from investors, thereby having a material adverse impact on our business, results of operations, financial condition and the Eldorado Gold share price.

*Climate Change*

We recognize that climate change is a global issue that has the potential to impact our operations, affected or interested parties and the communities in which we operate. This may result in physical risks and transition-related risks (including without limitation, regulatory, market, technology, and reputational risks). The continuing rise in global average temperatures has created varying changes to regional climates across the globe, resulting in risks to infrastructure, equipment and personnel. We face the possibility of increased costs and potential health risks to try to mitigate the negative effects of climate change. Governments at all levels are moving towards enacting legislation to address climate change by regulating, among other things, carbon emissions, clean fuel standards and energy efficiency. Where legislation has already been enacted, regulations regarding industrial emission levels and energy efficiency are generally becoming more stringent. The mining industry, as a significant emitter of greenhouse gas emissions, is particularly exposed to these regulations. We have set a target to mitigate Scope 1 and Scope 2 GHG emissions by an amount equal to 30% of our 2020 baseline from currently operating mines (Lamaque Complex, Kisladag, Efemcukuru, and Olympias) and Stratoni by 2030, on a "business-as-usual" basis.

Our ability to effectively meet our target includes matters outside of our control, including the fact that we are partially reliant on the decarbonization of the electrical grid in Greece. Generally, the timeline and ability to obtain permitting approvals (inclusive of grid interconnections) are not within our control. With respect to grid decarbonization in Greece, grid congestion is resulting in limited availability of renewable power and project delays. In addition, our Scope 1 and 2 targets currently do not include our Skouries Project as it is still in development. Changes in our targets, either in connection with new projects commencing production, or to align our existing projects with international commitments, standards, and requirements, may impact timelines and capital requirements. Accordingly, these factors may result in us choosing different projects to meet targets, while also subjecting us to the possibility of new factors beyond our control. Furthermore, affected or interested parties, including shareholders, may increase demands for emissions reductions and call upon us or mining companies in general to better manage the consumption of climate-relevant resources (hydrocarbons, water, etc.). Costs associated with meeting these requirements may be offset somewhat by increased energy efficiency and technological innovation. However, there is no assurance that compliance with such commitments, standards, and/or requirements will not have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

With respect to physical risks of climate change, relevant hazards to our operations may include extreme heat and heat waves (particularly at the Lamaque Complex, Kisladag, Olympias, Skouries), extreme cold and freeze-thaw cycles, heavy snow, freezing rain (particularly at the Lamaque Complex), wind gusts (particularly at the Lamaque Complex, Kisladag, Efemcukuru, Skouries), drought in local communities (particularly at Kisladag, Efemcukuru), short- and long-duration rainfall, lightning, wildfires, and tornadoes, which have the potential to disrupt our development projects and operations and the transport routes we use. While all of our operations are exposed to physical risks from climate change, the anticipated impacts are location specific. Our physical climate risk assessments at the Lamaque Complex, Kisladag, Efemcukuru, Olympias operating mines and the Skouries development project were updated in 2024. Our highest physical climate risks relate to short- and long-duration rainfall at Skouries, in large part because it is under construction, and therefore final design criteria and physical infrastructure such as embankments, dams, and water diversion and management structures, and planned controls are not yet fully implemented. Potential impacts include loss of containment and/or separation of contact, non-contact and process waters, with potential consequences to the environment and corresponding regulatory penalties that could follow, as well as road washouts, landslides, equipment loss and inaccessibility to flooded areas. See also "Foreign Operations".

Impacts from such physical risks can temporarily slow or halt operations due to physical damage to assets, reduced productivity to appropriately plan and implement safety protocols on site related to extreme temperatures, winds, freezing rain, wildfires and lightning events, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies. Where

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appropriate, our facilities have developed emergency plans for managing extreme weather conditions; however, these plans may not be effective in mitigating such conditions, and extended disruptions could result in interruption to construction or production and deliveries to buyers which may adversely affect our business, results of operations, financial condition and the Eldorado Gold share price. Our facilities depend on regular and steady supplies of consumables (water, diesel fuel, chemical reagents, etc.) to operate efficiently. Our operations also rely on the availability of energy from public power grids, which may be put under stress due to extremes in temperatures, or face service interruptions due to more extreme weather and climate events, including wildfires. Changing climate patterns may also affect the availability of water. If the effects of climate change cause prolonged disruption to the delivery of essential commodities or our product, or otherwise affect the availability of essential commodities, or affect the prices of these commodities, then our production efficiency may be reduced which may have adverse effects on our business, results of operations, financial condition and the Eldorado Gold share price.

With respect to transition-related regulatory risks, the effects of changes may include the financial impact of carbon pricing regulations if and when Eldorado's operating sites are affected by such regulations, managing fuel and electricity costs and incentives for adopting low-carbon technologies, insurance premiums associated with weather events and emissions intensities, access to capital for advancing and funding low carbon mining operations and projects, accessing sustainability-linked capital and managing regulatory compliance and corporate reputation related to evolving governmental and societal expectations. As international agreements and expectations regarding climate targets, standards, and requirements evolve, we may experience a lag between such developments and our ability to address them at an operational level (whether in connection with their application to newly acquired assets or existing projects). Such effects may have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Change of Control*

Upon the occurrence of specific kinds of change of control events, we will be required to offer to repurchase all outstanding Senior Notes (as hereinafter defined) at 101% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date. Additionally, under the Credit Facility, a change of control (as defined therein) will constitute an event of default that permits the lenders to accelerate the maturity of borrowings under the credit agreement and terminate their commitments to lend.

The source of funds for any purchase of the Senior Notes and repayment of borrowings under the Credit Facility would be our available cash or cash generated from our subsidiaries' operations or other sources, including borrowings, sales of assets or sales of equity, as applicable. We may not be able to repurchase the Senior Notes or repay the Credit Facility upon a change of control because we may not have sufficient financial resources to purchase all of the debt securities that are tendered upon a change of control and repay any of our other indebtedness that may become due. We may require additional financing from third parties to fund any such purchases, and we may be unable to obtain financing on satisfactory terms or at all. Further, our ability to repurchase the Senior Notes may be limited by law. In order to avoid the obligations to repurchase the Senior Notes and events of default and potential breaches of the Credit Facility, we may have to avoid certain change of control transactions that would otherwise be beneficial to us.

*Actions of Activist Shareholders*

In the past, shareholders have instituted class action lawsuits against companies that have experienced volatility in their share price. Class action lawsuits can result in substantial costs and divert management's attention and resources, which could significantly harm our profitability and reputation. There is no assurance that Eldorado Gold will not be subject to class action lawsuits.

Publicly-traded companies have also increasingly become subject to campaigns by investors seeking to advocate certain governance changes or corporate actions such as financial restructuring, special dividends, share repurchases or even sales of assets or the entire company. We could be subject to such shareholder activity or demands. Given the challenges we have encountered in our businesses in past years, our governance and strategic focus may not satisfy such shareholders who may attempt to promote or effect further changes or acquire control over us. Responding to proxy contests, media campaigns and other actions by activist shareholders, if required, will be costly and time-consuming, will disrupt our operations and would divert the attention of the Board and senior management from the pursuit of our business strategies, which could adversely affect our results of operations, financial condition and/or prospects. If individuals are elected to the Board with a specific agenda to increase short-term shareholder value, it may adversely affect or undermine our ability to effectively implement our plans. Perceived uncertainties as to our future direction resulting from shareholder activism could also result in the loss of potential business opportunities and may make it more difficult to attract and retain qualified personnel and business partners, to our detriment.

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*Estimation of Mineral Reserves and Mineral Resources Estimates Only*

Mineral Reserve and Mineral Resource estimates are only estimates and we may not produce gold or other metals in the quantities estimated.

Proven and Probable Mineral Reserve estimates may need to be revised based on various factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual production experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to own and operate our mines and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the market price of gold, copper, and other metals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of drilling or metallurgical testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recovery rates.

The cut-off values and cut-off grades for the Mineral Reserves and Mineral Resources are based on our assumptions about plant recovery, metal prices, mining dilution and recovery, and our estimates for operating and capital costs, which are based on historical production figures. We may have to recalculate our estimated Mineral Reserves and Mineral Resources based on actual production or the results of exploration. Fluctuations in the market price of gold, unanticipated increases in production costs (such as labour, energy, or other key inputs) or recovery rates can make it unprofitable for us to develop or operate a particular property for a period of time. As part of the annual Mineral Reserves and Mineral Resources review process, a summary of which was published on November 26, 2025 with an effective date of September 30, 2025, cut-off values or cut-off grades were updated to reflect current operating and market conditions. If there is a material decrease in our Mineral Reserve estimates, or our ability to extract the Mineral Reserves, it could have a material adverse effect on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

There are uncertainties inherent in estimating Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources, including many factors beyond our control. Estimating Mineral Reserves and Mineral Resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments used in engineering and geological interpretation, which may be unreliable or subject to change. It is inherently impossible to have full knowledge of particular geological structures, faults, voids, intrusions, natural variations in and within rock types and other occurrences. Additional knowledge gained or failure to identify and account for such occurrences in our assessment of Mineral Reserves and Mineral Resources may make mining more expensive and cost prohibitive, which will have a material adverse effect on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

There is no assurance that the estimates are accurate, that Mineral Reserve and Resource figures are accurate, or that the Mineral Reserves or Resources can be mined or processed profitably. Mineral Resources that are not classified as Mineral Reserves do not have demonstrated economic viability. Measured Mineral Resources, Indicated Mineral Resources, or an Inferred Mineral Resource may not ever be upgraded to a higher category and an Inferred Mineral Resource may not exist or be economically or legally feasible to mine.

As we explore and develop a property, we are constantly determining the level of drilling and analytical work required to maintain or upgrade our confidence in the geological model. Depending on continuity, the amount of drilling will vary from deposit to deposit. The degree of analytical work is determined by the variability in the ore, the type of metallurgical process used and the potential for deleterious elements in the ore. We do not drill exhaustively at all deposits or analyze every sample for every known element as the cost would be prohibitive. Therefore, unknown geological formations are possible, which could limit our ability to access the ore or cut off the ore where we are expecting continuity. It is also possible that we have not correctly identified all metals and deleterious elements in the ore in order to design metallurgical processes correctly.

There may be associated metals or minerals that are deleterious to the extraction process or that may make downstream metallurgical processes more difficult. The presence of these metals or minerals may result in us having problems in developing a process that will allow us to extract the ore economically. Alternatively, the ore may not be as valuable as we anticipate due to the lower recoveries received or the penalties associated with the extraction of deleterious materials that are sold as part of the saleable product. Failure to maintain or increase our annual production of gold and other metals could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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*Replacement of Mineral Reserves*

Because mines have limited lives based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Reserves and any necessary associated surface rights as our mines produce gold and their life of mine is reduced.

Our ability to maintain or increase annual production of gold, copper and other metals will depend significantly on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the geological and technical expertise of our management and exploration teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of land available for exploration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our mining and processing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to conduct successful exploration efforts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop new projects and make acquisitions.

There is no assurance that our exploration programs will expand our current Mineral Reserves or replace them with new Mineral Reserves. .Mineral Reserves estimated in accordance with NI 43-101 may also decrease due to economic factors such as the use of lower metal price assumptions or increased costs assumptions. The Company's future profitability may be affected if mineral reserves are mined without adequate replacement and the Company may not be able to sustain production to or beyond the currently contemplated mine lives based on current production rates. Failure to replace or expand our Mineral Reserves, as well as to maintain or increase our annual production of gold and other metals, could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Different Standards and Regulatory Reviews*

The standards used by the Company to prepare and report Mineral Reserves and Mineral Resources differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any Mineral Reserves and Mineral Resources reported by Eldorado in accordance with NI 43-101 may not qualify as such under SEC standards, including Subpart 1300 of Regulation S-K under the United States Exchange Act of 1934, as amended ("Subpart 1300 of Regulation S-K"). Accordingly, information contained in public disclosure documents, including this AIF containing descriptions of the Eldorado mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the SEC thereunder. See also "Reporting Mineral Reserves and Mineral Resources".

Eldorado's public disclosure documents, including this AIF, are subject to review by applicable securities regulatory authorities and stock exchanges upon which our securities are listed. While we employ internal personnel and engage external counsel and other experts to review our disclosure documents for compliance with applicable regulatory requirements, the applicable securities regulatory authorities may take a different view or interpretation of applicable legislative provisions, instruments, policies and notices than the Company, or exercise discretion in a manner that is contrary to our expectations. In such instances, the Company may be required to issue supplemental or amended disclosure documents or clarifying news releases, which may be inconsistent with peer disclosures, cause investor uncertainty and negatively impact our ability to compete with comparable mining companies. Such outcomes could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Pandemics, Epidemics and Public Health Crises*

The occurrence or reoccurrence of any pandemic, epidemic, endemic or similar public health threats (such as COVID-19) and the resulting negative impact on the global economy and financial markets, the duration and extent of which is highly uncertain and could be material, may have an adverse impact on our business, results of operations, financial condition and the Eldorado Gold share price.

The extent to which global pandemics impact our business going forward will depend on a variety of factors including directives of government and public health authorities; disruptions and volatility in the global capital markets, which may increase cost of capital and adversely impact access to capital; impacts on workforces throughout the regions in which we operate, which may result in our workforce being unable to work effectively, including because of illness, quarantines, government actions, facility closures or other restrictions in connection with such pandemics; the roll out and effectiveness of vaccines or other treatments; delays in product refining and smelting due to restrictions or temporary closures; sustained disruptions in global supply chains; and other unpredictable impacts that are not foreseeable at this time.

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These and other impacts of a pandemic, epidemic, endemic or similar public health threats could also have the effect of heightening many of the other risks described in this section.

*Regulated Substances*

The transportation and use of certain substances that we use in our operations are regulated by the governments in the jurisdictions in which we operate. Two obvious examples are explosives and cyanide. Regulations may include restricting where the substance can be purchased; requiring a certain government department to approve or handle the purchase and transport of the substances; and restricting the amount of these substances that can be kept on-site at any time, among others.

Eldorado Gold is a signatory to the International Cyanide Management Code ("ICMC"), which commits us to mandating that our sites adhere to the standards imposed under the ICMC for the purchase, transportation, use and disposal of cyanide. Applicable laws and administrative practices governing such activities may change. This may result in delays or suspension of operations.

*Acquisitions*

Although we actively seek acquisition opportunities that are consistent with our growth strategy, we are not certain that we will be able to identify suitable candidates that are available at a reasonable price, complete any acquisition, or integrate any acquired business into our operations successfully. Acquisitions can involve a number of special risks, circumstances or legal liabilities, which could have a material adverse effect on our business, results of operations, financial condition, reputation and the Eldorado Gold share price.

Acquisitions may be made by using available cash, incurring debt, issuing common shares or other securities, or any combination of the foregoing. This could limit our flexibility to raise capital, operate, explore and develop our properties and make other acquisitions, and it could further dilute and decrease the trading price of our common shares. When we evaluate a potential acquisition, we cannot be certain that we will have correctly identified and managed the risks and costs inherent in that business.

We have discussions and engage in other activities with possible acquisition targets from time to time, and each of these activities could be in a different stage of development. There is no assurance that any potential transaction will be completed and the target integrated with our operations, systems, management and culture successfully in an efficient, effective and timely manner or that the expected bases or sources of synergies will in fact produce the benefits anticipated. In addition, synergies assume certain long-term realized gold and other metals prices. If actual prices are below such assumed prices, this could adversely affect the synergies to be realized. If we do not successfully manage our acquisition and growth strategy, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We continue to pursue opportunities to acquire advanced exploration assets that are consistent with our strategy. At any given time, discussions and activities with respect to such possible opportunities may be in process on such initiatives, each at different stages of due diligence. From time to time, we may acquire securities of, or an interest in, companies; and we may enter into acquisitions or other transactions with other companies.

Transactions involving acquisitions have inherent risks, including, accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of potential acquisitions; limited opportunity for and effectiveness of due diligence; ability to achieve identified and anticipated operating and financial synergies; unanticipated costs, liabilities and write-offs including higher capital and operating costs than had been assumed at the time of acquisition, and diversion of management attention from existing business, among others.

Any of these factors or other risks could result in us not realizing the benefits anticipated from acquiring other properties or companies, and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Acquisitions can pose challenges in implementing the required processes, procedures and controls in the new operations. Companies that we acquire may not have disclosure controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us.

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Due to the nature of certain proposed transactions, it is possible that shareholders may not have the right to evaluate the merits or risks of any future acquisition, except as required by applicable laws and stock exchange rules.

*Foran Arrangement* 

As more particularly described under the heading "Key Business Developments" above, on February 1, 2026, the Company and Foran entered into the Arrangement Agreement, pursuant to which, the Company agreed to acquire all issued and outstanding shares of Foran. The Company will not control Foran until completion of the Arrangement and the business and results of operations of Foran may be adversely affected by events that are outside of the Company's control during the intervening period. The performance of Foran may be influenced by, among other factors, economic downturns, changes in commodity prices, changes in applicable laws, increased environmental regulation, volatility in the financial markets, unfavorable regulatory decisions, litigation, rising costs, civic and labor unrest, delays in ongoing exploration and development projects and other factors beyond the Company's control. As a result of any one or more of these factors, among others, the operations and financial performance of Foran may be negatively affected, which may adversely affect the Company's financial results in the future.

Further, the Arrangement is subject to certain customary conditions and approvals, including approval by the Company's shareholders and Foran's securityholders, and the receipt of certain regulatory and court approvals, including approval under the Competition Act (Canada), and each of the Company and Foran has the right to terminate the Arrangement Agreement in certain circumstances. There can be no certainty that all the conditions to the Arrangement will be satisfied, that all approvals required to complete the Arrangement will be obtained, or that either party will not terminate the Arrangement Agreement. There is no assurance that the Arrangement will be completed as currently contemplated or at all. If the Arrangement is not completed, the market price of the common shares of the Company may decline and the Company will remain liable for significant consulting, accounting and legal costs relating to the Arrangement and will not realize anticipated synergies, growth opportunities and other benefits of the Arrangement.

*Dispositions*

When we decide to sell certain assets or projects, we may encounter difficulty in finding buyers or executing alternative exit strategies on acceptable terms in a timely manner, which could delay the accomplishment of our strategic objectives. For example, delays in obtaining tax rulings and regulatory approvals or clearances, and disruptions or volatility in the capital markets may impact our ability to complete proposed dispositions. Alternatively, we may dispose of a business at a price or on terms that are less than we had anticipated. After reaching an agreement with a buyer or seller for the disposition of a business, we may be required to obtain necessary regulatory and governmental approvals on acceptable terms and pre-closing conditions may need to be satisfied, all of which may prevent us from completing the transaction. Dispositions may impact our production, Mineral Reserves and Mineral Resources and our future growth and financial conditions. Despite the disposition of businesses or assets, we may continue to be held responsible for actions taken while we controlled and operated such businesses or assets. Dispositions may also involve continued financial involvement in the divested business, such as through continuing equity ownership, guarantees, indemnities or other financial obligations. Under these arrangements, performance by the divested businesses or assets or other conditions outside our control could affect our future financial results.

For example, in October, 2025, the Company sold its interests in Romania. The agreement governing the sale of Romania, which is not material to the Company, includes deferred consideration. The Company therefore remains indirectly exposed to the performance of the purchaser until such time as the consideration is paid.

*Co-ownership of Our Properties*

Mining projects are often conducted through an unincorporated joint venture or a co-owned incorporated joint venture company. Co-ownership often requires unanimous approval of the parties or their representatives for certain fundamental decisions such as an increase (or decrease) in registered capital, a merger, division, dissolution, amendment of the constitutional documents, and pledge of the assets, which means that each co-owner has a right to veto any of these decisions, which could lead to a deadlock. We are subject to a number of additional risks associated with co-ownership, including disagreement with a co-owner about how to develop, operate or finance the project; that a co-owner may at any time have economic or business interests or goals that are, or become, inconsistent with our business interests or goals; and that a co-owner may not comply with the agreements governing our relationship with them, among others.

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Some of our interests are, and future interests may be, through co-owned companies established under and governed by the laws of their respective jurisdictions.

If a co-owner is a state-sector entity, then its actions and priorities may be dictated by government or other policies instead of purely commercial considerations. Decisions of a co-owner may have an adverse effect on the results of our operations in respect of the projects to which the applicable co-ownership relates.

*Investment Portfolio*

The Company has invested, and anticipates continuing to invest by purchasing non-majority stakes of the securities of other companies, primarily junior mining companies that hold early-stage exploration or development properties, each of which carries its own inherent risks. The Company does not control any of these investee companies from a day to day or operational perspective and has limited or no ability to influence the investee companies' management, operational decisions and policies. Investing in junior mining and other companies involves a high degree of risk, including the potential loss of some or all of the amount invested, as the value of each investment will fluctuate with changes in market conditions and the nature of the Company's investment. Market prices of each investee company's securities will also change with, among other things, the market's assessment of that investee company's prospects, operational risk, political risk, credit risk and other risks. In addition, unanticipated risks in respect of the investee companies may arise given the limited nature of the due diligence investigations performed by the Company in respect of these investments. In some instances, the investee companies are, or will be, non-public or do not and will not have an active market for their securities, which means the Company may not be able to sell such investments at a reasonable price, in a timely manner, or at all. Any adverse developments, whether temporary or permanent, with respect to any of these investee companies may adversely affect the value of the Company's interest in the investments and may require the Company to record a loss on the investment. Further, although the Company expects that its investee companies will operate in accordance with industry standards and applicable laws, there can be no assurances that all activities of the investee companies will align with the Company's principles and standards, and may expose the Company to reputational risks. The realization of any of the foregoing risks could have an adverse effect on the Company's results of operations and financial condition.

*Share Price Volatility, Volume Fluctuations and Dilution*

The capital markets have experienced a high degree of volatility in the trading price and volume of shares sold over the past few years. Many companies, including the Company, have experienced wide fluctuations in the market price of their securities that may in part be due to commodity price volatility (and by extension are not necessarily related to their operating performance, underlying asset values or prospects). There is no assurance that the price of our securities will be exempt from such volatility, or the underlying causes related thereto, in the future.

Future acquisitions could be made through the issuance of equity securities of Eldorado Gold. Additional funds may be needed for our exploration and development programs and potential acquisitions, which could be raised through equity issues. Issuing more equity securities can substantially dilute the interests of Eldorado Gold shareholders. Issuing substantial amounts of Eldorado Gold securities, or making them available for sale, could have an adverse effect on the prevailing market prices for Eldorado Gold's securities. A decline in the Eldorado Gold share price could hamper the ability of Eldorado Gold to raise additional capital through the sale of its securities.

*Competition*

We compete for attractive mineral properties and projects with other entities that have substantial financial resources, operational experience, technical capabilities, skilled labour and political strengths, including state owned and domestically domiciled entities, in some of the countries in which we now, or may in the future wish to, conduct our business and operations.

We may not be able to prevail over these competitors in obtaining mineral properties that are producing or capable of producing metals, in attracting and retaining the skilled labour required to develop and operate our projects, or to compete effectively for merger and acquisition targets, or do so on terms we consider acceptable. This may limit our growth and our ability to replace or expand our Mineral Reserves and Mineral Resources and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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*Limited Number of Smelters and Off-Takers*

We rely on a limited number of smelters and off-takers, a substantial number of which are in China to purchase the concentrate product from some of our mining operations. The amount of gold and other concentrates that we can produce and sell is subject to the accessibility, availability, proximity, and capacity of the smelters and off-takers to produce and distribute the product of our operations. A lack of smelter capacity to process Eldorado's gold and other concentrates, in China and elsewhere, whether as a result of environmental, health and safety laws, regulations and industry standards or otherwise, could limit the ability for Eldorado to sell or otherwise deliver its products to market. In addition, Eldorado may be unable to realize the full economic potential of certain of its products or experience a reduction of the price offered for certain of Eldorado's gold or other concentrates. In addition, our ability to transport concentrate to smelters may be affected by geopolitical considerations, including the Russia-Ukraine war and more recent developments involving threats to the safety and security of commercial shipping operations in the Red Sea and the Strait of Hormuz. Unexpected shutdowns, concentrate transportation challenges or unavailability of smelter capacity, because of actions taken by regulators or otherwise, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price. See also "Global Economic Environment" and "Foreign Operations".

*Information and Operational Technology Systems*

Our operations depend, in part, upon information and operational technology systems. These systems, including machines and equipment, are subject to disruption, damage, disabling, misuse, malfunction or failure from a number of sources, including, but not limited to, hacking, computer viruses, security breaches, natural disasters, power loss, vandalism, theft, malware, cyber threats, extortion, employee error, malfeasance and defects in design. We may also be a target of cyber surveillance or a cyber-attack from cyber criminals, industrial competitors or government actors. Any of these and other events could result in information and operational technology systems failures, operational delays, production downtimes, operating accidents, loss of revenues due to a disruption of activities, incurring of remediation costs, including ransom payments, destruction or corruption of data, release of confidential information in contravention of applicable laws, litigation, fines and liability for failure to comply with privacy and information security laws, unauthorized access to proprietary or sensitive information, security breaches or other manipulation or improper use of our data, systems and networks, regulatory investigations and heightened regulatory scrutiny, any of which could have material adverse effects on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

Although we have not experienced any material losses relating to cyber-attacks or other information security breaches to date, there is no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

System or network disruptions could adversely affect us if new or upgraded information or operational technology systems are defective, improperly installed, or not well integrated into our operations by personnel or third-party service providers. Various measures have been implemented to manage our risks related to system implementation and modification, but system modification failures could have a material adverse effect on our business, financial position, results of operations and the Eldorado Gold share price and could, if not successfully implemented, adversely impact the effectiveness of our internal controls over financial reporting.

Any damage, disabling, misuse, malfunction or failure that causes an interruption in operations could have an adverse effect on the production from and development of our properties. While we have systems, policies, hardware, practices and procedures designed to prevent or limit the effect of disabling, misuse, malfunction or failure of our operating facilities, infrastructure, machines and equipment, there can be no assurance that these measures will be sufficient and that any such failures or interruptions will not occur or, if they do occur, that they will be adequately addressed in a timely manner.

*Liquidity and Financing Risk*

Liquidity risk is the risk that the Company cannot meet its planned and foreseeable commitments, including operating and capital expenditure requirements. We may be exposed to liquidity risks if we cannot maintain our cash positions, cash flows or mineral asset base, or if appropriate financing is not available on terms satisfactory to us. In addition, we may be unable to secure loans and other credit facilities and sources of financing required to advance and support our business plans. In the future, we may also be unable to maintain, renew or refinance our Senior Notes, Credit Facility including any letters

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of credit issued in connection with the Credit Facility, or the Term Facility on terms we believe are favorable or at all.

The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates of investments over time, managing its capital expenditures and operational cash flows, and by maintaining adequate lines of credit and seeking external sources of funding where appropriate. Management uses a planning, budgeting and forecasting process to help determine the funds the Company will need to support ongoing operations and development plans. We have historically minimized financing risks by diversifying our funding sources, which include credit facilities, issuance of notes, issuance of flow-through shares, at-the-market equity programs and cash flow from operations. In addition, we believe that Eldorado Gold has the ability to access the public debt and equity markets given our asset base and current credit ratings; however, such market access may become restricted, and, if we are unable to access capital when required, it may have a material adverse effect on us.

Any decrease in production, or change in timing of production or the prices we realize for our gold, copper, or other metals, will directly affect the amount and timing of our cash flow from operations. A production shortfall or any of these other factors would change the timing of our projected cash flows and our ability to use the cash to fund capital expenditures, including spending for our projects. Failure to achieve estimates in production or costs could have an adverse impact on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

Management believes that the working capital as at December 31, 2025, together with future cash flows from operations and access to the remaining undrawn Credit Facility and the letters of credit issued in support of the Term Facility, if required, are sufficient to support the Company's existing and foreseeable commitments for the next twelve months. However, if there are any material changes in the Company's business, assets, capital or operations, including if actual results or capital requirements are different than expected, or financing, if required, is not available to the Company on terms satisfactory to meet these material changes, then this may adversely affect the ability of the Company to meet its financial obligations and operational and development plans. Unexpected economic and other crises have the potential to heighten liquidity risk, as Eldorado may be required to seek liquidity in a market beset by a sudden increase in the demand for liquidity and a simultaneous drop in supply.

*Indebtedness*

As at December 31, 2025, we have approximately $1,275.1 million in total debt. The incurrence or maintenance of substantial levels of debt could adversely affect our business, results of operations, financial condition, the Eldorado Gold share price and our ability to take advantage of corporate opportunities.

Long-term and/or substantial indebtedness could have adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements, or requiring us to make non-strategic divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, dividends and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a disadvantage compared to other, less leveraged competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our cost of borrowing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• putting us at risk of default if we do not service or repay this debt in accordance with applicable covenants.

While neither our articles nor our by-laws limit the amount of indebtedness that we may incur, the level of our indebtedness under our Senior Notes, Credit Facility, and Term Facility from time to time could impair our ability to obtain additional financing in the future on a timely basis, or at all, and to take advantage of business opportunities that may arise, thereby potentially limiting our operational flexibility as well as our financial flexibility.

*Debt Service Obligations*

Our ability to make scheduled payments on, refinance or commence repayment of our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors

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beyond our control, including those identified elsewhere in this AIF. We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.

We may be unable to commence repayment, as planned. We may also not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations. The Senior Notes and Credit Facility will restrict our ability to dispose of certain assets and use the proceeds from those dispositions other than to repay such obligations and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. Unexpected developments or delays with respect to the Skouries Project may impact our ability to continue to draw on or to repay the Term Facility. See "Development Risks - Skouries".

In addition, Eldorado Gold conducts substantially all of its operations through its subsidiaries. Accordingly, repayment of Eldorado Gold's indebtedness will be dependent in large measure on the generation of cash flow by its subsidiaries and their ability to make such cash available to Eldorado Gold, by dividend, intercompany debt repayment or otherwise. Unless they are or become guarantors of Eldorado Gold's indebtedness, Eldorado Gold's subsidiaries do not have any obligation to pay amounts due on its indebtedness or to make funds available for that purpose. Eldorado Gold's subsidiaries may not be able to, or may not be permitted to, make distributions to enable Eldorado Gold to make payments in respect of its indebtedness. In addition, certain subsidiaries of Eldorado Gold may not be able to, or may not be permitted to, make certain investments into certain other subsidiaries of Eldorado Gold beyond a certain threshold amount. Each subsidiary is a distinct legal entity, and, under certain circumstances, legal and contractual restrictions may limit Eldorado Gold's ability to obtain cash from its subsidiaries. While the Senior Notes and Credit Facility limit the ability of Eldorado Gold's subsidiaries to incur restrictions on their ability to pay dividends or make other intercompany payments to Eldorado Gold, these limitations are subject to qualifications and exceptions. Furthermore, as Eldorado's funds are used to develop projects in foreign jurisdictions through foreign subsidiaries, there may be restrictions on foreign subsidiaries' ability to pay dividends or make other intercompany payments to Eldorado Gold. In the event that Eldorado Gold does not receive distributions from its subsidiaries, Eldorado Gold may be unable to make required principal and interest payments on its indebtedness, including the Senior Notes and Credit Facility.

Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would materially and adversely affect our financial position, results of operations and our ability to satisfy our obligations under our debt instruments.

*Non-IFRS Metrics – Total Cash Costs per Ounce and All-In-Sustaining Costs* 

The Company's total cash costs per ounce and AISC per ounce of gold are dependent on factors including the exchange rate between the U.S. dollar and the Canadian, Greek and Turkish currencies, treatment and refining charges, production royalties, the price of gold and other produced metals and the cost of inputs used in mining operations. Total cash costs per ounce and AISC per ounce at all of the Company's mines are also affected by the costs of inputs used in mining operations, including labour, energy, fuel and chemical reagents. All of these factors are beyond the Company's control. If the Company's total cash costs per ounce or AISC per ounce of gold rise above the market price of gold and remain elevated for any sustained period, some or all of the Company's activities may become unprofitable, and the Company may curtail or suspend some or all of its exploration, development and/or mining activities. Total cash costs per ounce and AISC per ounce are not recognized measures under IFRS, and the data disclosed by the Company may not be comparable to data presented by other gold mining companies.

*Currency Risk*

We sell gold in U.S. dollars, but incur costs in several currencies, including U.S. dollars, Canadian dollars, Turkish Lira, and Euros. Any change in the value of any of these currencies against the U.S. dollar can change production costs and capital expenditures and lead to higher operation, construction, development and other costs than anticipated, which can affect future cash flows, business, results of

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operations, financial condition and the Eldorado Gold share price. As of December 31, 2025, approximately 86% of Eldorado's cash and cash equivalents were held in U.S. dollars.

We have a risk management policy that contemplates potential hedging of our foreign exchange exposure to reduce the risk associated with currency fluctuations. During 2025, we entered into zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar at the Olympias mine and Lamaque Complex, respectively. In August and October 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company's equity commitment for the Skouries Project, which were settled in 2025. In December 2022, we announced that Hellas Gold had entered into an interest rate swap, covering 70% of its variable interest rate exposure, in accordance with the terms of our Term Facility. Hellas also entered into foreign exchange hedging arrangements to fix U.S. dollars to Euros for a portion of the Term Facility repayments.

These derivatives set a band within which we expect to be able to protect against currency movements, either above or below specific strike prices. There is no assurance that Eldorado will be able to obtain hedging on reasonable terms in the future or that any hedges that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if no hedges were in place. For example, the Turkish Lira lost approximately 20% of its value against the U.S. dollar in 2025 and volatility remains a possibility in the future. While the ultimate impact of recent currency fluctuations impacting the Turkish Lira is difficult to predict and depends on factors that are evolving beyond our control, these and other impacts of foreign exchange exposure could also have the effect of heightening certain of the other risks described under "Foreign Operations", "Credit Risk" and "Government Regulation".

The table below shows our assets and liabilities denominated in currencies other than the U.S. dollar at December 31, 2025. We recognized a $20.1 million foreign exchange loss from continuing operations in 2025, compared to a foreign exchange gain of $5.3 million from continuing operations in 2024.

![fxcurrencyrisktable.jpg](fxcurrencyrisktable.jpg)

*Interest Rate Risk*

Interest rates determine how much interest the Company pays on its debt, and how much is earned on cash and cash equivalent balances, which can affect future cash flows.

The Senior Notes have a fixed interest rate of 6.25%. Borrowings under the Credit Facility are at variable rates of interest based on SOFR and the spread adjustment based on the tenor. Draws on the Credit Facility are at variable rates of interest which expose the Company to interest rate risk. At December 31, 2025, no amounts were drawn under the Credit Facility. Borrowings under the Term Facility include amounts at variable rates based on the six months EURIBOR. To reduce interest rate risk, the Company has entered into interest rate swaps covering approximately 79% of the variable interest rate exposure related to the Term Facility.

The Company may enter into interest rate swaps in the future, involving the exchange of floating for fixed rate interest payments, in order to reduce interest rate volatility. However, there is no assurance that Eldorado will be able to obtain interest rate swaps on reasonable terms or that any interest rate swaps that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if we had no such swaps in place.

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Increases in interest rates may impact the Company's ability to take on additional indebtedness at favourable rates, or refinance existing indebtedness at rates similar to those previously offered to the Company. Failure to secure additional indebtedness at favourable rates, or refinancing existing indebtedness like the Credit Facility at similar rates to what existed prior to maturity, could result in a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Credit Risk*

We may be exposed to credit risks if the counterparty to any financial instrument to which Eldorado is a party will not meet its obligations and will cause us to incur a financial loss. The Company limits counterparty risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. In accordance with the Company's short-term investment policy, term deposits and short term investments are held with high credit quality financial institutions as determined by rating agencies. For cash and cash equivalents, restricted cash, derivative assets and accounts receivable, credit risk is represented by the carrying amount on the balance sheet.

Payment for metal sales is normally within normal business practice for receipt of goods and is dependent on the contract terms with the buyer. There is no guarantee that buyers, including under exclusive sales arrangements, will not default on their commitments, which may have an adverse impact on the Company's financial performance. If there are defaults, Eldorado would be required to find alternate buyers. However, there may be delays associated with establishing new sales contracts or timing on revenue recognition of final sales.

The Company invests its cash and cash equivalents in major financial institutions and in government issuances, according to the Company's short-term investment policy. As at December 31, 2025, the Company holds a significant amount of cash and cash equivalents with various financial institutions in North America, the Netherlands and Greece. The Company monitors the credit ratings of all financial institutions in which it holds cash and investments. As at December 31, 2025, deposits equivalent to approximately $100 million U.S. dollars are held in banking institutions operating in Greece with lower credit ratings as compared to other financial institutions at which the Company holds cash and investments. These deposits relate primarily to equity contributions received by the Skouries Project to fund expenditures in early 2026. While Türkiye's sovereign credit ratings were upgraded slightly in 2025, reflecting improvements in economic conditions, the sovereign debt rating still remains below the credit rating permitted under the Company's investment policy. As at December 31, 2025, deposits equivalent to approximately $10 million U.S. dollars are held in a banking institution operating in Türkiye which has a lower credit rating compared to other financial institutions where the Company holds cash and investments. Together with past downgrades in Türkiye's sovereign credit rating, these factors expose the Company to greater credit risk. This risk is mitigated through the Company's policy of maintaining limited cash balances in-country; however, cash balances held with financial institutions in Türkiye may increase in the future to meet operational or other business requirements. There can be no assurance that certain financial institutions in foreign countries in which the Company operates will not default on their commitments.

*Tax Matters*

We operate and have operated in a number of countries, each of which has its own tax regime to which we are subject. The tax regime and the enforcement policies of tax administrators in each of these countries are complex and may change from time to time, which are all beyond our control. Our investments into these countries, importation of goods and materials, land use, expenditures, sales of gold and other products, income, repatriation of money and all other aspects of our investments and operations can be taxed, and there is no certainty as to which areas of our operations will be assessed or taxed from time to time or at what rates.

Our tax residency and the tax residency of our subsidiaries (both current and past) are affected by a number of factors, some of which are outside of our control, including the application and interpretation of relevant tax laws and treaties. If we or our subsidiaries are ever assessed to be a non-resident in the jurisdictions that we, or our subsidiaries, report or have reported or are otherwise assessed, or are deemed to be resident (for the purposes of tax) in another jurisdiction, we may be liable to pay additional taxes. In addition, we have entered into various arrangements regarding the sale of mineral products or mineral assets, which may be subject to unexpected tax treatment. If such taxes were to become payable, this could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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We endeavor to structure, and restructure from time to time, our corporate organization in a commercially efficient manner and if any such planning effort is considered by a taxation authority to constitute tax avoidance, then this could result in increased taxes and tax penalties, which could have a material adverse effect on our financial condition.

New laws and regulations or new interpretations of or amendments to laws, regulations or enforcement policy relating to tax laws or tax agreements with governmental authorities, if proposed and enacted, may affect our current financial condition and could result in higher taxes being payable by us.

There is potential for change in the tariff arrangements in the countries in which Eldorado operates, as is the case for the Chinese importation specification for concentrate imports set out in the Industry Standard. There is no assurance that our current financial condition will not change in the future due to such changes. See also "Environmental" and "Tariffs and Other Trade Barriers".

*Financial Reporting Carrying Value of Assets*

The Company conducts impairment assessments of goodwill annually and, at the end of each reporting period, the Company assesses if there is any indication that assets may be impaired. If an indicator of impairment (or impairment reversal) exists, we calculate the recoverable amount of the asset and compare that to the carrying value of the asset to determine if any impairment loss (or a reversal of impairment) is required. An impairment charge, which would have an adverse effect on our reported earnings, is recognized for any excess of the carrying amount over its recoverable amount.

The estimation of recoverable amount for impairment testing requires management to make estimates for many factors including, but not limited to, Mineral Reserves and Mineral Resources, estimates of future production and operating and capital costs in the Company's life of mine plans, and estimates of the fair value of mineral properties beyond proven and probable reserves as well as external economic inputs including, but not limited to metal prices, discount rates, and net asset value market multiples. Should estimates regarding these factors be incorrect, the Company may be required to realize impairment charges.

*Global Uncertainty and Global Economic Environment*

Geopolitical uncertainty, increased global polarization, trade complexity and international conflicts may create uncertainty in global financial and equity markets. Changing market events and conditions, including disruptions in the international credit markets and other financial systems and deteriorating global economic conditions, could increase the cost of capital or impede our access to capital. In addition, increased global political and financial instability may result in downward price pressure for many asset classes and increased volatility and risk spreads.

Examples of areas that could negatively impact our business include the Middle East Conflicts and the following: (1) In February, 2022, Russian military forces launched a full-scale military invasion of Ukraine. The impacts of the Russia-Ukraine conflict could also heighten many of the other risks described in this section, including the risk factor titled "Limited Number of Smelters and Off-Takers". (2) The threat or application of new tariffs and the renegotiation of the Canada U.S. Mexico Agreement could impact our supply chains and specifically key imports that we use in our business in Canada. See also "Tariffs and Other Trade Barriers".

We may experience material adverse impacts on our business, results of operations, financial condition and the Eldorado Gold share price as a result of geopolitical disruptions, which may be difficult to predict. Such disruptions could make it more difficult for us to obtain capital and financing for our operations, or increase the cost of it, among other things. Conversely, if negative economic conditions emerge, persist or worsen, it could lead to increased political and financial uncertainty, which could result in regime or regulatory changes in the jurisdictions in which we operate. High levels of volatility and market turmoil could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Labour - Employee/Union Relations*

We depend on our workforce to explore for Mineral Reserves and Mineral Resources, develop our projects and operate our mines. We have programs to recruit and train the necessary workforce for our operations, and we work hard at maintaining good relations with our workforce to minimize the possibility of defections and strikes, lockouts (if permitted under applicable legislation) and other stoppages at our work sites. In addition, our relations with our employees may be affected by changes in labour and employment legislation that may be introduced by the relevant governmental authorities. Changes in such

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legislation or a prolonged labour disruption or shortages at any of our mines or projects could have a material adverse effect on our results of operations, financial condition and the Eldorado Gold share price.

A significant portion of our employees are represented by labour unions in Greece and Türkiye under various collective bargaining agreements with varying durations and expiration dates. Labour agreements are periodically negotiated, and there is a possibility that they may not be renewed (or renewed under terms that are not reasonably satisfactory to us). If we do not successfully negotiate new collective bargaining agreements with our union workers, we may incur prolonged strikes and other work stoppages at our mining operations, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. Additionally, if we enter into a new labour agreement with any union that significantly increases our labour costs relative to our competitors, or imposes restrictions on our operations, such as limiting work hours or certain types of activities, our ability to compete and operate effectively may be materially and adversely affected. We expect that labour shortages and industry dynamics that are beyond our control could contribute to increasing challenges in attracting and retaining the skilled labour necessary for our operations, potentially impacting our ability to develop or operate various projects.

We could experience labour disruptions such as work stoppages, work slowdowns, union organizing campaigns, strikes, or lockouts (if permitted under applicable legislation) that could adversely affect our operations. Any work interruptions involving Eldorado's employees (including as a result of a strike or lockout as permitted by applicable legislation) or operations, or any jointly owned facilities operated by another entity present a significant risk to Eldorado and could have a material adverse effect on Eldorado's business, financial condition, and results of operations. See also "Skilled Workforce" and "Inflation Risk".

*Key Personnel*

We depend on a number of key personnel, including executives and senior officers. We do not have key person life insurance. Employment contracts are in place with each of these executives; however, the inability to retain any of them could have an adverse effect on our operations.

We must continue enhancing our management systems and focus on recruiting and training new employees to manage our business effectively. We have been successful in attracting and retaining skilled and experienced personnel in the past, and expect to be in the future, but there is no assurance that this will always be the case.

*Skilled Workforce*

We depend on a skilled workforce, including but not limited to mining and mineral, metallurgical and geological engineers, geologists, environmental and safety specialists, and mining operators to explore and develop our projects and operate our mines. We have programs and initiatives in place to attract, develop, engage, and retain a skilled workforce. However, we are potentially faced with a shortage of skilled professionals due to competition in the industry and the continued exit of experienced employees from the workforce.

Labour market tightness in Greece, which has become particularly pronounced in the construction industry, continues to limit the availability of key construction personnel at the Skouries Project. This has resulted in a slower ramp-up of the workforce and delays in the progress of certain aspects of the Skouries Project. See also "Development Risks - Skouries", "Expatriates", "Labour - Employee/Union Relations", and "Contractors".

As such, we need to continue to sustain our focus on training and development programs for current and future employees and partner with local universities, technical schools, our communities and First Nations, to train and develop a skilled workforce for the future. Such efforts are costly and there is no assurance that they will result in Eldorado having the workforce it needs, including in terms of location, skillsets and availability. See also "Expatriates", "Labour - Employee/Union Relations", and "Inflation Risk".

*Expatriates*

We leverage the skills and experience of expatriates to work at our mines and projects to fill gaps in expertise and provide needed management skills in the countries where we operate. Additionally, we utilize expatriates to transfer knowledge and best practices and to train and develop in-country personnel and transition successors into their roles. Such training requires access to our sites, which may be restricted or challenged by immigration requirements and changing legislation in countries where expatriates are not citizens. We may operate in relatively remote or isolated locations and must continue

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to maintain competitive compensation and benefits programs to attract and retain expatriate personnel. We must also develop in-country personnel to run our mines in the future. A lack of appropriately skilled and experienced personnel in key positions could have an adverse effect on our operations.

See also "Contractors", "Skilled Workforce", "Labour - Employee/Union Relations", and "Key Personnel".

*Contractors*

We may engage a number of different contractors during the development and construction phase of a project or for other specific business requirements, including pursuant to a lump sum contract for specified services or through a range of engineering, procurement, construction and management contract options, depending on the type and complexity of work that is being undertaken, and the level of engineering that has been completed when the contract is awarded. Depending on the type of contract and the point at which it is awarded, there is potential for variations to occur within the contract scope, which could take the form of extras that were not considered as part of the original scope or change orders. These changes may result in increased capital or other costs and/or delays.

Similarly, we may be subject to disputes with contractors on contract interpretation, which could result in increased capital or other costs under the contract or delay in completion of the project if a contract dispute interferes with the contractor's efforts on the ground. There is also a risk that our contractors and subcontractors could experience labour disputes or become insolvent, and this could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

See also "Expatriates", "Skilled Workforce", "Labour - Employee/Union Relations", and "Key Personnel".

*Default on Obligations*

A breach of the covenants under the Senior Notes, Credit Facility, the Term Facility or our other debt instruments could result in an event of default under the applicable indebtedness. Such a default may allow the creditors to accelerate the repayment of the related debt and may result in the acceleration of repayment of any other debt to which a cross-acceleration or cross-default provision applies. In addition, an event of default under the Credit Facility would permit the lenders thereunder to terminate all commitments to extend further credit under that facility. Furthermore, if we are unable to repay any amounts due and payable under the Credit Facility, those lenders could proceed against the collateral granted to them to secure such indebtedness. If our lenders or noteholders accelerate the repayment of our borrowings, we may not have sufficient assets to repay that indebtedness.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants in our debt instruments, which could cause cross-acceleration or cross-default under other debt agreements, we could be in default under the terms of the agreements governing such other indebtedness. If such a default occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of the indebtedness may be able to cause all of our available cash flow to be used to pay the indebtedness and, in any event, could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we could be forced into bankruptcy, liquidation or restructuring proceedings.

If our operating performance declines, we may in the future need to amend or modify the agreements governing our indebtedness or seek concessions from the holders of such indebtedness. There is no assurance that such concessions would be forthcoming.

*Current and Future Operating Restrictions*

Our Senior Notes, Credit Facility, Term Facility, and certain other agreements contain certain restrictive covenants that impose significant operating and financial restrictions on us. In some circumstances, the restrictive covenants may limit our operating flexibility and our ability to engage in actions that may be in our long-term best interest, including, among other things, restrictions on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions or repurchase or redeem our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepay, redeem or repurchase certain debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make loans and investments, including investments into certain affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer or otherwise dispose of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur certain lease obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur or permit to exist certain liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertake certain acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete certain corporate changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into certain hedging arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into agreements restricting our subsidiaries' ability to pay dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate, amalgamate, merge or sell all or substantially all of our assets.

In addition, the restrictive covenants in our Credit Facility and Term Facility contain certain restrictions on us and require us to maintain specified financial ratios and satisfy other financial condition tests. Our ability to meet those financial ratios and tests may be affected by events beyond our control. These restrictions could limit our ability to obtain future financing, make acquisitions, grow in accordance with our strategy or secure the needed working capital to withstand future downturns in our business or the economy in general, or otherwise take advantage of business opportunities that may arise. Any of which could place us at a competitive disadvantage relative to our competitors that may have less debt and are not subject to such restrictions. Failure to meet these conditions and tests could constitute events of default thereunder.

*Reclamation and Long-Term Obligations*

We are required by various governments in jurisdictions in which we operate to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans if we are unable to do so. The relevant laws governing the determination of the scope and cost of the closure and reclamation obligations and the amount and forms of financial assurance required are complex and vary from jurisdiction to jurisdiction.

As of December 31, 2025, Eldorado has provided the appropriate regulatory authorities with non-financial and financial letters of credit of EUR €63.8 million. The letters of credit were issued to secure certain obligations in connection with mine closure obligations in the various jurisdictions in which we operate. The amount and nature of such financial assurance are dependent upon a number of factors, including our financial condition and reclamation cost estimates. Changes to these amounts, as well as the nature of the collateral to be provided, could significantly increase our costs, making the maintenance and development of existing and new mines less economically feasible. Regulatory authorities may require further financial assurance and, to the extent that the value of the collateral provided is or becomes insufficient to cover the amount that we are required to post, we could be required to replace or supplement the existing security with more expensive forms of security. This could include cash deposits, which would reduce cash available for our operations and development activities. There is no guarantee that, in the future, we will be able to maintain or add to current levels of financial assurance as we may not have sufficient capital resources to do so.

In addition, climate change could lead to changes in the physical risks posed to our operations, which could result in changes in our closure and reclamation plans to address such risks. Any modifications to our closure and reclamation plans that may be required to address physical climate risks may materially increase the costs associated with implementing closure and reclamation at any or all of our active or inactive mine sites and the financial assurance obligations related to the same. For more information on the physical risks of climate change, see the risk factor entitled "Climate Change".

Although we have currently made provision for certain of our reclamation obligations, there is no assurance that these provisions will be adequate in the future. Failure to provide the required financial assurance for reclamation could potentially result in the closure of one or more of our operations, which could result in a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Credit Ratings*

Our outstanding Senior Notes currently have a non-investment grade credit rating and any rating assigned could be lowered or withdrawn entirely by a rating agency if, in that agency's judgment, future circumstances relating to the basis of the credit rating, such as adverse changes to our business or affairs, so warrant. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Senior Notes. Additionally, credit ratings may not reflect the potential effect of risks relating to the Senior Notes. Any future lowering of our ratings may make it more difficult or more expensive for us to obtain additional financing.

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*Change in Reporting Standards*

While there are currently no new accounting or financial reporting standards that are expected to have an adverse impact on our financial condition and results of operations, we cannot predict the content, scope or timing of new reporting standards that may be implemented in the future. Any such future standards could have an adverse impact on our financial condition or results of operations.

*Unavailability of Insurance*

Where practical, Eldorado obtains insurance against certain risks in the operation of our business, but coverage has exclusions and limitations and is subject to deductible limits requiring Eldorado to bear part of the risk of loss. There is no assurance that the insurance will be adequate to cover any liabilities, or that it will continue to be available, on terms we believe are commercially acceptable.

In some instances, certain insurance may become unavailable or available only for reduced amounts of coverage. Significantly increased costs could lead Eldorado to decide to reduce or possibly eliminate, coverage. In addition, insurance is purchased from a number of third-party insurers, often in layered insurance arrangements, some of whom may discontinue providing insurance coverage for their own policy or strategic reasons. For example, insurance against risks such as loss of title to mineral property, environmental pollution, or other hazards as a result of exploration and production is generally not available to us or other companies in the mining industry on acceptable terms, particularly for several jurisdictions in which Eldorado operates. In the event any such insurance is or becomes unavailable, our overall risk exposure could be increased. Losses from these uninsured events may cause us to incur significant costs that could have a material adverse effect upon our business, results of operations, financial condition and the Eldorado Gold share price.

*Sarbanes-Oxley Act (SOX), Applicable Securities Laws, and Stock Exchange Rules*

We document and test our internal control procedures over financial reporting to satisfy the requirements of Section 404 of SOX. SOX requires management to conduct an annual assessment of our internal controls over financial reporting and our external auditors to conduct an independent assessment of the effectiveness of our controls as at the end of each fiscal year.

Our internal controls over financial reporting may not be adequate, or we may not be able to maintain such controls as required by SOX. We also may not be able to maintain effective internal controls over financial reporting on an ongoing basis, if standards are modified, supplemented or amended from time to time.

If we do not satisfy the SOX requirements on an ongoing and timely basis, investors could lose confidence in the reliability of our financial statements, and this could harm our business and have a negative effect on the trading price or market value of securities of Eldorado Gold.

If from time to time we do not implement new or improved controls, when required, or experience difficulties in implementing them, it could harm our financial results or we may not be able to meet our reporting obligations. There is no assurance that we will be able to remediate material weaknesses, if any are identified in future periods, or maintain all of the necessary controls to ensure continued compliance. There is also no assurance that we will be able to retain personnel who have the necessary finance and accounting skills because of the increased demand for qualified personnel among publicly traded companies.

If any of our staff fail to disclose material information that is otherwise required to be reported, no evaluation can provide complete assurance that our internal controls over financial reporting will detect this. The effectiveness of our controls and procedures over financial reporting may also be limited by simple errors or faulty judgments. Continually enhancing our internal controls over financial reporting is important, especially as we expand and the challenges involved in implementing appropriate internal controls over financial reporting will increase. Although we intend to devote substantial time to ongoing compliance with this, including incurring the necessary costs associated therewith, we cannot be certain that we will be successful in complying with Section 404 of SOX.

We are subject to changing rules and regulations promulgated by a number of United States and Canadian governmental and self-regulated organizations, including the SEC, Canadian Securities Administrators, the NYSE, the TSX and the Financial Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity and many new requirements have been created in response to laws enacted by governments, making compliance more difficult and uncertain.

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Eldorado is currently exempt from the SEC's "Modernization of Property Disclosures For Mining Registrants", as codified in Subpart 1300 of Regulation S-K (the "SEC Mining Rule") as it files its annual report in accordance with the multijurisdictional disclosure system between Canada and the United States ("MJDS"), however if Eldorado loses its ability to file in accordance with MJDS or if Eldorado files certain registration statements with the SEC, Eldorado would be required to comply with the SEC Mining Rule. While the SEC Mining Rule has similarities with NI 43-101, Eldorado may be required to update or revise all of its existing technical reports, which may result in revisions (either upward or downward) to Eldorado's Mineral Reserves and Mineral Resources, in order to comply with the SEC Mining Rule. In addition, the SEC Mining Rule is subject to unknown interpretations, which could require Eldorado to incur substantial costs associated with compliance.

Eldorado's efforts to comply with the Canadian and United States rules and regulations and other new rules and regulations regarding public disclosure have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

If Eldorado fails to comply with such regulations, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Environmental, Social and Governance (ESG) Practices and Performance*

There is increased scrutiny from affected and interested parties related to our ESG practices, performance and disclosures, including prioritization of sustainable and responsible production practices, greenhouse gas emissions and management of climate risk, tailings stewardship and social license to operate among others in the jurisdictions where we operate.

It is possible that our affected parties might not be satisfied with our ESG practices, performance and/or disclosures, or the speed of their adoption, implementation and measurable success. If we do not meet these evolving expectations, our reputation, our access to and cost of capital, and our stock price could be negatively impacted.

In addition, our customers and end users may require that we implement certain additional ESG procedures or standards before they will start or continue to do business with us, which could lead to preferential buying based on our ESG practices compared to our competitors' ESG practices.

Investor advocacy groups, certain institutional investors, investment funds, creditors and other influential investors are increasingly focused on our ESG practices and in recent years have placed increasing importance on the implications of their investments. Organizations that provide information to investors on ESG performance and related matters have developed quantitative and qualitative data collection processes and ratings processes for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ratings or assessments of our ESG practices may lead to negative investor sentiment toward us, which could have a negative impact on our stock price and our access to and cost of capital. Current and proposed anti-greenwashing legislation may also create risks relating to certain environmental-related disclosures. Additionally, if we do not adapt to or comply with investor or affected party expectations and standards, which are evolving, or if we are perceived to have not responded appropriately, regardless of whether there is a legal requirement to do so, we may suffer from reputational damage and our business, financial condition, and/or stock price could be materially and adversely affected.

Although the Company has implemented a number of significant measures and safeguards, including our Human Rights Policy, which are intended to ensure that personnel understand and uphold human rights standards, the implementation of these measures will not guarantee that personnel, national police or other public security forces will uphold human rights standards in every instance.

The failure to conduct operations in accordance with Company standards, including those described in our annual sustainability report and Human Rights Policy, may result in harm to employees, community members or trespassers, increase community tensions, reputational harm to us or result in criminal and/or civil liability, financial damages or penalties, and/or contravention of agreements that we may be party to.

We are subject to corporate governance guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with corporate governance standards that apply to us as a foreign private issuer listed on the NYSE and registered with the SEC in the United States.

We are exempt from certain NYSE requirements because we are subject to Canadian corporate governance requirements. We may from time to time seek other relief from corporate governance and exchange requirements and securities laws from applicable regulators.

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*Corruption, Bribery and Sanctions*

Our operations are governed by, and involve interactions with, many levels of government in numerous countries. Like most companies, we are required to comply with anti-corruption and anti-bribery laws, including the *Criminal Code* (Canada), the *Corruption of Foreign Public Officials Act* (Canada) and the U.S. *Foreign Corrupt Practices Act,* as well as similar laws that apply to our business including in the countries in which we conduct our business or our securities trade (collectively, "anti-bribery laws"). The Company has implemented and promulgated an Anti-Bribery & Corruption Policy, and a Code of Ethics and Business Conduct, with which all directors, officers and employees are required to comply.

In recent years, there has been a general increase in both the severity of penalties and frequency of prosecution and enforcement under such laws, resulting in greater punishment and scrutiny of companies convicted of violating anti-bribery laws. Furthermore, a company may be found liable for violations by not only its directors, officers or employees, but also through the actions of any third-party agents or representatives. Although we have adopted policies and use a risk-based approach to mitigate such risks, such measures may not always be effective in ensuring that we, our directors, officers, employees or third-party agents or representatives will be in compliance with such laws. If we find ourselves subject to an enforcement action or are found to be in violation of such laws, this may result in significant criminal penalties, fines and/or sanctions being imposed on us and significant negative media coverage resulting in a material adverse effect on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

The operation of our business may also be impacted by anti-terrorism, economic or financial sanction laws including the *Criminal Code* (Canada), the *United Nations Act* (Canada), the *Special Economic Measures Act* (Canada), the *Justice for Victims of Corrupt Foreign Officials Act* (Sergei Magnitsky Law) (Canada) and the *Freezing Assets of Corrupt Foreign Officials Act* (Canada), and more recently, the concerted sanctions against Russia in response to the Russia-Ukraine war, as well as similar laws in countries in which we conduct our business or our securities trade (collectively, "sanctions laws"). Such sanctions laws and any regulations, orders or policies issued thereunder may impose restrictions and prohibitions on trade, financial transactions, investments and other economic activities with sanctioned or designated foreign individuals or companies from a target country, industries, markets, countries or regions within countries. These restrictions and prohibitions may also apply to dealings with non-state actors such as terrorist organizations and may change from time to time. These restrictions and prohibitions may also apply to affiliates of sanctioned or designated persons and those acting on their behalf as agents or representatives. Sanctions laws are continually being updated in order to respond to unexpected events and occurrences across the globe. We use our best efforts to react as soon as possible to changes in sanctions laws across the globe. There is no assurance that we are or will be in full compliance with such laws and that if we should be in non-compliance there will not be a material adverse effect on our reputation, business, capital, results of operations, financial condition and the Eldorado Gold share price.

*Employee Misconduct*

We are reliant on the good character of our employees and are subject to the risk that employee misconduct could occur. Although we take precautions to prevent and detect employee misconduct, these precautions may not be effective and the Company could be exposed to unknown and unmanaged risks or losses. The existence of our Code of Ethics and Business Conduct, among other governance and compliance policies and processes, may not prevent incidents of theft, dishonesty or other fraudulent behaviour nor can we guarantee compliance with legal and regulatory requirements.

These types of misconduct could result in unknown and unmanaged damage or losses, including regulatory sanctions and serious harm to our reputation. The precautions we take to prevent and detect these activities may not be effective. If material employee misconduct does occur, our business, results of operations, financial condition and the Eldorado Gold share price could be adversely affected.

*Litigation and Contracts*

We are periodically subject to legal claims that may or may not have merit. We are regularly involved in routine litigation matters. We believe that it is unlikely that the final outcome of these routine proceedings will have a material adverse effect on us; however, defense and settlement costs can be substantial, even for claims that are without merit.

Due to the inherent uncertainty of the litigation process, including arbitration proceedings, and dealings with regulatory bodies, there is no assurance that any legal or regulatory proceeding will be resolved in a manner that will not have a material and/or adverse effect on us. In the event of a dispute arising from

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foreign operations, the Company may be subject to the exclusive jurisdiction of foreign courts or arbitration panels or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada.

In our business, we make contracts with a wide range of counterparties. There can be no assurance that these contracts will be honoured and performed in accordance with their terms by our counterparties or that we will be able to enforce the contractual obligations.

*Conflicts of Interest*

Certain of our directors also serve as directors of other companies involved in natural resource exploration and development, which may result in a conflict of interest between Eldorado and such other companies. There is also a possibility that such other companies may compete with us for the acquisition of assets. Consequently, there exists the possibility for such directors to be in a position of conflict over which company should pursue a particular acquisition opportunity.

*Privacy Legislation*

Eldorado is subject to privacy legislation in various countries in which we operate, including the European Union's General Data Protection Regulations ("GDPR"), Quebec's Act Respecting the Protection of Personal Information in the Private Sector , which was amended by Bill 64, an Act to Modernize Legislative Provisions as Regards the Protection of Personal Information (collectively, "Quebec Privacy Act, commonly referred to as Law 25"), and Türkiye's Personal Data Protection Law numbered 6698 ("Türkiye's PDPL").

The GDPR is more stringent than its predecessor, the Data Protection Directive (Directive 95/46/EC). Türkiye's PDPL, which mirrors but is in some instances more onerous than the GDPR, brings a new data protection regime into force. In Quebec, Law 25 brings significant and more stringent amendments to the Quebec Privacy Act. Eldorado is required to develop and implement programs that will evidence compliance with each, as applicable, or face significant fines and penalties for breaches. For example, companies that breach the GDPR can be fined up to 4% of their annual global turnover or €20 million, whichever is greater, while companies that breach the amended Québec Privacy Act can be fined up to 4% of their annual global turnover or C$25 million, whichever is greater. Companies that breach Türkiye's PDPL may face administrative fines ranging from TRY 85,437 to over TRY 4417 million, along with potential criminal sanctions, including imprisonment, depending on the severity and nature of the violation. Such breaches may lead to costly fines and may have an adverse effect on governmental relations, our business, reputation, financial condition and the Eldorado Gold share price.

*Dividends*

While we have in place a policy for the payment of dividends on common shares of Eldorado Gold and declared a quarterly dividend in January 2026, there is no certainty that any further dividends may be declared in the future and that the amount of any such dividend will be consistent with past practice.

Our potential future investments will require significant funds for capital expenditures and our operating cash flow may not be sufficient to meet all of such expenditures. As a result, new sources of capital may be needed to meet the funding requirements of such investments, fund our ongoing business activities, fund construction and operation of potential future projects and various exploration projects, fund share repurchase transactions and pay dividends. If we are unable to obtain financing or service existing or future debt we could be required to reduce, suspend or eliminate dividend payments or any future share repurchase transactions.

*Tariffs and Other Trade Barriers*

It is not clear what impact changes to tariffs may have or what actions other governments may take in the future (including, without limitation, retaliatory tariffs imposed by governments on products from the United States). In the future, tariffs could potentially impact prices of commodities, heavy machinery, and key inputs necessary to the operations of our business. In addition, changes in tariffs could have a material adverse effect on global economic conditions and the stability of global financial markets. The impact and extent of these risks is unknown. Any of these could have a material adverse effect on governmental relations, our business, financial condition and the Eldorado Gold share price.

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Investor Information

Our Corporate Structure

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| | |
|:---|:---|
| **Date** | **Event** |
| **April 2, 1992** | Eldorado Corporation Ltd. is incorporated by a Memorandum of Association under the Companies Act (Bermuda) |
| **April 23, 1996** | Name change to Eldorado Gold Corporation and continues under the Company Act (British Columbia) |
| **June 28, 1996** | Continues under the CBCA\*\* |
| **November 19, 1996** | Amalgamated with HRC Development Corporation under the name Eldorado Gold Corporation, under a plan of arrangement under the CBCA |
| **June 5, 2006** | Amends articles and files restated articles under the CBCA |
| **April 3, 2009** | Adopts new bylaws that shareholders approve on May 7, 2009 |
| **December 12, 2013** | Adopts new bylaws that shareholders approve on May 1, 2014 |
| **May 27, 2014** | Amended Articles under the CBCA |
| **December 27, 2018** | Amended Articles under the CBCA |

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\*\*A corporation formed under the laws other than the federal laws of Canada may apply to be "continued" under the CBCA by applying for a certificate of continuance from Corporations Canada. Once the certificate is issued, the CBCA applies to the corporation as if the corporation was incorporated under the CBCA.

Eldorado Gold Capital Structure

Under our articles, Eldorado Gold is permitted to issue an unlimited number of common shares.

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| | |
|:---|:---|
| <u>Share capital as at March 27, 2026</u> |  |
| **Common shares outstanding** | 198736222 |
| **Options (number of shares reserved)** | 2607990 |
| **Performance Share Units (PSUs)**<sup>\*</sup> | 1154850 |
| <sup>\*</sup>PSUs are subject to satisfaction of performance vesting targets within a performance period which may result in a higher or lower number of PSUs than the number granted as of the grant date. Redemption settlement may be paid out in common shares (one for one), cash or a combination of both. The number of common shares listed above in respect of the PSUs assumes that 100% of the PSUs granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSUs that may be earned and redeemed may be higher or lower than the number of PSUs initially granted. | <sup>\*</sup>PSUs are subject to satisfaction of performance vesting targets within a performance period which may result in a higher or lower number of PSUs than the number granted as of the grant date. Redemption settlement may be paid out in common shares (one for one), cash or a combination of both. The number of common shares listed above in respect of the PSUs assumes that 100% of the PSUs granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSUs that may be earned and redeemed may be higher or lower than the number of PSUs initially granted. |

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Common shares

Each common share gives the shareholder the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive notice of and to attend all shareholder meetings and have one vote in respect of each share held at such meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participate equally with other shareholders in any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ dividends declared by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ distribution of assets if we are liquidated, dissolved or wound-up.

Common shares issued in 2025

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| | |
|:---|:---|
| **Issued and outstanding as of December 31, 2025** | **198,570,520** |

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Senior Notes

On August 26, 2021, Eldorado Gold completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the "Senior Notes"). The Senior Notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022. The Senior Notes are unsecured and are guaranteed by Eldorado Gold (Netherlands) B.V., Eldorado Québec, SG and Tüprag, all wholly-owned subsidiaries of the Company.

Indenture

The Senior Notes are governed by an indenture dated August 26, 2021 among Eldorado Gold, the guarantor subsidiaries as noted above, Computershare Trust Company, N.A., as U.S. Trustee and Computershare Trust Company of Canada, as Canadian Trustee (the "Indenture").

Under the Indenture, the Senior Notes are redeemable by the Company in whole or in part, for cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.At any time prior to September 1, 2024 at a redemption price equal to the sum of 100% of the aggregate principal amount of the Senior Notes, plus accrued and unpaid interest, and plus a premium equal to (a) the greater of 1% of the principal amount of the Senior Notes to be redeemed and (b) the excess, if any, of (i) the present value of (A) the redemption price of such Senior Notes on September 1, 2024 plus (B) all required interest payments on such Senior Notes through September 1, 2024, computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (ii) the then-outstanding principal amount of such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.At any time prior to September 1, 2024 up to 40% of the original principal amount of the Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price equal to 106.25% of the aggregate principal amount of the Senior Notes redeemed, plus accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.On and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the Senior Notes to be redeemed, set forth below, plus accrued and unpaid interest on the Senior Notes:

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| | |
|:---|:---|
| September 1, 2024 | 103.128% |
| September 1, 2025 | 101.563% |
| September 1, 2026 and thereafter | 100.000% |

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If Eldorado Gold sells certain of its assets or experiences specific kinds of changes in control, Eldorado Gold must offer to purchase the Senior Notes. The Senior Notes are Eldorado Gold's and each guarantor's senior unsecured obligations and rank equally in right of payment with any of Eldorado Gold's and each guarantor's existing and future senior indebtedness, and senior in right of payment to any of Eldorado Gold's and each guarantor's existing and future subordinated debt. The Senior Notes are also effectively subordinated to any of Eldorado Gold's and the guarantor's existing and future secured indebtedness to the extent of the value of the collateral securing such debt. In addition, the Senior Notes are structurally subordinated to the liabilities of Eldorado Gold's non-guarantor subsidiaries.

The Indenture contains covenants that restrict, among other things, the ability of the Company to make distributions in certain circumstances and sales of material assets, in each case, subject to certain conditions. The Company was in compliance with these covenants as at December 31, 2025. For full details of the terms of the Senior Notes, see the Indenture, which is filed under Eldorado Gold's profile on SEDAR+ at www.sedarplus.ca.

Ratings

As of the date of this AIF, the Senior Notes have a credit rating of B1 by Moody's, BB- by S&P and B+ by Fitch.

Moody's credit ratings are on a rating scale that ranges from Aaa to C, which represents the range from highest to lowest quality of such securities rated. A rating of B by Moody's is the sixth highest of nine categories and denotes obligations judged to be speculative and subject to high credit risk. The addition of a 1, 2 or 3 modifier after a rating indicates the relative standing within a particular rating category. The modifier 1 indicates that the issue ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic rating category.

S&P's credit ratings are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality. A credit rating of BB by S&P is the fifth highest of ten categories. According to the S&P rating system, an obligor with debt securities rated BB is less vulnerable in the near-term, but faces major ongoing uncertainties to adverse business, financial or economic conditions. The addition of

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a plus (+) or minus (-) designation after the rating indicates the relative standing within a particular rating category.

Fitch's credit ratings are on a scale that ranges from AAA to D, which represents the range from highest to lowest quality. A credit rating of B is the sixth highest of eleven categories. B ratings indicate that material default risk is present, but a limited margin of safety remains, and that financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. The addition of a plus (+) or minus (-) sign show relative standing within a particular rating category.

Credit ratings for the Senior Notes do not directly address any risk other than credit risk. The credit ratings assigned by the rating agencies are not recommendations to purchase, hold or sell securities nor do the ratings comment on market price or suitability for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.

Eldorado paid fees to each of Moody's, S&P and Fitch for the credit ratings rendered in respect of the Senior Notes. In addition to annual monitoring fees for the Senior Notes, additional payments are made in respect of other services provided in connection with various rating advisory services.

Senior Secured Credit Facility

On June 27, 2024, Eldorado entered into a $350 million extended and increased revolving senior secured credit facility ("Credit Facility") with an option to increase the available credit by $100 million through an accordion feature and a maturity date of June 27, 2028. The Company is in compliance with covenants related to the Credit Facility as at December 31, 2025.

The Credit Facility is permitted to be used to provide a bank issued letter of credit ("Project Letter of Credit") under the Term Facility for the Skouries Project. As at December, 31, 2025, the Project Letter of Credit balance is €207 million, and as a result the availability of the Credit Facility as at December 31, 2025 stands at $107 million.

For further details of the terms of the Credit Facility, see a copy of the fifth amended and restated credit agreement as filed under Eldorado Gold's profile on SEDAR+ at www.sedarplus.ca.

Project Financing Facility

On December 15, 2022, the Company entered into the Term Facility for the development of the Skouries Project. The Term Facility provides €680 million of the expected future funding required to complete the Skouries Project and includes up to €200 million of funds from the Greek Recovery and Resilience Facility (the "RRF"). The Term Facility is non-recourse to the Company and the collateral securing the Term Facility covers the Skouries Project and the Hellas Gold operating assets. The Term Facility also includes an additional €60 million cost overrun facility.

The Company commenced its first drawdown on the Term Facility in the second quarter of 2023. The Term Facility is structured to provide €680 million of the funding required to complete the Skouries Project, with the remaining funding to be provided by the Company. The Company's remaining investment undertaking for the Skouries Project is fully backstopped by the Project Letter of Credit, which is reduced over time as the Company injects equity into Hellas Gold to fund its equity commitment. The proceeds of the EBRD Private Placement (C$81.5 million), which closed subsequently in the third quarter of 2023, were credited against the Company's equity funding commitment.

The Term Facility includes the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.€480.4 million commercial loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.€100 million initial RRF loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.€100 million additional RRF loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.€60 million contingent overrun facility.

The Term Facility also provides a €30 million revolving credit facility to fund reimbursable VAT expenditures relating to the Skouries Project.

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The interest rates of the Term Facility are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Commercial loan: Variable interest rate of 4.99% as at December 31, 2025 (comprised of the six-months EURIBOR plus a fixed margin) until project completion, followed by a 0.20% reduction of the fixed margin at project completion. 70% of the variable rate exposure is hedged through an interest rate swap for the term of the Term Facility. In June 2024, an additional 8.7% of the variable rate exposure was hedged through an interest rate swap for the term of the Term Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Initial RRF loan: Fixed interest rate of 3.04% for the term of the Term Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Additional RRF loan: Fixed interest rate of 4.06% for the term of the Term Facility.

As required under the Term Facility, Hellas Gold entered into various hedging contracts in April 2023, including hedging limited volumes of gold and copper production, hedging a portion of its foreign exchange exposure and an interest rate swap (as noted above).

In January 2025, Eldorado exercised its option under the Term Facility to defer the longstop date for project completion from March 31, 2026 to not later than September 30, 2026. As a consequence, the availability period under the Term Facility has been extended to the earlier of: August 26, 2026, and three months following project completion. As a further consequence, repayment of the drawings on the Term Facility are expected to begin on December 31, 2026, with 13 semi-annual installments through to December 31, 2032. Subsequently, in July 2025, as required under the Term Facility, the Company entered into additional zero-cost gold collars which settle monthly covering the period from July 1, 2027 to December 31, 2027. The gold collars total 28,000 ounces with a put strike price of $3,000 per ounce and a call strike price of $4,537 per ounce.

For further details of the terms of the Term Facility, see a copy of the project debt programme as filed under Eldorado Gold's profile on SEDAR+ at www.sedarplus.ca.

Dividend Policy

On January 22, 2026, Eldorado announced the initiation of a new dividend program. The dividend program provides for the payment of a regular quarterly dividend per Eldorado common share. The initial quarterly dividend of US$0.075 per common share was declared and was paid on March 13, 2026 to Eldorado shareholders of record at the close of business on February 27, 2026.

The declaration, amount, and payment of future quarterly dividends remain subject to the discretion of the Board of Directors and will depend upon, among other things, the Company's financial performance, capital requirements, business conditions, and compliance with applicable legal and debt covenant requirements. Accordingly, except for the initial dividend declared herein, no assurance can be given that dividends will be declared or paid in the future.

Other than as disclosed above, the Company has not declared dividends in the last three years.

The Company's Senior Notes and Credit Facility contain certain restrictive covenants that may, in certain circumstances, limit its ability to pay dividends or make other distributions. See "Risk Factors in Our Business" – "Current and Future Operating Restrictions".

Market for Securities

Eldorado Gold is listed on the following exchanges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TSX under the symbol ELD (listed October 23, 1993 – part of the S&P/TSX Global Gold Index); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NYSE under the symbol EGO (listed October 20, 2009 – part of the NYSE Arca Gold BUGS Index).

Our common shares were listed on the AMEX from January 23, 2003 until October 20, 2009.

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Trading Activity in 2025

The table below shows the range in price and trading volumes of our common shares on the TSX in 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **2025** | **C$ High** | **C$ Low** | **C$ Close** | **Volume** |
| **January** | 23.69 | 20.64 | 22.12 | 369568 |
| **February** | 23.21 | 18.94 | 19.91 | 499132 |
| **March** | 24.56 | 19.21 | 24.19 | 398413 |
| **April** | 28.50 | 21.82 | 25.94 | 426403 |
| **May** | 28.14 | 23.99 | 27.69 | 450519 |
| **June** | 29.78 | 26.74 | 27.72 | 437779 |
| **July** | 29.32 | 26.87 | 28.39 | 297656 |
| **August** | 34.32 | 28.17 | 34.05 | 311814 |
| **September** | 41.26 | 33.02 | 40.19 | 468643 |
| **October** | 43.41 | 34.25 | 35.95 | 634619 |
| **November** | 43.94 | 34.25 | 43.92 | 397410 |
| **December** | 51.53 | 41.99 | 49.33 | 447428 |

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Prior Sales

The following table sets out all of the securities issued by the Company during our last financial year other than our common shares:

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| | | | |
|:---|:---|:---|:---|
| **Type of security** | **Number of securities** | **Date issued** | **Issue price /**<br>**exercise price\*** |
| **Stock options** | 1092726 | March 1, 2025 | 19.91 |
|  | 506 | September 1, 2025 | 34.05 |
|  | 31730 | November 4, 2025 | 36.23 |
| **Performance Share Units (PSUs)** | 283469 | March 1, 2025 | n/a |
|  | 378 | September 1, 2025 | n/a |
|  | 5512 | November 4, 2025 | n/a |
| **Restricted Share Units (RSUs)** | 367648 | March 1, 2025 | n/a |
|  | 189 | September 1, 2025 | n/a |
|  | 11591 | November 4, 2025 | n/a |
| **Deferred Share Units (DSUs)** | 868 | February 25, 2025 | n/a |
| **Deferred Share Units (DSUs)** | 47210 | March 1, 2025 | n/a |
| **Deferred Share Units (DSUs)** | 1042 | March 31, 2025 | n/a |
| **Deferred Share Units (DSUs)** | 952 | June 30, 2025 | n/a |
| **Deferred Share Units (DSUs)** | 710 | September 30, 2025 | n/a |
| **Deferred Share Units (DSUs)** | 568 | December 31, 2025 | n/a |

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For detailed information about the plans that govern the stock options, PSUs, RSUs and DSUs, including the compensation principles that govern the grants made, please refer to our Management Proxy Circular.

Escrowed Securities and Securities Subject to Contractual Restriction on Transfer

To the Company's knowledge there are no securities of the Company which are subject to escrow or to contractual restriction on transfer as at the date of this AIF, other than for customary voting support agreements entered into by the directors and certain executive officers in connection with the Arrangement.

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Transfer Agents and Registrars

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| | |
|:---|:---|
| **Registrar and transfer agent**<br>**for our common shares** | Computershare Investor Services Inc.<br>510 Burrard Street<br>3rd Floor Vancouver, British Columbia, V6C 3B9 |
| **Registered and records office**<br>**and address for service** | Eldorado Gold Corporation<br>c/o Fasken Martineau DuMoulin LLP<br>Suite 2900 – 550 Burrard Street<br>Vancouver, British Columbia, V6C 0A3 |
| **Paying Agent, Registrar, Transfer Agent and Trustee for our Senior Notes** | Computershare Trust Company, N.A.<br>1505 Energy Park Drive<br>St. Paul, MN 55108 |

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Governance

Directors

The table below lists our directors, including their province or state of residence, and their principal occupation during the five preceding years.

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| | | |
|:---|:---|:---|
| **Director** | **Board**<br>**committees** | **Principal occupation** |
| Hussein Barma<br>London, United Kingdom<br>Independent Director | Audit<br>Compensation<br>Sustainability | Director since June 3, 2025<br>Director of Fidelity Asian Values plc (2022 - Present)<br>Governor of the University of the Arts London (2020 - Present)<br>Atalaya Mining Copper, S.A. (2015 - 2025) <br>Chaarat Gold Holdings Limited (2018 - 2024) |
| Carissa Browning,<br>ICD.D<br>Alberta, Canada<br>Independent Director | Corporate Governance and Nominating<br>(Chair)<br>Sustainability | Director since January 1, 2022<br>Barrister & Solicitor at Enernext Partners (2017 to Present) |
| George Burns, President, ICD.D<br>President, Chief Executive Officer and Director<br>British Columbia,<br>Canada |  | Director since April 27, 2017<br>Chief Executive Officer of Eldorado Gold since April 27, 2017<br>President of Eldorado Gold (April 2017 - September 2025) |
| Teresa Conway, <br>FCPA (FCA), ICD.D<br>British Columbia, Canada<br>Independent Director | Audit (Chair)<br>Corporate Governance and Nominating | Director since June 21, 2018<br>Director of Altius Minerals Corp. (2020 - Present) <br>Director of Entree Resources (2022 - Present) |
| Samantha Espley<br>Ontario, Canada <br>Independent Director | Compensation<br>Sustainability<br>Technical | Director since October 1, 2025<br>Senior Advisor at Stantec (2022 – Present)<br>Vice President, Mining Transformation at Bestech (2020 – 2022) |
| Sally Eyre, ICD.D<br>British Columbia, Canada<br>Independent Director |  | Director since January 1, 2026<br>Director of Ero Copper Corp., (2019 – Present)<br>Director of Equinox Gold Corp., (2020 – 2025)  |

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| | | |
|:---|:---|:---|
| Judith Mosely<br>Surrey, United Kingdom<br>Independent Director | Audit<br>Compensation <br>Sustainability (Chair) | Director since September 1, 2020 |
| Steven Reid, ICD.D<br>Alberta, Canada<br>Independent Director<br>Non-Executive<br>Chair of the Board | Compensation <br>Corporate Governance & Nominating <br>Technical (Chair | Chair of the Board since January 1, 2021 and a director since May 2, 2013 |
| Stephen Walker, ICD.D<br>Ontario, Canada<br>Independent Director | Audit<br>Compensation (Chair)<br>Technical | Director since June 9, 2022 <br>Advisor, Skycatch Inc. (2021 to 2024)<br>Consultant, BP Energy Partners (2020 to 2021) |

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Seven of our nine directors were elected at our 2025 annual shareholders' meeting. All directors' terms expire at our next annual meeting of shareholders.

As of the date of this AIF, the directors and named executive officers of the Company beneficially own, control, or direct (either directly or indirectly) an aggregate of 725,230 common shares, representing 0.36% of the total issued and outstanding common shares. See our Management Proxy Circular for further information on directors and executive officers including their biographies, share ownership and holdings of other securities such as RSUs, PSUs and DUs.

Board Committees

The Board of Directors has five standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Governance and Nominating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical

In addition, the Board of Directors has a standing Special Committee which can be activated as the Board of Directors deems appropriate.

Audit Committee

The Board of Directors has a separately designated audit committee in accordance with National Instrument 52-110 *Audit Committee*s and in accordance with the NYSE Listed Company Manual. The audit committee is currently made up of four independent directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Teresa Conway (Chair)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hussein Barma

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Judith Mosely

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stephen Walker

All four members of the audit committee are financially literate, meaning they are able to read and understand the Company's financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. Ms. Conway, Mr. Barma and Ms. Mosely are audit committee financial experts as defined by the SEC.

The full text of the Company's Audit Committee Terms of Reference has been appended to the end of this AIF.

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Composition of the Audit Committee and Relevant Education and Experience

*Teresa Conway, Chair of the Audit Committee*

A chartered professional accountant, Ms. Conway has the accounting or related financial management experience that is required under the NYSE rules. Ms. Conway was most recently the President and CEO of Powerex and has held various executive positions, including CFO, since joining Powerex in 1993. Prior to this, Ms. Conway was with PricewaterhouseCoopers (PwC) from 1985 to 1992. She holds a BBA from Simon Fraser University, and a Chartered Professional Accountant (British Columbia) designation.

*Hussein Barma*

Mr. Barma is a chartered accountant and qualified lawyer with over 25 years in senior leadership roles within the mining sector. He began his career in 1988 as an auditor with PricewaterhouseCoopers (PwC), and in 1998 joined Antofagasta plc, where he served as Chief Financial Officer for over 15 years, leading the company through a period of significant growth and transformation. He has been audit chair of Fidelity Asian Values plc since 2022, and was previously audit chair of Atalaya Mining Copper, S.A. from 2015 to 2025 and Chaarat Gold Holdings Limited from 2018 to 2024. He has Master of Arts, Bachelor of Civil Law and Doctor of Philosophy Degrees from Oxford University.

*Judith Mosely*

Ms. Mosely has over 20 years of experience in the mining and metals sector most recently as the Business Development Director for Rand Merchant Bank in London. Prior to this, Ms. Mosely headed the mining finance team at Société Générale in London and has broad experience across commodity sectors, working with juniors through to multinationals. She holds a Masters degree from Oxford University, a diploma in Business Administration from the University of Warwick, and an ESG Competent Boards Certificate Designation (GCB.D). She also holds a Master of Studies degree in Sustainability Leadership from the University of Cambridge.

*Stephen Walker*

Mr. Walker has over 37 years of experience in capital markets and the mineral resource industry. Prior to his retirement, he held varying roles in his 20 years with the Royal Bank, including Managing Director and Head of Global Mining Research from 2007 to 2020, as the Director of Canadian Equity Research from 2004 to 2006, and initially as a Mining Analyst. Prior to working in the banking industry in 1995, Mr. Walker worked for 11 years as a geologist with Noranda Mines and Hemlo Gold in Canada. He holds a B.Sc., Geology, from Dalhousie University, an M.Sc., Geology, from the University of Western Ontario, and an MBA from Queens University.

The audit committee is responsible for overseeing financial reporting, internal controls, the audit process, financial disclosures in our public disclosure documents, overseeing our Code of Ethics and Business Conduct (together with the Corporate Governance and Nominating Committee), overseeing certain risk management systems and practices adopted by the Company, recommending the appointment of our external auditor, reviewing the annual audit plan and auditor compensation, among other things.

The external auditor reports directly to the audit committee. KPMG LLP performed our audit services in 2025 and 2024. Non-audit services can only be provided by the external auditor if it has been pre-approved by the audit committee. The pre-approval requirement is satisfied with respect to the provision of de minimis non-audit services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount of all such non-audit services constitutes not more than 5% of the total amount of fees paid during the fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the services were not recognized at the time of the engagement to be non-audit services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the services are approved by the audit committee prior to completion of the audit.

Generally, these non-audit services are provided by other firms under separate agreements approved by management.

See our Management Proxy Circular for further information on the experience and education of each audit committee member.

About the Auditor

KPMG LLP, an independent registered public accounting firm, has been our external auditor since June 2009.

The auditor conducts the annual audit of our financial statements and is pre-approved for other services, and reports to the audit committee of the Board.

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Auditor's Fees

The table below shows the fees we paid KPMG LLP for services in 2025 and 2024:

**Years ended December 31**

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| | | |
|:---|:---|:---|
| **2025** | **2025** | **2024** |
| **Audit fees** | $2337878 | $1945300 |
| **Audit-related fees** | $83995 | $91895 |
| **Tax fees** | - | - |
| **All other fees** | $51750 | $8660 |
| **Total** | **$2473623** | **$2045855** |

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Officers

The table below lists our executive officers as at December 31, 2025, including their province of residence, their principal occupation during the five preceding years, and offices held at Eldorado Gold.

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| | |
|:---|:---|
| **Executive officer** | **Principal occupation** |
| George Burns<br>British Columbia, Canada<br>Chief Executive Officer and Director | Chief Executive Officer since April 2017<br>President from April 2017 to September 2025 |
| Christian Milau<br>British Columbia, Canada<br>President | President since September 2025<br>Chief Executive Officer, Saudi Discovery Company (August 2023 to September 2025)<br>Chief Executive Officer, Equinox Gold (August 2016 to August 2022) |
| Paul Ferneyhough <br>Alberta, Canada<br>Executive Vice President & Chief Financial Officer | Executive Vice President & Chief Financial Officer since January 2024<br>Executive Vice President, Chief Strategy & Commercial Officer (November 2023 to January 2024) <br>Senior Vice President, Chief Strategy and Commercial Officer (January 2023 to November 2023)<br>Senior Vice President, Chief Growth and Integration Officer (May 2021 to January 2023)<br>Executive Director, North America Repsol Oil and Gas Canada (June 2018 to August 2020) |
| Simon Hille<sup>(1)</sup><br>British Columbia, Canada<br>Executive Vice President, Technical Services and Operations | Executive Vice President, Technical Services & Operations since November 2023<br>Senior Vice President, Technical Services and Operations (January 2023 to November 2023)<br>Senior Vice President, Technical Services (April 2022 to January 2023)<br>Vice President, Technical Services (November 2020 to April 2022) |

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| | |
|:---|:---|
| Frank Herbert<br>Ontario, Canada<br>Executive Vice President, General Counsel & Chief Compliance Officer | Executive Vice President, General Counsel and Chief Compliance Officer since January 2023<br>Interim General Counsel, Eldorado Gold Corporation (May 2022 to December 2022)<br>Independent Legal Consultant (January 2020 to May 2022) |
| Louw Smith<br>Thessaloniki, Greece<br>Executive Vice President, Development, Greece | Executive Vice President, Development, Greece since January 2024<br>Managing Director TEX (March 2022 to October 2023)<br>Chief Operating Officer, Nord Gold Plc (July 2013 to February 2023) |
| Mehmet Yilmaz<br>Ankara, Türkiye <br>Vice President & General Manager, Türkiye | Vice President and General Manager, Türkiye since March 2020 <br>Chairman of Tüprag Metal Madencilik A.Ş (a subsidiary of Eldorado Gold Corporation) since April 2020  |
| Christos Balaskas <br>Athens, Greece<br>Vice President, Commercial Growth & External Relations | Vice President, Commercial, Growth and External Relations since January 2024<br>Vice President, General Manager, Greece (October 2017 to January 2024) |
| Sylvain Lehoux<br>Québec, Canada<br>Vice President, Country Manager, Canada | Vice President, Country Manager, Canada since April 2023<br>Vice President, General Manager, Québec (December 2020 to April 2023) |

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(1) Note: Subsequent to year end and on March 24, 2026, Mr. Hille was appointed as Executive Vice-President and Chief Operating Officer.

Cease Trade Orders, Bankruptcies, Penalties or Sanctions

In the last 10 years none of Eldorado Gold's directors, executive officers or, to our knowledge, Material Shareholders has personally or has been a director or executive officer (while, or within a year of, acting in that capacity) of any Company (including ours) that has become bankrupt, made a proposal under legislation relating to bankruptcy or insolvency, been subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets, or the assets of that person.

None of Eldorado Gold's directors or executive officers are, or have been within the last 10 years, a director, chief executive officer or chief financial officer of any company that was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under securities legislation that was in effect for a period of more than 30 consecutive days that was issued while the director was acting in that capacity, or that was issued after the director was no longer acting in that capacity, and which resulted from an event that occurred while that person was acting in that capacity.

None of our directors, executive officers or, to our knowledge, Material Shareholders have been subject to any penalties or sanctions imposed by a court or regulatory body, or have entered into a settlement agreement with any securities regulatory authority since December 31, 2000.

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Conflicts of Interest

To the best of Eldorado Gold's knowledge, it is not aware of any existing or potential conflicts of interest between it, or any of its directors or officers, which have not been disclosed to the Board of Directors, except that some of them serve as directors and officers of other public companies. It is therefore possible that there could arise a conflict between their duties as a director or officer of Eldorado Gold and their duties for such other companies.

Eldorado Gold's directors and officers are aware of the laws governing accountability of directors and officers for corporate opportunity. They understand they are required to disclose any conflicts of interest under the CBCA and are expected to govern themselves to the best of their ability according to the laws in effect.

The Board of Directors takes appropriate measures to exercise independent judgment when considering any transactions and agreements. If a director has a material interest, the director is obligated to excuse himself or herself from the appropriate portions of the Board of Directors and committee meetings so the directors can discuss the issue openly and candidly.

Material Contracts

Other than the Credit Facility, the Indenture, and the Term Facility, we did not enter into any material contracts within the last financial year, or in a prior financial year that is still in effect. During the current financial year, we entered into the Foran Arrangement Agreement.

Interest of Experts

We rely on experts to audit our financial statements, prepare our Mineral Reserve and Mineral Resource estimates, prepare our technical reports, and prepare our technical disclosure.

Eldorado's independent auditor is KPMG LLP Chartered Professional Accountants, who have prepared the report of the Independent Registered Public Accounting Firm dated February 19, 2026 in respect of the annual audited consolidated financial statements of Eldorado, the notes thereto and the reports of the independent registered public accounting firm thereon for the fiscal years ended December 31, 2025 and 2024. KPMG LLP has confirmed that they are independent with respect to Eldorado within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations, and also that they are independent accountants with respect to Eldorado under all relevant US professional and regulatory standards.

We list the people who have prepared our Mineral Reserve and Mineral Resource Estimates under "Mineral Reserves and Mineral Resources" starting on page <u>[65](#i34318012aa6e42a3ad8ab4a86cc99e95_31)</u> and the Qualified Persons responsible for our technical disclosure and/or reports under each of our properties. None of these people or their employers have directly or indirectly, any material interest, or beneficial interest in the property of the Company or securities of Eldorado Gold or any of our affiliates or associated parties, other than those experts that are employed by us. The experts employed by us each own less than 1% of our securities.

Interest of Management and Others in Material Transactions

Other than as described in this AIF and our annual MD&A we are not aware of any transactions in our three most recently completed financial years, or during the current financial year, that has had or is reasonably expected to have a material effect on the Company where any of the following had a direct or indirect material interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors or executive officers, or those of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person or company that beneficially owns, controls or directs, directly or indirectly, more than 10% of our voting securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any associate or affiliate of the above.

We did not rely on any available exemptions in fiscal 2025 to meet our disclosure obligations for the year.

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Legal Proceedings and Regulatory Actions

Litigation

Greece - Environmental Impact Assessment (EIA) Decision

As disclosed in "Risk Factors in Our Business - Permits", in Q2 2023, Hellas Gold obtained a modification and time extension (up to 2038) of the Kassandra Mines environmental terms approval (previously defined as the "2023 Environmental Terms Approval") which covers the expansion of the Olympias processing facility and the Stratoni port modernization. In June 2023, local associations and residents filed an appeal for the annulment of the 2023 Environmental Terms Approval, claiming legal grounds relating to the Investment Agreement, and requesting that the provisions concerning the independent environmental auditor and certain environmental provisions be annulled. Hellas Gold has filed an intervention, and the hearing is expected to occur, following postponements in 2025. In the case of a partial or full annulment of the 2023 Environmental Terms Approval, the 2011 Environmental Terms (as applicable in 2023) would still be valid on the relevant chapters. However, any provisions in the 2023 Environmental Terms not covered by the 2011 Environmental Terms (as applicable in 2023) would be subject to a new approval process.

In addition to the litigation brought against Hellas Gold described in this section titled "Litigation", which is referred to as being applicable to all the Kassandra Mines, Hellas Gold is, from time to time, subject to and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including, but not limited to, licenses, permits, supplies, services, employment and tax. Eldorado Gold and Hellas Gold cannot reasonably predict the likelihood or outcome of these actions.

For further description of all of our risks, see the section entitled "Risk Factors in Our Business".

Other than what has been disclosed above, we are not aware of any material legal proceedings which we are a party to or that involve our property, nor are we aware of any being considered.

We have not had any penalties or sanctions imposed by a court or regulatory body relating to securities legislation or regulatory requirements, or by a court or regulatory body that would be considered important to a reasonable investor in making an investment decision. We have also never been involved in a settlement agreement with a court relating to securities legislation or with a securities regulatory authority.

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Eldorado Gold Corporation Audit Committee Terms of Reference

February 19, 2026

The board of directors (the "**Board**") of Eldorado Gold Corporation (the "**Company**") has established the Audit Committee of the Board (the "**Committee**") and approved these Terms of Reference which set out the roles, responsibilities, composition, functions and other matters concerning the Committee.

**I.Role**

The role of the Committee is to assist the Board in fulfilling its oversight responsibilities by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reviewing the integrity and effectiveness of the Company's systems of internal financial controls for reporting on the Company's financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Monitoring the qualifications, independence and performance of the Company's external auditor (the "**Auditor**") and the recommendation of the Board to shareholders for the appointment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Overseeing the integrity of the Company's internal audit processes and reviewing the Company's financial disclosure and reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Monitoring the Company's management's ("**Management**") compliance with applicable legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Monitoring systems and recommending policies designed to manage the Company's principal risks, as well as overseeing specific risks and reviewing management's risk management strategies in areas within its remit and as more specifically detailed in these Terms of Reference.

**II.Responsibilities**

The Committee will have the following duties and responsibilities:

**Financial Statements and Financial Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Review with the Auditor and with Management, prior to recommending to the Board for its approval, as appropriate and in any event prior to, disclosure to the public the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The consolidated audited annual and unaudited quarterly financial statements, including the notes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Management's discussion and analysis ("**MD&A**") of operations accompanying the annual or quarterly financial statements and the consistency of the MD&A with the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.News releases announcing annual or quarterly results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Any expert report or opinion obtained by the Company in connection with the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.The accounting treatment with respect to any transactions which are material or not in the normal course of the Company's business or with or involving an unconsolidated entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.The nature and substance of significant accruals, accounting reserves, disclosure of contingencies and other estimates having a material effect on the financial statements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Carrying values of financial assets and liabilities, including key assumptions and practices used to determine fair value accounting and related mark-to-market adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Any off balance sheet financing arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Use of derivatives and hedging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Asset retirement and reclamation obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Pension obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Tax matters (including material tax planning initiatives) that could have a material effect upon the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.The Company's accounting and auditing principles, policies and practices including any changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.The adequacy of the Company's internal controls (including any significant deficiencies or material weaknesses in the Company's internal control over financial reporting) and the responsibilities of the Company's internal audit function with respect to internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.All significant adjustments made or proposed to be made in the Company's financial statements by Management or by the Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.Details regarding any unrecorded audit adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.The determination and adequacy of impairment or impairment reversals of the carrying amount of the Company's mineral properties, plant and equipment and/or goodwill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.Use by the Company of any new or previously undisclosed financial measures which are not in accordance with International Financial Reporting Standards ("IFRS") or forward-looking financial information contained in any disclosure document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s.The compliance by the Company's Chief Executive Officer and Chief Financial Officer with the applicable certification requirements under applicable securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t.Such other matters as the Committee considers necessary in connection with the preparation of the Company's financial reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Review the adequacy of procedures put in place by the Board or Management for the review of public disclosure of financial information prior to the disclosure to the public thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Review and discuss with the Auditor any audit related problems or difficulties and Management's response thereto, including any restrictions imposed on the scope of the Auditor's activities, access to required information, disagreement with Management or the adequacy of internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Review the Auditor's Management Letter and the Auditor's Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Review with Management, the types of financial information and earnings guidance provided to analysts and rating agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Review with Management (and with the Auditor, where required or appropriate) and approve or recommend that the Board approve financial information contained within any prospectus, annual information form, information circular, take-over bid circular, issuer bid circular, rights offering circular or any other disclosure document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.Review with Management and advise the Board with respect to the Company's policies and procedures regarding compliance with new developments in accounting principles, laws and regulations and their impact on the financial statements of the Company.

**External Auditor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Recommend to the Board the appointment of the Auditor to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for the Company. The Auditor is ultimately accountable to the Board and the Committee as representatives of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Recommend to the Board the remuneration to be paid to the Auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Require the Auditor to report to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Oversee the work of the Auditor including the mandate of the Auditor, the annual engagement letter, audit plan and audit scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Review and discuss the reports required to be made by the Auditor to the Committee which will include: critical accounting policies and practices; material selections of accounting policies when there is a choice of policies available under IFRS that have been discussed with Management, including the ramifications of the use of such alternative treatment, and the treatment preferred by the Auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Review and discuss other material written communications between the Auditor and Management; and any other matters required to be communicated by the Auditor to the Committee by applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.Assess the external audit team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.Oversee the resolution of disagreements, if any, between management and the Auditor regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.Review and pre-approve non-audit services proposed to be provided by the Auditor, to the extent required by law. The Committee may delegate, to the chair of the Committee (the "**Chair**"), the authority to pre-approve non-audit services, and the Chair shall present any pre-approval to the Committee at the next scheduled meeting of the Committee. The pre-approval requirement is satisfied with respect to the provision of *de minimis* non-audit services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the aggregate amount of all such non-audit services provided to the Company which were not pre-approved constitutes not more than 5% of the total amount of fees paid by the Company and its subsidiaries to the Auditor during the fiscal year in which the non-audit services are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the services were not recognized by the Company or its subsidiaries, at the time of the engagement, to be non-audit services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the services are promptly brought to the attention of the Committee and approved, prior to the completion of the audit, by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x.Review and approve the fees and expenses of the Auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi.Establish guidelines for the retention of the Auditor for any non-audit services including a consideration of whether the provision of such services would impact the independence of the Auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii.At least annually, consider, assess, and report to the Board on (i) the independence of the Auditor, (ii) the Auditor's written statement delineating all relationships between the Auditor and the Company, assuring that lead audit partner rotation is carried out, as required by law, and

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delineating any other relationships that may adversely affect the independence of the Auditor, and (iii) the evaluation of the lead audit partner, taking into account the opinions of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii.The Committee will meet with the Auditor independent of Management after each review of the unaudited and audited financial statements and at such other times as the Committee may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv.Where the Committee considers it appropriate, recommend a replacement for the Auditor and oversee any procedures required for the replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv.Review and approve the Company's policies with respect to the employment of *present and former partners and* employees of the present and former Auditor.

**Internal Controls and Systems** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Review and discuss with Management the effectiveness of, or any deficiencies in, the design or operation of the Company's systems of internal controls and any allegation of fraud, whether or not material, involving Management or other employees who have a role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Review with Management and the Auditor, the Company's internal controls to assess the effectiveness of, or deficiency in the design or operation of those internal controls to get reasonable assurance that the Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The appropriate books, records and accounts in reasonable detail to accurately and fairly reflect the Company's transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Effective internal control systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Adequate processes for assessing the risk of material misstatement of the financial statements and for detecting control weaknesses or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;iii.Review Management's report on and the Auditor's assessment of the Company's internal controls and report all deficiencies and remedial actions to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;iv.Review with Management the adequacy of the Company's accounting and financial systems.

**Internal Audit** 

&nbsp;&nbsp;&nbsp;&nbsp;i.Ensure the independence and effectiveness of the internal audit function, including by requiring that the function be free of any influence that could adversely affect its ability to objectively assume its responsibilities, by ensuring that it functionally reports to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;ii.Meet regularly with the lead of the internal audit function, without Management being present, in order to discuss, for example, the relationship between the internal audit function and Management and access to the information required.

&nbsp;&nbsp;&nbsp;&nbsp;iii.Review and approve any changes to the Internal Audit charter and fulfill the responsibilities of the Audit Committee contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;iv.Review and approve the annual internal audit plan.

&nbsp;&nbsp;&nbsp;&nbsp;v.Review the results of internal audits including any reports related thereto as well as internal audit's annual assessment on its quality assurance and improvement program.

**Risk Management** 

To support the Board in its oversight of risk management:

&nbsp;&nbsp;&nbsp;&nbsp;i.Review with Management the policies and processes in place for identifying, monitoring, limiting and managing the Company's key, emerging and potential material risks.

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&nbsp;&nbsp;&nbsp;&nbsp;ii.Review with Management the Company's material major financial risk exposures and the steps Management has taken to monitor and control such exposures.

&nbsp;&nbsp;&nbsp;&nbsp;iii.Review any related party transactions prior to such transactions being submitted to the Board for approval.

&nbsp;&nbsp;&nbsp;&nbsp;iv.Establish a complaint process and "whistle-blowing" procedures for the receipt, retention and treatment of any complaints regarding accounting, internal accounting controls or audit related matters, which include the confidential and anonymous submission of concerns in accordance with the Code of Business Conduct and Ethics ("**Code of Conduct**").

&nbsp;&nbsp;&nbsp;&nbsp;v.Review on a regular basis, any reports of whistle-blowing.

&nbsp;&nbsp;&nbsp;&nbsp;vi.Investigate any reported violations of the Code of Conduct and determine an appropriate response, including corrective action and preventative measures when required. All reports are to be treated confidentially to every extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;vii.Review, on a periodic basis, compliance with the Company's investment policy governing investments of excess cash balances.

&nbsp;&nbsp;&nbsp;&nbsp;viii.Receive and review Management's report and, if applicable, the report of the Auditor, with respect to: any material correspondence with, or other material action by, regulators or governmental agencies; any material legal proceeding involving the Company; or allegations concerning the Company's non-compliance with applicable laws or listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;ix.Review, on a periodic basis, the Company's insurance program coverage and related insured risks, including coverage for product liability, property damage, business interruption, liabilities, and directors' and officers' liability.

&nbsp;&nbsp;&nbsp;&nbsp;x.Review on a regular basis the appropriateness of the Company's crisis management plans and procedures, including but not limited to specific cybersecurity controls, response plans and risk mitigation measures.

**Other Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;i.Review and if appropriate, recommend to the Board all global IT policies.

&nbsp;&nbsp;&nbsp;&nbsp;ii.Direct and supervise the investigation into any matter brought to the Committee's attention within the scope of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;iii.Perform such other duties as may be assigned to the Committee by the Board from time to time or as may be required by applicable law or regulatory authorities.

**III.Composition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.On the recommendations of the Corporate Governance and Nominating Committee, the Board will: annually appoint not fewer than three directors to form the Committee, all of whom shall be "independent" and "financially literate" within the meaning of the applicable securities legislation and at least one member of the Committee shall meet the definition of a "financial expert" as defined under applicable United States securities laws; and appoint the Chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Board may, at any time, remove or replace a member, or appoint additional members to fill any vacancy or to increase or decrease the size of the Committee. A member will serve on the Committee until the termination of the appointment or until a successor is appointed or the person ceases to be a director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The Board or the Committee may, from time to time, establish policies limiting the number of audit committees which Committee members may be appointed to. If a Committee member wishes to simultaneously serve on the audit committees of more than three public companies

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(including the Company), such Committee member must first seek approval from the Chair of the Corporate Governance and Nominating Committee to ensure that such simultaneous service would not impair the ability of such member to effectively serve on the Committee.

**IV.Meetings and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Committee shall meet as often as it considers necessary to carry out its duties effectively, but no less frequently than four times per year. The Committee shall, subject to the terms hereof and applicable law, otherwise establish its procedures and govern itself as the members of the Committee may see fit in order to carry out and fulfill its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Meetings of the Committee may be called by a member of the Committee, the Chief Executive Officer, the Corporate Secretary, the Chief Financial Officer or the Auditor of the Company and held at such time and place as the person calling the meeting may determine. Not less than 24 hours advance notice of any meeting shall be given orally or in writing personally delivered or by facsimile or electronic mail together with an agenda to each member of the Committee and the Auditor unless all members of the Committee are present at any meeting and agree to waive such notice or any absent member of the Committee from such meeting has waived such notice or otherwise consented to the holding of such meeting in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.A majority of members of the Committee will constitute a quorum provided that a quorum shall not be less than two members. Decisions of the Committee will be by an affirmative vote of the majority of those members of the Committee voting at a meeting, except where only two members are present, in which case any question shall be decided unanimously. In the event of an equality of votes, the Chair will not have a casting or deciding vote. The Committee may also act by resolution in writing signed by all the members of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The Board, or failing that, the Committee itself, shall select one of its members to act as the Chair (or in his or her absence, as an alternate Chair).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The Committee shall keep or cause to be kept minutes or other records of its meetings and proceedings and provide such records to the Company as the Committee may so determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Any member of the Committee may participate in a meeting by conference telephone or other communications equipment by means of which all persons participating in the meeting can adequately communicate with each other, and a member participating in a meeting pursuant to this section shall be deemed for purposes of the *Canada Business Corporations Act* to be present in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.The Committee may invite Management, directors, employees or other persons as it sees fit from time to time to attend its meetings and assist thereat provided however, that only members of the Committee may participate in the deliberation, and vote on any matter to be decided by the Committee. The Committee may exclude from all or any portion of its meetings any person it deems appropriate in order to carry out its responsibilities. The Committee may exclude from all or any portion of its meetings any person it deems appropriate in order to carry out its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.The Company shall provide the Committee with such resources, personnel and authority as the Committee may require in order to properly carry out and discharge its roles and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.The Committee has authority to communicate directly with the Auditor and the lead of the internal audit function. The Committee will have access to the Auditor, the lead of the internal audit function and Management, exclusive of each other, for purposes of performing its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x.The Committee and its members shall have access to such documents or records of the Company and to such officers, employees or advisors of the Company or require their attendance at any meeting of the Committee, all as the Committee or the members thereof may consider necessary in order to fulfill and discharge their responsibilities hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi.Subject to any limitation under applicable law, these Terms of Reference or direction of the Board, the Committee may delegate to a subcommittee or individual member of the Committee any of its duties or responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii.The Committee may from time to time authorize any member or members or any other director or officer of the Company to certify or to execute and deliver, for or on behalf of the Committee any such report, statement, certificate or other document or to do such acts or things as the Committee may consider necessary or desirable in order to discharge its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii.The Chair will from time to time or upon request by the Board provide a report on the activities of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv.The Auditor will be notified of results of and provided with copies of the minutes of each meeting of the Committee whether or not the Auditor attended.

**V.Other Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Committee as whole or each member of the Committee individually may engage independent counsel and other outside advisors, at the Company's expense, where the member or the Committee determine that it is necessary to do so in order to assist in fulfilling their respective responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Committee may, in consultation with the chair of the Board, set the compensation of independent counsel and other outside advisors. The engagement and payment by the Company for the services of such independent counsel and other outside advisors are subject to approval of the Chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.In connection with their service on the Committee, the members shall be entitled to such remuneration, payment or reimbursement of such incidental expenses and indemnification, on such terms as the Board may so determine from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The Corporate Governance and Nominating Committee of the Board and the Committee itself shall, not less frequently than annually, assess, based on such factors as they may consider appropriate, the effectiveness of the Committee and the members of the Committee, in accordance with these Terms of Reference and report such assessments to the Corporate Governance and Nominating Committee or the Board, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The Committee shall review and assess the adequacy of these Terms of Reference on a regular basis and consider whether these Terms of Reference appropriately address the matters that are or should be within its scope and, where appropriate, make recommendations to the Board or the Corporate Governance and Nominating Committee for the alteration, modification or amendment hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.These Terms of Reference may, at any time, and from time to time, be altered, modified or amended in such manner as may be approved by the Board.

**VI.Responsibilities and Duties of the Chair**

The Chair of the Committee shall have the following responsibilities and duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Lead the Committee in discharging all duties set out in these Terms of Reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Chair meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.In consultation with the Board Chair and the Corporate Secretary, determine the frequency, dates and locations of meetings of the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.In consultation with the Company's Chief Executive Officer, Chief Financial Officer, Corporate Secretary and others as required, review the annual work plan and the meeting agendas to ensure all required business is brought before the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.In consultation with the Board Chair, ensure that all items requiring the Committee's approval are appropriately tabled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Report to the Board on the matters reviewed by, and on any decisions or recommendations of, the Committee at the next meeting of the Board following any meeting of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.Ensure that a process is in place for the evaluation on an annual basis of the effectiveness and performance of the Committee and the contribution of each Committee member, and that the results are reviewed with the Chair of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.Carry out any other or special assignments or any functions as may be requested by the Board.

**VII.Limitations on the Committee's Duties**

The Committee does not have decision-making authority, except in the very limited circumstances described herein or where and to the extent that such authority is expressly delegated by the Board. The Committee shall convey its findings and recommendations to the Board for consideration and, where required, decision by the Board.

The Committee shall discharge its responsibilities and shall assess the information provided by the Company's management and any external advisors, including the Auditor, in accordance with its business judgment. Committee members are not full-time Company employees and are not, and do not represent themselves to be, professional accountants or auditors. The authority and responsibilities set forth in this mandate do not create any duty or obligation of the Committee to (i) plan or conduct any audits, (ii) determine or certify that the Company's financial statements are complete, accurate, fairly presented or in accordance with IFRS or GAAP, as applicable, and Applicable Laws, (iii) guarantee the Auditor's reports, or (iv) provide any expert or special assurance as to internal controls or management of risk. Committee members are entitled to rely, absent knowledge to the contrary, on the integrity of the persons from whom they receive information, the accuracy and completeness of the information provided and management's representations as to any audit or non-audit services provided by the Auditor.

Nothing in these Terms of Reference is intended or may be construed as imposing on any member of the Committee or the Board a standard of care or diligence that is in any way more onerous or extensive than the standard to which directors of a corporation are subject to under applicable law. These Terms of Reference are not intended to change or interpret the constating documents of the Company or any federal, provincial, state or exchange law, regulation or rule to which the Company is subject, and these Terms of Reference should be interpreted in a manner consistent with all such applicable laws, regulations and rules. The Board may, from time to time, permit departures from the terms hereof, either prospectively or retrospectively, and no provision contained herein is intended to give rise to civil liability of the Company, Board or Committee to any of the Company's shareholders, competitors, employees or other persons, or to any other liability whatsoever.

Any action that may or is to be taken by the Committee may, to the extent permitted by law or regulation, be taken directly by the Board.

**VIII.Approval** 

Approved by the Board: February 19, 2026.

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Glossary

The following is a glossary of technical terms and other terms that may be found in this AIF:

**"AACE"** is Association for the Advancement of Cost Eng.

"**AAS**" is Atomic Absorption Spectroscopy.

"**ADR**" is an acronym for Adsorption Desorption Regeneration and refers to the gold extraction process using carbon as the collector (generally in a heap leach setting).

"**Adsorption**" is the attachment of one substance to the surface of another.

"**Ag**" is the chemical symbol for silver.

"**AISC**" is all-in sustaining costs. This non-IFRS measure is more specifically described in the section entitled "How We Measure Our Costs."

"**ALS**" is an analytical laboratory service provider.

"**As-builts**" are end of period topography and surfaces. In open pit, it is a topography of the pit. In the underground, it is a 3D laser scan of the working faces.

"**Au**" is the chemical symbol for gold.

"**ball milling**" is grinding ore with the use of grinding media consisting of steel balls.

**"BQTK/BTW"** is drill core produced by diamond drilling with a core diameter of 42 mm (approximately 1.654")

"**CAF**" is cemented aggregate fill.

"**CIC**" is carbon in column

"**CBCA**" is Canada Business Corporations Act.

"**CIM**" is the Canadian Institute of Mining, Metallurgy and Petroleum.

"**CoA**" is certificates of authorizations

"**CRM**" is certified reference materials

"**Cu**" is the chemical symbol for copper.

"**CV**" is coefficient of variance.

"**cyanidation**" is the process of extracting gold or silver through dissolution in a weak solution of sodium cyanide.

"**DAF**" is Drift-and-Fill.

"**decline**" is an underground passageway connecting one or more levels in a mine and providing adequate access for heavy, self-propelled equipment. These underground openings are often driven in a downward spiral, much the same as a spiral staircase.

"**diamond drilling**" is a type of drilling that uses a diamond bit, which rotates at the end of long hollow metal rods (called drill rods). The opening at the end of the diamond bit allows a solid column of rock to move up into the drill rod and be recovered for observation and sampling.

"**dilution**" is waste material not separated from mined ore that was below the calculated economic cut-off grade of the deposit. Dilution results in increased tonnage mined and reduced overall grade of the ore.

"**dip**" is the angle that a planar geological structure forms with a horizontal surface, measured perpendicular to the strike of the structure.

"**doré**" is unrefined gold and silver in bullion form.

"**dyke**" is an intrusive rock unit that has an approximately planar form that generally cuts across layering in adjacent rocks.

"**EIA**" is an Environmental Impact Assessment.

"**EIS**" is an Environmental Impact Study.

"**EPCM**" is Engineering, Procurement, Construction and Management.

"**ESG**" is environmental, social and governance.

"**F"** is generation of faulting

"**fault**" is a planar surface or planar zone of rock fracture along which there has been displacement of a few centimetres or more.

"**fire assay**" is a type of analytical procedure that involves the heat of a furnace and a fluxing agent to fuse a sample to collect any precious metals (such as gold) in the sample. The collected material is then analyzed for gold or other precious metals by gravimetric or spectroscopic methods.

"**flotation**" is a process by which some mineral particles are induced to become attached to bubbles and float, and other particles to sink, so that the valuable minerals are concentrated and separated from the host rock.

"**g**" is a gram.

"**g/t**" is grams of gold per metric tonne.

"**gangue**" are minerals that are sub-economic to recover as ore.

"**GDPR**" is European Union's General Data Protection Regulations.

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"**GHG**" is greenhouse gases.

"**GMIN**" means G Mining Ventures Corp.

"**grade**" is the weight of precious metals in each tonne of ore.

"**ha**" is a hectare.

"**heap leaching**" is the process of stacking ore in a heap on an impermeable pad and percolating a solution through the ore that contains a leaching agent such as cyanide. The gold that leaches from the ore into the solution is recovered from the solution by carbon absorption or precipitation. After adding the leaching agent, the solution is then recycled to the heap to effect further leaching.

"**host rock**" is the body of rock in which mineralization of economic interest occurs.

"**HPGR**" is high-pressure grinding roll.

"**HQ**" denotes a specific diameter of diamond drill core, namely 63.5 mm.

"**hydrocyclones**" is a classification method for milled ore that produces a portion of properly sized material that proceeds to the next processing step and a portion of coarser material that returns to the mill for further grinding.

"**ICMC**" is International Cyanide Management Code.

"**ICP**" is inductively-coupled plasma.

"**IDW**" is inverse distance weighting.

"**IEWMF**" is an integrated extractive waste management facility.

"**IFRS**" is International Financial Reporting Standards.

"**IP**" is induced polarization.

"**IRR**" is internal rate of return.

"**ITRB**" is an independent technical review board.

"**Kassandra Mines**" consists of the Olympias mine, the Skouries deposits and the two existing mines known as the Stratoni mine (Madem Lakkos, a previously mined deposit and Mavres Petres).

"**KBNW**" is Kestanebeleni Northwest.

"**km**" is a kilometre.

"**km**<sup>2</sup>" is a square kilometre.

"**KTMF**" is Kokkinolakkas Tailings Management Facility.

"**ktpa**" is one thousand tonnes per annum.

"**L**" is generation of lineation

"**Lamaque Complex**" is the active Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug No. 4 Deposit and the Sigma mill.

"**leach**" is gold being dissolved in cyanide solution in heap leaching or in tanks in a processing plant (agitated leach, carbon in pulp, carbon in leach).

"**leach pad**" is the impermeable pad and the ore stacked on top for the recovery of gold and silver.

"**LGO**" is low-grade-ore.

"**LOM**" is life of mine.

"**m**" is a metre.

"**M**" is a million.

"**Material Shareholder**" means a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company.

"**metallurgy**" is the science of extracting metals from ores by mechanical and chemical processes and preparing them for use.

"**mill**" is a plant where ore is crushed and ground to expose metals or minerals of economic value, which then undergo physical and/or chemical treatment to extract the valuable metals or minerals.

**"Mineral Reserve"** is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**"Proven Mineral Reserve"** (Proved Mineral Reserve) is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**"Probable Mineral Reserve"** is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

**"Mineral Resource"** is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological

------

characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**"Measured Mineral Resource"** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**"Indicated Mineral Resource"** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**"Inferred Mineral Resource"** is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

"**mineralization**" is the rock containing minerals or metals of potential economic interest.

"**MJDS**" is multijurisdictional disclosure system between Canada and the United States.

"**mm**" is a millimetre.

"**MOE**" is the Ministry of Environment of Greece.

"**monzonite**" is a coarse-grained intrusive rock containing less than 10 percent quartz.

"**MOS**" is middle-ore-shoot

"**MRMR**" is Mineral Resource and Mineral Reserves

"**MRSF**" is mine rock storage facility.

"**Mt**" is a million tonnes.

"**Mtpa**" is a million tonnes per annum.

"**NATO**" is the North Atlantic Treaty Organization.

"**NGO**" is non-governmental organizations.

"**NHLP**" is North Heal Leach Pad.

"**NI 43-101**" is National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*.

"**NN**" is nearest-neighbour.

"**NPV**" is net present value.

"**NQ**" denotes a specific diameter of diamond drill core, namely 47.6 mm.

"**NSR**" is net smelter return.

"**NOS**" is north-ore-shoot.

"**NWRD**" is the North Waste Rock Dump.

"**NYSE**" is the New York Stock Exchange.

"**OK**" is ordinary kriging.

"**open pit mine**" is an excavation for removing minerals that is open to the surface.

"**ore**" is a natural aggregate of one or more minerals that, at a specified time and place, may be mined and sold at a profit, or from which some part may be profitably separated.

"**ounce**" or "**oz**" is a troy ounce, equal to 31.103 grams.

"**PACK**" is probability assisted constrained kriging.

"**paste fill**" refers to a blended material that is used to fill open stopes or voids in the underground operations. This material may contain rock, tailings material, sand and cement.

"**Pb**" is the chemical symbol for lead.

"**pH**" is a measure of the acidity of a material.

"**phyllite**" is a metamorphic rock containing fine-grained, planar-oriented mica minerals. This orientation imparts a layering to the rock.

"**potassic**" is an alteration type characterized by the presence of potassium, feldspar and biotite.

"**ppb**" is parts per billion.

"**PPC**" is a Power Plant Controller.

"**ppm**" is parts per million.

"**QA**" is quality assurance.

"**QC**" is quality control.

------

"**ramp**" is an inclined underground tunnel that provides access for mining or a connection between the levels of a mine.

"**RDV**" is resource defining values.

"**recovery**" is a multiple disciplinary term. Its main usage in this report refers to metallurgical recovery, stated as a percentage, to indicate the proportion of valuable material obtained in the processing of an ore. It is also used to imply a type of mineral process. The term also has application in mining where it refers to the proportion of ore extracted by the mining method and sent to the mineral process facility. Core recovery refers to the percentage of rock retrieved by diamond drilling.

"**RMT**" is remote mining technology.

"**ROM**" pertains to the ore that has been mined but not crushed.

"**RPEEE**" is reasonable prospects for eventual economic extraction.

"**SABC**" is a grinding circuit that includes a SAG mill, ball mill, and pebble crusher.

"**semi-autogenous grinding**" is a method of grinding rock into fine powder whereby the grinding media consist of larger chunks of rocks and steel balls.

"**shaft**" is a vertical or sub-vertical passageway to an underground mine for moving personnel, equipment, supplies and material, including ore and waste rock.

"**SHLP**" is South Heap Leach Pad.

"**SIMS**" is Sustainability Integrated Management System.

"**SLC**" is sublevel caving.

"**SLOS**" is sublevel long hole open stope.

"**SOS**" is south ore shoot.

"**SRM**" is standard reference material.

"**stope**" is an underground excavation from which ore is being extracted.

"**strike**" is an azimuth of a plane surface aligned at right angles to the dip of the plane used to describe the orientation of stratigraphic units or structures.

"**tailings**" is the material that remains after all metals or minerals of economic interest have been removed from ore during processing.

"**TDB**" is take-down-back.

"**TMF**" refers to a tailings management facility. These facilities are designed to store process tailings for the long term. Process tailings might have potentially reactive materials and if so, would then be stored in a lined facility.

"**tonne**" is a metric tonne: 1,000 kilograms or 2,204.6 pounds.

"**TSF**" is tailings storage facility.

"**TSM**" is Towards Sustainable Mining.

"**TSX**" is the Toronto Stock Exchange.

"**Türkiye's PDPL**" is Türkiye's Personal Data Protection Law.

"**TZ**" means the Tocantinzinho Project.

"**waste**" is barren rock in a mine, or mineralized material that is too low in grade to be mined and milled at a profit.

"**wmt**" is a wet metric tonne.

"**WTP**" is Water Treatment Plant.

"**Zadra process**" is a chemical process whereby gold is recovered from carbon and returned to solution for electrowinning.

"**Zn**" is the chemical symbol for zinc.

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? ego-20251231

**Exhibit 99.2**

![Eldorado Gold Logo Stacked_digital.jpg](ego-20251231_g1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Consolidated Financial Statements*

**December 31, 2025 and 2024** 

*(Expressed in U.S. dollars unless otherwise noted)*

------

**Management's Responsibility for Financial Reporting**

The management of Eldorado Gold Corporation is responsible for the integrity and fair presentation of the financial information contained in the Consolidated Financial Statements, which reflects amounts based on management's best estimates and judgements. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Management has established and maintains a system of internal accounting control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, financial information is reliable and accurate and transactions are properly recorded and executed in accordance with management's authorization. This system includes established policies and procedures, the selection and training of qualified personnel and an organization providing for appropriate delegation of authority and segregation of responsibilities. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management has a process in place to evaluate internal control over financial reporting based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (2013) in Internal Control - Integrated Framework. Based on this assessment, management determined that as of December 31, 2025, the Company's internal control over financial reporting was effective and provided reasonable assurance of the reliability of our financial reporting and preparation of the Consolidated Financial Statements.

KPMG LLP, an independent registered public accounting firm, appointed by the shareholders, has audited the Company's Consolidated Financial Statements as of and for the year ended December 31, 2025 in accordance with the standards of the Public Company Accounting Oversight Board (United States) and has expressed their opinion in their report titled "Report of Independent Registered Public Accounting Firm". The effectiveness of the Company's internal control over financial reporting as of December 31, 2025 has also been audited by KPMG LLP, and their opinion is included in their report titled "Report of Independent Registered Public Accounting Firm".

---

| | |
|:---|:---|
| *(Signed) George Burns* | *(Signed) Paul Ferneyhough* |
| George Burns | Paul Ferneyhough |
| Chief Executive Officer | Executive Vice President & Chief Financial Officer |

---

February 19, 2026

Vancouver, British Columbia, Canada

------

**\**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Eldorado Gold Corporation

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated statements of financial position of Eldorado Gold Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), cash flows, and changes in equity for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matter***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

------

Assessment of the recoverable amount of the Olympias cash-generating unit

As discussed in Note 3.8 to the consolidated financial statements, non-financial assets which include property, plant and equipment are reviewed each reporting period for impairment or impairment reversal. When an indicator of impairment or reversal of impairment exists, the Company determines the recoverable amount of the cash-generating unit (CGU) to determine whether an impairment loss or reversal of impairment should be recognized. As discussed in Note 12 to the consolidated financial statements, the Company identified an indicator of impairment reversal for the Olympias mine and performed an impairment test of the Olympias CGU. The Company determined the recoverable amount of the Olympias CGU as of December 31, 2025, and the assessment indicated that no impairment reversal was required.

We identified the assessment of the recoverable amount of the Olympias CGU to be a critical audit matter. A high degree of auditor judgment was required to evaluate the inputs used to estimate the recoverable amount. Significant assumptions used in the determination of the recoverable amount included long-term metal prices, discount rates, and estimates of the fair value of mineral properties beyond proven and probable reserves. Changes in any of these assumptions could have had a significant effect on the determination of the estimated recoverable amount.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process to determine the recoverable amount of the CGU. This included controls over the Company's development of the significant assumptions used to estimate the recoverable amount of the Olympias CGU. We evaluated the competence, experience and objectivity of the qualified persons responsible for the recoverable reserves, resources and exploration potential information. We compared the amount of reserves and resources in the valuation model to the mine plan and to the updated mineral reserves and resources information. We compared the Company's mine plan and operating results to actual results to assess the accuracy of the Company's forecasting process. We evaluated the Company's mineral reserves and resources by analyzing changes from the prior year. We involved valuation professionals with specialized skills and knowledge, who assisted in (1) assessing the long-term metal prices by comparing to third party data, (2) evaluating the discount rates, and (3) the estimates of the fair value of mineral properties beyond proven and probable reserves by assessing the Company's approach to determining these assumptions and comparing them to independent sources and market data for comparable entities where available.

/s/ KPMG LLP

Chartered Professional Accountants

We have served as the Company's auditor since 2009

Vancouver, Canada

February 19, 2026

------

**\**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Eldorado Gold Corporation

***Opinion on Internal Control Over Financial Reporting***

We have audited Eldorado Gold Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), cash flows, and changes in equity for each of the years then ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 19, 2026 expressed an unqualified opinion on those consolidated financial statements.

***Basis for Opinion***

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying "Management's Discussion and Analysis – Internal Controls over Financial Reporting". Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

------

***Definition and Limitations of Internal Control Over Financial Reporting*** 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chartered Professional Accountants

Vancouver, Canada

February 19, 2026

------

**Eldorado Gold Corporation**

Consolidated Statements of Financial Position&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As at December 31, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | ***Note*** | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | *7* | $869356 | $856797 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | *8* | 279212 | 190676 |
| &nbsp;&nbsp;&nbsp;Inventories | *9* | 297165 | 278995 |
| &nbsp;&nbsp;&nbsp;Current other assets | *10* |  | 138932 |
| &nbsp;&nbsp;&nbsp;Current derivative assets | *28* | 2051 | 52 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | *6* |  | 16686 |
|  |  | 1447784 | 1482138 |
| Deferred tax assets |  | 37076 | 19487 |
| Other assets | *10* | 144479 | 122595 |
| Investment in associate | *11* | 109423 |  |
| Non-current derivative assets | *28* | 10380 |  |
| Property, plant and equipment | *12* | 4885564 | 4118782 |
| Goodwill | *13* | 92591 | 92591 |
|  |  | $6727297 | $5835593 |
| **LIABILITIES & EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | *15* | $630310 | $366690 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities |  | 6024 | 4693 |
| &nbsp;&nbsp;&nbsp;Current portion of debt | *16* | 47968 |  |
| &nbsp;&nbsp;&nbsp;Current portion of asset retirement obligations | *17* | 7886 | 5071 |
| &nbsp;&nbsp;&nbsp;Current derivative liabilities | *28* | 96879 | 25587 |
| &nbsp;&nbsp;&nbsp;Liabilities associated with assets held for sale | *6* |  | 10133 |
|  |  | 789067 | 412174 |
| Debt | *16* | 1227084 | 915425 |
| Lease liabilities |  | 8575 | 10030 |
| Employee benefit plan obligations |  | 13747 | 10910 |
| Asset retirement obligations | *17* | 135071 | 127925 |
| Non-current derivative liabilities | *28* | 16254 | 35743 |
| Deferred income tax liabilities |  | 254420 | 434939 |
|  |  | 2444218 | 1947146 |
| **Equity** |  |  |  |
| Share capital | *21* | 3341760 | 3433778 |
| Shares held in trust for restricted share units |  | (16035) | (12970) |
| Contributed surplus |  | 2537197 | 2612762 |
| Accumulated other comprehensive (loss) income |  | (11553) | 56183 |
| Deficit |  | (1572080) | (2193163) |
| **Total equity attributable to shareholders of the Company** |  | 4279289 | 3896590 |
| **Attributable to non-controlling interests** |  | 3790 | (8143) |
|  |  | 4283079 | 3888447 |
|  |  | $6727297 | $5835593 |

---

Commitments and contractual obligations (Note 25)

Contingencies (Note 26)

Events after the reporting date (Note 34)

**Approved on behalf of the Board of Directors**

*(signed) Teresa Conway* Director &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(signed) George Burns* Director

**Date of approval:** *February 19, 2026* 

The accompanying notes are an integral part of these consolidated financial statements.

------

**Eldorado Gold Corporation**

Consolidated Statements of Operations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the years ended December 31, 2025 and December 31, 2024

(In thousands of U.S. dollars except share and per share amounts)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | ***Note*** | **Year ended** | **Year ended** |
| | | **December 31, 2025** | **December 31, 2024** |
| **Revenue** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Metal sales | *30* | $1818856 | $1322581 |
| **Cost of sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production costs | *31* | 677596 | 564158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 258588 | 251450 |
|  |  | 936184 | 815608 |
| **Earnings from mine operations** |  | 882672 | 506973 |
| Exploration and evaluation expenses |  | 35007 | 23788 |
| Mine standby costs |  | 23626 | 11269 |
| General and administrative expenses |  | 39170 | 36240 |
| Employee benefit plan expense |  | 4447 | 3584 |
| Share-based payments expense | *22* | 20224 | 11872 |
| Write-down of assets |  | 12737 | 6135 |
| Foreign exchange loss (gain) |  | 20062 | (5308) |
| **Earnings from operations** |  | 727399 | 419393 |
| Other (expense) income | *18* | (151475) | 39050 |
| Finance costs | *19* | (31607) | (23049) |
| **Earnings from continuing operations before income tax** |  | 544317 | 435394 |
| Income tax expense | *20* | 22068 | 134758 |
| **Net earnings from continuing operations** |  | 522249 | 300636 |
| **Net loss from discontinued operations, net of tax** | *6* | (17945) | (13676) |
| **Net earnings for the year** |  | $504304 | $286960 |
| **Net earnings (loss) attributable to:** |  |  |  |
| Shareholders of the Company |  | 507257 | 289121 |
| Non-controlling interests |  | (2953) | (2161) |
| **Net earnings for the year** |  | $504304 | $286960 |
| **Net earnings (loss) attributable to shareholders of the Company:** |  |  |  |
| Continuing operations |  | 519854 | 300909 |
| Discontinued operations |  | (12597) | (11788) |
|  |  | $507257 | $289121 |
| **Net earnings (loss) attributable to non-controlling interests:** |  |  |  |
| Continuing operations |  | 2395 | (273) |
| Discontinued operations |  | (5348) | (1888) |
|  |  | $(2953) | $(2161) |
| Weighted average number of shares outstanding: |  |  |  |
| Basic | *32* | 203018394 | 203983457 |
| Diluted | *32* | 205412243 | 205541542 |
| **Net earnings per share attributable to shareholders of the Company:** |  |  |  |
| Basic earnings per share |  | $2.50 | $1.42 |
| Diluted earnings per share |  | $2.47 | $1.41 |
| **Net earnings per share attributable to shareholders of the Company - Continuing operations:** |  |  |  |
| Basic earnings per share |  | $2.56 | $1.48 |
| Diluted earnings per share |  | $2.53 | $1.46 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Eldorado Gold Corporation**

Consolidated Statements of Comprehensive Income (Loss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the years ended December 31, 2025 and December 31, 2024

(In thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Year ended** | **Year ended** |
| | **December 31, 2025** | **December 31, 2024** |
| **Net earnings for the year** | $504304 | $286960 |
| **Other comprehensive income (loss):** |  |  |
| Items that will not be reclassified to earnings or (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of investments in marketable securities | 86978 | 77695 |
| &nbsp;&nbsp;&nbsp;Income tax expense on change in fair value of investments in marketable securities | (11691) | (10463) |
| &nbsp;&nbsp;&nbsp;Actuarial gains (losses) on employee benefit plans | 75 | (206) |
| &nbsp;&nbsp;&nbsp;Income tax (expense) recovery on actuarial losses on employee benefit plans | (411) | 44 |
| **Total other comprehensive income for the period** | 74951 | 67070 |
| **Total comprehensive income for the year** | $579255 | $354030 |
| **Total comprehensive income (loss) attributable to:** |  |  |
| Shareholders of the Company | 582208 | 356191 |
| Non-controlling interests | (2953) | (2161) |
|  | $579255 | $354030 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Eldorado Gold Corporation**

Consolidated Statements of Cash Flows&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the years ended December 31, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
| | ***Note*** | **Year ended** | &nbsp;&nbsp;**Year ended** |
| | | **December 31, 2025** | **December 31, 2024** |
| **Cash flows generated from (used in):** |  |  |  |
| **Operating activities** |  |  |  |
| Net earnings for the year from continuing operations |  | $522249 | $300636 |
| *Adjustments for:* |  |  |  |
| Depreciation and amortization |  | 260505 | &nbsp;&nbsp;254991 |
| Finance costs | *19* | 31607 | &nbsp;&nbsp;23049 |
| Interest income | *18* | (33614) | &nbsp;&nbsp;(23949) |
| Unrealized foreign exchange loss |  | 18105 | &nbsp;&nbsp;174 |
| Income tax expense | *20* | 22068 | &nbsp;&nbsp;134758 |
| Gain on disposal of assets |  | (6566) | &nbsp;&nbsp;(1624) |
| Unrealized loss on derivative contracts | *18* | &nbsp;&nbsp;39428 | &nbsp;&nbsp;51751 |
| Write-down of assets |  | &nbsp;&nbsp;12737 | &nbsp;&nbsp;6135 |
| Share-based payments expense | *22* | &nbsp;&nbsp;20224 | &nbsp;&nbsp;11872 |
| Employee benefit plan expense |  | &nbsp;&nbsp;4447 | &nbsp;&nbsp;3584 |
| Non-cash gain on deferred consideration | *8* | &nbsp;&nbsp;— | &nbsp;&nbsp;(60000) |
|  |  | 891190 | 701377 |
| Property reclamation payments |  | (6351) | &nbsp;&nbsp;(3688) |
| Employee benefit plan payments |  | (5559) | &nbsp;&nbsp;(3003) |
| Income taxes paid |  | (160898) | &nbsp;&nbsp;(83162) |
| Interest received |  | 33614 | &nbsp;&nbsp;23949 |
| Changes in non-cash operating working capital | *23* | (9487) | &nbsp;&nbsp;20554 |
| **Net cash generated from operating activities of continuing operations** |  | 742509 | 656027 |
| **Net cash used in operating activities of discontinued operations** | *6* | (354) | &nbsp;&nbsp;(416) |
| **Investing activities** |  |  |  |
| Additions to property, plant and equipment |  | (866362) | &nbsp;&nbsp;(594142) |
| Capitalized interest paid |  | (44923) | &nbsp;&nbsp;(30461) |
| Proceeds from the sale of property, plant and equipment |  | 5908 | &nbsp;&nbsp;6162 |
| Value added taxes related to mineral property expenditures |  | (51676) | &nbsp;&nbsp;(9756) |
| Cash received from deferred consideration | *8* | 60000 | &nbsp;&nbsp;— |
| Sale (purchase) of investments in marketable securities |  | 139513 | &nbsp;&nbsp;(1139) |
| Purchase of investment in associate |  | (43153) | &nbsp;&nbsp;— |
| Increase in deposits and other investments |  | (13877) | &nbsp;&nbsp;(1272) |
| **Net cash used in investing activities of continuing operations** |  | (814570) | (630608) |
| **Financing activities** |  |  |  |
| Issuance of common shares for cash, net of share issuance costs |  | 8853 | &nbsp;&nbsp;14112 |
| (Distributions to) contributions from non-controlling interests |  | (747) | &nbsp;&nbsp;201 |
| Proceeds from Term Facility - Commercial loans and RRF loans | *16* | 278493 | &nbsp;&nbsp;310918 |
| Proceeds from VAT facility | *16* | 75909 | &nbsp;&nbsp;56022 |
| Repayments of VAT facility | *16* | (54068) | &nbsp;&nbsp;(47304) |
| Term Facility commitment fees |  | (1881) | &nbsp;&nbsp;(6016) |
| Interest paid |  | (22915) | &nbsp;&nbsp;(19905) |
| Principal portion of lease liabilities  |  | (5515) | &nbsp;&nbsp;(4796) |
| Purchase of shares for cancellation |  | (203544) | &nbsp;&nbsp;— |
| Purchase of shares held in trust for restricted share units |  | (11324) | &nbsp;&nbsp;(1962) |
| **Net cash generated from financing activities of continuing operations** |  | 63261 | &nbsp;&nbsp;301270 |
| Effect of exchange rates on cash and cash equivalents |  | 21359 | (10365) |
| **Net increase in cash and cash equivalents** |  | 12205 | &nbsp;&nbsp;315908 |
| **Cash and cash equivalents - beginning of year** |  | 856797 | &nbsp;&nbsp;540473 |
| Change in cash in disposal group held for sale | *6* | 354 | 416 |
| **Cash and cash equivalents - end of year** |  | $869356 | $856797 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Eldorado Gold Corporation**

Consolidated Statements of Changes in Equity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the years ended December 31, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
| | ***Note*** | **Year ended** | **Year ended** |
| | | **December 31, 2025** | **December 31, 2024** |
| **Share capital** | | | |
| Balance beginning of year |  | $3433778 | $3413365 |
| &nbsp;&nbsp;&nbsp;Shares issued upon exercise of share options |  | 10554 | 14112 |
| &nbsp;&nbsp;&nbsp;Shares issued upon exercise of performance share units |  | 5282 | 499 |
| &nbsp;&nbsp;&nbsp;Transfer of contributed surplus on exercise of options |  | 3995 | 5802 |
| &nbsp;&nbsp;&nbsp;Shares repurchased and cancelled, net of tax |  | (110168) |  |
| &nbsp;&nbsp;&nbsp;Share issuance cost |  | (1681) |  |
| Balance end of year | *21* | $3341760 | $3433778 |
| **Shares held in trust for restricted share units** |  |  |  |
| Balance beginning of year |  | $(12970) | $(19263) |
| &nbsp;&nbsp;&nbsp;Shares purchased and held in trust for restricted share units |  | (11324) | (1962) |
| &nbsp;&nbsp;&nbsp;Shares released for settlement of restricted share units |  | 8259 | 8255 |
| Balance end of year |  | $(16035) | $(12970) |
| **Contributed surplus** |  |  |  |
| Balance beginning of year |  | $2612762 | $2617216 |
| &nbsp;&nbsp;&nbsp;Shares repurchased and cancelled |  | (94656) |  |
| &nbsp;&nbsp;&nbsp;Share-based payment arrangements |  | 11577 | 10102 |
| &nbsp;&nbsp;&nbsp;Transfer to deficit on disposal of Romania segment |  | 25050 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed upon exercise of restricted share units |  | (8259) | (8255) |
| &nbsp;&nbsp;&nbsp;Shares redeemed upon exercise of performance share units |  | (5282) | (499) |
| &nbsp;&nbsp;&nbsp;Transfer to share capital on exercise of options |  | (3995) | (5802) |
| Balance end of year |  | $2537197 | $2612762 |
| **Accumulated other comprehensive income (loss)** |  |  |  |
| Balance beginning of year |  | $56183 | $(4751) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income for the year attributable to shareholders of the Company |  | 74951 | 67070 |
| &nbsp;&nbsp;&nbsp;Transfer to profit and loss on disposal of Romania segment |  | (3811) |  |
| &nbsp;&nbsp;&nbsp;Reclassification on derecognition of investments in marketable securities |  | (138876) | (6136) |
| Balance end of year |  | $(11553) | $56183 |
| **Deficit** |  |  |  |
| Balance beginning of year |  | $(2193163) | $(2488420) |
| &nbsp;&nbsp;Net earnings attributable to shareholders of the Company |  | 507257 | 289121 |
| &nbsp;&nbsp;&nbsp;Transfer to deficit on disposal of Romania segment |  | (25050) |  |
| &nbsp;&nbsp;&nbsp;Reclassification on derecognition of investments in marketable securities |  | 138876 | 6136 |
| Balance end of year |  | $(1572080) | $(2193163) |
| **Total equity attributable to shareholders of the Company** |  | $4279289 | $3896590 |
| **Non-controlling interests** |  |  |  |
| Balance beginning of year |  | $(8143) | $(6182) |
| &nbsp;&nbsp;&nbsp;Transfer to profit and loss on disposal of Romania segment |  | 15633 |  |
| &nbsp;&nbsp;&nbsp;Loss attributable to non-controlling interests |  | (2953) | (2161) |
| &nbsp;&nbsp;&nbsp;(Distributions to) contributions from non-controlling interests |  | (747) | 200 |
| Balance end of year |  | $3790 | $(8143) |
| **Total equity** |  | $4283079 | $3888447 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**1. General Information**

Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, "Eldorado" or the "Company") is a gold and base metals mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkiye, Canada, and Greece.

Eldorado is a public company listed on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") and is incorporated under the Canada Business Corporations Act.

The Company's head office and principal address is located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

**2. Basis of preparation**

**Statement of compliance**

These consolidated financial statements, including comparatives, have been prepared in compliance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The material accounting policies applied in these consolidated financial statements are presented in Note 3 and, except as described in Note 5, have been applied consistently to all years presented, unless otherwise noted.

The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities which are measured at fair value.

The preparation of the consolidated financial statements in compliance with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.

Certain prior period balances were reclassified between financial statement line items in the consolidated statements of cash flows to conform with the presentation adopted in the current period.

All amounts are presented in U.S. dollars ("$") unless otherwise stated.

The consolidated financial statements were authorized for issue by the Company's Board of Directors on February 19, 2026.

(6) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Basis of presentation and principles of consolidation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)Subsidiaries and business combinations**

Subsidiaries are those entities controlled by Eldorado. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All intercompany transactions, balances, income and expenses are eliminated in full upon consolidation.

The acquisition method of accounting is used to account for business acquisitions. The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchange.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.

The excess of the cost of acquisition over the fair value of Eldorado's share of the identifiable net assets acquired is recorded as goodwill.

Transaction costs, other than those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination, are expensed as incurred.

The material subsidiaries of the Company as at December 31, 2025 are described below:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Location** | **Ownership<br>interest** | **Operations and<br>development projects<br>owned** |
| Eldorado Gold (Québec) Inc. | Canada | 100% | Lamaque Complex |
| Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag") | Turkiye | 100% | Kişladağ Mine<br>Efemçukuru Mine |
| Hellas Gold Single Member S.A. ("Hellas Gold") | Greece | 100% | Olympias Mine Stratoni Mine<br>Skouries Project |
| Thracean Mining Single Member SA | Greece | 100% | Perama Hill Project |
| Thrace Minerals SA | Greece | 100% | Sapes Project |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Discontinued operations**

Discontinued operations are components of the Company that have been disposed of or are classified as held for sale and that represent a separate major line of business or geographical area of operations or are part of a single co-ordinated plan to dispose of such a line of business or area of operations. Discontinued operations are presented in the consolidated statements of operations as a separate line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Assets held for sale**

Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent remeasurements are included in the consolidated statements of operations. No depreciation is charged on assets and businesses classified as held for sale.

Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.

(7) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Basis of presentation and principles of consolidation** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Transactions with non-controlling interests**

For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Foreign currency translation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)&nbsp;&nbsp;&nbsp;&nbsp;Functional and presentation currency**

Items included in the financial statements of each of Eldorado's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company's functional and presentation currency, as well as the functional currency of all significant subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)&nbsp;&nbsp;&nbsp;&nbsp;Transactions and balances**

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Property, plant and equipment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)&nbsp;&nbsp;&nbsp;&nbsp;Cost and valuation**

Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the consolidated statements of operations.

Property, plant and equipment which are recorded at cost on initial acquisition and includes expenditures incurred on properties under development, land and buildings, plant and equipment and mineral rights. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management, including capitalized borrowing costs for qualifying assets. Proceeds from selling items before the related item of property, plant and equipment is available for use is recognized in profit or loss, together with the costs of producing those items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)&nbsp;&nbsp;&nbsp;&nbsp;Deferred stripping costs**

Stripping costs incurred during the production phase of a surface mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs (pre-stripping).

(8) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Property, plant and equipment** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)&nbsp;&nbsp;&nbsp;&nbsp;Depreciation**

Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is equal to the remaining life of the mine, are depreciated, depleted and amortized over a mine's estimated life using the units-of-production method. Under this method, capitalized costs are multiplied by the number of tonnes mined, and divided by the estimated recoverable tonnes contained in proven and probable reserves and a portion of resources where it is considered highly probable that those resources will be economically extracted over the life of the mine.

Management reviews the estimated total recoverable tonnes contained in reserves and resources annually, and when events and circumstances indicate that such a review should be made. To reflect the pattern in which each asset's future economic benefits are expected to be consumed based on current mine plans, inferred resources are included in total estimated recoverable tonnes on a mine by mine basis if it is considered highly probable that those resources will be economically extracted, and the amounts of higher confidence inferred resources are significant. Changes to estimated total recoverable tonnes contained in reserves and resources are accounted for prospectively.

Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves to which they relate. Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets. Where components of an asset have a different useful life and the cost of the component is significant to the total cost of the asset, depreciation is calculated on each separate component. Depreciation methods, useful lives and residual values are reviewed at the end of each year and adjusted if appropriate.

Assets under construction are capitalized as capital works in progress until the asset is available for use. Capital works in progress are not depreciated. Depreciation commences once the asset is complete and available for use. Certain mineral property, exploration and evaluation expenditures are capitalized and are not subject to depreciation until the property is ready for its intended use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)&nbsp;&nbsp;&nbsp;&nbsp;Subsequent costs**

Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized and the carrying value of the replaced asset or part of an asset is derecognized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)&nbsp;&nbsp;&nbsp;&nbsp;Borrowing costs**

Borrowing costs are expensed as incurred except where they are attributable to the financing of construction or development of qualifying assets requiring a substantial period of time to prepare for their intended future use. The Company has defined any period of 12 months and longer as a substantial period of time. Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete. Interest is ceased to be capitalized during periods of prolonged suspension of construction or development. Borrowing costs are classified as cash outflows from operating activities on the statements of cash flows except for borrowing costs capitalized which are classified as investing activities.

Investment income arising on the temporary investment of proceeds from borrowings specific to qualifying assets is offset against borrowing costs being capitalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)&nbsp;&nbsp;&nbsp;&nbsp;Mine standby costs and restructuring costs**

Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs incurred during temporary shutdowns of a mine or a development project.

(9) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Leases** 

A contract is or contains a lease when the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and is adjusted for certain remeasurements of the lease liability. The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs; and if applicable, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. Right-of-use assets are presented in property, plant and equipment on the statements of financial position.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company applies judgement to determine the lease term for some lease contracts which contain renewal options.

The Company does not recognize right-of-use assets and lease liabilities for leases of low-value assets, leases with lease terms that are less than 12 months at inception and arrangements for the use of land that grant the Company the right to explore, develop, produce or otherwise use the mineral resource contained in that land. Lease payments associated with these arrangements are instead recognized as an expense over the term on either a straight-line basis, or another systematic basis if more representative of the pattern of benefit. The Company applies judgement in determining whether an arrangement grants the Company the right to explore, develop, produce or otherwise use the mineral resource contained in that land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Exploration, evaluation and development expenditures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)&nbsp;&nbsp;&nbsp;&nbsp;Exploration**

Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licences, prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral deposits. All expenditures relating to exploration activities are expensed as incurred except for the costs associated with the acquisition of mineral licences which are capitalized in property, plant and equipment.

(10) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Exploration, evaluation and development expenditures** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)&nbsp;&nbsp;&nbsp;&nbsp;Evaluation**

Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition.

Evaluation expenditures include the cost of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ determining the optimal methods of extraction and metallurgical and treatment processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ studies related to surveying, transportation and infrastructure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ permitting activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ economic evaluations to determine whether development of the mineralized material is commercially viable, including scoping, pre-feasibility and final feasibility studies.

Evaluation expenditures are capitalized if management determines that there is evidence to support the probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices. Therefore, prior to capitalizing such costs, management determines that the following conditions have been met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There is a probable future benefit that will contribute to future cash inflows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company can obtain the benefit and control access to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The transaction or event giving rise to the benefit has already occurred.

The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. On such date, capitalized evaluation costs are assessed for impairment and reclassified to development costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)&nbsp;&nbsp;&nbsp;&nbsp;Development**

Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and processing facilities.

Expenditures incurred on development projects continue to be capitalized until the mine and mill move into the production stage. The Company assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Before such date, sales proceeds and their related production costs from the mine construction project are recognized in profit or loss. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. The criteria considered may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the level of capital expenditures compared to construction cost estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the completion of a reasonable period of testing of mine plant and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the ability to produce minerals in saleable form (within specification); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the ability to sustain ongoing production of minerals.

(11) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Investment in associate**

Associates are those entities in which the Company has significant influence over the financial and operating policies. Investments in associates are accounted for using the equity method. For investments in associates acquired in stages the fair value as deemed cost approach is applied, where the initial cost is equal to the fair value of the previously held investment on the date when the investment becomes an associate, plus the consideration paid for the additional investment. The investment in associate is adjusted thereafter to recognize the Company's share of the post-acquisition profits or losses of the investee in profit or loss. The Company's share of movements in the investee's other comprehensive income are recognized in other comprehensive income. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investment is tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Goodwill**

Goodwill represents the excess of the cost of an acquisition over the fair value of the Company's share of the net assets of the acquired business at the date of acquisition. When the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the consolidated financial statements. Goodwill on acquisition of associates is included in the investment in associate and tested for impairment as part of the overall investment.

Goodwill is carried at cost less accumulated impairment losses and tested annually for impairment or more frequently if events or changes in circumstances indicate that it may be impaired. Impairment losses on goodwill are not reversed.

Goodwill is allocated to cash-generating units ("CGUs") for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more CGUs to which goodwill has been allocated changes due to a reorganization, the goodwill is reallocated to the units affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 Impairment of non-financial assets** 

Non-financial assets, which include property, plant and equipment, are reviewed each reporting period for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or impairment reversal whenever the recoverable amount may exceed the carrying amount. When an indicator of impairment or reversal of impairment exists, the Company determines the recoverable amount of the CGU to determine whether an impairment loss or reversal of impairment should be recognized.

An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. For property, plant and equipment, a previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the CGU's recoverable amount since the last impairment loss was recognized. The reversal is limited to the carrying value that would have been determined, net of any applicable depreciation, had no impairment charge been recognized previously. The recoverable amount is the higher of an asset's fair value less cost of disposal ("FVLCD") and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs.

Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. Value in use is determined by applying assumptions specific to the Company's continued use of the asset and does not take into account assumptions of significant future enhancements of an asset's performance or capacity to which the Company is not committed.

(12) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 Impairment of non-financial assets** *(continued)*

FVLCD is the amount obtainable from the sale of an asset or CGU in an arm's length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, FVLCD is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. The estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item of mineral property and equipment or CGU is no longer impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Financial assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)&nbsp;&nbsp;&nbsp;&nbsp;Classification and measurement** 

The Company classifies its financial assets in the following categories: at fair value through profit or loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI") or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

The classification of investments in debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Investments in debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest. If the business model is not to hold the debt instrument, it is classified as FVTPL. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as FVTOCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Financial assets at FVTPL* 

Financial assets carried as FVTPL are initially recorded at fair value with all transaction costs expensed in the consolidated statements of operations. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the consolidated statements of operations in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Financial assets at FVTOCI* 

Investments in equity instruments as FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss). There is no subsequent reclassification of fair value gains and losses to net earnings (loss) following the derecognition of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Financial assets at amortized cost* 

Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any provisions for credit losses.

(13) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Financial assets** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)&nbsp;&nbsp;&nbsp;&nbsp;Impairment of financial assets** 

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to 12-month expected credit losses. For trade receivables the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision.

Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Derecognition of financial assets** 

Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized in the consolidated statements of operations. Gains or losses on financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss) or are transferred to retained earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Derivative financial instruments and hedging activities** 

Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are remeasured at their fair value. Derivatives embedded in financial liability contracts are recognized separately if they are not closely related to the host contract. Derivatives, including embedded derivatives from financial liability contracts, are recorded on the statements of financial position at fair value and the unrealized gains and losses are recognized in the consolidated statements of operations. The method of recognizing any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.

Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognized immediately in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Inventories** 

Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of mineral property, plant and equipment.

Inventory costs are charged to production costs on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than gold, primarily silver, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.

Net realizable value is the estimated selling price, less the estimated costs of completion and selling expenses. A write-down is recorded when the carrying value of inventory is higher than its net realizable value.

(14) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Inventories** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realizable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12 Trade receivables** 

Trade receivables are amounts due from customers for the sale of bullion and metals in concentrate in the ordinary course of business.

Trade receivables are recognized initially at fair value and subsequently at amortized cost using the effective interest rate method. Trade receivables are recorded net of lifetime expected credit losses.

Settlement receivables arise from the sale of metals in concentrate where the amount receivable is finalized on settlement date based on the underlying commodity price. Settlement receivables are classified as fair value through profit and loss and are recorded at each reporting period at fair value based on forward metal prices. Changes in fair value of settlements receivable are recorded in revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13 Debt and borrowings** 

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statements of operations over the period of the borrowings using the effective interest method.

Fees paid on the establishment of loan facilities and other borrowings are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred until the draw-down occurs at which time, these transaction costs are included in the carrying value of the amount drawn on the facility and amortized using the effective interest rate method. To the extent there is no evidence that it is probable that some or all of the facility and borrowings will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the loan facility to which it relates and is available to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14 Current and deferred income tax** 

Income tax expense comprises current and deferred tax. Income tax expense is recognized in the consolidated statements of operations except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted.

Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not recorded if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss, or on temporary differences relating to the investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statements of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

(15) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.15 Share-based payment arrangements** 

Share-based payment arrangements related to stock option awards, deferred share units, equity settled restricted share units and performance share units are measured at fair value. Compensation expense for all stock options awarded to employees is measured based on the fair value of the options on the date of grant which is determined using the Black-Scholes option pricing model. For equity settled restricted share units, compensation expense is measured based on the quoted market value of the shares. For equity settled performance share units with market based vesting conditions, compensation expense is measured based on the fair value of the share units on the date of grant which is based on the expected future forward price of the Company's shares and an index consisting of global gold-based securities. Deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.

The fair value of the options, restricted share units, performance share units and deferred units are expensed over the vesting period of the awards with a corresponding increase in equity. No expense is recognized for awards that do not ultimately vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.16 Asset retirement obligations** 

A provision is made for mine restoration and rehabilitation when an obligation is incurred. The provision is recognized as a liability with the corresponding cost included in the asset to which the obligation relates. At each reporting date the asset retirement obligation is remeasured to reflect changes in discount rates, and the timing or amount of the costs to be incurred.

The provision recognized represents management's best estimate of the present value of the future costs required. Significant estimates and assumptions are made in determining the amount of asset retirement obligations. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary remediation activities and the timing, extent and costs of required restoration and rehabilitation activities.

These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognized is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs for operating sites are recognized in the consolidated statements of financial position by adjusting both the asset retirement obligation and related assets. Such changes result in changes in future depreciation and financial charges. Changes to the estimated future costs for sites that are closed, inactive, or where the related asset no longer exists, are recognized in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.17 Share capital**

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.18 Revenue recognition** 

Revenue is generated from the production and sale of doré, bullion and metals in concentrate. The Company's performance obligations relate primarily to the delivery of these products to customers, with each shipment representing a separate performance obligation.

Revenue from the sale of doré, bullion and metals in concentrates is measured based on the consideration specified in the contract with the customer. The Company recognizes revenue when it transfers control of the product to the customer and has a present right to payment for the product.

(16) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**3. Material accounting policies** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.18 Revenue recognition** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Metals in concentrate** 

Control over metals in concentrates is transferred to the customer and revenue is recognized when the product is considered to be physically delivered to the customer under the terms of the customer contract. This is typically when the concentrate has been placed on board a vessel for shipment or delivered to a location specified by the customer.

Metals in concentrate are sold under pricing arrangements where final prices are determined by market prices subsequent to the date of sale (the "quotational period"). Revenue from concentrate sales is recorded based on the estimated amounts to be received, based on the respective metal's forward price at the expected settlement date. Adjustments are made to settlements receivable in subsequent periods based on fluctuations in the forward prices until the date of final metal pricing. These subsequent changes in the fair value of the settlement receivable are recorded in revenue separate from revenue from contracts with customers.

Provisional invoices for metals in concentrate sales are typically issued shortly after or on the passage of control of the product to the customer and the Company receives 90% - 95% of the provisional invoice at that time. Additional invoices are issued as final product weights and assays are determined over the quotational period. Provisionally invoiced amounts are generally collected promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Metals in doré** 

The Company sells doré directly to refiners, or, refiners may receive doré from the Company to refine the materials on the Company's behalf and arrange for sale of the refined metal.

In the Turkiye operating segment, refined metals are sold at spot prices on the Precious Metal Market of the Borsa Istanbul. Sales proceeds are collected within several days of the completion of the sale transaction. Control over the refined gold or silver produced from doré is transferred to the customer and revenue recognized upon delivery to the customer's bullion account on the Precious Metal Market of the Borsa Istanbul.

In the Canada segment, doré and refined metals are sold at spot prices with sales proceeds collected within several days of the sales transaction. Control is typically transferred to the customer and revenue recognized upon delivery to a location specified by the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.19 Finance income and expenses** 

Finance income includes interest income on funds invested (including financial assets carried at FVTPL) and changes in the fair value of financial assets at FVTPL. Interest income is recognized as it accrues in the consolidated statements of operations, using the effective interest method.

Finance expenses include borrowing costs, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs are recognized in the consolidated statements of operations using the effective interest method, except for those amounts capitalized as part of the cost of qualifying property, plant and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.20 Earnings (loss) per share** 

The Company presents basic and diluted earnings per share ("EPS") data for its common shares. Basic EPS is calculated by dividing the earnings or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the earnings or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise share options, restricted share units and performance share units granted to employees.

(17) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**4. Judgements and estimation uncertainty** 

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant areas requiring the use of management assumptions, estimates and judgements include the valuation of property, plant and equipment and goodwill, estimated recoverable mineral reserves and mineral resources, inventory, asset retirement obligations and current and deferred taxes. Actual results could differ from these estimates.

Outlined below are some of the areas which require management to make significant judgements, estimates and assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Valuation of property, plant and equipment and goodwill** 

Property, plant and equipment is tested for potential impairment or reversal of impairment when there is an indication of impairment or impairment reversal. Goodwill is tested at least annually or when there is an indication of impairment.

Calculating the recoverable amount, including estimated FVLCD of CGUs for property, plant and equipment and goodwill, requires management to make estimates and assumptions with respect to discount rates, future production levels including amount of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices and estimates of the fair value of mineral properties beyond proven and probable reserves. Metal pricing assumptions were based on consensus forecast pricing and discount rates were based on a weighted average cost of capital, adjusted for country and other risks specific to the CGU. For the portion of incremental inferred resources and exploration potential beyond what is modeled in the Company's life of mine plans ("value beyond proven and probable" or "VBPP"), fair value was assigned on the basis of an in-situ estimate of gold equivalent ounces. The fair value per gold equivalent ounce assigned was determined using a peer group of precedent comparable transactions.

Changes in any of the assumptions or estimates used in determining the recoverable amount could result in additional impairment or reversal of impairment recognized.

Judgement is applied in assessing whether certain facts and circumstances are indicators of impairment or reversal of impairment, and accordingly, require an impairment test to be performed. The Company considers both external and internal sources of information in assessing whether there are any indications that its assets or CGUs may be impaired or may require a reversal of impairment. The primary external factors considered are changes in estimated long-term metal prices, changes in laws and regulations and the Company's market capitalization relative to its net asset carrying amount. The primary internal factors considered are the performance of its CGUs against expectations, changes in mineral reserves and resources, life of mine plans and exploration results.

Mineral reserve and mineral resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and exchange rates and capital costs. Cost estimates are based primarily on feasibility study estimates or operating history. Estimates are prepared under supervision of appropriately qualified persons, but will be impacted by forecasted commodity prices, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable mineral reserves and mineral resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the consolidated statements of operations and the carrying value of the asset retirement obligation.

(18) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**4. Judgements and estimation uncertainty** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Inventory** 

Inventories are measured at the lower of weighted average cost and net realizable value. The determination of net realizable value involves the use of estimates. The net realizable value of inventories is calculated as the estimated price at the time of eventual sale based on prevailing and forecast metal prices less estimated future costs to convert the inventories into saleable form and associated selling costs. The net realizable value of inventories is assessed at the end of each reporting period. Changes in the estimates of net realizable value may result in a write-down of inventories or a reversal of a previous write-down.

In determining the valuation of heap leach ore inventories, the Company makes estimates of recoverable ounces on the leach pads based on quantities of ore placed on the leach pads, the grade of ore placed on the leach pads and an estimated recovery rate. Actual timing and ultimate recovery of gold contained on the leach pads can differ significantly from these estimates. Changes in estimates of recoverable ounces on the leach pads can impact the Company's ability to recover the carrying amount of the inventories and may result in a write-down of inventories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Asset retirement obligation** 

The asset retirement obligation provision represents management's best estimate of the present value of future cash outflows required to settle the liability which reflect estimates of future costs, inflation, requirements of the relevant legal and regulatory frameworks and the timing of restoration and rehabilitation activities. Estimated future cash outflows are discounted using a risk-free rate based on U.S. Treasury bond rates. Changes to asset retirement obligation estimates are recorded with a corresponding change to the related item of property, plant and equipment, or to the statements of operations if there is no related property, plant and equipment. Adjustments to the carrying amounts of related items of property, plant and equipment can result in a change to future depreciation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Current and deferred taxes** 

Judgements and estimates are required in assessing whether deferred tax assets are recoverable. Recoverability is based on an assessment of the ability to use future tax deductions against future taxable income, prior to expiration. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences can be controlled and is not expected to occur in the foreseeable future, which requires judgement.

Assumptions about the generation of future taxable earnings and repatriation of retained earnings depend on management's estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions.

The Company operates in multiple tax jurisdictions and judgement is required in the application of income tax legislation in these jurisdictions. These estimates and judgements are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding increase or decrease to earnings or loss for the period.

(19) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**5. Adoption of new accounting standards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Current adoption of new accounting standards** 

The following amendments to existing standards have been adopted by the Company commencing January 1, 2025:

**Lack of Exchangeability (Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates)**

Eldorado has adopted 'Lack of Exchangeability (Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates)'. In August 2023, the IASB published this amendment to require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The Company has considered the amendment and concluded that there is no material impact on the consolidated financial statements from the adoption of this amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) New standards issued and not yet effective**

Below are new standards, amendments to existing standards and interpretations that have been issued and are not yet effective. The Company plans to apply the new standards or interpretations in the annual period for which they are effective.

**Amendments to the Classification and Measurement of Financial Instruments: Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures**

In May 2024, the IASB issued 'Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)'. The amendments clarify the date of recognition and derecognition of some financial assets and financial liabilities, with a new exception that permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the settlement date. It also clarifies guidance on assessing whether a financial asset meets the solely payments of principal and interest criterion, it adds new disclosures for certain instruments with contractual terms that can change cash flows and updates the disclosures for equity instruments designated at FVTOCI. The amendments apply for annual reporting periods beginning on or after January 1, 2026, and are applied retrospectively. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements** 

In April 2024, the IASB published its new standard IFRS 18 'Presentation and Disclosures in Financial Statements' that will replace IAS 1 'Presentation of Financial Statements' which sets out presentation and base disclosure requirements for financial statements. The changes, which mostly affect the income statement, include the introduction of categories and defined subtotals to allow better comparison between entities. Along with the introduction of requirements to improve aggregation and disaggregation of line items presented on the primary financial statements, that aim at additional relevant information and ensure that material information is not obscured. Companies will also have to disclose information on Management-defined Performance Measures in the notes to the financial statements. The amendments apply for annual reporting periods beginning on or after January 1, 2027, and are applied retrospectively. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

(20) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**6. Disposal group held for sale and discontinued operations**

On October 7, 2024, the Company entered into a share purchase agreement ("SPA") to sell the Romanian segment which includes the Certej Project, a non-core gold asset in the Romania segment. The associated assets and liabilities were consequently presented as held for sale in 2024. An amended and restated SPA was signed on May 14, 2025 and the sale was completed on October 30, 2025. As a result, the project has been presented as a discontinued operation in the year ended December 31, 2025. Financial information relating to the discontinued operations for the period to the date of disposal is set out below.

The sale consideration includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.5 million cash deposit received upon signing of the SPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.0 million of common shares of the purchasing company upon closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deferred consideration of $25.5 million in cash, with $3.5 million payable on the date of the Certej property extension, and $10.0 million payable on the date the Certej Property commences commercial production, and $12 million on the first anniversary of commercial production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 1.5% net smelter return royalty on the project.

The deferred consideration receivable and the net smelter return royalty are not recognized in the current period as they are not virtually certain to be received.

The results from operations of the Romanian reporting segment include:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Expenses | $(4039) | $(4989) |
| Impairment of property and equipment | (2896) | (8687) |
| Loss from operations | (6935) | (13676) |
| Proceeds on disposal | 3507 |  |
| Net assets sold | (2712) |  |
| Non-controlling interest on disposal | (15633) |  |
| Reclassification of other comprehensive income | 3828 |  |
|  | (17945) | (13676) |
| Income tax expense |  |  |
| Loss from discontinued operations, net of tax | $(17945) | $(13676) |
| Loss from discontinued operations attributable to shareholders of the Company | $(12597) | $(11788) |
| Loss from discontinued operations attributable to non-controlling interest | $(5348) | $(1888) |
| Basic and diluted loss per share attributable to shareholders of the Company | $(0.06) | $(0.06) |

---

During the second quarter of 2025, the Company recorded an impairment of $2.9 million on the Certej project to recognize property, plant and equipment at its estimated fair value, based on a plan to sell the asset and completion of the agreement.

Net cash used in operating activities of the Romanian reporting segment during the year ended December 31, 2025 was $0.4 million (2024 – $0.4 million).

(21) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**7. Cash and cash equivalents** 

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Cash | $767683 | $830788 |
| Cash equivalents | 101673 | 26009 |
|  | $869356 | $856797 |

---

As at December 31, 2025, €57.0 million and $10.7 million (cumulatively $77.7 million) (2024 - €152.6 million and $4.9 million (cumulatively $163.4 million)) of cash and cash equivalents are designated for the use of constructing the Skouries Project and to fund reimbursable VAT expenditures relating to the Skouries Project.

**8. Accounts receivable and other**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Trade receivables | $111030 | $57832 |
| Value added tax and other taxes recoverable | 108923 | 30984 |
| Other receivables and prepayments | 59259 | 41860 |
| Deferred consideration <sup>(i)</sup> |  | 60000 |
|  | $279212 | $190676 |

---

(i) On October 27, 2021, the Company completed a sale of the Tocantinzinho Project ("TZ"), a non-core gold asset, located in Brazil. The Company entered into a definitive agreement (the "GMIN Agreement") with G Mining Ventures Corp. ("GMIN") to divest TZ. Under the terms of the GMIN Agreement, Eldorado was due to receive a deferred consideration of $60.0 million in cash, payable on or before the first anniversary following TZ commencing commercial production ("Deferred Consideration"). GMIN declared commercial production on September 3, 2024 and paid the deferred consideration to Eldorado on September 3, 2025. The $60.0 million gain was recognized in other (expense) income in the year ended December 31, 2024 (Note 18).

**9. Inventories**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Ore stockpiles | $34982 | $15286 |
| In-process inventory and finished goods | 150807 | 137599 |
| Materials and supplies | 117259 | 126110 |
|  | $303048 | $278995 |
| Less: Long-term ore stockpile (Note 10) | (5883) |  |
|  | $297165 | $278995 |

---

In 2025, inventories of $533.1 million (2024 – $464.7 million) were recognized as an expense during the year and included in cost of sales.

(22) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**10. Other assets**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Investment in marketable securities and debt securities (i) | $54162 | $172168 |
| Value added tax and other taxes recoverable | 77139 | 77610 |
| Long-term ore stockpiles | 5883 |  |
| Prepaid loan costs | 2081 | 3489 |
| Deposits and other | 2903 | 6083 |
| Restricted cash | 2311 | 2177 |
|  | $144479 | $261527 |
| Less: Current marketable securities and debt securities (ii) |  | (138932) |
| Non-current other assets | $144479 | $122595 |

---

(i) Included in December 31, 2024 is a $9.0 million investment in Amex Exploration Inc. ("Amex") (Note 11).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company sold part of its investment in GMIN during the year ended December 31, 2024 for CDN $14.6 million ($10.3 million) while the remaining GMIN investment held at December 31, 2024 was sold in the year ended December 31, 2025 for CDN $223.1 million ($155.1 million).

**11. Investment in associate**

On December 17, 2025, Eldorado acquired ownership of an additional 10.50% of the common shares of Amex at a price per share of CDN 4.00, for total consideration of CDN 59.5 million, pursuant to a private agreement with a third party. Prior to the share acquisition, Eldorado previously owned approximately 16.77% of the outstanding common shares and accounted for the investment in Amex as a financial asset carried at FVTOCI. Following the share acquisition, Eldorado now owns and controls approximately 27.27% and has applied equity accounting for the investment in associate.

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Fair value of previously held investment | 66,271 |
| Consideration for acquisition of investment | 43,153 |
| **Investment in associate** | 109,423 |

---

The tables below provide summarized financial information for Amex and a reconciliation to the carrying amount of Eldorado's investment in Amex.

---

| | |
|:---|:---|
| | **December 31, 2025** |
| Current assets | 30357 |
| Non-current assets | 95919 |
| Current liabilities | (3220) |
| Non-current liabilities | (14815) |
| Net assets (liabilities) (100%) | 108241 |
| Company's share of net assets (27.27%) | 29513 |
| Fair value and other accounting adjustments | 79911 |
| **Carrying amount of investment in associate** | 109423 |

---

The fair value of the investment in Amex based on quoted market prices at December 31, 2025 was $112.7 million.

(23) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**12. Property, plant and equipment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Land and buildings** | **Plant and equipment** | **Capital works in progress** | **Mineral properties** | **Pre-development properties** | **Total** |
| **Cost** | | | | | | |
| Balance at January 1, 2024 | $257480 | $2764413 | $112543 | $4042553 | $242825 | $7419814 |
| Additions/transfers | 4903 | 40339 | 109435 | 468395 | (952) | 622120 |
| (Write-down) reversal of assets | (1403) | 523 | (1946) | (682) |  | (3508) |
| Other movements/transfers | 21446 | 70740 | (100867) | (2782) | (12) | (11475) |
| Assets reclassified as held for sale |  |  |  |  | 1217 | 1217 |
| Disposals |  | (2389) |  | (87) | (296) | (2772) |
| Capitalized interest |  |  |  | 33839 |  | 33839 |
| **Balance at December 31, 2024** | $282426 | $2873626 | $119165 | $4541236 | $242782 | $8059235 |
| Balance at January 1, 2025 | $282426 | $2873626 | $119165 | $4541236 | $242782 | $8059235 |
| Additions/transfers | 10070 | 84744 | 188039 | 701553 | 4684 | 989090 |
| Write-down of assets |  |  |  | (247) |  | (247) |
| Other movements/transfers | 6647 | 153809 | (163559) | (439) | 79 | (3463) |
| Disposals | (66) | (10173) |  | (464) | (2832) | (13535) |
| Capitalized interest |  |  |  | 50596 |  | 50596 |
| **Balance at December 31, 2025** | $299077 | $3102006 | $143645 | $5292235 | $244713 | $9081676 |
| **Accumulated depreciation** |  |  |  |  |  |  |
| Balance at January 1, 2024 | $(111137) | $(1539487) | $— | $(2009881) | $(3750) | $(3664255) |
| Depreciation for the year | (17968) | (160641) |  | (98247) |  | (276856) |
| Write-down of assets |  | (654) |  |  |  | (654) |
| Other movements | (35) | (3165) |  | 3310 | (17) | 93 |
| Assets reclassified as held for sale |  |  |  |  | (7) | (7) |
| Disposals |  | 1145 |  |  | 81 | 1226 |
| **Balance at December 31, 2024** | $(129140) | $(1702802) | $— | $(2104818) | $(3693) | $(3940453) |
| Balance at January 1, 2025 | $(129140) | $(1702802) | $— | $(2104818) | $(3693) | $(3940453) |
| Depreciation for the year | (15724) | (138014) |  | (110972) |  | (264710) |
| Other movements/transfers |  | 2 |  |  | (129) | (127) |
| Disposals | 66 | 9029 |  |  | 83 | 9178 |
| **Balance at December 31, 2025** | $(144798) | $(1831785) | $— | $(2215790) | $(3739) | $(4196112) |
| **Carrying amounts** |  |  |  |  |  |  |
| At January 1, 2024 | $146343 | $1224926 | $112543 | $2032672 | $239075 | $3755559 |
| At December 31, 2024 | $153286 | $1170824 | $119165 | $2436418 | $239089 | $4118782 |
| **Balance at December 31, 2025** | $154279 | $1270221 | $143645 | $3076445 | $240974 | $4885564 |

---

(24) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**12. Property, plant and equipment** *(continued)*

*Indicators of impairment*

In accordance with the Company's accounting policies each CGU is assessed for indicators of impairment and impairment reversal, from both external and internal sources, at the end of each reporting period. The recoverable amounts of the Company's CGUs are based primarily on the net present value of future cash flows expected to be derived from the CGUs. The recoverable amount used by the Company represents each CGU's FVLCD, a Level 3 fair value measurement, as it was determined to be higher than value in use.

**Olympias**

At December 31, 2025, the Company identified an indicator of impairment reversal for the Olympias mine ("Olympias") due to sustained higher gold prices and performed an impairment test of the Olympias CGU.

See Note 4 for discussion of judgement used in assumptions and estimates. The significant assumptions used for determining the recoverable amount of the Olympias CGU at December 31, 2025 are reflected in the table below.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Gold price ($/oz) | $4000 - $3000 | $2600 - $2100 |
| Real discount rate | 7.25% - 8.25% | 6.75% - 7.75% |
| VBPP value/oz | $37 - $54/oz | $40 - $60/oz |

---

The assessment as at December 31, 2025 indicated that no impairment reversal is required to be recorded. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment test. In isolation, a $50/oz increase or decrease in the long-term gold price would approximately result in a $16 million increase or decrease in the recoverable amount, respectively. A 25 basis point increase or decrease in the discount rate would approximately result in a $10 million decrease or increase in the recoverable amount.

**13. Goodwill** 

As of December 31, 2025 all goodwill relates to the Lamaque Complex ("Lamaque") CGU. Goodwill is tested for impairment annually on December 31 and when circumstances indicate that the carrying value may not be recoverable. Impairment is determined for goodwill by assessing the recoverable amount of the CGU. The recoverable amount of the Lamaque CGU is based on the net present value of future cash flows expected to be derived from the CGU. The recoverable amount used by the Company represents the CGU's FVLCD, a Level 3 fair value measurement, as it was determined to be higher than value in use.

The significant assumptions used for determining the recoverable amount of goodwill in the Lamaque CGU are reflected in the table below. Cash flows were projected through to 2040. Changes in any of the assumptions or estimates used in determining the fair values could impact the recoverable amount of goodwill analysis.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Gold price ($/oz) | $4000 - $3000 | $2600 - $2100 |
| Real discount rate | 6.25% - 7.75% | 5.75% - 7.25% |

---

The estimated recoverable amount of the Lamaque CGU including goodwill exceeded its carrying amount as at December 31, 2025 by approximately $1,723.7 million to $1,769.6 million (December 31, 2024 by approximately $628.0 million to $673.6 million). Impairment would result from a decrease in the long-term gold price of $1,660 per ounce (December 31, 2024: $750 per ounce).

(25) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**14. Leases and right-of-use assets** 

The Company is the lessee of various assets including mobile mine equipment, offices and properties. These right-of-use assets presented below are included in property, plant and equipment (Note 12).

---

| | | | |
|:---|:---|:---|:---|
| | **Right-of-use** <br>**Land and buildings** | **Right-of-use <br>Plant and equipment** | **Total** |
| **Cost** | | | |
| Opening balance at January 1, 2024 | $15966 | $22777 | $38743 |
| Additions | 1930 | 1814 | 3744 |
| Disposals |  | (215) | (215) |
| Transfers and other movements | 580 | (87) | 493 |
| **Balance at December 31, 2024** | $18476 | $24289 | $42765 |
| Additions | 214 | 5382 | 5596 |
| Disposals | (66) | (4208) | (4274) |
| Transfers and other movements | 244 | (2615) | (2371) |
| **Balance at December 31, 2025** | $18868 | $22848 | $41716 |
| **Accumulated depreciation** |  |  |  |
| Opening balance at January 1, 2024 | $(5880) | $(10250) | $(16130) |
| Depreciation for the year | (1879) | (3286) | (5165) |
| Disposals |  | 104 | 104 |
| Transfers and other movements | (35) | 95 | 60 |
| **Balance at December 31, 2024** | $(7794) | $(13337) | $(21131) |
| Depreciation for the year | (2093) | (3475) | (5568) |
| Disposals | 66 | 3751 | 3817 |
| Transfers and other movements |  | 2090 | 2090 |
| **Balance at December 31, 2025** | $(9821) | $(10971) | $(20792) |
| Right-of-use assets, net carrying amount at December 31, 2024 | $10682 | $10952 | $21634 |
| **Right-of-use assets, net carrying amount at December 31, 2025** | $9047 | $11877 | $20924 |

---

Interest expense on lease liabilities is disclosed in finance costs (Note 19) and the cash payments for the principal portion of lease liabilities is presented within financing activities in the Consolidated Statements of Cash Flows. The Company's future obligations related to lease liabilities are disclosed in Note 25.

**15. Accounts payable and accrued liabilities** 

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Trade payables | $200959 | $112584 |
| Taxes payable | 141884 | 66203 |
| Accrued expenses | 287035 | 179012 |
| Deferred revenue | 432 | 8891 |
|  | $630310 | $366690 |

---

(26) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**16. Debt**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Senior Notes, net of unamortized transaction fees of $3,671 (2024 – $4,525) and initial redemption option of $2,518 (2024 – $3,103) | $498846 | $498578 |
| Redemption option derivative asset | (14703) | (7575) |
| Commercial Loan Facility, net of unamortized transaction fees of $20,043 (2024 – $21,751) | 544426 | 293550 |
| RRF Facility, net of unamortized transaction fees of $4,889 (2024 – $5,445) | 211568 | 119935 |
| VAT Facility net of unamortized transaction fees of $335 (2024 – $559) | 34915 | 10937 |
|  | $1275052 | $915425 |
| Less: current debt | 47968 |  |
| Non-current debt | $1227084 | $915425 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Senior Notes due 2029** | **Term <br>Facility** | **Senior Notes due 2029** | **Term Facility** |
| **Balance beginning of year** | $491003 | $424422 | $492691 | $143368 |
| **Financing cash flows related to debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Term Facility commercial loans |  | 206287 |  | 213694 |
| &nbsp;&nbsp;&nbsp;Proceeds from Term Facility RRF loans |  | 72206 |  | 97224 |
| &nbsp;&nbsp;&nbsp;Proceeds from Term Facility revolving VAT facility |  | 75909 |  | 56022 |
| &nbsp;&nbsp;&nbsp;Repayment of Term Facility revolving VAT facility |  | (54068) |  | (47304) |
| **Total financing cash flows related to debt** | $— | $300334 | $— | $319636 |
|  | $491003 | $724756 | $492691 | $463004 |
| **Non-cash changes recorded in debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of financing fees | 268 | 3441 | 252 | 1918 |
| &nbsp;&nbsp;&nbsp;Change in fair value of redemption option derivative asset relating to Senior secured notes due 2029 | (7128) |  | (1940) |  |
| &nbsp;&nbsp;&nbsp;Transaction costs to VAT Facility |  |  |  | (727) |
| &nbsp;&nbsp;&nbsp;Commitment fees |  | (953) |  | (7420) |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate benefit on Term Facility RRF loans, net of accretion |  | (476) |  | (10368) |
| &nbsp;&nbsp;&nbsp;Foreign exchange losses (gains) |  | 64141 |  | (21985) |
| **Balance end of year** | $484143 | $790909 | $491003 | $424422 |

---

Interest paid on the Senior Notes in the year ended December 31, 2025 amounted to $31.3 million (year ended December 31, 2024: $31.3 million). Interest paid on the Term Facility in the year ended December 31, 2025 amounted to $31.8 million (year ended December 31, 2024: $15.9 million).

(27) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**16. Debt** *(continued)*

**(a) Senior Notes** 

On August 26, 2021, the Company completed an offering of $500.0 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the "Senior Notes"). The Senior Notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022. The Senior Notes are guaranteed by Eldorado Gold Cooperatief U.A., SG Resources B.V., Tuprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.

The Senior Notes contain certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit and loss. The increase in fair value in the year ended December 31, 2025 is $7.1 million (December 31, 2024 – $1.9 million), which is recognized in finance costs (Note 19).

The Senior Notes contain covenants that restrict, among other things, distributions in certain circumstances and sales of certain material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants as at December 31, 2025.

The fair market value of the Senior Notes as at December 31, 2025 is $503.9 million (December 31, 2024 – $491.4 million).

**(b) Skouries Project Financing Facility**

On April 5, 2023, the Company entered into a project financing facility for the development of the Skouries Project in Northern Greece. This includes a €480.4 million commercial loan facility ("Commercial Loan Facility"), €200.0 million of funds from the Greek Recovery and Resilience Fund ("RRF Facility") and a contingent overrun facility ("Contingent Overrun Facility") for an additional €60.0 million (the Commercial Loan Facility, the RRF Facility and the Contingent Overrun Facility, together the "Term Facility"). The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries Project and the Hellas Gold operating assets. The project financing facility also includes a €30.0 million revolving credit facility ("VAT Facility") to fund reimbursable value added tax expenditures relating to the Skouries Project.

The Company's equity commitment for the project is backstopped by a letter of credit in the amount of €206.8 million ($243.0 million) as at December 31, 2025, issued under the Company's $350.0 million revolving senior secured credit facility ("Credit Facility") (Note 16(c)). The letter of credit will be reduced Euro for Euro as the Company invests further in the Skouries Project.

The Term Facility includes the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Commercial Loan Facility - €480.4 million at a variable interest rate comprised of 6-month EURIBOR plus a fixed margin, with 70% of the variable rate exposure economically hedged through an interest rate swap for the term of the facility (Note 28(d)(ii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.RRF Facility - €100.0 million at a fixed interest rate of 3.04% and €100.0 million at a fixed interest rate of 4.06%, both for the term of the facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Contingent Overrun Facility - €60.0 million for additional capital costs at a variable interest rate comprised of 6-month EURIBOR plus a fixed margin with 70% of the variable rate exposure economically hedged through an interest rate swap for the term of the facility (Note 28(d)(ii)).

In the year ended December 31, 2025, the Company completed drawdowns on the Term Facility totalling €238.8 million ($278.5 million), including €176.9 million ($206.3 million) of commercial loans and €61.9 million ($72.2 million) from the RRF loans. Additionally, during the year ended December 31, 2025, the Company completed drawdowns on the VAT revolving credit facility totalling €67.0 million ($75.9 million) and made repayments of €48.1 million ($54.1 million).

(28) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**16. Debt** *(continued)*

**(b) Skouries Project Financing Facility** *(continued)*

As at December 31, 2025, cumulative drawdowns on the Term Facility since inception amount to €680.4 million ($799.5 million) and the Commercial Loan Facility and the RRF Facility are now fully drawn.

In accordance with the requirements of the Term Facility, the Company entered into hedging arrangements including gold and copper commodity swaps, interest rate swaps, U.S. dollar to Euro forward contracts and gold collars (Note 28(d)).

In January 2025, Eldorado exercised a deferral option, which extends drawings from the Term Facility through the earlier of August 26, 2026, or three months following completion of the Skouries Project. Due to Eldorado exercising this deferral option, repayment of the Term Facility will commence on December 31, 2026, with 13 semi-annual installments, through to December 31, 2032.

Proceeds from the VAT Facility will be drawn and repaid on a revolving basis, with a maturity date of the earlier of June 30, 2027, or 18 months following completion of the Skouries Project.

The Term Facility contains a number of standard financial covenants, including debt service and leverage ratios. The Company is in compliance with its covenants as at December 31, 2025.

**(c) Senior Secured Credit Facility**

On June 27, 2024, the Company entered into an agreement with a syndicate of lenders to increase the existing revolving senior secured credit facility ("Credit Facility") from $250 million to $350 million, with an option to increase the available credit by $100 million through an accordion feature, and to extend the facility to a maturity date of June 27, 2028.

The Company's equity commitment for the Skouries Project is backstopped by a letter of credit issued under the Credit Facility. As at December 31, 2025, after taking into account investments in the Skouries Project to date and revised costs to complete, the amount outstanding under the letter of credit for Skouries was €206.8 million ($243.0 million) and the Company's available balance under the Credit Facility was $106.6 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries Project.

The Credit Facility is subject to standard conditions and covenants. At December 31, 2025, the Company was in compliance with the applicable covenants. The Company is required to comply with covenants which include an interest coverage ratio (maintain an interest coverage ratio with respect to each rolling four quarter period of not less than 3.00:1.00) and a net leverage ratio (maintain a net leverage ratio with respect to each rolling four quarter period of not more than 3.50:1.00).

The Credit Facility is secured on a first lien basis by a general security agreement from the Company, including the real property of the Company and Eldorado Gold (Québec) Inc. in Canada, as well as the shares of each of SG Resources B.V., Tüprag, Eldorado Gold Cooperatief U.A. and Eldorado Gold (Québec) Inc., all wholly owned subsidiaries of the Company.

The amount drawn on the Credit Facility bears interest at the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 0.10% for a one month's duration, 0.15% for a three-months' duration, and 0.25% for a six-months' duration, plus a margin of 2.125% - 3.25% based on a net leverage ratio pricing grid (2025 average fee was 2.125%). The available and undrawn portion of the revolving credit facility incurs standby fees of 0.47813% - 0.73125% based on a net leverage ratio pricing grid (2025 average fee was 0.47813%).

As at December 31, 2025, the Company has letters of credit outstanding in Greece and Canada of €206.8 million, €63.8 million and CDN $0.4 million, totaling an equivalent $318.3 million (December 31, 2024 – €106.3 million, €64.0 million and CDN $0.4 million, totaling an equivalent $177.3 million). The letters of credit secured by the revolving credit facility of €206.8 million and CDN $0.4 million incur a fee of 2.125% - 3.25% based on a net leverage ratio pricing grid (2025 average fee was 2.125%), plus a fronting fee of 0.25%. The €63.8 million letters of credit are secured under the revolving credit facility and were issued to provide financial security on certain obligations in connection with the Company's Greece operations. These letters of credit incurred an average fee of 1.80% in 2025.

(29) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**17. Asset retirement obligations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Turkiye** | **Canada** | **Greece** | **Total** |
| **At January 1, 2025** | $85274 | $11807 | $35915 | $132996 |
| Accretion during the year | 3906 | 316 | 1693 | 5915 |
| Revisions to estimate | (778) | 3729 | 7446 | 10397 |
| Settlements | (2672) |  | (3679) | (6351) |
| **At December 31, 2025** | $85730 | $15852 | $41375 | $142957 |
| Less: Current liability portion | (1900) | (1759) | (4227) | (7886) |
| Non-current liability portion | $83830 | $14093 | $37148 | $135071 |
| Estimated undiscounted amount | $138300 | $27951 | $95596 | $261847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Turkiye** | **Canada** | **Greece** | **Total** |
| **At January 1, 2024** | $76357 | $15308 | $37444 | $129109 |
| Accretion during the year | 2963 | 355 | 1551 | 4869 |
| Revisions to estimate | 6589 | (3856) | (27) | 2706 |
| Settlements | (635) |  | (3053) | (3688) |
| **At December 31, 2024** | $85274 | $11807 | $35915 | $132996 |
| Less: Current liability portion |  |  | (5071) | (5071) |
| Non-current liability portion | $85274 | $11807 | $30844 | $127925 |
| Estimated undiscounted amount | $157040 | $27740 | $67837 | $252617 |

---

The Company's asset retirement obligations relate to the restoration and rehabilitation of the Company's mining operations and projects under development. The expected timing of cash flows in respect of each provision is based on the estimated life of the related mining operation.

The provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | **Turkiye %** | **Canada %** | **Greece %** |
| **At December 31, 2025** | | | |
| Inflation rate | 2.6 to 3.3 | 2.6 | 2.6 to 3.2 |
| Discount rate | 4.2 | 4.8 | 3.6 to 4.8 |
| **At December 31, 2024** |  |  |  |
| Inflation rate | 2.6 to 2.9 | 2.5 | 2.5 to 4.2 |
| Discount rate | 4.6 | 4.9 | 4.4 to 4.9 |

---

(30) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**17. Asset retirement obligations** *(continued)* 

The discount rate is a risk-free rate based on U.S. Treasury bond rates with maturities commensurate with mining operations and projects under development. U.S. Treasury bond rates have been used for all of the mining operations and projects under development as the liabilities are denominated in U.S. dollars. Similarly, the inflation rates used in determining the present value of the future net cash outflows are based on estimated U.S. inflation rates.

In relation to the asset retirement obligations in Greece and Canada, the Company has the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A €55.0 million ($64.6 million) Letter of Guarantee to the Ministry of Environment and Energy and Climate Change ("MEECC") as security for the due and proper performance of rehabilitation works committed in relation to the mining and metallurgical facilities of the Kassandra Mines (Olympias, Stratoni and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. The Letter of Guarantee was amended with an expiry date of May 27, 2038, and has an annual fee of 1.92%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A €8.3 million ($9.7 million) Letter of Guarantee to the MEECC for the due and proper performance of the Kokkinolakkas Tailings Management Facility, committed in connection with the Environmental Impact Assessment approved for the Kassandra Mines (Olympias, Stratoni and Skouries). The Letter of Guarantee was amended with an expiry date of May 27, 2038, and has an annual fee of 1.97%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Restricted cash of $1.8 million (2024 – $1.7 million) relates to an environmental guarantee deposit posted as security for rehabilitation works primarily in relation to Lamaque.

**18. Other (expense) income** 

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Realized (loss) gain on derivative instruments | $(154378) | $150 |
| Unrealized loss on derivative instruments | (39428) | (51751) |
| Interest income | 33614 | 23949 |
| Gain on sale of the Tocantinzinho project (Note 8) |  | 60000 |
| Other | 8717 | 6702 |
|  | $(151475) | $39050 |

---

**19. Finance costs**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Interest cost on Senior Notes (Note 16) | $31518 | $31502 |
| Interest cost on Project Financing Facility (Note 16) | 37069 | 17512 |
| Change in fair value of redemption option derivative <br>(Note 16) | (7128) | (1940) |
| Discount on disposal of marketable securities | 5147 |  |
| Other interest and financing costs | 7764 | 3288 |
| Asset retirement obligation accretion (Note 17) | 5915 | 4869 |
| Interest expense on lease liabilities | 1918 | 1657 |
| Total finance costs | $82203 | $56888 |
| Less: capitalized interest | (50596) | (33839) |
|  | $31607 | $23049 |

---

(31) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**20. Income taxes**

Total income tax expense consists of:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Current tax expense | $229134 | $114087 |
| Deferred tax expense (recovery) | (207066) | 20671 |
|  | $22068 | $134758 |

---

Income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Turkiye | $153979 | $44224 |
| Canada | 3158 | 67099 |
| Greece | (139169) | 7626 |
| Other jurisdictions | 4100 | 15809 |
|  | $22068 | $134758 |

---

The key factors affecting income tax expense for the years are as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Earnings from continuing operations before income tax | $544317 | $435394 |
| Canadian statutory tax rate | 27% | 27% |
| Tax expense on net earnings at Canadian statutory tax rate | $146966 | $117556 |
| Items that cause an increase (decrease) in income tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign income subject to different income tax rates than Canada | (12550) | (4627) |
| &nbsp;&nbsp;&nbsp;Turkish investment tax credits and other benefits | (16085) | (28496) |
| &nbsp;&nbsp;&nbsp;Québec taxes and mining duties | 61523 | 42701 |
| &nbsp;&nbsp;&nbsp;Tax benefit of temporary differences and tax losses not previously recorded | (196426) | (19118) |
| &nbsp;&nbsp;&nbsp;Non-deductible expenses and non-taxable income | 2613 | (10107) |
| &nbsp;&nbsp;&nbsp;Flow-through share renouncement |  | 3539 |
| &nbsp;&nbsp;&nbsp;Turkish inflation benefit |  | (40492) |
| &nbsp;&nbsp;&nbsp;Foreign exchange related to the weakening of the Turkish lira | 39606 | 33004 |
| &nbsp;&nbsp;&nbsp;Foreign exchange and other translation adjustments | (42083) | 18819 |
| &nbsp;&nbsp;&nbsp;Future and current withholding tax on foreign income dividends | 30340 | 20329 |
| &nbsp;&nbsp;&nbsp;Other | 8164 | 1650 |
| Income tax expense | $22068 | $134758 |

---

(32) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**20. Income taxes** *(continued)*

The change in the Company's net deferred tax position was as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Net deferred income tax liability** |  |  |
| **Balance at January 1,** | $415452 | $384361 |
| &nbsp;&nbsp;Deferred income tax (recovery) expense in the statements of operations | (207066) | 20672 |
| &nbsp;&nbsp;Deferred tax charged to equity | (2795) |  |
| &nbsp;&nbsp;&nbsp;Deferred tax expense in the consolidated statements of other comprehensive income | 11753 | 10419 |
| **Balance at December 31,** | $217344 | $415452 |

---

The composition of the Company's net deferred income tax assets and liabilities and deferred tax expense (recovery) is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type of temporary difference** | **Deferred tax assets** | **Deferred tax assets** | **Deferred tax liabilities** | **Deferred tax liabilities** | **(Recovery) Expense** | **(Recovery) Expense** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Property, plant and equipment | $— | $— | $377079 | $452950 | $(75871) | $33126 |
| Loss carryforwards | 78819 | 19487 |  |  | (59332) | (4738) |
| Liabilities | 87240 | 61632 |  |  | (25608) | (16013) |
| Future withholding taxes |  |  | 17700 | 9650 | 8050 | 4295 |
| Other items | 11376 |  |  | 33971 | (54305) | 4002 |
| **Balance at December 31,** | $177435 | $81119 | $394779 | $496571 | $(207066) | $20672 |

---

---

| | | |
|:---|:---|:---|
| **Unrecognized deferred tax assets** | **2025** | **2024** |
| Tax losses | $35701 | $197138 |
| Other deductible temporary differences | 1216 | 88388 |
|  | $36917 | $285526 |

---

**Unrecognized tax losses**

The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be reduced by the tax losses. Cumulative losses with a deferred tax benefit of $35.7 million (2024 – $197.1 million) have not been recognized. The gross amount of tax losses for which no deferred tax asset was recognized expire as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **Expiry date** | **2024** | **Expiry date** |
| Canadian net operating loss carryforwards | $— | 2031-2043 | $432863 | 2031-2043 |
| Canadian capital losses | 235372 |  | 386707 |  |
| Greek net operating loss carryforwards | 17844 | 2026-2030 | 127541 | 2025-2029 |
| Romanian net operating loss carryforwards |  | n/a | 6952 | 2025-2031 |

---

(33) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**20. Income taxes** *(continued)*

**Deductible temporary differences**

At December 31, 2025, the Company had deductible temporary differences for which deferred tax assets of $1.2 million (2024 – $88.4 million) have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of these temporary benefits have no expiry date.

**Temporary differences associated with investments in subsidiaries**

The Company has not recognized deferred tax liabilities in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the timing of the remittance and are considered reinvested for the foreseeable future. At December 31, 2025, these earnings amount to $959.3 million (2024 – $972.1 million). Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries.

**Other tax items**

During 2025, a deferred tax recovery of $18.7 million (2024 – $45.9 million) was recognized due to the net increase in the value of future tax deductions as a result of foreign exchange movements. This includes a $49.2 million recovery due to the strengthening of the Euro and a $30.5 million expense due to the weakening of the Turkish lira, both against the U.S. dollar. The Company expects that any future significant foreign exchange movements in the Turkish lira or Euro in relation to the U.S. dollar could cause significant volatility in the deferred income tax expense or recovery.

The company has accrued a provision for $14 million (2024 – $10 million) in respect of possible income tax obligations.

**Global minimum top-up tax**

Pillar Two legislation has been enacted in all jurisdictions in which the Company operates. The legislation is effective for the Company's financial year beginning January 1, 2024. The Company assesses its potential exposure to Pillar Two income taxes on an ongoing basis. Assessments are based on the most recent information available regarding the financial performance of the constituent entities in the group.

The assessment performed for the December 31, 2025 period indicates the Company does not expect to be subject to material Pillar Two top-up tax. The Company has not recorded any potential deferred tax impacts of the top-up tax and will account for the top-up tax as a current tax if it should apply in the future.

**EIFEL**

On June 20, 2024, the Canadian government enacted the Excessive Interest and Financing Expenses Limitation (EIFEL) rules under the Income Tax Act Canada to limit the deductibility of excessive interest and financing expenses. The EIFEL rules restrict the net interest and financing expenses of certain corporations and corporate groups based on a percentage of adjusted taxable income. The legislation applies to tax years beginning on or after October 1, 2023, making it effective for the Company's financial year ending December 31, 2024 and subsequent years.

The Company has performed an assessment of the Company's potential exposure to the EIFEL rules. Based on the assessment, the Company's total net interest and financing expenses remain fully deductible, and no restrictions apply under EIFEL.

(34) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**21. Share capital**

Eldorado's authorized share capital consists of an unlimited number of voting common shares without par value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Issued and outstanding, beginning of year** | **Number of Shares** | **Total** | **Number of Shares** | **Total** |
| **Balance at January 1,** | 204946024 | $3433778 | 203138351 | $3413365 |
| Shares issued upon exercise of share options | 1028326 | 10554 | 1779799 | 14112 |
| Estimated fair value of share options exercised transferred from contributed surplus |  | 3995 |  | 5802 |
| Shares issued on redemption of performance share units | 284411 | 5282 | 27874 | 499 |
| Shares purchased and cancelled, net of tax (i) | (7688241) | (110168) |  |  |
| Share issuance cost |  | (1681) |  |  |
| **Issued and outstanding, December 31** | 198570520 | $3341760 | 204946024 | $3433778 |
| **Shares held in trust for restricted share units, beginning of year** | (344839) | $(12970) | (762819) | $(19263) |
| &nbsp;&nbsp;Purchased and held in trust for future settlement of restricted share units (ii) | (528000) | (11324) | (144000) | (1962) |
| &nbsp;&nbsp;Released for settlement of restricted share units | 282037 | 8259 | 561980 | 8255 |
| **Shares held in trust for restricted share units, December 31** | (590802) | $(16035) | (344839) | $(12970) |
| **Issued and outstanding, net of shares held in trust, December 31** | 197979718 | $3325725 | 204601185 | $3420808 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, 7,688,241 shares were purchased by the Company and cancelled in accordance with its normal course issuer bid ("NCIB") at an average price of $26.47 per share for total consideration of $203.5 million (December 31, 2024 – Nil). $94.7 million of the consideration paid was recorded in contributed surplus.

ii)&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, 528,000 additional shares were purchased in accordance with the NCIB at an average price of $21.45 per share for total consideration of $11.3 million (December 31, 2024 – 144,000 shares at an average price of $13.62 for a total consideration of $2.0 million). These shares were held in trust by a third-party trustee to facilitate the settlement of the Company's obligations under its restricted share unit plan.

(35) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**22. Share-based payment arrangements**

Share-based payments expense consists of:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Share options | $3959 | $3811 |
| Restricted share units with no performance criteria | 4403 | 3528 |
| Restricted share units with performance criteria |  | (630) |
| Deferred units | 8647 | 1770 |
| Performance share units | 3215 | 3393 |
|  | $20224 | $11872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)Share option plans**

The Company's incentive stock option plan (the "Plan") consists of options ("Options") which are subject to a 5-year or 7-year maximum term, payable in shares of the Company when vested and exercised. Options vest at the discretion of the board of directors of the Company (the "Board") at the time an Option is granted. Options generally vest in three equal and separate tranches with the first vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.

Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Weighted<br>average price CDN$** | **Number of<br>options** | **Weighted<br>average price CDN$** | **Number of<br>options** |
| **At January 1,** | $14.52 | 2628809 | $12.42 | 3352743 |
| Granted | 20.38 | 1124962 | 14.79 | 1288263 |
| Exercised | 14.27 | (1028326) | 10.80 | (1779799) |
| Expired | 14.25 | (10594) | 10.08 | (15109) |
| Forfeited | 16.39 | (246967) | 14.50 | (217289) |
| **At December 31,** | $17.11 | 2467884 | $14.52 | 2628809 |

---

(36) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**22. Share-based payment arrangements** *(continued)*

As at December 31, 2025, a total of 8,538,254 options (December 31, 2024 – 2,395,869) were available to grant under the Plan. As at December 31, 2025, 422,566 share purchase options (December 31, 2024 – 529,425) with a weighted average exercise price of CDN $14.47 (2024 – CDN $14.01) are vested and exercisable.

The weighted average market share price at the date of exercise for share options exercised in 2025 was CDN $28.77 (2024 – CDN $18.36).

During the year ended December 31, 2025, 1,124,962 (2024 – 1,288,263) share options were granted. The weighted average fair value per stock option granted was CDN $6.22 (2024 – CDN $5.11).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options outstanding are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Total options outstanding** | **Total options outstanding** | **Total options outstanding** | **Exercisable options** | **Exercisable options** |
| **Range of <br>exercise <br>price <br>CDN$** | **Shares** | **Weighted<br>average<br>remaining<br>contractual<br>life (years)** | **Weighted<br>average<br>exercise<br>price<br>CDN$** | **Shares** | **Weighted <br>average <br>exercise <br>price <br>CDN$** |
| $11.00 to $11.99 | 23168 | 2.63 | 11.90 |  |  |
| $12.00 to $12.99 | 53508 | 2.64 | 12.91 | 26752 | 12.91 |
| $13.00 to $13.99 | 143711 | 1.14 | 13.73 | 137395 | 13.76 |
| $14.00 to $14.99 | 878941 | 3.16 | 14.52 | 156402 | 14.52 |
| $15.00 to $15.99 | 289409 | 2.34 | 15.17 | 94140 | 15.17 |
| $19.00 to $19.99 | 1011750 | 4.17 | 19.91 |  |  |
| $22.00 to $22.99 | 23043 | 3.85 | 22.89 | 6572 | 22.89 |
| $23.00 to $23.99  | 12118 | 3.67 | 23.27 | 1305 | 23.27 |
| $34.00 to $34.99 | 506 | 4.67 | 34.05 |  |  |
| $36.00 to $36.99 | 31730 | 4.85 | 36.23 |  |  |
|  | 2467884 | 3.37 | $17.11 | 422566 | $14.47 |

---

The assumptions used to estimate the fair value of options granted during the years ended December 31, 2025 and December 31, 2024 are in the table below. Volatility was determined based on the historical volatility over the estimated lives of the options.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Risk-free interest rate (range) | 2.5% – 2.9% | 3.0% – 4.3% |
| Expected volatility (range) | 39% – 42% | 37% – 53% |
| Expected life (range) (years) | 1.91 – 4.75 | 1.25 – 3.94 |
| Expected dividends (CDN $) |  |  |

---

(37) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**22. Share-based payment arrangements** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)Restricted share units plan**

The Company has a restricted share unit plan ("RSU Plan") whereby restricted share units ("RSUs") may be granted to senior management of the Company. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. The current maximum number of common shares authorized for issue under the RSU Plan is 5,000,000. As at December 31, 2025, 590,802 common shares purchased by the Company remain held in trust in connection with this plan and have been included in shares held in trust for restricted share units within equity on the consolidated statements of financial position.

During the year ended December 31, 2025, 528,000 common shares were purchased on the open market for CDN $15.8 million ($11.3 million) under an approved normal course issuer bid (December 31, 2024 – 144,000 common shares for CDN $2.7 million ($2.0 million)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) RSU with no performance criteria**

These RSUs are exercisable into one common share once vested, for no additional consideration. They vest one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. RSUs with no performance criteria terminate on the third anniversary of the grant date. All vested RSUs which have not been redeemed by the date of termination are automatically redeemed. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board.

During the year ended December 31, 2025, 379,428 (2024 - 447,136) RSUs with no performance criteria were granted at an average grant-date fair value of CDN $20.42 (2024 - CDN $14.73) under the Company's RSU plan. The fair value of each RSU issued is determined based on the quoted market value of the Company's shares on date of grant.

A summary of the status of the RSUs with no performance criteria and changes during the years ended December 31, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **At January 1,** | 680249 | 480825 |
| Granted | 379428 | 447136 |
| Redeemed | (282037) | (175670) |
| Forfeited | (63153) | (72042) |
| **At December 31,** | 714487 | 680249 |

---

As at December 31, 2025, there are no RSUs vested and redeemable (2024 – nil).

(38) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**22. Share-based payment arrangements** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) RSU with performance criteria**

RSUs with performance criteria cliff vest on the third anniversary of the grant date, subject to achievement of predetermined market-based performance criteria. When fully vested, the number of RSUs redeemed will range from 0% to 200% of the target award, subject to the performance of the share price over the three-year period.

There were no RSUs with performance criteria granted during the year ended December 31, 2025. There were 0 (2024 – 186,117) RSUs with performance criteria granted as a result of the performance criteria being met during the year, which were then redeemed for common shares issued from shares held in trust for RSUs. The fair value of each RSU with market-based performance criteria issued is determined based on fair value of the share units on the date of grant which is based on a valuation model which uses the expected future forward price of the Company's shares and an index consisting of global gold-based securities.

A summary of the status of the RSUs with performance criteria and changes during the years ended December 31, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **At January 1,** |  | 251943 |
| Granted |  | 186117 |
| Redeemed |  | (386310) |
| Forfeited |  | (51750) |
| **At December 31,** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)Deferred units plan**

The Company has an independent directors deferred unit plan under which deferred units ("DU's") are granted by the Board from time to time to independent directors. DU's may be redeemed only on retirement of the independent director from the Board (the "Termination Date") by providing the redemption notice to the Company specifying the redemption date which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the "DU Redemption Date"). The independent director receives a cash payment equal to the market value of such DU's as of the DU Redemption Date.

At December 31, 2025, 302,162 DU's were outstanding (2024 – 388,571) with a fair value of $10.9 million (2024 – $5.8 million), which is included in accounts payable and accrued liabilities. The fair value was determined based on the closing share price at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)Performance share units plan**

The Company has a Performance Share Unit plan (the "PSU Plan") whereby performance share units ("PSUs") may be granted to senior management of the Company at the discretion of the Board of Directors. Under the PSU Plan, PSUs cliff vest on the third anniversary of the grant date (the "PSU Redemption Date") and are subject to terms and conditions including the achievement of predetermined performance criteria. When fully vested the number of PSUs redeemed will range from 0% to 200% of the target award, subject to the achievement of the performance criteria. Once vested, at the option of the Company, PSU's are redeemable as a cash payment equal to the market value of the vested PSUs as of the PSU Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and are redeemed as soon as practicable after the PSU Redemption Date.

(39) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**22. Share-based payment arrangements** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Performance share units plan** *(continued)*

There were 289,359 PSUs granted during the year ended December 31, 2025 under the PSU Plan (December 31, 2024 – 397,933) with a fair value of CDN $1.98 per unit (December 31, 2024 – CDN $9.86). In addition, 71,129 PSUs were granted as a result of the performance criteria being met during the year (December 31, 2024 – 13,937), which would have been redeemed for common shares. The current maximum number of common shares authorized for issuance from treasury under the PSU Plan is 4,436,000. The fair value of each PSU issued is determined based on fair value of the share units on the date of grant which is based on the expected future forward price of the Company's shares and an index consisting of global gold-based securities.

Movements in the PSUs during the years ended December 31, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **At January 1,** | 974302 | 689175 |
| Granted | 360488 | 411870 |
| Redeemed | (284411) | (27874) |
| Forfeited |  | (98869) |
| **At December 31,** | 1050379 | 974302 |

---

**23. Supplementary cash flow information** 

---

| | | |
|:---|:---|:---|
| **Changes in non-cash working capital:** | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and other | $(80083) | $(12032) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (40649) | (29380) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 111245 | 61966 |
|  | $(9487) | $20554 |

---

(40) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**24. Financial risk management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1 Financial risk factors** 

Eldorado's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and metal price and global market risk), credit risk and liquidity risk. Eldorado's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)&nbsp;&nbsp;&nbsp;&nbsp;Market risk**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.Foreign exchange risk*

The Company operates principally in Turkiye, Canada and Greece, and is therefore exposed to foreign exchange risk arising from transactions denominated in foreign currencies. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the Company's functional currency.

Eldorado's cash and cash equivalents, accounts receivable, marketable securities, non-current assets, accounts payable and accrued liabilities and other current and non-current liabilities are denominated in several currencies, and are therefore subject to fluctuation against the U.S. dollar.

In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments (Note 28(d)(iii)), reducing its exposure to foreign exchange risk.

In August 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company's equity commitment for the Skouries Project (Note 28(b)), reducing its exposure to foreign exchange risk.

The Company continues to use zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar (Note 28(a)) at Olympias and Lamaque, respectively.

The tables below summarize Eldorado's exposure to various currencies denominated in the foreign currency at December 31, 2025 and 2024. The tables do not include amounts denominated in U.S. dollars as at December 31, 2025.

(41) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**24. Financial risk management** *(continued)* 

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| | **Euro**<br>€ | **Turkish lira**<br>TRY |
| Cash and cash equivalents | 73366 | 191910 |
| Accounts receivable and other | 73937 | 304421 |
| Current derivative assets |  |  |
| Other non-current assets | 65917 |  |
| Investments in marketable securities |  |  |
| Accounts payable and other | (199485) | (6939745) |
| Current derivative liabilities | (3420) |  |
| Current debt - Term Facility | (40824) |  |
| Non-current derivative liabilities | (3607) |  |
| Non-current debt - Term Facility | (669576) |  |
| Other non-current liabilities | (6768) | (326876) |
| Net balance | (710460) | (6770290) |
| **Equivalent in U.S. dollars** | $(834788) | $(157954) |
| Other foreign currency net liability exposure is equivalent to $0.1 million U.S. dollars. | Other foreign currency net liability exposure is equivalent to $0.1 million U.S. dollars. | Other foreign currency net liability exposure is equivalent to $0.1 million U.S. dollars. |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** |
| | **Euro**<br>€ | **Turkish lira**<br>TRY |
| Cash and cash equivalents | 195111 | 184164 |
| Accounts receivable and other | 43946 | 188558 |
| Current derivative assets |  |  |
| Other non-current assets | 75094 |  |
| Investments in marketable securities |  |  |
| Accounts payable and other | (133103) | (3255407) |
| Current derivative liabilities | (2483) |  |
| Non-current derivative liabilities | (9245) |  |
| Non-current debt - Term Facility | (452638) |  |
| Other non-current liabilities | (6390) | (229315) |
| Net balance | (289708) | (3112000) |
| **Equivalent in U.S. dollars** | $(301175) | $(88573) |
| Other foreign currency net liability exposure is equivalent to $0.8 million U.S. dollars. | Other foreign currency net liability exposure is equivalent to $0.8 million U.S. dollars. | Other foreign currency net liability exposure is equivalent to $0.8 million U.S. dollars. |

---

Based on the balances as at December 31, 2025, a 1% increase or decrease in the U.S. dollar exchange rate against all of the other currencies on that date would have resulted in an increase or decrease of approximately $10.8 million (2024 – $4.3 million) in earnings before income tax.

(42) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**24. Financial risk management** *(continued)*

Based on the outstanding foreign exchange forward contracts (Note 28(d)(iii)) as at December 31, 2025, a 10% strengthening (weakening) of the Euro against the U.S. Dollar across the forward curve would result in an increase (decrease) to earnings before income tax of $18.2 million (2024 – $17.1 million).

Cash flows from operations are exposed to foreign exchange risk, as commodity sales are set in U.S. dollars and a certain amount of operating expenses are in the currency of the country in which mining operations take place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b.Metal price and global market risk*

The Company is subject to price risk for fluctuations in the market price of gold and the global concentrate market. Gold and other metals prices are affected by numerous factors beyond the Company's control, including central bank sales, demand for concentrate, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand, changes to import taxes and political and economic conditions. The commodity price risk associated with financial instruments relates primarily with the fair value changes caused by final settlement pricing adjustments to trade receivables.

Worldwide gold and other metals production levels also affect their prices, and the price of these metals is occasionally subject to rapid short-term changes due to speculative activities. From time to time, the Company may use commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals.

Other price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices. This includes equity price risk, whereby the Company's investments in marketable securities are subject to market price fluctuation.

In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts, reducing its exposure to fluctuations in future metal prices. The contracts settle on July 7, 2026, based on the average applicable commodity price over the period of June 1, 2026, to June 30, 2026 (Note 28(d)(i)).

Based on the outstanding gold commodity swap contracts (Note 28(d)(i)) as at December 31, 2025, a $200 per ounce increase (decrease) in the gold forward curve would result in a decrease (increase) to earnings before income tax of approximately $6.1 million (2024 – $5.8 million)

Based on the outstanding copper commodity swap contracts (Note 28(d)(i)) as at December 31, 2025, a $1,000 per tonne increase (decrease) in the copper forward curve would result in a decrease (increase) to earnings before income tax of approximately $6.3 million (2024 – $6.0 million).

In July 2025, as required under the Term Facility, the Company entered into gold zero-cost collars which settle monthly covering the period from July 1, 2027 to December 31, 2027 (Note 28(d(iv)).

Based on the outstanding gold collars (Note 28(d(iv))) as at December 31, 2025, a $200 per ounce increase (decrease) in the gold forward curve would result in a decrease (increase) to earnings before income tax of approximately $3.4 million ($3.1 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.Interest rate risk*

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Current financial assets and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. Borrowings under the Company's Senior Notes are at a fixed interest rate of 6.25%. Borrowings under the Company's revolving credit facility, if drawn, are at variable rates of interest based on SOFR and expose the Company to interest rate risk. Borrowings under the Company's Term Facility include amounts at variable rates based on six-month EURIBOR. To reduce interest rate risk, the Company has entered into interest rate swaps covering 70% of the variable interest rate exposure related to the Term Facility (Note 28(d)(ii)).

(43) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**24. Financial risk management** *(continued)*

Based on the outstanding interest rate swaps (Note 28(d)(ii)) as at December 31, 2025, a 50 basis point increase (decrease) in the 6 month EURIBOR forward curve would result in an increase (decrease) to earnings before income tax of approximately $5.1 million (2024 – $6.2 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Credit risk**

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, term deposits, derivative assets and accounts receivable.

The Company manages credit risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. In accordance with the Company's short-term investment policy, term deposits and short-term investments are principally held with high credit quality financial institutions as determined by rating agencies. The Company invests its cash and cash equivalents in major financial institutions and in government issuances, according to the Company's short-term investment policy. The Company monitors the credit ratings of all financial institutions in which it holds cash and investments.

Payment for metal sales is normally in advance or within fifteen days of shipment depending on the buyer. While the historical level of customer defaults is negligible, which has reduced the credit risk associated with trade receivables at December 31, 2025, there is no guarantee that buyers, including under exclusive sales arrangements, will not default on their commitments, which may have an adverse impact on the Company's financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)&nbsp;&nbsp;&nbsp;&nbsp;Liquidity risk**

Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by spreading the maturity dates of investments over time, managing its capital expenditures and operational cash flows, and by maintaining adequate lines of credit. Management uses a rigorous planning, budgeting and forecasting process to help determine the funds the Company will need to support ongoing operations and development plans.

The Company's equity commitment for the Skouries Project is backstopped by a letter of credit issued under the Company's revolving credit facility. As at December 31, 2025, after giving effect to investments in the project to date and including proceeds from the EBRD investment, the amount outstanding under the letter of credit for Skouries was €206.8 million ($243.0 million) (2024 - €106.3 million ($110.5 million)) and the Company's available balance on the revolving credit facility was $106.6 million (2024 - $239.2 million). The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries Project.

Management continues to monitor the Company's capabilities to meet ongoing debt and other commitments, including reviewing its operating costs and capital budget to reduce expenditures if required.

Contractual maturities relating to debt and other obligations are included in Note 25. All other financial liabilities are due within one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2 Capital risk management**

Eldorado's objective is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the Company's mining projects. Capital consists of all of the components of equity which includes share capital from common shares, contributed surplus, accumulated other comprehensive income (loss), deficit and non-controlling interests.

Eldorado monitors capital on the basis of the debt to capital ratio and net debt to EBITDA. The debt to capital ratio is calculated as debt, including current and non-current debt, divided by capital plus debt. The net debt to EBITDA ratio is calculated as debt, including current and non-current debt, less cash, cash equivalents and term deposits, divided by earnings before interest costs, taxes, depreciation and amortization.

(44) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**25. Commitments and contractual obligations** 

The Company's commitments and contractual obligations at December 31, 2025 include:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** | **2029** | **2029 and later** | **Total** |
| Senior Notes <sup>(1)</sup> | $— | $— | $— | $500000 | $— | $500000 |
| Term Facility and VAT Facility <sup>(1)</sup> | 83218 | 95936 | 95936 | 79947 | 479683 | 834720 |
| Purchase obligations | 1431 | 349 | 2 |  |  | 1782 |
| Leases | 9244 | 6152 | 2816 | 1751 | 5416 | 25379 |
| Asset retirement obligations | 7886 | 6724 | 10037 | 1900 | 235300 | 261847 |
|  | $101779 | $109161 | $108791 | $583598 | $720399 | $1623728 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Does not include interest on debt.*

**26. Contingencies** 

Due to the size, complexity and nature of the Company's operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. While the outcomes of these matters are uncertain, based upon the information currently available, the Company does not believe that these matters in aggregate will have a material adverse effect on its consolidated financial position, cash flows or results of operations. In the event that management's estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the appropriate period relative to when such changes occur. As at December 31, 2025, the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Eldorado's consolidated financial position, results of operations or cash flows. Accordingly, no amounts have been accrued as at December 31, 2025.

**27. Related party transactions** 

Key management includes directors (executive and non-executive), officers and senior management. The compensation paid or payable to key management for employee services, including amortization of share-based payments, is shown in the table below. In 2025, the salaries and other short-term employee benefits paid or payable to key management are $10.2 million (2024 – $11.2 million), which is included in total employee benefits of $49.2 million (2024 – $39.9 million) recognized in general and administrative expenses, employee benefit plan expenses and share-based compensation expenses in the statements of operations.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Salaries and other short-term employee benefits | $10167 | $11205 |
| Employee benefit plan | 581 | 536 |
| Share-based payments | 14498 | 8014 |
| Termination benefits |  | 1728 |
|  | $25246 | $21483 |

---

(45) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**28. Derivative financial instruments**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| Foreign currency forward contracts - Term Facility (d(iii)) | $12033 | $— |
| Warrants | 398 | 52 |
| **Total derivative assets** | $12431 | $52 |

---

---

| | | |
|:---|:---|:---|
| Classified as: | **December 31, 2025** | **December 31, 2024** |
| Current | $2051 | $52 |
| Non-current | 10380 |  |
|  | $12431 | $52 |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Liabilities** | | |
| Foreign currency collars (a) | $247 | $194 |
| Euro forward contracts (b) |  | 2353 |
| Gold collars (c) |  | 20465 |
| Gold commodity swaps - Term Facility (d(i)) | 69528 | 18149 |
| Copper commodity swaps - Term Facility (d(i)) | 23087 | 3165 |
| Interest rate swaps - Term Facility (d(ii)) | 8255 | 12167 |
| Foreign currency forward contracts - Term Facility (d(iii)) |  | 4837 |
| Gold collars - Term Facility (d(iv)) | 12016 |  |
| **Total derivative liabilities** | $113133 | $61330 |

---

---

| | | |
|:---|:---|:---|
| Classified as: | **December 31, 2025** | **December 31, 2024** |
| Current | $96879 | $25587 |
| Non-current | 16254 | 35743 |
|  | $113133 | $61330 |

---

(46) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**28. Derivative financial instruments** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)Foreign Currency Collars**

The Company enters into zero-cost collars (purchase of a put option and sale of a call option) to reduce the risk associated with fluctuations of the Euro and Canadian dollar at Olympias and Lamaque, respectively. These derivatives set a band within which the Company expected to be able to protect against currency movements, either above or below specific strike prices.

In December 2024, the Company entered into zero-cost collars that mature monthly from January to December 2025 (Canadian dollar collars - $7.5 million monthly; Euro collars - $6.0 million monthly).

In the year ended December 31, 2025, Canadian dollar collars totalling $90.0 million (2024: $106.0 million) and Euro collars totalling $18.0 million (2024: $78.0 million) expired without financial settlement. During the year ended December 31, 2025, Euro collars totalling $54.0 million expired with financial settlement on which a $2.7 million realized gain was recognized.

In December 2025, the Company entered into zero cost collars that mature monthly from January to December 2026 (Canadian dollar collars - $8.0 million monthly; Euro collars - $6.9 million monthly).

These derivatives are not designated as hedging instruments. Changes in the fair value and settlement gains (losses) of the foreign currency collars are recorded in other (expense) income.

As at December 31, 2025, the Company's outstanding foreign currency collars were as follows:

---

| | |
|:---|:---|
| | **2026** |
| **Canadian dollar collars** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian dollar contracts | $96012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average put strike price (USD:CDN) | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average call strike price (USD:CDN) | 1.41 |
| **Euro collars** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro contracts | $82800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average put strike price (EUR:USD) | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average call strike price (EUR:USD) | 1.15 |

---

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Opening derivative (liability) asset | $(194) | $1338 |
| Change in fair value | 2674 | (1537) |
| Settlements | (2727) | 5 |
| Closing derivative liability | $(247) | $(194) |

---

(47) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**28. Derivative financial instruments** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)Euro Forward Contracts**

In August 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company's equity commitment for the Skouries Project and from June 2024 to May 2025, €5.0 million was delivered to the Company every month at a forward rate of EUR/USD 1.1160.

In October 2023, the Company entered into additional foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate. From June 2024 to May 2025, €2.5 million was delivered to the Company every month at a forward rate of EUR/USD 1.0785.

During the year ended December 31, 2025, €37.5 million was delivered to the Company, on which a $0.7 million realized loss was recognized. Changes in the fair value of the forward contracts and settlement (losses) gains have been recorded in other (expense) income.

The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of foreign currency forward contracts outstanding during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Opening derivative (liability) asset | $(2353) | $1478 |
| Change in fair value | 1693 | (5088) |
| Settlements | 660 | 1257 |
| Closing derivative (liability) asset | $— | $(2353) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)Gold Collars**

In May 2023, the Company entered into zero-cost collars to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. Under the gold collars, 16,667 ounces settle monthly during the period from June 2023 through December 2025.

These derivatives are not designated as hedging instruments. Changes in the fair value of the gold collars and settlement (losses) gains are recorded in other (expense) income. As at December 31, 2025, the Company had no outstanding gold collars

During the year ended December 31, 2025, 200,004 ounces were settled (year ended December 31, 2024 – 200,004 expired), on which a $153.5 million realized derivative loss was recognized (year ended December 31, 2024 – nil).

Changes in the fair value of gold collars outstanding during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Opening derivative liability | $(20465) | $(3026) |
| Change in fair value | (133030) | (17439) |
| Settlements | 153495 |  |
| Closing derivative liability | $— | $(20465) |

---

(48) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**28. Derivative financial instruments** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)Term Facility Derivative Arrangements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.Gold and Copper Commodity Swaps - Term Facility**

In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts for settlement on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026. The gold commodity swap contracts total 32,000 ounces at a forward price of US$2,160 per ounce and will be financially settled. The copper commodity swap contracts total 6,160 tonnes of copper at a forward price of US$8,525 per tonne and will be financially settled.

These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold and copper forward sales contracts are recorded in other (expense) income.

Changes in the fair value of gold commodity swaps outstanding during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| **Gold commodity swaps** | **2025** | **2024** |
| Opening derivative liability | $(18149) | $(2966) |
| Change in fair value | (51379) | (15183) |
| Closing derivative liability | $(69528) | $(18149) |

---

Changes in the fair value of copper commodity swaps outstanding during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| **Copper commodity swaps** | **2025** | **2024** |
| Opening derivative liability | $(3165) | $(1032) |
| Change in fair value | (19922) | (2133) |
| Closing derivative liability | $(23087) | $(3165) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.Interest Rate Swaps**

In April 2023, in conjunction with the Term Facility, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure under the six-month EURIBOR index. The interest rate swaps have a fixed rate of 3.11% and mature on December 31, 2032. The interest payment frequency is every six months.

In June 2024, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure of the Contingent Overrun Facility, under the six-month EURIBOR index. The interest rate swaps have a fixed rate of 2.748% and mature on December 31, 2032. The interest payment frequency is every six months.

The interest rate swaps have not been designated as hedging instruments. Changes in the fair value and settlement (losses) gains of the interest rate swaps are recorded in other (expense) income.

During the year ended December 31, 2025, interest rate swap settlements resulted in a realized loss of $3.0 million for the Company (year ended December 31, 2024 - realized gain of $1.4 million).

(49) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**28. Derivative financial instruments** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Term Facility Derivative Arrangements** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Interest Rate Swaps** *(continued)*

Changes in the fair value of interest rate swaps outstanding during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Opening derivative liability | $(12167) | $(11605) |
| Change in fair value | 961 | 850 |
| Settlements | 2951 | (1412) |
| Closing derivative liability | $(8255) | $(12167) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.Foreign Currency Forward Contracts - Term Facility**

In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments. From June 30, 2026 to December 31, 2029, €17.0 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1473. From June 28, 2030 to December 30, 2032, €11.4 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1704.

The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts will be recorded in other (expense) income.

Changes in the fair value of foreign currency forward contracts outstanding during the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Opening derivative (liability) asset | $(4837) | $6229 |
| Change in fair value | 16870 | (11066) |
| Closing derivative asset (liability) | $12033 | $(4837) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.Gold Collars - Term Facility**

In July 2025, as required under the Term Facility, the Company entered into zero-cost gold collars which settle monthly covering the period from July 1, 2027 to December 31, 2027. The gold collars total 28,000 ounces with a put strike price of $3,000 per ounce and a call strike price of $4,537 per ounce.

These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold collars are recorded in other (expense) income.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| Opening derivative asset | $— | $— |
| Change in fair value | (12016) |  |
| Closing derivative liability | $(12016) | $— |

---

(50) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**29. Financial instruments by category** 

Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.

The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following table provides the carrying value and fair value of financial instruments at December 31, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying amount** | **Carrying amount** | **Fair value** | **Carrying amount** | **Carrying amount** | **Fair value** |
| | **Level 1**<sup>(18)</sup> | **Level 2** | **Fair value** | **Level 1**<sup>(18)</sup> | **Level 2** | **Fair value** |
| Cash and cash equivalents <sup>(1)</sup> | $869356 | $— | $869356 | $856797 | $— | $856797 |
| Restricted cash <sup>(1)</sup> | 2311 |  | 2311 | 2177 |  | 2177 |
| Other receivables and deposits <sup>(1)</sup> | 34539 |  | 34539 | 22626 |  | 22626 |
| Marketable securities <sup>(2)</sup> | 48367 |  | 48367 | 166723 |  | 166723 |
| Investments in debt securities <sup>(3)</sup> | 5795 |  | 5795 | 5445 |  | 5445 |
| Trade receivables - concentrate <sup>(4)</sup> |  | 111030 | 111030 |  | 57832 | 57832 |
| Redemption option derivative asset <sup>(5)</sup> |  | 14703 | 14703 |  | 7575 | 7575 |
| Deferred consideration <sup>(6)</sup> |  |  |  |  | 60000 | 60000 |
| Accounts payable and accrued liabilities <sup>(1)</sup> | (330180) |  | (330180) | (240912) |  | (240912) |
| Deferred units liability <sup>(7)</sup> | (10875) |  | (10875) | (5778) |  | (5778) |
| Senior Notes, excluding derivative asset <sup>(8)</sup> |  | (498846) | (503850) |  | (498578) | (491350) |
| Term Facility - commercial loans <sup>(9)</sup> |  | (544426) | (544426) |  | (293550) | (293550) |
| Term Facility - RRF loans <sup>(9)</sup> |  | (211568) | (211568) |  | (119935) | (119935) |
| Term Facility - revolving VAT facility <sup>(9)</sup> |  | (34915) | (34915) |  | (10937) | (10937) |
| Foreign currency collars - liabilities <sup>(10)</sup> |  | (247) | (247) |  | (194) | (194) |
| Euro forward contracts - liabilities <sup>(11)</sup> |  |  |  |  | (2353) | (2353) |
| Gold collars - liabilities <sup>(12)</sup> |  |  |  |  | (20465) | (20465) |
| Gold commodity swaps - liabilities <sup>(13)</sup> |  | (69528) | (69528) |  | (18149) | (18149) |
| Copper commodity swaps - liabilities <sup>(13)</sup> |  | (23087) | (23087) |  | (3165) | (3165) |
| Interest rate swaps - liabilities <sup>(14)</sup> |  | (8255) | (8255) |  | (12167) | (12167) |
| Foreign currency forward contracts - assets <sup>(15)</sup> |  | 12033 | 12033 |  |  |  |
| Foreign currency forward contracts - liabilities <sup>(15)</sup> |  |  |  |  | (4837) | (4837) |
| Gold collars - Term Facility - liabilities <sup>(16)</sup> |  | (12016) | (12016) |  |  |  |
| Warrants <sup>(17)</sup> |  | 398 | 398 |  | 52 | 52 |
| **Net financial assets (liabilities)** | $**619313** | $**(1264724)** | $**(650415)** | $**807078** | $**(858871)** | $**(44565)** |

---

(51) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**29. Financial instruments by category** *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)These assets and liabilities are carried at amortized cost and approximate fair values due to their short-term maturities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Marketable securities include publicly-traded equity investments classified as FVTOCI.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)Debt securities include publicly-traded debt securities classified as FVTOCI.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)Trade receivables (concentrate) arise from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss with fair value determined based on forward metal prices for the quotational period. Changes in fair value are recorded in revenue.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)The redemption option derivative asset associated with the Senior Notes is an embedded derivative separately recognized to reflect the redemption features of the Senior Notes and is classified as fair value through profit and loss (Note 16) with fair value based on models using observable interest rate inputs. Changes in fair value are recorded in finance costs.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(6)The deferred consideration is carried at amortized cost and approximates fair value (Note 8).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(7)Deferred units liability classified as fair value through profit and loss with fair value based on observable prices in active markets.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(8)Senior Notes, excluding the redemption option derivative asset (Note 16), is carried at amortized cost. The fair value of the Senior Notes is based on observable prices in active markets.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(9)The Term Facility (Note 16) is carried at amortized cost. The fair value of the Term Facility approximates the carrying amount.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(10)Canadian dollar and Euro zero-cost collars classified as fair value through profit and loss (Note 28(a)) with fair value based on observable forward foreign exchange rates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(11)Euro forward contracts classified as fair value through profit and loss (Note 28(b)) with fair value based on observable forward foreign exchange rates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(12)Gold zero-cost collars classified as fair value through profit and loss (Note 28(c)) with fair value based on observable forward metal prices.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(13)Gold and copper commodity swaps classified as fair value through profit and loss (Note 28(d)(i)) with fair value based on observable forward metal prices.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(14)Interest rate swaps classified as fair value through profit and loss (Note 28(d)(ii)) with fair value based on observable forward interest rates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(15)U.S. dollar to Euro forward contracts classified as fair value through profit and loss (Note 28(d)(iii)) with fair value based on observable forward foreign exchange rates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(16)Gold zero-cost collars classified as fair value through profit and loss (Note 28(d)(iv)) with fair value based on observable forward metal prices.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(17)Warrants classified as fair value through profit and loss with fair value based on observable prices in active markets.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(18)The fair value of financial instruments traded in active markets are based on quoted market prices at the date of the statements of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the group is the current bid price.*

There were no amounts transferred between levels of the fair value hierarchy for the years ended December 31, 2025 and 2024. For all other financial instruments, carrying amounts approximate fair value.

(52) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**30. Revenue** 

For the year ended December 31, 2025, revenue from contracts with customers by product and segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Turkiye** | **Canada** | **Greece** | **Total** |
| Gold revenue - doré | $589411 | $655613 | $— | $1245024 |
| Gold revenue - concentrate | 251586 |  | 206548 | 458134 |
| Silver revenue - doré | 6341 | 2607 |  | 8948 |
| Silver revenue - concentrate | 9120 |  | 43671 | 52791 |
| Lead concentrate |  |  | 16624 | 16624 |
| Zinc concentrate |  |  | 21910 | 21910 |
| Revenue from contracts with customers | $856458 | $658220 | $288753 | $1803431 |
| Provisional adjustments on current year concentrate sales | 9855 |  | 8832 | 18687 |
| Provisional adjustments on prior year concentrate sales | 4425 |  | (7687) | (3262) |
|  | $870738 | $658220 | $289898 | $1818856 |

---

For the year ended December 31, 2024, revenue from contracts with customers by product and segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Turkiye** | **Canada** | **Greece** | **Total** |
| Gold revenue - doré | $419707 | $471106 | $— | $890813 |
| Gold revenue - concentrate | 190884 |  | 156585 | 347469 |
| Silver revenue - doré | 3808 | 1931 |  | 5739 |
| Silver revenue - concentrate | 6337 |  | 34251 | 40588 |
| Lead concentrate |  |  | 20216 | 20216 |
| Zinc concentrate |  |  | 24305 | 24305 |
| Revenue from contracts with customers | $620736 | $473037 | $235357 | $1329130 |
| Provisional adjustments on current year concentrate sales | 1511 |  | (3970) | (2459) |
| Provisional adjustments on prior year concentrate sales | 1142 |  | (5232) | (4090) |
|  | $623389 | $473037 | $226155 | $1322581 |

---

(53) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**31. Production costs** 

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Labour | $146067 | $123798 |
| Fuel | 23883 | 20719 |
| Reagents | 54738 | 47134 |
| Electricity | 24579 | 22237 |
| Mining contractors | 64524 | 58700 |
| Operating and maintenance supplies and services | 146400 | 135733 |
| Support costs | 72884 | 56348 |
| Royalties | 124332 | 79402 |
| Selling expenses | 20189 | 20087 |
|  | $677596 | $564158 |

---

**32. Earnings per share** 

The weighted average number of common shares for the purpose of diluted earnings per share reconciles to the weighted average number of common shares used in the calculation of basic earnings per share as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Weighted average number of common shares used in the calculation of basic earnings per share | 203018394 | 203983457 |
| Dilutive impact of share options | 1125137 | 682803 |
| Dilutive impact of restricted share units and restricted share units with performance criteria | 390885 | 397436 |
| Dilutive impact of performance share units | 877827 | 477846 |
| Weighted average number of common shares used in the calculation of diluted earnings per share | 205412243 | 205541542 |

---

As at December 31, 2025, 32,236 options (2024 – 40,915) were excluded from the dilutive weighted-average number of common shares calculation because their effect would have been anti-dilutive.

(54) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**33. Segment information** 

**Identification of reportable segments**

The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or "CODM") in assessing performance and in determining the allocation of resources.

The CODM considers the business from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings (loss) from mine operations, expenditures on exploration, income tax expense (recovery), property, plant and equipment and total debt. During the year ended December 31, 2025, Eldorado had four reportable segments based on the geographical location of mining and exploration and development activities.

**Geographical segments** 

Geographically, the operating segments are identified by country and by operating mine. The Turkiye reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkiye. The Canada reporting segment includes Lamaque and exploration activities in Canada. The Greece reporting segment includes the Olympias mine, the Skouries and Perama Hill projects and exploration activities in Greece. The Greece segment also includes the Stratoni mine and mill, which transitioned to care and maintenance during 2022. Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in each of the reporting segments share similar economic characteristics and have been aggregated accordingly.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at and for the year ended December 31, 2025** | **Turkiye** | **Canada** | **Greece** | **Other** | **Total** |
| **Earnings and loss information** | | | | | |
| Revenue | $870738 | $658220 | $289898 | $— | $1818856 |
| Production costs | 339178 | 150828 | 187590 |  | 677596 |
| Depreciation and amortization | 122778 | 81464 | 54346 |  | 258588 |
| **Earnings from mine operations** | $408782 | $425928 | $47962 | $— | $882672 |
| **Other significant items of income and expense** |  |  |  |  |  |
| Write-down of assets | $6765 | $1479 | $4493 | $— | $12737 |
| Exploration and evaluation expenses | 13253 | 13617 | 3536 | 4601 | 35007 |
| Mine standby costs |  | 5248 | 18378 |  | 23626 |
| Income tax expense (recovery) | 154016 | 29644 | (139169) | (22423) | 22068 |
| **Capital expenditure information** |  |  |  |  |  |
| Additions to property, plant and equipment during the year (\*) | $176440 | $160209 | $634914 | $7371 | $978934 |
| Capitalized interest |  |  | 50596 |  | 50596 |
| **Information about assets and liabilities** |  |  |  |  |  |
| Property, plant and equipment | $897159 | $837068 | $3137678 | $13659 | $4885564 |
| Goodwill |  | 92591 |  |  | 92591 |
|  | $897159 | $929659 | $3137678 | $13659 | $4978155 |
| Debt | $— | $— | $790909 | $484143 | $1275052 |

---

*\* Presented on an accrual basis; excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.*

(55) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**33. Segment information** *(continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at and for the year ended December 31, 2024** | **Turkiye** | **Canada** | **Greece** | **Other** | **Total** |
| **Earnings and loss information** | | | | | |
| Revenue | $623389 | $473037 | $226155 | $— | $1322581 |
| Production costs | 262573 | 140288 | 161297 |  | 564158 |
| Depreciation and amortization | 125581 | 71799 | 54070 |  | 251450 |
| **Earnings from mine operations** | $235235 | $260950 | $10788 | $— | $506973 |
| **Other significant items of income and expense** |  |  |  |  |  |
| Write-down of assets | $3938 | $1857 | $340 | $— | $6135 |
| Exploration and evaluation expenses | 9637 | 10062 | 495 | 3594 | 23788 |
| Mine standby costs |  | 1583 | 9686 |  | 11269 |
| Income tax expense | 44224 | 82300 | 7626 | 608 | 134758 |
| **Capital expenditure information** |  |  |  |  |  |
| Additions to property, plant and equipment during the year<sup>1</sup> | $141444 | $104616 | $362457 | $11748 | $620265 |
| Capitalized interest |  |  | 33839 |  | 33839 |
| **Information about assets and liabilities** |  |  |  |  |  |
| Property, plant and equipment | $839030 | $754566 | $2511051 | $14135 | $4118782 |
| Goodwill |  | 92591 |  |  | 92591 |
|  | $839030 | $847157 | $2511051 | $14135 | $4211373 |
| Debt | $— | $— | $424422 | $491003 | $915425 |

---

<sup>1</sup> *Presented on an accrual basis; excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.*

For the year ended December 31, 2025, revenue from one customer that is the ultimate beneficiary of the Company's Turkiye segment represents approximately $438.5 million (2024 – $419.6 million) of the Company's total revenue. For the Company's Canadian segment, one customer accounted for revenue of $646.0 million (2024 – $468.2 million) of the Company's total revenue.

(56) ------

**Eldorado Gold Corporation**

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and December 31, 2024

(Tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)

**34. Events after the reporting date**

**Acquisition of Foran Mining Corporation**

On February 2, 2026, the Company and Foran Mining Corporation ("Foran") announced that they had entered into an arrangement agreement dated February 1, 2026 pursuant to which the Company agreed to acquire all the issued and outstanding common shares in the capital of Foran (the "Foran Common Shares") by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). Pursuant to the Arrangement, holders of outstanding Foran Common Shares (including common shares in the capital of Foran to be issued on conversion of the outstanding non-voting shares in the capital of Foran) will receive 0.1128 of a common share of the Company and $0.01 in cash in exchange for each Foran Common Share held. In addition to approval by the shareholders of the Company, Foran securityholder approval and court approval, the Arrangement is also subject to the satisfaction of other closing conditions customary to a transaction of this nature, including TSX and NYSE approval, and approval under the Competition Act (Canada). The Arrangement is expected to be completed in the second quarter of 2026.

**Dividend program**

On January 22, 2026, Eldorado announced the initiation of a dividend program that provides for the payment of a regular quarterly dividend per common share of the Company ("common share"). The initial quarterly dividend of US$0.075 per common share has been declared and will be payable on March 13, 2026, to shareholders of record at the close of business on February 27, 2026.

(57)

## Exhibit 99.3

**Exhibit 99.3**

---

| |
|:---|
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended December 31, 2025** |

---

![eldlogo4xa.jpg](eldlogo4xa.jpg)<br>

------

---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

**Management's Discussion and Analysis**

This Management's Discussion and Analysis ("MD&A") dated February 19, 2026 for Eldorado Gold Corporation contains information that management believes is relevant for an assessment and understanding of our consolidated financial position and the results of consolidated operations for the year ended December 31, 2025. This MD&A should be read in conjunction with the audited Consolidated Financial Statements for the years ended December 31, 2025 and 2024, which were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").

Throughout this MD&A, *Eldorado*, *Eldorado Gold, we, us, our* and *the Company* means Eldorado Gold Corporation. *This quarter* means the fourth quarter of 2025.

**Forward Looking Statements and Information**

This MD&A contains forward-looking statements and information and should be read in conjunction with the risk factors described in the sections of this MD&A titled "*Managing Risk*", "*Forward-Looking Statements and Information*" and "*Other Information and Advisories*". Additional information including this MD&A, the audited annual consolidated financial statements for the years ended 2025 and 2024, our Annual Information Form for the year ended December 31, 2024 (our "AIF"), and news releases have been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR+"), the Electronic Data Gathering, Analysis and Retrieval system ("EDGAR"), and are available online under the Eldorado profile at www.sedarplus.com, www.sec.gov/edgar and on the Company's website (www.eldoradogold.com).

**Non-IFRS and Other Financial Measures and Ratios**

Certain non-IFRS financial measures and ratios are included in this MD&A, including total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), adjusted net earnings/(loss), adjusted net earnings/(loss) per share, free cash flow, free cash flow excluding Skouries, and cash flow from operating activities before changes in working capital. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. We believe that these measures, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company's performance and ability to generate cash flow from operating activities. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, refer to the "Non-IFRS and Other Financial Measures and Ratios" section of this MD&A.

The following additional abbreviations may be used throughout this MD&A: General and Administrative Expenses ("G&A"); Gold ("Au"); Ounces ("oz"); Grams per Tonne ("g/t"); Million Pounds ("M lb"); Million Tonnes ("Mt"); Tonnes ("t"); Kilometre ("km"); Metres ("m"); Tonnes per Day ("tpd"); Kilo Tonnes per Annum ("ktpa"); Percentage ("%"); Cash Generating Unit ("CGU"); Life of Mine ("LOM"); New York Stock Exchange ("NYSE"); Toronto Stock Exchange ("TSX"); Net Present Value ("NPV"); Internal Rate of Return ("IRR"); Secured Overnight Financing Rate ("SOFR"), and Euro Interbank Offered Rate ("Euribor"), Tailings Management Facility ("TMF").

**Reporting Currency and Tabular Amounts**

All amounts are presented in U.S. dollars ("$") unless otherwise stated. Unless otherwise specified, all tabular amounts are expressed in millions of U.S. dollars, except share, per share or per ounce amounts. Due to rounding, numbers presented throughout this MD&A may not add precisely to the totals provided.

------

---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

**Table of Contents** 

---

| | |
|:---|:---|
| **Section** | **Page** |
| About Eldorado Gold | [4](#id8eecb8a04914c048f3ca95d0c06afcf_10) |
| Consolidated Financial and Operational Highlights | [5](#id8eecb8a04914c048f3ca95d0c06afcf_13) |
| Key Business Developments | [7](#id8eecb8a04914c048f3ca95d0c06afcf_16) |
| Review of Financial and Operating Performance | [8](#id8eecb8a04914c048f3ca95d0c06afcf_19) |
| 2026 Outlook | [11](#id8eecb8a04914c048f3ca95d0c06afcf_22) |
| Operations Update | [12](#id8eecb8a04914c048f3ca95d0c06afcf_25) |
| Development Projects | [19](#id8eecb8a04914c048f3ca95d0c06afcf_28) |
| Exploration and Evaluation | [23](#id8eecb8a04914c048f3ca95d0c06afcf_31) |
| Financial Condition and Liquidity | [24](#id8eecb8a04914c048f3ca95d0c06afcf_34) |
| Quarterly Results | [27](#id8eecb8a04914c048f3ca95d0c06afcf_37) |
| Outstanding Share Information | [28](#id8eecb8a04914c048f3ca95d0c06afcf_40) |
| Non-IFRS and Other Financial Measures and Ratios | [29](#id8eecb8a04914c048f3ca95d0c06afcf_43) |
| Managing Risk | [39](#id8eecb8a04914c048f3ca95d0c06afcf_46) |
| Other Information and Advisories | [79](#id8eecb8a04914c048f3ca95d0c06afcf_49) |

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**About Eldorado Gold** 

Eldorado Gold is a Canadian mid-tier gold and base metals producer with mining, development, and exploration operations in Turkiye, Canada and Greece. We operate four mines: Kisladag and Efemcukuru located in western Turkiye, the Lamaque Complex in Quebec ("Lamaque"), Canada, and Olympias located in Northern Greece. Kisladag, Efemcukuru and Lamaque are gold mines, while Olympias is a polymetallic operation producing three concentrates bearing gold, lead-silver and zinc.

Complementing our producing portfolio is our advanced stage copper-gold development project, Skouries, in Northern Greece ("Skouries Project"). We have in place an amended investment agreement (the "Amended Investment Agreement") with the Hellenic Republic that provides a mutually beneficial and modernized legal and financial framework that will allow for investment in the Skouries Project and the Olympias mine. In order to develop the Skouries Project, we have secured a project financing facility (see the section - *Financial Condition and Liquidity* of this MD&A), as well as a strategic investment of C$81.5 million by the European Bank for Reconstruction and Development.

Other development projects in our portfolio include Perama Hill, a wholly-owned gold-silver project in Greece. See additional discussion in the section - *Development Projects* of this MD&A.

We believe our operating mines and development projects provide excellent opportunities for reserve growth through near-mine exploration programs. We also conduct early-stage exploration programs with the goal of providing low-cost growth through discovery.

Our strategy is to focus on jurisdictions that offer the potential for long-term growth and access to high-quality assets. Fundamental to executing on this strategy is the strength of our in-country teams and stakeholder relationships. We have a highly skilled and dedicated workforce of over 8,400 people worldwide, with the majority of employees and management being nationals of the country of operation.

Through discovering and acquiring high-quality assets, safely developing and operating world-class mines, growing resources and reserves, responsibly managing impacts and building opportunities for local communities, we strive to deliver value to all our stakeholders.

Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Consolidated Financial and Operational Highlights** 

**Summarized Annual Financial Results** 

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;Revenue | $1818.9 | $1322.6 | $1008.5 |
| &nbsp;&nbsp;&nbsp;Gold produced (oz) | 488268 | 520293 | 485139 |
| &nbsp;&nbsp;&nbsp;Gold sold (oz) | 491204 | 517926 | 483978 |
| &nbsp;&nbsp;&nbsp;Average realized gold price ($/oz sold) <sup>(2)</sup> | $3505 | $2405 | $1944 |
| &nbsp;&nbsp;&nbsp;Production costs | 677.6 | 564.2 | 478.9 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(23)</sup> | 1176 | 940 | 850 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(23)</sup> | 1664 | 1285 | 1220 |
| &nbsp;&nbsp;&nbsp;Net earnings for the period <sup>(1)</sup> | 507.3 | 289.1 | 104.6 |
| &nbsp;&nbsp;&nbsp;Net earnings per share – basic ($/share) <sup>(1)</sup> | 2.50 | 1.42 | 0.54 |
| &nbsp;&nbsp;&nbsp;Net earnings per share – diluted ($/share) <sup>(1)</sup> | 2.47 | 1.41 | 0.54 |
| &nbsp;&nbsp;&nbsp;Net earnings for the period continuing operations <sup>(14)</sup> | 519.9 | 300.9 | 106.2 |
| &nbsp;&nbsp;&nbsp;Net earnings per share continuing operations – basic ($/share) <sup>(14)</sup> | 2.56 | 1.48 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net earnings per share continuing operations – diluted ($/share) <sup>(14)</sup> | 2.53 | 1.46 | 0.54 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings continuing operations <sup>(124)</sup> | 354.9 | 320.7 | 110.7 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings per share continuing operations - basic ($/share) <sup>(124)</sup> | 1.75 | 1.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;Net cash generated from operating activities <sup>(4)</sup> | 742.5 | 656.0 | 382.9 |
| &nbsp;&nbsp;&nbsp;Cash flow from operating activities before changes in working capital <sup>(24)</sup> | 752.0 | 635.5 | 411.2 |
| &nbsp;&nbsp;&nbsp;Free cash flow <sup>(24)</sup> | (232.9) | 19.8 | (47.2) |
| &nbsp;&nbsp;&nbsp;Free cash flow excluding Skouries <sup>(24)</sup> | 315.6 | 355.0 | 112.6 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents <sup>(4)</sup> | 869.4 | 856.8 | 540.5 |
| &nbsp;&nbsp;&nbsp;Total assets | 6727.3 | 5835.6 | 4987.6 |
| &nbsp;&nbsp;&nbsp;Debt | 1275.1 | 915.4 | 636.1 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(1)Attributable to shareholders of the Company.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)Revenues from silver, lead and zinc sales are offset against total cash costs.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

 5

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Summarized Quarterly Financial Results**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**2025** | **Q1** | **Q2** | **Q3** | **Q4** | **2025** |
| &nbsp;&nbsp;&nbsp;Revenue | $355.2 | $451.7 | $434.7 | $577.2 | $1818.9 |
| &nbsp;&nbsp;&nbsp;Gold produced (oz) | 115893 | 133769 | 115190 | 123416 | 488268 |
| &nbsp;&nbsp;&nbsp;Gold sold (oz) | 116263 | 131489 | 116529 | 126923 | 491204 |
| &nbsp;&nbsp;&nbsp;Average realized gold price ($/oz sold) <sup>(2)</sup> | $2933 | $3270 | $3527 | $4251 | $3505 |
| &nbsp;&nbsp;&nbsp;Production costs | 148.3 | 162.2 | 164.1 | 203.0 | 677.6 |
| &nbsp;&nbsp;&nbsp;Total cash cost ($/oz sold) <sup>(23)</sup> | 1153 | 1064 | 1195 | 1295 | 1176 |
| &nbsp;&nbsp;&nbsp;All-in sustaining cost ($/oz sold) <sup>(23)</sup> | 1559 | 1520 | 1679 | 1894 | 1664 |
| &nbsp;&nbsp;&nbsp;Net earnings <sup>(1)</sup> | 72.4 | 138.0 | 56.0 | 240.8 | 507.3 |
| &nbsp;&nbsp;&nbsp;Net earnings per share – basic ($/share) <sup>(1)</sup> | 0.35 | 0.67 | 0.28 | 1.21 | 2.50 |
| &nbsp;&nbsp;&nbsp;Net earnings per share – diluted ($/share) <sup>(1)</sup> | 0.35 | 0.67 | 0.27 | 1.19 | 2.47 |
| &nbsp;&nbsp;&nbsp;Net earnings for the period continuing operations <sup>(14)</sup> | 72.0 | 139.0 | 56.5 | 252.3 | 519.9 |
| &nbsp;&nbsp;&nbsp;Net earnings per share continuing operations - basic ($/share) <sup>(14)</sup> | 0.35 | 0.68 | 0.28 | 1.26 | 2.56 |
| &nbsp;&nbsp;&nbsp;Net earnings per share continuing operations - diluted ($/share) <sup>(14)</sup> | 0.35 | 0.67 | 0.28 | 1.25 | 2.53 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings continuing operations <sup>(124)</sup> | 56.4 | 90.1 | 82.3 | 126.1 | 354.9 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings per share continuing operations - basic ($/share) <sup>(124)</sup> | 0.28 | 0.44 | 0.41 | 0.63 | 1.75 |
| &nbsp;&nbsp;&nbsp;Net cash generated from operating activities <sup>(4)</sup> | 130.4 | 158.2 | 170.2 | 283.7 | 742.5 |
| &nbsp;&nbsp;&nbsp;Cash flow from operating activities before changes in working capital <sup>(24)</sup> | 136.5 | 202.0 | 183.5 | 230.0 | 752.0 |
| &nbsp;&nbsp;&nbsp;Free cash flow <sup>(24)</sup> | (29.4) | (61.6) | (87.4) | (54.5) | (232.9) |
| &nbsp;&nbsp;&nbsp;Free cash flow excluding Skouries <sup>(24)</sup> | 67.9 | 61.5 | 76.9 | 109.3 | 315.6 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents <sup>(4)</sup> | 978.1 | 1078.6 | 1043.9 | 869.4 | 869.4 |
| &nbsp;&nbsp;&nbsp;Total assets | 5951.8 | 6303.8 | 6485.4 | 6727.3 | 6727.3 |
| &nbsp;&nbsp;&nbsp;Debt | 932.8 | 1157.1 | 1258.5 | 1275.1 | 1275.1 |
| &nbsp;&nbsp;**2024** | **Q1** | **Q2** | **Q3** | **Q4** | **2024** |
| &nbsp;&nbsp;&nbsp;Revenue | $258.0 | $297.1 | $331.8 | $435.7 | $1322.6 |
| &nbsp;&nbsp;&nbsp;Gold produced (oz) | 117111 | 122319 | 125195 | 155668 | 520293 |
| &nbsp;&nbsp;&nbsp;Gold sold (oz) | 116008 | 121226 | 123828 | 156864 | 517926 |
| &nbsp;&nbsp;&nbsp;Average realized gold price ($/oz sold) <sup>(2)</sup> | $2086 | $2336 | $2492 | $2625 | $2405 |
| &nbsp;&nbsp;&nbsp;Production costs | 123.0 | 127.8 | 141.2 | 172.1 | 564.2 |
| &nbsp;&nbsp;&nbsp;Total cash cost ($/oz sold) <sup>(23)</sup> | 922 | 940 | 953 | 944 | 940 |
| &nbsp;&nbsp;&nbsp;All-in sustaining cost ($/oz sold) <sup>(23)</sup> | 1262 | 1331 | 1335 | 1226 | 1285 |
| &nbsp;&nbsp;&nbsp;Net earnings <sup>(1)</sup> | 33.6 | 55.5 | 95.0 | 105.1 | 289.1 |
| &nbsp;&nbsp;&nbsp;Net earnings per share – basic ($/share) <sup>(1)</sup> | 0.17 | 0.27 | 0.46 | 0.51 | 1.42 |
| &nbsp;&nbsp;&nbsp;Net earnings per share – diluted ($/share) <sup>(1)</sup> | 0.16 | 0.27 | 0.46 | 0.51 | 1.41 |
| &nbsp;&nbsp;&nbsp;Net earnings for the period continuing operations <sup>(14)</sup> | 35.2 | 56.4 | 101.1 | 108.2 | 300.9 |
| &nbsp;&nbsp;&nbsp;Net earnings per share continuing operations - basic ($/share) <sup>(14)</sup> | 0.17 | 0.28 | 0.49 | 0.53 | 1.48 |
| &nbsp;&nbsp;&nbsp;Net earnings per share continuing operations - diluted ($/share) <sup>(14)</sup> | 0.17 | 0.27 | 0.49 | 0.52 | 1.46 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings continuing operations <sup>(124)</sup> | 55.2 | 66.6 | 71.0 | 127.8 | 320.7 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings per share continuing operations - basic ($/share) <sup>(124)</sup> | 0.27 | 0.33 | 0.35 | 0.62 | 1.57 |
| &nbsp;&nbsp;&nbsp;Net cash flow from operating activities <sup>(4)</sup> | 95.3 | 112.2 | 180.9 | 267.6 | 656.0 |
| &nbsp;&nbsp;&nbsp;Cash flow from operating activities before changes in working capital <sup>(24)</sup> | 108.3 | 132.2 | 166.5 | 228.5 | 635.5 |
| &nbsp;&nbsp;&nbsp;Free cash flow <sup>(24)</sup> | (30.9) | (32.0) | (4.8) | 87.6 | 19.8 |
| &nbsp;&nbsp;&nbsp;Free cash flow excluding Skouries <sup>(24)</sup> | 33.7 | 33.9 | 98.3 | 189.2 | 355.0 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents <sup>(4)</sup> | 514.7 | 595.1 | 676.6 | 856.8 | 856.8 |
| &nbsp;&nbsp;&nbsp;Total assets | 5065.5 | 5280.6 | 5565.1 | 5835.6 | 5835.6 |
| &nbsp;&nbsp;&nbsp;Debt | 643.8 | 748.0 | 849.2 | 915.4 | 915.4 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(1)Attributable to shareholders of the Company.*

&nbsp;&nbsp;&nbsp;&nbsp;*(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)Revenues from silver, lead and zinc sales are offset against total cash costs.*

&nbsp;&nbsp;&nbsp;&nbsp;*(4)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

 6

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Key Business Developments**

**Skouries Project Update**

First production of the copper-gold concentrate is expected in early Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.

See the additional discussion in the sections - *Development Projects* and *Financial Condition and Liquidity* of this MD&A.

**Updated Technical Report**

In Q1 2025, the Company filed an amended technical report related to the Lamaque Complex ("Amended Technical Report"). The Amended Technical Report was prepared pursuant to Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and may be found on the Company's website (www.eldoradogold.com) or under the Company's SEDAR+ profile (www.sedarplus.com).

The Amended Technical Report was filed to support updated scientific and technical disclosure in the Company's Annual Information Form filed in March 2025.

**Executive Leadership Changes**

Effective September 12, 2025, Christian Milau was appointed as President of the Company.

**Normal Course Issuer Bid**

In May 2025, Eldorado amended its normal course issuer bid ("NCIB") and renewed it in July 2025. In 2025, the Company repurchased and cancelled 7,688,241 common shares at an average price of $26.47 for a total of $203.5 million.

**Dividend Program**

In January 2026, the Company announced the initiation of a dividend program. The dividend program provides for the payment of a regular quarterly dividend per common share of the Company ("common share"). The initial quarterly dividend of $0.075 per common share has been declared and will be payable on March 13, 2026, to shareholders of record at the close of business on February 27, 2026.

**Acquisition of Foran Mining Corporation**

On February 2, 2026, the Company and Foran Mining Corporation ("Foran") announced that they had entered into an arrangement agreement dated February 1, 2026 pursuant to which the Company agreed to acquire all the issued and outstanding common shares in the capital of Foran (the "Foran Common Shares") by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). Pursuant to the Arrangement, holders of outstanding Foran Common Shares (including common shares in the capital of Foran to be issued on conversion of the outstanding non-voting shares in the capital of Foran) will receive 0.1128 of a common share of the Company and $0.01 in cash in exchange for each Foran Common Share held. In addition to approval by the shareholders of the Company, Foran securityholder approval and court approval, the Arrangement is also subject to the satisfaction of other closing conditions customary to a transaction of this nature, including TSX and NYSE approval, and approval under the Competition Act (Canada). The Arrangement is expected to be completed in the second quarter of 2026.

 7

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Review of Financial and Operating Performance** 

**Health and Safety**

The Company's lost-time injury frequency rate per million person-hours worked ("LTIFR") improved to 0.55 in Q4 2025, compared to 1.02 in Q4 2024. On a year-to-date basis, LTIFR was 0.99 in 2025, consistent with 0.99 in 2024. We continue to implement multi-year programs to support continuous improvement in workplace safety, supporting our vision of Everyone Going Home Healthy and Safe Every Day.

**Production, Sales and Revenue** 

In 2025, the Company produced 488,268 ounces of gold, achieving the higher-end of 2025 production guidance. As expected, it was lower than 2024 production of 520,293 ounces, a decrease of 6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kisladag produced 168,701 ounces during the year, a decrease of 3% from 2024 production of 174,080 ounces due to fewer tonnes placed on the pad and lower grades stacked during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lamaque produced 187,208 ounces during the year, a decrease of 5% from 2024 production of 196,538 ounces as a result of lower average grades and recoveries, partially offset by higher ore throughput.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efemcukuru produced 72,482 ounces during the year, a decrease of 10% from 2024 production of 80,143 ounces, reflecting predominately lower grades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Olympias produced 59,877 ounces during the year, a decrease of 14% from 2024 production of 69,532 ounces. This primarily reflects lower throughput and recoveries during the year as a result of persistent flotation circuit stability issues due to a paste backfill blend that affected the water chemistry, as well as equipment availability constraints.

Total Q4 2025 gold production was 123,416 ounces, a decrease of 21% from Q4 2024 production of 155,668 ounces and primarily reflects a decrease in production at Kisladag due to lower grade and tonnage stacked compared to 2024, at Lamaque due to lower throughput rates and lower grades when compared Q4 2024 when the first Ormaque bulk sample was processed which was high in gold grade, and at Efemcukuru due to lower grades despite higher tonnes milled. These decreases were partially offset by a 16% increase in Q4 2025 production at Olympias reflecting higher gold grades and recoveries despite slightly lower throughput. Q4 2025 production increased 7% from Q3 2025 production of 115,190 ounces primarily attributable to the performance of Olympias.

Gold sales in 2025 totalled 491,204 ounces, a decrease of 5% from 517,926 ounces in 2024, and 126,923 ounces in Q4 2025, a decrease of 19% from 156,864 ounces in Q4 2024. The lower sales volume in both periods compared to prior year primarily reflected planned lower production across all sites.

The average realized gold price<sup>(1)</sup> was $3,505 per ounce sold in 2025, an increase from $2,405 per ounce sold in 2024, and $4,251 per ounce sold in Q4 2025 compared to $2,625 per ounce sold in Q4 2024, and benefitted from strengthening metal prices throughout the year.

Total revenue was $1,818.9 million in 2025, an increase of 38% from revenue of $1,322.6 million in 2024, and $577.2 million in Q4 2025, an increase of 32% from revenue of $435.7 million in Q4 2024. The increase in both periods was due to higher average realized gold prices partially offset by lower volumes sold.

**Production Costs and Unit Cost Performance** 

Production costs increased to $677.6 million in 2025 from $564.2 million in 2024 and increased to $203.0 million in Q4 2025 from $172.1 million in Q4 2024. Increases in both periods were driven by higher royalties, accounting for approximately 40% of the increase to production costs in the year-over-year comparison. Additionally, there are rising labour costs in Turkiye where cost inflation continues to outpace the devaluation of the local currency, as well as at Lamaque, where additional costs were incurred on labour and contractors due to the deepening of the production centre of the Triangle Mine, resulting in increased haulage distance, equipment and personnel requirements.

<sup>1</sup> *These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

 8

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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Production costs include royalty expense, which increased to $124.3 million in 2025 from $79.4 million in 2024, and increased to $44.7 million in Q4 2025 from $26.4 million in Q4 2024 due to higher average gold prices. In Turkiye, royalties are paid on revenue less certain costs associated with ore haulage, mineral processing and related depreciation and are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. Effective July 24, 2025, amendments to Turkish Mining Law were enacted, which included changes to the base rate table for state royalties on gold metal sales. The price-linked sliding scale of royalty rates has broadened with increasing rate bands, with the highest band at a maximum gold price of $5,101/oz, an expansion from the previous maximum of $2,101/oz. In Greece, royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and the EUR/USD exchange rate.

Total cash costs<sup>(2)</sup> averaged $1,176 per ounce sold in 2025, an increase from $940 per ounce sold in 2024. In Q4 2025, total cash costs averaged $1,295 per ounce sold, an increase from $944 per ounce sold in Q4 2024. The increase in both periods was primarily due to higher royalty expense driven by higher gold prices and unit costs, as well as lower gold volumes sold.

AISC per ounce sold<sup>(2)</sup> increased to $1,664 in 2025 from $1,285 in 2024, and to $1,894 in Q4 2025 from $1,226 in Q4 2024. The increase in both periods primarily reflect higher total cash costs per ounce sold as discussed above and higher sustaining capital expenditures.

**Other Expenses** 

Depreciation expense increased to $258.6 million in 2025 from $251.5 million in 2024 primarily reflecting higher depreciation at Lamaque, due to higher tonnes mined and a decrease in the Triangle reserve tonnes. Depreciation expense decreased to $69.6 million in Q4 2025 from $73.5 million in Q4 2024 primarily due to lower production and volumes sold.

Foreign exchange loss was $20.1 million for 2025 compared to a gain of $5.3 million in 2024. The loss was primarily due to the impact on Euro denominated debt and payables, where a strengthening Euro results in foreign exchange losses, which are partially offset by foreign exchange movements in Euro denominated cash balances and other receivables.

Other expense (income) changed to an expense of $151.5 million in 2025 compared to other income of $39.1 million in 2024, and includes other expense of $36.3 million in Q4 2025 and other income of $20.5 million in Q4 2024, respectively. Other expense in 2025 was mainly comprised of realized and unrealized losses on derivative instruments, including realized losses of $154.4 million for 2025 and $74.8 million in Q4 2025 primarily on the gold collars. Other income in 2024 was mainly related to a $60.0 million gain on recognition of a deferred consideration from the sale of the Tocantinzinho Project.

Finance costs increased to $31.6 million in 2025 from $23.0 million in 2024, driven by higher interest and financing fees on cumulative debt, financing costs of $5.1 million incurred on the disposal of marketable securities in Q1 2025, partially offset by a fair value gain of $7.1 million on the redemption option derivative on the Senior Notes.

**Income Tax**

Income tax expense from continuing operations decreased to $22.1 million in 2025 from $134.8 million in 2024, and included a $32.5 million recovery in Q4 2025 (Q4 2024 $68.8 million expense).

Current tax expense increased to $229.1 million in 2025 from $114.1 million in 2024 and to $85.1 million in Q4 2025 from $41.3 million in Q4 2024. Current tax expense related primarily to operations in Turkiye and Quebec.

Turkiye current taxes were $128.7 million and $44.3 million in 2025 and Q4 2025, respectively, as compared to $54.8 million and $15.3 million in 2024 and Q4 2024. Turkiye current tax for 2025 included $22.3 million of withholding tax incurred on repatriated earnings and $9.1 million of tax on foreign exchange gains offset by $15.8 million of investment tax credits.

Quebec current taxes were $86.4 million and $26.9 million in 2025 and Q4 2025, respectively, as compared to $53.4 million and $30.0 million in 2024 and Q4 2024 respectively. The increase in 2025 mainly reflects increased Quebec mining duties and income taxes resulting from increased sales revenue from Lamaque.

<sup>2</sup> *These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

 9

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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Deferred income taxes were $207.1 million recovery in 2025 and $117.7 million recovery in Q4 2025 as compared to expenses of $20.7 million in 2024 and $27.5 million in Q4 2024.

The 2025 and Q4 2025 deferred tax recoveries included a recovery of $63.7 million on the recognition of a deferred tax asset on previously unrecognized tax attributes in Greece, and recoveries of $114.0 million and $40.5 million in the respective periods, on the recognition of deferred tax assets on tax attributes that became available in Canada in 2025.

Deferred tax included expenses of $30.5 million and $5.2 million due to the weakening of the Turkish Lira and recoveries of $49.2 million and $1.3 million due to the strengthening of the Euro, both against the U.S. dollar in the respective periods.

Deferred tax further included, among other items, recoveries of $39.5 million and $27.2 million from reversals of foreign temporary differences offset by expenses of $57.2 million and $28.7 million for use of tax attributes in Canada in 2025 and Q4 2025, respectively.

The Company continually assesses its potential exposure to Pillar Two income taxes. Assessments are based on the most recent information available regarding the financial performance of the constituent entities in the group. Based on the most recent assessment performed, the Company does not expect a material exposure to Pillar Two top-up taxes.

**Net Earnings Attributable to Shareholders** 

The Company reported net earnings attributable to shareholders from continuing operations of $519.9 million ($2.56 basic earnings per share) in 2025, compared to $300.9 million ($1.48 basic earnings per share) in 2024 and net earnings of $252.3 million ($1.26 basic earnings per share) in Q4 2025, compared to net earnings of $108.2 million ($0.53 basic earnings per share) in Q4 2024. Net earnings attributable to shareholders from continuing operations increased in 2025 and Q4 2025 primarily due to higher revenue from higher average realized gold prices, partially offset by higher production costs and losses on derivative instruments.

Adjusted net earnings<sup>(3)</sup> was $354.9 million ($1.75 per share) in 2025, compared to $320.7 million ($1.57 per share) in 2024. Adjustments of non-recurring items in 2025 include removing a $177.7 million recovery for the recognition of deferred tax assets, a $18.7 million gain on foreign exchange due to the translation of deferred tax balances, and a $39.4 million unrealized loss on derivative instruments, among other items. Adjusted net earnings<sup>(3)</sup> was $126.1 million ($0.63 per share) in Q4 2025, removing a $104.2 million recovery for the recognition of deferred tax assets, a $27.4 million unrealized gain on derivative instruments and a $3.9 million loss on foreign exchange due to the translation of deferred tax balances, among other items.

**Cash Generated from Operating Activities and Free Cash Flow**<sup>(3)</sup>

Net cash generated from operating activities of continuing operations increased to $742.5 million in 2025 from $656.0 million in 2024, primarily as a result of higher revenues, partially offset by higher production costs. See additional discussion in the section - *Financial Condition and Liquidity* of this MD&A.

Free cash flow<sup>(3)</sup> was negative $232.9 million in 2025 compared to an inflow $19.8 million in 2024, with the decrease this year primarily due to an increase in investing activities, particularly construction at the Skouries Project. Free cash flow excluding Skouries<sup>(3)</sup> was $315.6 million in 2025 and $355.0 million in 2024. This measure of free cash flow adds back cash-basis capital expenditure on the Skouries Project and capitalized interest related to the Skouries Project in the respective periods.

<sup>3</sup> *These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

 10

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

**2026 Outlook** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> | **2026 Guidance** <sup>(1)</sup> |
| | | **Lamaque Complex** | **Kisladag** | **Efemcukuru** <sup>(4)</sup> | **Olympias** <sup>(45)</sup> | **Skouries Project** <sup>(6)</sup> | **Total** <sup>(7)</sup> |
| &nbsp;&nbsp;**Production** | **Gold** (000' oz) | 185 - 200 <sup>(9)</sup> | 105 - 130 | 70 - 80 | 70 - 80 | 60 - 100 <sup>(10)</sup> | 490 - 590 <sup>(910)</sup> |
| &nbsp;&nbsp;**Production** | **Copper** (M lb) |  |  |  |  | 20 - 40 <sup>(10)</sup> | 20 - 40 <sup>(10)</sup> |
| &nbsp;&nbsp;**Production** | **Silver** (000' oz) |  |  |  | 1550 - 1750 |  | 1550 - 1750 |
| &nbsp;&nbsp;**Production** | **Lead** (000' t) |  |  |  | 15 - 18 |  | 15 - 18 |
| &nbsp;&nbsp;**Production** | **Zinc** (000' t) |  |  |  | 16 - 19 |  | 16 - 19 |
| &nbsp;&nbsp;**Tonnes processed** (millions) | &nbsp;&nbsp;**Tonnes processed** (millions) | 0.95 - 1.00 | 12.5 - 13.5 | 0.53 - 0.55 | 0.51 - 0.54 | 2.0 - 3.5 |  |
| &nbsp;&nbsp;**Gold Grade** (g/t) | &nbsp;&nbsp;**Gold Grade** (g/t) | 6.0 - 6.5 | 0.5 - 0.6 | 4.5 - 5.0 | 7.5 - 8.0 | 1.0 - 1.2 |  |
| &nbsp;&nbsp;**Operations** | **Total Cash Costs** <sup>(2)</sup> <br>($/oz sold) | 790 - 990 | 1830 - 2080 | 1680 - 1880 | 1030 - 1230 |  | 1220 - 1420 |
| &nbsp;&nbsp;**Operations** | **All-in Sustaining Costs** <sup>(2)</sup> ($/oz sold) | 1160 - 1360 | 2100 - 2350 | 2010 - 2210 | 1370 – 1570 |  | 1670 - 1870 |
| &nbsp;&nbsp;**Skouries** | **All-in Sustaining Costs** <sup>(2)</sup> ($/oz sold) |  |  |  |  | (100) - 200 | (100) - 200 |
| &nbsp;&nbsp;**Capital Expenditures** ($ millions) | &nbsp;&nbsp;**Capital Expenditures** ($ millions) |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations** | **Sustaining** <sup>(2)</sup> | 70 - 80 | 25 - 30 | 20 - 25 | 25 - 30 |  | 140 - 165 |
| &nbsp;&nbsp;**Operations** | **Growth** <sup>(23)</sup>  | 180 - 190 | 130 - 140 | 25 - 30 | 40 - 45 |  | 375 - 405 |
| &nbsp;&nbsp;**Skouries** | **Project Capital** |  |  |  |  | 175 - 185 | 175 - 185 |
| &nbsp;&nbsp;**Skouries** | **Accelerated Operational** |  |  |  |  | 80 - 90 | 80 - 90 |
| &nbsp;&nbsp;**Skouries** | **Growth** <sup>(8)</sup> |  |  |  |  | 35 - 45 | 35 - 45 |
| &nbsp;&nbsp;**Skouries** | **Sustaining** <sup>(8)</sup> |  |  |  |  | 20 - 35 | 20 - 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)Guidance provided is for existing Eldorado Gold assets only.*

&nbsp;&nbsp;&nbsp;&nbsp;*(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)Includes capitalized exploration at the Lamaque Complex, Efemcukuru and Olympias.*

&nbsp;&nbsp;&nbsp;&nbsp;*(4)Payable metal produced.*

&nbsp;&nbsp;&nbsp;&nbsp;*(5)Olympias by-product grades: Silver: 100 - 130 g/t; Zinc: 4.6 - 5.1%; Lead: 3.8 - 4.3%*

&nbsp;&nbsp;&nbsp;&nbsp;*(6)Skouries Copper grades: 0.5 - 0.7%*

&nbsp;&nbsp;&nbsp;&nbsp;*(7)Totals may not add based on the averaging of costs.*

&nbsp;&nbsp;&nbsp;&nbsp;*(8)Skouries growth and sustaining capital following commercial production (expected in Q4).*

&nbsp;&nbsp;&nbsp;&nbsp;*(9)Includes production anticipated from Ormaque, dependent on permitting.*

&nbsp;&nbsp;&nbsp;&nbsp;*(10)Includes expected pre-commercial production from Skouries. Skouries commercial production is expected in Q4.*

**<br> Total gold production in 2026 is expected to be second-half weighted, with approximately 65% in H2 2026, driven by the ramp-up of Skouries, the ramp-up at Olympias and the impact of mine waste stripping and grade profile at Kisladag.

Total cash costs<sup>4,5</sup> in 2026 for operations are expected to be between $1,220 and $1,420 per ounce sold and AISC<sup>4,5</sup> for operations between $1,670 and $1,870 per ounce sold. The expected increase in 2026 costs is driven by forecasted higher labour costs as a result of inflation (particularly in Turkiye), increased sustaining capital and higher royalty expense, partially offset by higher by-product credits.

Exploration and evaluation expenditures are expected to be between $75 and $85 million in 2026, comprising $57 to $65 million of expensed and capitalized sustaining exploration and $18 to $20 million of exploration included in growth capital. General and administrative expenses are expected to be between $40 and $45 million in 2026, and depreciation expense excluding Skouries is expected to be between $240 and $260 million. Skouries depreciation expense is expected to be between $15 and $35 million.

<sup>4</sup> *These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.*

<sup>5</sup> *Total cash costs and AISC are for the operations and does not include Skouries.*

 11

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

**Operations Update** 

**Gold Operations** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **3 months ended December 31,** | **3 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Total** |  |  |  |  |
| &nbsp;&nbsp; Ounces produced  | 123416 | 155668 | 488268 | 520293 |
| &nbsp;&nbsp;&nbsp;Ounces sold | 126923 | 156864 | 491204 | 517926 |
| &nbsp;&nbsp;&nbsp;Production costs | $203.0 | $172.1 | $677.6 | $564.2 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(12)</sup> | $1295 | $944 | $1176 | $940 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(12)</sup> | $1894 | $1226 | $1664 | $1285 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | $53.8 | $31.0 | $169.1 | $124.3 |
| &nbsp;&nbsp;&nbsp;**Kisladag** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ounces produced | 41140 | 56483 | 168701 | 174080 |
| &nbsp;&nbsp;&nbsp;Ounces sold | 43043 | 56056 | 169971 | 173124 |
| &nbsp;&nbsp;&nbsp;Production costs | $70.8 | $56.1 | $221.1 | $162.7 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(12)</sup> | $1593 | $978 | $1264 | $918 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(12)</sup> | $1933 | $1073 | $1478 | $1025 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | $12.0 | $3.8 | $28.1 | $12.7 |
| &nbsp;&nbsp;&nbsp;**Lamaque** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ounces produced | 49307 | 63742 | 187208 | 196538 |
| &nbsp;&nbsp;&nbsp;Ounces sold | 49886 | 61894 | 187551 | 194670 |
| &nbsp;&nbsp;&nbsp;Production costs | $43.0 | $38.7 | $150.8 | $140.3 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(12)</sup> | $841 | $615 | $790 | $711 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(12)</sup> | $1392 | $933 | $1302 | $1134 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | $26.8 | $19.2 | $94.1 | $80.3 |
| &nbsp;&nbsp;&nbsp;**Efemcukuru** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ounces produced | 14496 | 19451 | 72482 | 80143 |
| &nbsp;&nbsp;&nbsp;Ounces sold | 14591 | 19185 | 73191 | 80002 |
| &nbsp;&nbsp;&nbsp;Production costs | $32.6 | $26.9 | $118.1 | $99.9 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(12)</sup> | $1929 | $1376 | $1510 | $1231 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(12)</sup> | $2536 | $1650 | $1846 | $1411 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | $8.6 | $5.1 | $22.9 | $15.9 |
| &nbsp;&nbsp;&nbsp;**Olympias** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ounces produced | 18473 | 15992 | 59877 | 69532 |
| &nbsp;&nbsp;&nbsp;Ounces sold | 19403 | 19729 | 60491 | 70130 |
| &nbsp;&nbsp;&nbsp;Production costs | $56.7 | $50.4 | $187.6 | $161.3 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(12)</sup> | $1324 | $1463 | $1722 | $1304 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(12)</sup> | $1676 | $1669 | $2145 | $1562 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | $6.5 | $2.9 | $24.1 | $15.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Revenues from silver, lead and zinc sales are off-set against total cash costs.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

 12

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Kisladag**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **3 months ended December 31,** | **3 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| &nbsp;&nbsp;&nbsp;**Operating Data** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Tonnes placed on pad | 3338199 | 3434938 | 12869908 | 13123978 |
| &nbsp;&nbsp;&nbsp;Ounces placed on pad <sup>(2)</sup> | 35588 | 46061 | 154582 | 191379 |
| &nbsp;&nbsp;&nbsp;Head grade (g/t Au) | 0.68 | 0.70 | 0.73 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces produced | 41140 | 56483 | 168701 | 174080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold | 43043 | 56056 | 169971 | 173124 |
| &nbsp;&nbsp;&nbsp;Average realized price ($/oz sold) <sup>(1)</sup> | $4264 | $2657 | $3468 | $2424 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(1)</sup> | $1593 | $978 | $1264 | $918 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(1)</sup> | $1933 | $1073 | $1478 | $1025 |
| &nbsp;&nbsp;&nbsp;**Financial Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $185.7 | $150.3 | $595.8 | $423.5 |
| &nbsp;&nbsp;&nbsp;Production costs | 70.8 | 56.1 | 221.1 | 162.7 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 26.2 | 30.2 | 90.6 | 93.7 |
| &nbsp;&nbsp;&nbsp;Earnings from mine operations | 88.7 | 63.9 | 284.0 | 167.1 |
| &nbsp;&nbsp;&nbsp;Growth capital investment <sup>(1)</sup> | 34.8 | 22.2 | 104.9 | 107.3 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(1)</sup> | 12.0 | 3.8 | 28.1 | 12.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Recoverable ounces.*

Kisladag produced 168,701 ounces of gold in 2025, a 3% decrease from 174,080 ounces in 2024 due to fewer tonnes placed on the pad and lower grades stacked during 2025. Similarly, gold production of 41,140 ounces in the quarter decreased 27% from 56,483 ounces in Q4 2024, due to lower available stacked ounces. In the year, lower grades of 0.73 grams per tonne in 2025 compared to 0.81 grams per tonne in 2024, resulted in lower recoverable ounces stacked in the quarter.

Revenue increased to $595.8 million in 2025 from $423.5 million in 2024 and increased to $185.7 million from $150.3 million in Q4 2024, reflecting higher average realized prices, offsetting lower gold volumes sold in both periods.

Production costs increased to $221.1 million in 2025 from $162.7 million in 2024 and to $70.8 million in Q4 2025 from $56.1 million in Q4 2024. The increases in both periods were primarily due to higher royalty expense from higher average realized gold prices and increased royalty rates effective from Q3 2025, as well as rising labour costs and costs of local services mainly driven by inflation exceeding the devaluation of the local currency. As a result, total cash costs per ounce sold increased to $1,264 in 2025 from $918 in 2024 and $1,593 in Q4 2025 from $978 in Q4 2024, which was also impacted by lower ounces sold.

Depreciation expense decreased to $90.6 million in 2025 from $93.7 million in 2024 due to lower ounces produced and sold during the year.

AISC per ounce sold increased to $1,478 in 2025 from $1,025 in 2024 and increased to $1,933 in Q4 2025 from $1,073 in Q4 2024 due to higher total cash costs per ounce sold and higher sustaining capital expenditures.

Sustaining capital expenditures were $28.1 million in 2025, including $12.0 million in Q4 2025, primarily related to equipment rebuilds, and heap leach pad interlifts. Growth capital investment was $104.9 million in 2025, including $34.8 million in Q4 2025 primarily for waste stripping and associated equipment costs to support the mine life extension, continued construction of the second and third phases of the North heap leap pad ("NHLP") and additional North adsorption, desorption and recovery ("ADR") plant infrastructure, as well as technical studies.

 13

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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Following a comprehensive technical and economic assessment, with a focus on capital discipline, whole ore agglomeration was decoupled from additional screening for the high pressure grinding rolls ("HPGR"). This allows for the implementation of the whole ore agglomeration circuit. The investment is expected to be approximately $35 million, and is expected to enhance permeability, improve kinetics, and shorten the leach cycle. Procurement of long-lead items commenced in Q4 2025, with installation of the agglomeration drums targeted for 2027.

Following the Q2 2025 decision to expand the secondary crusher circuit to facilitate operational debottlenecking and reduce wear on the HPGR, a new crusher has been ordered, and is expected to be delivered and installed in H2 2026.

The geometallurgical study for characterization of future mining phases continues and will evaluate the benefit of additional screening for the HPGR and whole ore agglomeration. This study is expected to be complete in H1 2026.

The higher metal price environment has created a significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity to move from a $1,700 to a $2,100 pit shell, which is expected to open up the western area of the pit and support resource expansion. To facilitate this opportunity and assist in resolving ongoing geotechnical challenges in the open pit, we expect to increase waste stripping in 2026 by 6 to 8 million tonnes. The mine optimization plan is expected to be beneficial in the long-term by improved balancing of ore and waste movement and supporting consistent year-over-year performance.

 14

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Lamaque**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **3 months ended December 31,** | **3 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| &nbsp;&nbsp;&nbsp;**Operating Data** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Tonnes milled | 241772 | 256628 | 997227 | 943509 |
| &nbsp;&nbsp;&nbsp;Head grade (g/t Au) | 6.78 | 8.05 | 6.19 | 6.74 |
| &nbsp;&nbsp;&nbsp;Average recovery rate | 93.4% | 95.8% | 94.3% | 96.1% |
| &nbsp;&nbsp;&nbsp;Gold ounces produced | 49307 | 63742 | 187208 | 196538 |
| &nbsp;&nbsp;&nbsp;Gold ounces sold | 49886 | 61894 | 187551 | 194670 |
| &nbsp;&nbsp;&nbsp;Average realized gold price ($/oz sold) <sup>(1)</sup> | $4204 | $2659 | $3496 | $2420 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(1)</sup> | $841 | $615 | $790 | $711 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(1)</sup> | $1392 | $933 | $1302 | $1134 |
| &nbsp;&nbsp;&nbsp;**Financial Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $210.7 | $165.2 | $658.2 | $473.0 |
| &nbsp;&nbsp;&nbsp;Production costs | 43.0 | 38.7 | 150.8 | 140.3 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 20.8 | 18.0 | 81.5 | 71.8 |
| &nbsp;&nbsp;&nbsp;Earnings from mine operations | 147.0 | 108.5 | 425.9 | 261.0 |
| &nbsp;&nbsp;&nbsp;Growth capital investment <sup>(1)</sup> | 17.7 | 4.1 | 65.2 | 23.0 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(1)</sup> | 26.8 | 19.2 | 94.1 | 80.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.*

<br> Lamaque produced 187,208 ounces of gold in 2025, a 5% decrease from 196,538 ounces in 2024 as a result of lower average grades and recoveries, partially offset by higher ore throughput. Gold production of 49,307 ounces in the quarter was lower compared to 63,742 ounces in Q4 2024 due to lower throughput rates as a result of a planned shutdown in Q4 and lower grades which influenced lower average recoveries. The gold grade decreased to 6.78 grams per tonne in Q4 2025 from 8.05 grams per tonne in 2025 due to mine sequencing, as well as the high-grade Ormaque bulk sample processed in Q4 2024.

Revenue increased to $658.2 million in 2025 from $473.0 million in 2024 and increased to $210.7 million from $165.2 million in Q4 2024. The increase in both periods is due to higher average realized gold prices.

Production costs increased to $150.8 million in 2025 from $140.3 million in 2024, and to $43.0 million in the quarter from $38.7 million in Q4 2024, primarily due to higher royalties and additional costs incurred for labour, contractors, and equipment rentals. As a result, total cash costs per ounce sold increased to $790 in 2025 from $711 in 2024, and increased to $841 in Q4 2025, from $615 in Q4 2024.

AISC per ounce sold increased to $1,302 in 2025 from $1,134 in 2024, and $1,392 in Q4 2025 from $933 in Q4 2024 primarily reflecting higher total cash costs per ounce sold and higher sustaining capital expenditures during the year.

Sustaining capital expenditures were $94.1 million in 2025, including $26.8 million in Q4 2025, primarily related to underground development, delineation drilling, equipment rebuilds and purchases. Growth capital investments of $65.2 million in 2025, including $17.7 million in Q4 2025, primarily related to Ormaque development, construction of the north basin water management structure, procurement of the paste plant, as well as resource conversion drilling.

 15

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Efemcukuru**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **3 months ended December 31,** | **3 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| &nbsp;&nbsp;&nbsp;**Operating Data** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Tonnes milled | 142210 | 138837 | 535270 | 541782 |
| &nbsp;&nbsp;&nbsp;Head grade (g/t Au) | 3.65 | 5.32 | 4.88 | 5.39 |
| &nbsp;&nbsp;&nbsp;Average recovery rate (to concentrate) | 89.8% | 91.4% | 91.3% | 91.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces produced <sup>(1)</sup> | 14496 | 19451 | 72482 | 80143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold | 14591 | 19185 | 73191 | 80002 |
| &nbsp;&nbsp;&nbsp;Average realized gold price <sup>(2)</sup> | $4429 | $2631 | $3654 | $2480 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(2)</sup> | $1929 | $1376 | $1510 | $1231 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(2)</sup> | $2536 | $1650 | $1846 | $1411 |
| &nbsp;&nbsp;&nbsp;**Financial Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $69.1 | $51.0 | $275.0 | $199.9 |
| &nbsp;&nbsp;&nbsp;Production costs | 32.6 | 26.9 | 118.1 | 99.9 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 8.6 | 9.6 | 32.1 | 31.9 |
| &nbsp;&nbsp;&nbsp;Earnings from mine operations | 27.9 | 14.5 | 124.8 | 68.1 |
| &nbsp;&nbsp;&nbsp;Growth capital investment <sup>(2)</sup> | 5.0 | 1.2 | 13.4 | 4.6 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | 8.6 | 5.1 | 22.9 | 15.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Payable metal produced.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

Efemcukuru produced 72,482 payable ounces of gold in 2025, a 10% decrease from 80,143 payable ounces in 2024, reflecting predominately lower grades. Gold production of 14,496 payable ounces in the quarter was 25% lower than 19,451 payable ounces produced in Q4 2024, due to lower grades despite higher tonnes milled.

Revenue increased to $275.0 million in 2025 from $199.9 million in 2024 and to $69.1 million in Q4 2025 from $51.0 million in Q4 2024. Increases in both periods were driven by higher average realized gold prices, offsetting lower ounces sold.

Production costs increased to $118.1 million in 2025 from $99.9 million in 2024 and increased to $32.6 million in Q4 2025 from $26.9 million in Q4 2024, primarily driven by higher royalty expense as a result of higher gold prices and increased royalty rates in Turkiye effective in Q3 2025. Higher direct operating costs, including labour, were driven by inflation exceeding the devaluation of local currency. Operating cost increases and lower gold production in the year resulted in an increase in total cash costs per ounce sold to $1,510 in 2025, from $1,231 in 2024 and increased to $1,929 in Q4 2025 from $1,376 in Q4 2024.

AISC per ounce sold increased to $1,846 in 2025 from $1,411 in 2024 and to $2,536 in Q4 2025 from $1,650 in Q4 2024, primarily reflecting higher total cash costs per ounce sold and higher sustaining capital expenditures as a result of increased development.

Sustaining capital expenditure was $22.9 million in 2025, including $8.6 million in Q4 2025, related primarily to underground development as well as equipment rebuilds and purchases. Growth capital investment was $13.4 million in 2025, including $5.0 million in Q4 2025 related to both underground and portal development at Kokarpinar and development costs at Bati.

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Olympias**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **3 months ended December 31,** | **3 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| &nbsp;&nbsp;&nbsp;**Operating Data** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Tonnes milled | 102699 | 109186 | 431116 | 446732 |
| &nbsp;&nbsp;&nbsp;Head grade (g/t gold) | 9.66 | 8.05 | 8.28 | 8.54 |
| &nbsp;&nbsp;&nbsp;Head grade (g/t silver) | 110.49 | 126.07 | 110.24 | 123.70 |
| &nbsp;&nbsp;&nbsp;Head grade (% lead) | 3.54% | 4.08% | 3.52% | 3.93% |
| &nbsp;&nbsp;&nbsp;Head grade (% zinc) | 3.73% | 4.34% | 3.84% | 4.25% |
| &nbsp;&nbsp;&nbsp;Gold average recovery rate (to concentrate) | 83.9% | 81.1% | 78.2% | 82.3% |
| &nbsp;&nbsp;&nbsp;Silver average recovery rate (to concentrate) | 78.8% | 78.8% | 72.9% | 75.9% |
| &nbsp;&nbsp;&nbsp;Lead average recovery rate (to concentrate) | 78.8% | 79.3% | 73.6% | 76.3% |
| &nbsp;&nbsp;&nbsp;Zinc average recovery rate (to concentrate) | 76.9% | 75.5% | 70.3% | 75.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces produced <sup>(1)</sup> | 18473 | 15992 | 59877 | 69532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold | 19403 | 19729 | 60491 | 70130 |
| &nbsp;&nbsp;&nbsp;Silver ounces produced <sup>(1)</sup> | 269681 | 330761 | 1083313 | 1223473 |
| &nbsp;&nbsp;&nbsp;Silver ounces sold | 300168 | 365254 | 1070584 | 1269324 |
| &nbsp;&nbsp;&nbsp;Lead tonnes produced <sup>(1)</sup> | 2634 | 3238 | 10195 | 11727 |
| &nbsp;&nbsp;&nbsp;Lead tonnes sold | 2845 | 3545 | 9883 | 12057 |
| &nbsp;&nbsp;&nbsp;Zinc tonnes produced <sup>(1)</sup> | 2512 | 3041 | 9923 | 12102 |
| &nbsp;&nbsp;&nbsp;Zinc tonnes sold | 2094 | 3205 | 9105 | 11416 |
| &nbsp;&nbsp;&nbsp;Average realized gold price ($/oz sold) <sup>(2)</sup> | $4213 | $2422 | $3458 | $2228 |
| &nbsp;&nbsp;&nbsp;Total cash costs ($/oz sold) <sup>(2)</sup> | $1324 | $1463 | $1722 | $1304 |
| &nbsp;&nbsp;&nbsp;All-in sustaining costs ($/oz sold) <sup>(2)</sup> | $1676 | $1669 | $2145 | $1562 |
| &nbsp;&nbsp;&nbsp;**Financial Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $111.7 | $69.3 | $289.9 | $226.2 |
| &nbsp;&nbsp;&nbsp;Production costs | 56.7 | 50.4 | 187.6 | 161.3 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 14.0 | 15.7 | 54.3 | 54.1 |
| &nbsp;&nbsp;&nbsp;Earnings from mine operations | 41.0 | 3.2 | 48.0 | 10.8 |
| &nbsp;&nbsp;&nbsp;Growth capital investment <sup>(2)</sup> | 16.9 | 3.8 | 34.8 | 10.5 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(2)</sup> | 6.5 | 2.9 | 24.1 | 15.4 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Payable metal produced.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

Olympias produced 59,877 ounces of gold in 2025, a 14% decrease from 69,532 ounces in 2024. This primarily reflects lower throughput and recoveries during the year as a result of persistent flotation circuit stability issues due to a paste backfill blend that affected the water chemistry, as well as equipment availability constraints.

Gold production of 18,473 ounces in Q4 2025 increased from 15,992 ounces in Q4 2024 as a result of higher gold grades and recoveries despite slightly lower throughput. Lead and silver production decreased in the period compared to Q4 2024, primarily reflecting lower grades.

Revenue increased to $289.9 million in 2025 from $226.2 million in 2024 and increased to $111.7 million in Q4 2025 from $69.3 million in Q4 2024, as a result of a higher average realized gold price, offset by lower sales volumes in both periods.

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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Production costs increased to $187.6 million in 2025 from $161.3 million in 2024 and to $56.7 million in Q4 2025 from $50.4 million in Q4 2024. Costs were higher in the quarter and for the year compared to 2024 primarily due to the stronger Euro as well as higher royalties as a result of higher gold prices. These impacts were offset by higher by-product credits from base metal sales, which benefitted from the impact of higher silver prices. This resulted in total cash costs per ounce sold decreasing to $1,324 in Q4 2025 from $1,463 in Q4 2024. Total cash costs per ounce sold increased to $1,722 in 2025 from $1,304 in 2024 due to higher royalties and lower ounces sold.

AISC per ounce sold of $1,676 in Q4 2025 was comparable to $1,669 in Q4 2024. AISC per ounce sold increased to $2,145 in 2025 from $1,562 in 2024 primarily due to higher total cash costs, lower volumes sold and higher sustaining capital expenditures.

Sustaining capital expenditure increased to $24.1 million in 2025 from $15.4 million in 2024 and to $6.5 million in Q4 2025 from $2.9 million in Q4 2024. Spending in both periods primarily included underground development and mobile mining equipment rebuilds and purchases. Growth capital investments in 2025 relate to underground development and mill expansion infrastructure. The mill expansion to 650 ktpa (from 500 ktpa currently) continued to progress with completion expected in Q3 2026 and ramp-up expected in Q4 2026.

 18

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Development Projects** 

**Skouries – Greece**

The Skouries Project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece and is a high-grade copper-gold project. In January 2022, Eldorado published the results of the Skouries Project Feasibility Study with a 20-year mine life and expected average annual production over the life of the mine of 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 gold equivalent ounces.<sup>6</sup>

First production of the copper-gold concentrate is expected in early Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.

*<u>Concentrate Off-Take Agreements</u>*

Commercial terms for concentrate off-take have been agreed to with counterparties and contract execution expected before the end of Q1. Negotiated concentrate off-take agreements will cover approximately 80% of the copper concentrate for a two to three year term depending on the agreement and we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study assumptions, as a result of better pricing and treatment charge conditions in the current market.

**<u>Capital Estimate and Schedule</u>**

The capital cost estimate for Skouries is $1.16 billion (including recently announced foreign exchange impacts of $43 million and an additional $50 million related to the schedule impacts following a delay in first concentrate production). The project remains fully funded through projected equity contributions and project financing. The Term Facility totalling €680.4 million ($799.5 million) is fully drawn.

Project capital totalled $136.6 million in Q4 2025 and $475.2 million during the year ended December 31, 2025. At December 31, 2025, cumulative project capital invested towards phase 2 of construction totalled $980.0 million.

Accelerated operational costs of $178 million (including a recently announced $24 million increase related to acceleration of underground development and increased stope widths) include additional pre-commercial underground and open-pit mining and accelerate the purchase of higher capacity mobile mining equipment.

Accelerated operational capital was $34.8 million in Q4 2025 and $86.1 million for 2025. As of December 31, 2025, cumulative accelerated operational capital totalled $93.1 million.

<sup>6</sup> *The technical report entitled "Technical Report, Skouries Project, Greece" with an effective date of January 22, 2022 is available under the Company's profile at www.sedarplus.com and www.sec.gov. Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity prices for the relevant period: 2026-2027: $4,000/oz gold and $5.00/lb copper; 2029 and beyond: $3,000/oz gold and $4.50/lb copper.*

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**<u>Construction Activities</u>**

As at December 31, 2025, overall project progress was 90% when including the first phase of construction and 78% complete for phase 2 of construction.

*<u>Primary Crusher Building</u>*

Progress continues on the construction of the crusher building structure with the concrete now complete. The primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical installations. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations commenced in January 2026.

The stockpile dome foundation is complete and assembly of the dome structure is progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. Installation of the prefabricated electrical distribution room was completed at the end of January 2026 with electrical cable installation and terminations in progress.

*<u>Process Plant</u>*

Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Recent inspections have identified the need to replace the cyclone feed pump variable speed drive capacitors in the process plant main mill discharge cyclone feed, which experienced moisture damage during storage. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the control building structure is complete with electrical work underway across all areas.

The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing. The reagent areas are advancing in line with the commissioning plan through various stages of mechanical, piping and electrical installations.

*<u>Thickeners</u>*

Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up and is progressing in line with the plan.

Water testing has been completed and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and electrical work and tank installations in the flocculant building. Electrical installations and cable pulling in the thickeners' secondary substation building are in progress.

*<u>Filtered Tailings Facility</u>*

Work continues to progress on the filtered tailings plant, which remains on the critical path with electrical installation and commissioning being the final step. The cladding on the filtered tailings building commenced in February 2026.

Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. Pipe and cable tray installation are progressing. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete.

The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks assembled and water-tested, with internal coating work now underway. The clarifier water tank construction is progressing to plan.

The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.

Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system.

The work on the tailings infrastructure has been impacted by recent rainfall above historic levels which is affecting certain construction accessibility and productivities.

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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*<u>Powerline and Substations</u>*

The powerline, main and secondary substations are advancing to support start-up in early Q3 2026*.* Power line connection delays have resulted from a slower than expected approval of the detailed engineering, which in turn delayed the ramp-up of the subcontractor. Prior to commissioning final electrical regulatory authority approval requires completion of inspection and energization protocols.

**<u>Commissioning Activities</u>**

Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and process control systems has been completed. Pre-commissioning of the fire, utility, and process water systems has started. Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding, tails filtration, and primary crushing. Commissioning of these areas is expected to commence as sub systems are completed by the construction team.

*<u>Integrated Extractive Waste Management Facility (the "IEWMF")</u>*

Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next phase of cut-off trench construction.

Work is underway to prepare a dedicated area for the initial placement of tailings, however, work productivities have been impacted by recent rainfall above historic levels.

Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond the milestone elevation of 340 RL.

Enhancements were made to the construction of the Water Management System, notably the completion of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion channel.

The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment plant (WTP) foundation works commenced as planned.

**<u>Accelerated Operations and Readiness</u>**

*<u>Open Pit Mining</u>*

The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there were approximately 1.2 million tonnes of open pit and underground ore on stockpiles containing approximately 47.3 thousand ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and confirmed the first three years of production.

*<u>Underground Development</u>*

Underground access development rates continued to accelerate. A total of 1,155 metres of underground development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was approximately 900 metres more development than budgeted during the year.

The test stope program delivered high quality results during the quarter. The first of two test stopes were completely mined out and the second test stope mining will be completed in February 2026. Each test stope mined to date is expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and an area of 30 by 15 metres. Ore fragmentation has exceeded expectations, and stope cavity monitoring and extraction has met our expectations. This success has increased our confidence in the planned trial of four larger test stopes in 2026, each designed at approximately 97kt per stope with dimensions of 60 metres in height and an area of 30 by 20 metres per stope.

 21

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment), was successfully used during the mining of these two test stopes. This technology enables a single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.

*<u>Processing</u>*

Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to support operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced from three different vendors.

Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational readiness activities for tailings stacking.

*<u>Workforce</u>*

As at December 31, 2025, there were approximately 2,350 personnel working on site, including 415 Skouries employees.

**Perama Hill Project – Greece** 

The Perama Hill Project is an epithermal gold-silver deposit located in the Thrace region of northeastern Greece. If developed, the project is expected to operate as a small open pit mine utilizing a conventional carbon-in-leach circuit for gold recovery.

The Environmental Impact Assessment (EIA) was submitted to the Greek authorities in December 2025. Two parallel community consultation processes are expected to commence in the coming months: one led by the Greek State and another by Eldorado, ensuring transparent dialogue and stakeholder participation. Pending EIA approval, anticipated in H2 2026, construction could commence as early as 2027.

**Certej Project – Romania** 

On October 7, 2024, the Company entered into a share purchase agreement ("SPA") to sell the Romanian segment which includes the Certej Project, a non-core gold asset in the Romania segment. The associated assets and liabilities were consequently presented as held for sale in 2024. An amended and restated SPA was signed on May 14, 2025 and the sale was completed on October 30, 2025. The project has been presented as a discontinued operation in the year ended December 31, 2025, see Note 6 of the consolidated financial statements.

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Exploration and Evaluation** 

Exploration and evaluation expenditures are expensed when they relate to the initial search for, or the delineation of, mineral deposits, or the initial evaluation of the technical and economic feasibility of a project. Exploration and evaluation expenditures are capitalized once there is sufficient evidence to support the probability of generating positive economic returns.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Segment** | **2025 Target / Projects** | **Exploration Expenditure** | **Exploration Expenditure** | **Exploration Expenditure** | **Exploration Expenditure** |
| &nbsp;&nbsp;**Segment** | **2025 Target / Projects** | **Q4 2025** | **Q4 2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Canada | Sigma-Lamaque proximal targets, Uniake-Perestroika, Montgolfier, Bourlamaque targets, Ontario projects, Golden Rose and Atlin Goldfields target generation activities | $3.5 | $3.3 | $13.6 | $10.1 |
| &nbsp;&nbsp;&nbsp;Turkiye | Efemcukuru West Vein targets, Derinkoy-Kurak targets, Atalan-Mayislar targets, AND target, Early-stage project and target generation activities | 4.2 | 3.6 | 13.3 | 9.6 |
| &nbsp;&nbsp;&nbsp;Greece & Other | Stratoni Skarn, Olympias NW Zone, Olympias West Flats, Early-stage project and target generation activities | 2.2 | 0.7 | 8.1 | 4.1 |
| &nbsp;&nbsp;**Total Expensed** | &nbsp;&nbsp;**Total Expensed** | **$9.8** | **$7.7** | **$35.0** | **$23.8** |
| &nbsp;&nbsp;&nbsp;Canada | Lamaque Operations: Triangle Deep & Plug 4, Ormaque resource conversion and expansion | $2.1 | $1.5 | $9.3 | $11.8 |
| &nbsp;&nbsp;&nbsp;Turkiye | Kokarpinar vein and acquisition of Turkiye exploration licenses | 1.5 | 1.3 | 2.7 | 2.4 |
| &nbsp;&nbsp;&nbsp;Greece & Other | Olympias resource conversion and expansion | 0.1 | 0.7 | 3.8 | 1.7 |
| &nbsp;&nbsp;**Total Capitalized** | &nbsp;&nbsp;**Total Capitalized** | **$3.7** | **$3.5** | **$15.9** | **$15.9** |

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Exploration and evaluation expenditures in Q4 2025 were primarily related to resource expansion programs in mine environments in Turkiye, Greece, and Canada, early-stage targets in Canada (for a combined total of 46,630 metres for the quarter and 226,312 metres for the full year), and a partner-operated Eldorado-funded drill program in Ontario (3,177 metres) that was completed during Q4 2025. In addition, 2025 target generation activities advanced on various early-stage projects during the quarter.

In Q4 2025, exploration and evaluation expense related primarily to early-stage projects in Quebec, Turkiye and Greece. In Eastern Canada, early-stage targets in the Lamaque area continued to be drilled (7,978 metres) as well as a target located within the Bourlamaque area (3,462 metres). A total of 2,357 metres of underground exploration drilling between Triangle and Ormaque were also completed during the quarter. In Turkiye, exploration programs focused on desktop activities, fieldwork at regional greenfield projects, and drilling continued at the Kurak target (1,284 metres, for a full year total of 13,091 metres) and commenced at the AND project (5,397 metres). Drilling in Turkiye also tested potential new resource areas in the West Vein area at Efemcukuru (2,300 metres). In Greece, drilling continued at a target along the Stratoni corridor with 1,390 metres during Q4 2025, for a total of 8,899 metres for the full year, and 2,495 metres of underground exploration drilling was executed at Olympias. Additionally, field activities were undertaken across Greece, Turkiye and Canada as part of early-stage exploration aimed at generating new targets.

Capitalized expenditures related to resource expansion and resource conversion programs at Lamaque totalled 22,325 metres of drilling in Q4 2025, for a full year total of 85,519 metres. At the Triangle deposit, underground drilling programs focused on resource conversion of the zones C6 to C10 and Plug 4 (11,471 metres). At Ormaque, drilling included 10,845 metres of resource conversion drilling. In Greece, capitalized expenditures related to resource expansion and resource conversion drilling programs at Olympias targeted testing northern extensions of West Ore Zone mineralization (3,417 metres) in Q4 2025.

 23

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Financial Condition and Liquidity** 

**Operating Activities**

Net cash generated from operating activities of continuing operations increased to $742.5 million in 2025 from $656.0 million in 2024, primarily as a result of higher revenues, partially offset by higher production costs and higher taxes paid. Income taxes paid of $160.9 million in 2025 primarily related to operations in Turkiye as well as Quebec mining duties.

Net cash movement included a decrease of $9.5 million in 2025 due to changes in non-cash working capital. Movements included a $111.2 million increase in accounts payable primarily due to higher accrued royalty expense on metal sales in Greece and Turkiye and expense accruals, a $40.6 million increase in inventory related to ore stockpile and in-process inventories, and a $80.1 million increase in accounts receivable primarily due to the timing of concentrate sales and collections of VAT and other receivables.

**Investing Activities**

In 2025, we invested $866.4 million in capital expenditures on a cash basis, of which $169.1 million were sustaining capital expenditures at gold mines primarily related to underground development, equipment rebuilds, tailings management facility expansion, and processing improvements. During the year, $218.3 million was invested in growth capital investment including $73.4 million for waste stripping at Kisladag and $20.1 million for the construction of the Kisladag North Heap Leach pad and additional ADR infrastructure. At Skouries, the total spend of $561.3 million included $86.1 million of accelerated operational capital.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Summary of Capital Expenditures** | **Q4 2025** | **Q4 2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Kisladag | $34.8 | $22.2 | $104.9 | $107.3 |
| &nbsp;&nbsp;&nbsp;Lamaque | 17.7 | 4.1 | 65.2 | 23.0 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 5.0 | 1.2 | 13.4 | 4.6 |
| &nbsp;&nbsp;&nbsp;Olympias | 16.9 | 3.8 | 34.8 | 10.5 |
| &nbsp;&nbsp;**Growth capital investment at operating mines** <sup>(1)</sup> | **$74.4** | **$31.3** | **$218.3** | **$145.4** |
| &nbsp;&nbsp;&nbsp;Kisladag | $12.0 | $3.8 | $28.1 | $12.7 |
| &nbsp;&nbsp;&nbsp;Lamaque | 26.8 | 19.2 | 94.1 | 80.3 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 8.6 | 5.1 | 22.9 | 15.9 |
| &nbsp;&nbsp;&nbsp;Olympias | 6.5 | 2.9 | 24.1 | 15.4 |
| &nbsp;&nbsp;**Sustaining capital expenditures at operating mines** <sup>(1)</sup> | **$53.8** | **$31.0** | **$169.1** | **$124.3** |
| &nbsp;&nbsp;&nbsp;Skouries project capital <sup>(2)</sup> | $136.6 | $97.6 | $475.2 | $324.8 |
| &nbsp;&nbsp;&nbsp;Skouries accelerated operational capital | 34.8 | 7.0 | 86.1 | 7.0 |
| &nbsp;&nbsp;&nbsp;Sustaining capitalized exploration | 0.6 | 1.1 | 1.7 | 3.9 |
| &nbsp;&nbsp;&nbsp;Capitalized depreciation | 2.7 | 6.2 | 8.4 | 6.2 |
| &nbsp;&nbsp;&nbsp;Other projects | 6.2 | 0.2 | 20.2 | 8.8 |
| &nbsp;&nbsp;**Total capital expenditures** <sup>(3)</sup> | **$309.2** | **$174.5** | **$978.9** | **$620.3** |
| &nbsp;&nbsp;&nbsp;Reconciliation to cash capital expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in accounts payable and accruals related to capital additions | ($31.4) | $3.3 | ($98.6) | ($16.9) |
| &nbsp;&nbsp;&nbsp;Lease and other non-monetary additions | (0.9) | (0.6) | (5.6) | (3.0) |
| &nbsp;&nbsp;&nbsp;Capitalized depreciation | ($2.7) | ($6.2) | ($8.4) | ($6.2) |
| &nbsp;&nbsp;**Total cash capital expenditures** <sup>(4)</sup> | **$274.2** | **$171.0** | **$866.4** | **$594.1** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Excludes capitalized interest of $14.9 million in Q4 2025 ($10.3 million in Q4 2024), and $50.6 million in 2025 ($33.8 million in 2024).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)Excludes asset retirement adjustments of $4.9 million in Q4 2025 ($3.1 million in Q4 2024) and $10.2 million in 2025 ($3.1 million in 2024).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)Excludes capitalized interest paid of $16.5 million in Q4 2025 ($7.2 million in Q4 2024) and $44.9 million in 2025 ($30.5 million in 2024).*

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Financing Activities**

*Project Financing Facility*

On April 5, 2023, the Company entered into a project financing facility for the development of the Skouries Project in Northern Greece. This includes a €480.4 million commercial loan facility ("Commercial Loan Facility"), €200.0 million of funds from the Greek Recovery and Resilience Fund ("RRF Facility") and a contingent overrun facility ("Contingent Overrun Facility") for an additional €60.0 million (the Commercial Loan Facility, the RRF Facility and the Contingent Overrun Facility, together the "Term Facility"). The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries Project and the Hellas Gold operating assets. The project financing facility also includes a €30.0 million revolving credit facility ("VAT Facility") to fund reimbursable value added tax expenditures relating to the Skouries Project.

In the year ended December 31, 2025, the Company completed drawdowns on the Term Facility totalling €238.8 million ($278.5 million), including €176.9 million ($206.3 million) of commercial loans and €61.9 million ($72.2 million) from the RRF loans. Additionally, during the year ended December 31, 2025, the Company completed drawdowns on the VAT revolving credit facility totalling €67.0 million ($75.9 million) and made repayments of €48.1 million ($54.1 million).

In January 2025, Eldorado exercised a deferral option, which extends drawings from the Term Facility through the earlier of August 26, 2026, or three months following completion of the Skouries Project. Due to Eldorado exercising this deferral option, repayment of the Term Facility will commence on December 31, 2026, with 13 semi-annual installments, through to December 31, 2032.

For further information on our Skouries Project Financing Facility, refer to Note 16(b) of our audited financial statements for the years ended December 31, 2025 and 2024.

*Senior Notes* 

On August 26, 2021, we completed an offering of $500.0 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the "Senior Notes"). The Senior Notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022. The Senior Notes are guaranteed by Eldorado Gold Cooperatief U.A., SG Resources B.V., Tuprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company. We are in compliance with covenants related to the Senior Notes as at December 31, 2025.

For further information on our Senior Notes, refer to Note 16(a) of our audited financial statements for the years ended December 31, 2025 and 2024.

*Senior Secured Credit Facility*

On June 27, 2024, we entered into an agreement with a syndicate of lenders to increase the existing revolving senior secured credit facility ("Credit Facility") from $250 million to $350 million, with an option to increase the available credit by $100 million through an accordion feature, and to extend the facility to a maturity date of June 27, 2028. We are in compliance with the applicable covenants related to the Credit Facility as at December 31, 2025.

The Company's equity commitment for the Skouries Project is backstopped by a letter of credit issued under the Credit Facility. As at December 31, 2025, after taking into account investments in the Skouries Project to date and revised costs to complete, the amount outstanding under the letter of credit for Skouries was €206.8 million ($243.0 million).

For further information on our senior secured credit facility, refer to Note 16(c) of our audited financial statements for the years ended December 31, 2025 and 2024.<br>

 25

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Capital Resources**

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $869.4 | $856.8 |
| &nbsp;&nbsp;&nbsp;Working capital <sup>(1)</sup> | 658.7 | 1063.4 |
| &nbsp;&nbsp;&nbsp;Total debt | 1275.1 | 915.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Working capital (defined as current assets less current liabilities) does not include held for sale assets of $nil (December 31, 2024 -* $16.7 million*) and held for sale liabilities of $nil (December 31, 2024 -* $10.1 million*) associated with held assets held for sale.* 

At December 31, 2025, we had cash and cash equivalents of $869.4 million compared to $856.8 million at December 31, 2024. Significant changes include the impact of higher gold prices, the sale of G Mining Ventures shares in Q1 2025, the receipt of deferred consideration from G Mining Ventures in Q3 2025, and drawdowns on the Term Facility, partially offset by higher production costs, higher capital investment, share buybacks, income taxes paid and an additional investment in Amex Exploration Inc.

We expect that our working capital of $658.7 million as at December 31, 2025, together with expected future cash flows from operations and access to the undrawn Credit Facility, if required, are sufficient to support our planned and foreseeable commitments for the next twelve months.

At December 31, 2025, the current availability under our Credit Facility is $106.6 million. The availability of the Credit Facility will be increased Euro for Euro as the Company invests further in the Skouries Project.

**Contractual Obligations**

Material contractual obligations as at December 31, 2025 are outlined below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Within 1 year** | **2 years** | **3 Years** | **4 Years** | **Over 4 years** | **Total** |
| &nbsp;&nbsp;Senior Notes <sup>(1)</sup>  | $— | $— | $— | $500.0 | $— | $500.0 |
| &nbsp;&nbsp;Term Facility and VAT Facility <sup>(1)</sup> | 83.2 | 95.9 | 95.9 | 79.9 | 479.7 | 834.7 |
| &nbsp;&nbsp;&nbsp;Purchase obligations | 1.4 | 0.3 |  |  |  | 1.8 |
| &nbsp;&nbsp;&nbsp;Leases | 9.2 | 6.2 | 2.8 | 1.8 | 5.4 | 25.4 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 7.9 | 6.7 | 10.0 | 1.9 | 235.3 | 261.8 |
| &nbsp;&nbsp;&nbsp;**Totals** | $101.8 | $109.2 | $108.8 | $583.6 | $720.4 | $1623.7 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Does not include interest on debt.*

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Quarterly Results**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** |
| &nbsp;&nbsp;&nbsp;Total revenue | $577.2 | $434.7 | $451.7 | $355.2 | $435.7 | $331.8 | $297.1 | $258.0 |
| &nbsp;&nbsp;&nbsp;Net earnings from continuing operations <sup>(12)</sup> | 252.3 | 56.5 | 139.0 | 72.0 | 108.2 | 101.1 | 56.4 | 35.2 |
| &nbsp;&nbsp;&nbsp;Net (loss) earnings from discontinued operations <sup>(14)</sup> | (11.5) | (0.5) | (1.0) | 0.4 | (3.2) | (6.1) | (0.9) | (1.6) |
| &nbsp;&nbsp;&nbsp;Net earnings per share from continuing operations <sup>(12)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- basic | $1.26 | $0.28 | $0.68 | $0.35 | $0.53 | $0.49 | $0.28 | $0.17 |
| &nbsp;&nbsp;&nbsp;- diluted | $1.25 | $0.28 | $0.67 | $0.35 | $0.52 | $0.49 | $0.27 | $0.17 |
| &nbsp;&nbsp;&nbsp;Adjusted net earnings per share from continuing operations - basic <sup>(13)</sup> | $0.63 | $0.41 | $0.44 | $0.28 | $0.62 | $0.35 | $0.33 | $0.27 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Attributable to shareholders of the Company.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)Discontinued operations include the Romania segment in all periods presented.*

<br> Revenue and net earnings throughout 2025 and 2024 benefitted from rising average realized gold prices. Part of this impact was offset by higher royalties resulting from the higher realized gold prices and revised royalty rates in enacted in Turkiye.

In Q3 2024, net earnings from continuing operations includes a $50.1 million gain ($60 million gain, net of $9.9 million tax impact) related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021. In Q4 2024 and Q2 2025, net earnings from continuing operations were impacted by higher gold production and gold sales at Lamaque due to the processing of the high-grade Ormaque bulk samples.

Net loss from discontinued operations includes the portion attributable to shareholders of impairment charges relating to the Certej project ($2.9 million in Q2 2025 and $8.7 million in Q3 2024).

Adjusted net earnings<sup>(</sup><sup>7)</sup> removes significant items that do not reflect our underlying performance, and among other things in Q4 2025, adjusted a deferred tax recovery of $104.2 million on the recognition of deferred tax assets and a $27.4 million unrealized gain on derivative instruments.

Other significant adjustments from prior quarters include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q3 2025 - an unrealized loss on derivative instruments of $22.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 2025 - a gain related to foreign exchange on deferred tax of $22.8 million and an unrealized gain on derivative instruments of $18.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 2025 - a deferred tax recovery of $73.5 million on the recognition of a deferred tax asset and a $63.4 million unrealized loss on derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 2024 - an unrealized gain of $10.2 million on derivative instruments and a $26.5 million loss on foreign exchange due to the translation of deferred tax balances and Turkiye inflation accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q3 2024 - an unrealized loss of $33.1 million on derivative instruments, a $50.1 million gain net of tax on recognition of deferred consideration from the sale of Tocantinzinho, and a $15.3 million gain on foreign exchange due to the translation of deferred tax balances and Turkiye inflation accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 2024 - an unrealized loss of $16.9 million on derivative instruments.

<sup>7</sup> *These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.* 

 27

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Outstanding Share Information**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Common Shares Outstanding** <sup>(1)</sup> | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- as of December 31, 2025 | 198570520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- as of February 19, 2026 | 198570520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share purchase options - as of February 19, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;(Weighted average exercise price per share: CDN$17.09) | 2444190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance share units <sup>(2)</sup> - as of February 19, 2026 | 1050379 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Includes treasury stock.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Performance share units (PSUs) are subject to satisfaction of performance vesting targets within a performance period which may result in a higher or lower amount of PSUs than the number granted as of the grant date. Redemption settlement may be paid out in common shares (one for one), cash or a combination of both. The number of common shares listed above in respect of the PSUs assumes that 100% of the PSUs granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSUs that may be earned and redeemed may be higher or lower than the number of PSUs initially granted.* 

 28

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Non-IFRS and Other Financial Measures and Ratios**

We have included certain non-IFRS financial measures and ratios in this MD&A, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to those of other issuers.

Non-IFRS financial measures are defined in National Instrument 52-112 – *Non-GAAP and Other Financial Measures Disclosure* ("NI 52-112") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

The forward-looking total cash costs, AISC, and sustaining capital and growth capital disclosed in this MD&A have been calculated consistently with both the methodology noted below as it relates to the equivalent historical non-IFRS measure (that is, there are no significant differences in methodology between the historic and forward-looking non-IFRS measures).

The following table outlines the non-IFRS financial measures and ratios, their definitions, the most directly comparable IFRS measures and why we use these measures.<br>

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| | | | |
|:---|:---|:---|:---|
| **Non-IFRS financial measure or ratio** | **Definition** | **Most directly comparable IFRS measure** | **Why we use the measure and why it is useful to investors** |
| Total cash costs | We define total cash costs following the recommendations of the Gold Institute Production Cost Standard. The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of producers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting total cash costs of production by gold mining companies. Total cash costs include direct operating costs (including mining, processing and administration), refining and selling costs (including treatment, refining and transportation charges and other concentrate deductions), and royalty payments, but exclude depreciation and amortization, share based payments expenses and reclamation costs. Revenue from sales of by-products including copper, silver, lead and zinc reduce total cash costs. | Production costs | We believe these measures assist investors and analysts in evaluating the Company's operating performance and our ability to generate cash flow. |
| Total cash costs <br>per ounce sold | This ratio is calculated by dividing total cash costs by gold ounces sold in the period. | Production costs | We believe these measures assist investors and analysts in evaluating the Company's operating performance and our ability to generate cash flow. |
| All-in sustaining costs (AISC) | We define AISC based on the definition set out by the World Gold Council, including the updated guidance note dated November 14, 2018. We define AISC as the sum of total cash costs (as defined above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation. As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded. | Production costs | We believe these measures assist investors, analysts and other stakeholders with understanding the full cost of producing and selling gold and in evaluating our operating performance and our ability to generate cash flow. In addition, the Compensation Committee of the Board of Directors uses AISC, together with other measures, in its Corporate Scorecard to set incentive compensation goals and assess performance. |
| AISC <br>per ounce sold | This ratio is calculated by dividing AISC by gold ounces sold in the period. | Production costs | We believe these measures assist investors, analysts and other stakeholders with understanding the full cost of producing and selling gold and in evaluating our operating performance and our ability to generate cash flow. In addition, the Compensation Committee of the Board of Directors uses AISC, together with other measures, in its Corporate Scorecard to set incentive compensation goals and assess performance. |

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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| | | | |
|:---|:---|:---|:---|
| **Non-IFRS financial measure or ratio** | **Definition** | **Most directly comparable IFRS measure** | **Why we use the measure and why it is useful to investors** |
| Sustaining capital | Defined as capital required to maintain current operations at existing levels, including capitalized stripping and underground mine development. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include capitalized interest, expenditure related to capitalized evaluation, development projects, or other growth or sustaining capital not related to operating gold mines. | Additions to property, plant and equipment | We use sustaining capital to understand the ongoing capital cost required to maintain operations at current levels, and growth capital to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production from current levels. |
| Growth capital | Defined as capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations and new operations (including Skouries construction project capital and Skouries accelerated operational capital). | Additions to property, plant and equipment | We use sustaining capital to understand the ongoing capital cost required to maintain operations at current levels, and growth capital to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production from current levels. |
| Average realized gold price per ounce sold | Defined as revenue from gold sales adding back treatment charges, refining charges, penalties and other costs that are deducted from proceeds from gold concentrate sales, divided by gold ounces sold in the period. | Revenue | We use this measure to better understand the price realized in each reporting period for gold sales. |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA | EBITDA from continuing operations represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, interest income and finance costs. Adjusted EBITDA removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized gains or losses on derivatives, non-cash write-downs of assets; gains or losses on disposals of assets; costs associated with debt refinancing or redemptions; non-cash impairments or reversals of impairments; costs associated with mine closures; and other non-cash or non-recurring expenses or recoveries. | Earnings or loss from continuing operations before income tax | We believe EBITDA and Adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric. |
| Adjusted net earnings (loss) | Defined as net earnings or loss from continuing operations attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect our underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: losses or gains on foreign exchange translation of deferred tax balances; gains or losses on deferred tax due to changes in tax rates; and other non-recurring tax expenses or recoveries. | Net earnings (loss) from continuing operations attributable to shareholders of the Company | Adjusted net earnings and adjusted net earnings per share are used by management to measure the underlying operating performance of the Company. We believe these measures assist analysts and investors in assessing our operating performance. |
| Adjusted net earnings (loss) per share | This ratio is calculated by dividing adjusted net earnings or loss from continuing operations by the weighted average number of shares outstanding. | Net earnings (loss) from continuing operations attributable to shareholders of the Company | Adjusted net earnings and adjusted net earnings per share are used by management to measure the underlying operating performance of the Company. We believe these measures assist analysts and investors in assessing our operating performance. |
| Free cash flow | Defined as net cash generated from (used in) operating activities of continuing operations, less net cash used in investing activities of continuing operations before increases or decreases in cash from the following items that are not considered representative of our ability to generate cash: term deposits, restricted cash, cash used for acquisitions or disposals of mineral properties, marketable securities and non-recurring asset sales. | Net cash generated from (used in) operating activities of continuing operations | We believe free cash flow is a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. We believe free cash flow excluding Skouries is a useful indicator of our ability to generate free cash flow from operations, prior to investment in the Skouries Project. |
| Free cash flow excluding Skouries | Defined as free cash flow (defined above) adding back cash-basis capital additions for the Skouries Project and capitalized interest paid related to the Skouries Project. | Net cash generated from (used in) operating activities of continuing operations | We believe free cash flow is a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. We believe free cash flow excluding Skouries is a useful indicator of our ability to generate free cash flow from operations, prior to investment in the Skouries Project. |
| Cash flow from operating activities before changes in working capital | Defined as net cash generated from or used in operating activities of continuing operations before changes in non-cash working capital. Excludes the period to period movements of accounts and other receivables, inventories and accounts payable and accrued liabilities. | Net cash generated from (used in) operating activities of continuing operations | We believe that cash flow from operating activities before changes in working capital assists analysts, investors and other stakeholders in assessing our ability to generate cash from our operations before temporary working capital changes. |

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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*Total Cash Cost, Total Cash Costs per Ounce Sold*

Our reconciliation of total cash costs and total cash costs per ounce sold to production costs, the most directly comparable IFRS measure, is presented below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**Production costs** | **$203.0** | **$172.1** | **$677.6** | **$564.2** | **$478.9** |
| &nbsp;&nbsp;&nbsp;By-product credits <sup>(1)</sup> | (40.9) | (27.8) | (109.3) | (92.2) | (83.4) |
| &nbsp;&nbsp;&nbsp;Concentrate deductions <sup>(2)</sup> | 2.3 | 3.9 | 9.3 | 15.1 | 15.7 |
| &nbsp;&nbsp;&nbsp;**Total cash costs** | **$164.4** | **$148.1** | **$577.6** | **$487.1** | **$411.3** |
| &nbsp;&nbsp;&nbsp;Gold ounces sold | 126923 | 156864 | 491204 | 517926 | 483978 |
| &nbsp;&nbsp;&nbsp;**Total cash cost per ounce sold** | **$1295** | **$944** | **$1176** | **$940** | **$850** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Revenue from silver, lead and zinc sales.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Included in revenue.*

*For the three months ended December 31, 2025:*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Direct mining costs** | **By-product credits and other** | **Refining and selling costs** | **Inventory change** <sup>(1)</sup> | **Royalty expense** | **Total cash costs** | **Gold oz sold** | **Total cash cost/oz sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $53.4 | ($2.2) | $0.6 | ($3.7) | $20.5 | $68.6 | 43043 | $1593 |
| &nbsp;&nbsp;&nbsp;Lamaque  | 40.7 | (1.0) | 0.2 | (0.8) | 2.9 | 42.0 | 49886 | 841 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 20.6 | (4.4) | 2.4 | 0.1 | 9.5 | 28.1 | 14591 | 1929 |
| &nbsp;&nbsp;&nbsp;Olympias | 43.6 | (33.3) | 4.1 | (0.5) | 11.8 | 25.7 | 19403 | 1324 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$158.3** | **($40.9)** | **$7.3** | **($4.9)** | **$44.7** | **$164.4** | **126923** | **$1295** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.* 

*For the year ended December 31, 2025:*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Direct mining costs** | **By-product credits and other** | **Refining and selling costs** | **Inventory change** <sup>(1)</sup> | **Royalty expense** | **Total cash costs** | **Gold oz sold** | **Total cash cost/oz sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $179.7 | ($6.3) | $1.2 | ($16.5) | $56.7 | $214.8 | 169971 | $1264 |
| &nbsp;&nbsp;&nbsp;Lamaque | 141.9 | (2.6) | 0.5 | 0.4 | 8.1 | 148.2 | 187551 | 790 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 77.6 | (10.1) | 12.6 | 0.5 | 29.9 | 110.5 | 73191 | 1510 |
| &nbsp;&nbsp;&nbsp;Olympias | 155.0 | (90.2) | 15.2 | (5.5) | 29.7 | 104.2 | 60491 | 1722 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$554.2** | **($109.3)** | **$29.5** | **($21.1)** | **$124.3** | **$577.6** | **491204** | **$1176** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.* 

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|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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*For the three months ended December 31, 2024:*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Direct mining costs** | **By-product credits** | **Refining and selling costs** | **Inventory change** <sup>(1)</sup> | **Royalty expense** | **Total cash costs** | **Gold oz sold** | **Total cash cost/oz sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $40.9 | ($1.3) | $0.4 | $2.2 | $12.7 | $54.8 | 56056 | $978 |
| &nbsp;&nbsp;&nbsp;Lamaque | 37.6 | (0.6) | 0.2 | (1.1) | 1.9 | 38.1 | 61894 | 615 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 19.3 | (1.7) | 3.7 | 0.1 | 5.0 | 26.4 | 19185 | 1376 |
| &nbsp;&nbsp;&nbsp;Olympias | 37.7 | (24.2) | 4.8 | 3.8 | 6.7 | 28.9 | 19729 | 1463 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$135.5** | **($27.8)** | **$9.1** | **$5.1** | **$26.4** | **$148.1** | **156864** | **$944** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.* 

*For the year ended December 31, 2024:*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Direct mining costs** | **By-product credits** | **Refining and selling costs** | **Inventory change** <sup>(1)</sup> | **Royalty expense** | **Total cash costs** | **Gold oz sold** | **Total cash cost/oz sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $146.2 | ($3.8) | $0.9 | ($17.2) | $32.8 | $158.9 | 173124 | $918 |
| &nbsp;&nbsp;&nbsp;Lamaque | 138.5 | (1.9) | 0.5 | (4.3) | 5.7 | 138.4 | 194670 | 711 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 70.3 | (6.4) | 15.1 | (0.5) | 20.0 | 98.5 | 80002 | 1231 |
| &nbsp;&nbsp;&nbsp;Olympias | 134.2 | (80.0) | 18.7 | (2.4) | 20.9 | 91.4 | 70130 | 1304 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$489.1** | **($92.2)** | **$35.2** | **($24.4)** | **$79.4** | **$487.1** | **517926** | **$940** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.* 

*All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold*

Our reconciliation of AISC and AISC per ounce sold to total cash costs is presented below. The reconciliation of total cash costs to production costs, the most directly comparable IFRS measure, are presented above.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**Total cash costs** | **$164.4** | **$148.1** | **$577.6** | **$487.1** | **$411.2** |
| &nbsp;&nbsp;&nbsp;Corporate and allocated G&A | 19.1 | 9.8 | 59.1 | 45.1 | 46.7 |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation costs | 0.6 | 1.1 | 1.7 | 3.9 | 1.2 |
| &nbsp;&nbsp;&nbsp;Reclamation costs and amortization | 2.5 | 2.2 | 9.7 | 5.0 | 9.3 |
| &nbsp;&nbsp;&nbsp;Sustaining capital expenditure | 53.8 | 31.0 | 169.1 | 124.3 | 121.8 |
| &nbsp;&nbsp;&nbsp;**AISC** | **$240.4** | **$192.3** | **$817.2** | **$665.4** | **$590.3** |
| &nbsp;&nbsp;&nbsp;Gold ounces sold | 126923 | 156864 | 491204 | 517926 | 483978 |
| &nbsp;&nbsp;&nbsp;**AISC per ounce sold** | **$1894** | **$1226** | **$1664** | **$1285** | **$1220** |

---

 32

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---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below.

*Reconciliation of general and administrative expenses included in All-in Sustaining Costs:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**General and administrative expenses** <br>(from consolidated statement of operations) | $13.8 | $9.2 | $39.2 | $36.2 | $39.8 |
| &nbsp;&nbsp;&nbsp;**Add:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share based payments expense | 4.9 | 2.1 | 20.2 | 11.9 | 10.2 |
| &nbsp;&nbsp;&nbsp;Employee benefit pension plan expense from corporate and operating gold mines | 1.6 | 0.4 | 4.4 | 3.6 | 4.2 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;G&A expenses related to non-gold mines and in-country offices |  |  |  | (1.0) | (0.9) |
| &nbsp;&nbsp;&nbsp;Depreciation in G&A | (0.5) | (0.9) | (1.9) | (3.5) | (3.2) |
| &nbsp;&nbsp;&nbsp;Business development | (0.4) | (0.5) | (1.1) | (1.4) | (2.7) |
| &nbsp;&nbsp;&nbsp;Development projects | (0.4) | (0.4) | (1.7) | (1.2) | (0.7) |
| &nbsp;&nbsp;&nbsp;**Adjusted corporate general and administrative expenses** | **$19.1** | **$9.8** | **$59.1** | **$44.7** | **$46.7** |
| &nbsp;&nbsp;&nbsp;Regional general and administrative costs allocated to gold mines | (0.9) |  | (2.3) | 0.4 | 0.2 |
| &nbsp;&nbsp;&nbsp;**Corporate and allocated general and administrative expenses per AISC** | **$18.2** | **$9.8** | **$56.8** | **$45.1** | **$46.9** |

---

*Reconciliation of exploration and evaluation costs included in All-in Sustaining Costs:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**Exploration and evaluation expense** <sup>(1)</sup><br>(from consolidated statement of operations) | $9.8 | $7.7 | $35.0 | $23.8 | $22.4 |
| &nbsp;&nbsp;&nbsp;**Add:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capitalized evaluation cost related to operating gold mines | 0.6 | 1.1 | 1.7 | 3.9 | 1.2 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses related to non-gold mines and other sites <sup>(1)</sup> | (9.8) | (7.7) | (35.0) | (23.8) | (22.4) |
| &nbsp;&nbsp;&nbsp;**Exploration costs per AISC** | **$0.6** | **$1.1** | **$1.7** | **$3.9** | **$1.2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

*Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**Asset retirement obligation accretion** <sup>(1)</sup><br>(from notes to the consolidated financial statements) | $1.5 | $1.2 | $5.9 | $4.9 | $4.3 |
| &nbsp;&nbsp;&nbsp;**Add:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation related to asset retirement obligation assets | 1.2 | 1.2 | 4.7 | 1.0 | 5.8 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset retirement obligation accretion related to non-gold mines and other sites | (0.2) | (0.2) | (0.9) | (0.9) | (0.7) |
| &nbsp;&nbsp;&nbsp;**Reclamation costs and amortization per AISC** | **$2.5** | **$2.2** | **$9.7** | **$5.0** | **$9.3** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

 33

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---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

*Sustaining and Growth Capital*

Our reconciliation of growth capital and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**Additions to property, plant and equipment** <sup>(1)</sup><br>(from segment note in the consolidated financial statements) | $309.2 | $174.5 | $978.9 | $620.3 | $411.2 |
| &nbsp;&nbsp;&nbsp;Growth and development project capital investment - gold mines | (74.3) | (32.0) | (218.1) | (146.1) | (122.3) |
| &nbsp;&nbsp;&nbsp;Growth and development project capital investment - other | (180.7) | (108.3) | (588.7) | (343.2) | (168.6) |
| &nbsp;&nbsp;&nbsp;Sustaining capitalized depreciation |  | (2.2) |  | (2.2) |  |
| &nbsp;&nbsp;&nbsp;Sustaining capitalized exploration | (0.6) | (1.1) | (1.7) | (3.9) | (0.1) |
| &nbsp;&nbsp;&nbsp;Sustaining equipment leases | 0.4 | (1.3) | (0.3) | (0.6) | 1.6 |
| &nbsp;&nbsp;&nbsp;Corporate leases |  | 1.5 | (1.1) |  |  |
| &nbsp;&nbsp;&nbsp;**Sustaining capital expenditure at operating gold mines** | **$53.8** | **$31.0** | **$169.1** | **$124.3** | **$121.8** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

Our reconciliation by asset of AISC and AISC per ounce sold to total cash costs is presented below.

*For the three months ended December 31, 2025:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total cash costs** | **Corporate & allocated G&A** | **Exploration costs** | **Reclamation costs and amortization** | **Sustaining capital** | **Total** <br>**AISC**  | **Gold oz sold** | **Total**<br>**AISC/** <br>**oz sold**  |
| &nbsp;&nbsp;&nbsp;Kisladag | $68.6 | $0.8 | $— | $1.8 | $12.0 | $83.2 | 43043 | $1933 |
| &nbsp;&nbsp;&nbsp;Lamaque  | 42.0 |  | 0.6 | 0.1 | 26.8 | 69.4 | 49886 | 1392 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 28.1 | 0.1 |  | 0.2 | 8.6 | 37.0 | 14591 | 2536 |
| &nbsp;&nbsp;&nbsp;Olympias | 25.7 |  |  | 0.4 | 6.5 | 32.5 | 19403 | 1676 |
| &nbsp;&nbsp;&nbsp;Corporate <sup>(1)</sup> |  | 18.2 |  |  |  | 18.2 |  | 143 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$164.4** | **$19.1** | **$0.6** | **$2.5** | **$53.8** | **$240.4** | **126923** | **$1894** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.* 

*For the year ended December 31, 2025:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total cash costs** | **Corporate & allocated G&A** | **Exploration costs** | **Reclamation costs and amortization** | **Sustaining capital** | **Total** <br>**AISC**  | **Gold oz sold** | **Total<br>AISC/ <br>oz sold**  |
| &nbsp;&nbsp;&nbsp;Kisladag | $214.8 | $1.2 | $— | $7.2 | $28.1 | $251.3 | 169971 | $1478 |
| &nbsp;&nbsp;&nbsp;Lamaque  | 148.2 |  | 1.6 | 0.3 | 94.1 | 244.3 | 187551 | 1302 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 110.5 | 1.1 |  | 0.6 | 22.9 | 135.1 | 73191 | 1846 |
| &nbsp;&nbsp;&nbsp;Olympias | 104.2 |  |  | 1.5 | 24.1 | 129.8 | 60491 | 2145 |
| &nbsp;&nbsp;&nbsp;Corporate <sup>(1)</sup> |  | 56.8 |  |  |  | 56.8 |  | 116 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$577.6** | **$59.1** | **$1.7** | **$9.7** | **$169.1** | **$817.2** | **491204** | **$1664** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.*

 34

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---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

*For the three months ended December 31, 2024:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total cash costs** | **Corporate & allocated G&A** | **Exploration costs** | **Reclamation costs and amortization** | **Sustaining capital** | **Total** <br>**AISC**  | **Gold oz sold** | **Total<br>AISC/ <br>oz sold**  |
| &nbsp;&nbsp;&nbsp;Kisladag | $54.8 | $— | $— | $1.5 | $3.8 | $60.1 | 56056 | $1073 |
| &nbsp;&nbsp;&nbsp;Lamaque | 38.1 |  | 0.4 | 0.1 | 19.2 | 57.8 | 61894 | 933 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 26.4 |  |  | 0.2 | 5.1 | 31.7 | 19185 | 1650 |
| &nbsp;&nbsp;&nbsp;Olympias | 28.9 |  | 0.7 | 0.4 | 2.9 | 32.9 | 19729 | 1669 |
| &nbsp;&nbsp;&nbsp;Corporate <sup>(1)</sup> |  | 9.8 |  |  |  | 9.8 |  | 62 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$148.1** | **$9.8** | **$1.1** | **$2.2** | **$31.0** | **$192.3** | **156864** | **$1226** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.*

*For the year ended December 31, 2024:*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total cash costs** | **Corporate & allocated G&A** | **Exploration costs** | **Reclamation costs and amortization** | **Sustaining capital** | **Total** <br>**AISC**  | **Gold oz sold** | **Total<br>AISC/ <br>oz sold**  |
| &nbsp;&nbsp;&nbsp;Kisladag | $158.9 | $— | $— | $5.9 | $12.7 | $177.4 | 173124 | $1025 |
| &nbsp;&nbsp;&nbsp;Lamaque | 138.4 |  | 1.6 | 0.6 | 80.3 | 220.8 | 194670 | 1134 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 98.5 | 0.5 | 1.1 | (3.0) | 15.9 | 112.9 | 80002 | 1411 |
| &nbsp;&nbsp;&nbsp;Olympias | 91.4 |  | 1.2 | 1.5 | 15.4 | 109.5 | 70130 | 1562 |
| &nbsp;&nbsp;&nbsp;Corporate <sup>(1)</sup> |  | 44.6 |  |  |  | 44.6 |  | 86 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$487.1** | **$45.1** | **$3.9** | **$5.0** | **$124.3** | **$665.4** | **517926** | **$1285** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.*

**

<br> *Average Realized Gold Price per Ounce Sold*

Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below.

*For the three months ended December 31, 2025:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Revenue** | **Concentrate deductions** <sup>(1)</sup> | **Less non-gold revenue** | **Gold revenue** <sup>(2)</sup> | **Gold oz sold** | **Average realized gold price per ounce sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $185.7 | $— | ($2.2) | $183.5 | 43043 | $4264 |
| &nbsp;&nbsp;&nbsp;Lamaque | 210.7 |  | (1.0) | 209.7 | 49886 | 4204 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 69.1 |  | (4.4) | 64.6 | 14591 | 4429 |
| &nbsp;&nbsp;&nbsp;Olympias | 111.7 | 2.3 | (32.3) | 81.8 | 19403 | 4213 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$577.2** | **$2.3** | **($39.9)** | **$539.6** | **126923** | **$4251** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Includes the impact of provisional pricing adjustments on concentrate sales.*

 35

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---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

*For the year ended December 31, 2025:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Revenue** | **Concentrate deductions** <sup>(1)</sup> | **Less non-gold revenue** | **Gold revenue** <sup>(2)</sup> | **Gold oz sold** | **Average realized gold price per ounce sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $595.8 | $— | ($6.3) | $589.4 | 169971 | $3468 |
| &nbsp;&nbsp;&nbsp;Lamaque | 658.2 |  | (2.6) | 655.6 | 187551 | 3496 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 275.0 | 2.5 | (10.1) | 267.4 | 73191 | 3654 |
| &nbsp;&nbsp;&nbsp;Olympias | 289.9 | 6.8 | (87.5) | 209.2 | 60491 | 3458 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$1818.9** | **$9.3** | **($106.6)** | **$1721.6** | **491204** | **$3505** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Includes the impact of provisional pricing adjustments on concentrate sales.*

*For the three months ended December 31, 2024:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Revenue** | **Concentrate deductions** <sup>(1)</sup> | **Less non-gold revenue** | **Gold revenue** <sup>(2)</sup> | **Gold oz sold** | **Average realized gold price per ounce sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $150.3 | $— | ($1.3) | $148.9 | 56056 | $2657 |
| &nbsp;&nbsp;&nbsp;Lamaque | 165.2 |  | (0.6) | 164.6 | 61894 | 2659 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 51.0 | 1.2 | (1.7) | 50.5 | 19185 | 2631 |
| &nbsp;&nbsp;&nbsp;Olympias | 69.3 | 2.7 | (24.2) | 47.8 | 19729 | 2422 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$435.7** | **$3.9** | **($27.8)** | **$411.8** | **156864** | **$2625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Includes the impact of provisional pricing adjustments on concentrate sales.*

*For the year ended December 31, 2024:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Revenue** | **Concentrate deductions** <sup>(1)</sup> | **Less non-gold revenue** | **Gold revenue** <sup>(2)</sup> | **Gold oz sold** | **Average realized gold price per ounce sold** |
| &nbsp;&nbsp;&nbsp;Kisladag | $423.5 | $— | ($3.8) | $419.7 | 173124 | $2424 |
| &nbsp;&nbsp;&nbsp;Lamaque | 473.0 |  | (1.9) | 471.1 | 194670 | 2420 |
| &nbsp;&nbsp;&nbsp;Efemcukuru | 199.9 | 5.0 | (6.4) | 198.4 | 80002 | 2480 |
| &nbsp;&nbsp;&nbsp;Olympias | 226.2 | 10.1 | (80.0) | 156.3 | 70130 | 2228 |
| &nbsp;&nbsp;&nbsp;**Total consolidated** | **$1322.6** | **$15.1** | **($92.2)** | **$1245.5** | **517926** | **$2405** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Includes the impact of provisional pricing adjustments on concentrate sales.*

 36

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---

| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

*EBITDA, Adjusted EBITDA*

Our reconciliation of EBITDA and Adjusted EBITDA to earnings (loss) from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;**Earnings before income tax** <sup>(1)</sup> | **$219.7** | **$176.9** | **$544.3** | **$435.4** | **$163.4** |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization <sup>(2)</sup> | 70.1 | 74.4 | 260.5 | 255.0 | 264.3 |
| &nbsp;&nbsp;&nbsp;Interest income | (7.8) | (6.6) | (33.6) | (23.9) | (17.6) |
| &nbsp;&nbsp;&nbsp;Finance costs | 10.5 | 12.5 | 31.6 | 23.0 | 32.8 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **$292.5** | **$257.2** | **$802.8** | **$689.5** | **$442.9** |
| &nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets | 0.1 | (2.4) | (6.6) | (1.5) | 0.6 |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivative instruments | (27.4) | (10.2) | 39.4 | 51.8 | 9.6 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on recognition of deferred consideration <sup>(3)</sup> |  |  | 0.5 | (60.0) |  |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **$265.2** | **$244.6** | **$836.2** | **$679.7** | **$453.1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Includes depreciation within general and administrative expenses.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)In Q3 2025, transaction costs of $0.5 million were recognized against the $60 million gain in Q3 2024 related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021.*

<br> *Adjusted Net Earnings Attributable to Shareholders*

Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings (loss) from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Continuing Operations** <sup>(1)</sup> | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;**Net earnings attributable to shareholders of the Company** <sup>(1)</sup> | **$252.3** | **$108.2** | **$519.9** | **$300.9** | **$106.2** |
| &nbsp;&nbsp;&nbsp;Loss (gain) on foreign exchange translation of deferred tax balances net of inflation accounting <sup>(2)</sup> | 3.9 | 26.5 | (18.7) | 14.6 | (30.0) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in fair value of redemption option derivative | 1.5 | 5.1 | (7.1) | (1.9) | (2.0) |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivative instruments | (27.4) | (10.2) | 39.4 | 51.8 | 9.6 |
| &nbsp;&nbsp;&nbsp;Tax recoveries on recognition of deferred tax assets <sup>(3)</sup> | (104.2) |  | (177.7) |  |  |
| &nbsp;&nbsp;&nbsp;Discount on sale of marketable securities |  |  | 5.1 |  |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of mining licenses |  | (1.9) | (6.5) | (1.9) |  |
| &nbsp;&nbsp;&nbsp;Loss (gain) on deferred consideration, net of tax <sup>(4)</sup> |  |  | 0.5 | (50.1) |  |
| &nbsp;&nbsp;&nbsp;Tax reassessment on historical items <sup>(5)</sup> |  |  |  | 7.2 | 22.6 |
| &nbsp;&nbsp;&nbsp;Current tax expense due to Turkiye earthquake relief tax law change <sup>(6)</sup> |  |  |  |  | 4.3 |
| &nbsp;&nbsp;&nbsp;**Total adjusted net earnings** | **$126.1** | **$127.8** | **$354.9** | **$320.7** | **$110.7** |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding (thousands) | 199720 | 204619 | 203018 | 203983 | 194448 |
| &nbsp;&nbsp;&nbsp;**Adjusted net earnings per share ($/share)** | **$0.63** | **$0.62** | **$1.75** | **$1.57** | **$0.57** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Q4 2025 includes $3.9 million loss (Q4 2024 - $29.1 million loss) on foreign exchange translation of deferred tax balances and $nil (Q4 2024 - $2.6 million gain) on Turkiye tax inflation accounting. Year ended December 31, 2025 includes $18.7 million gain (2024 - $45.9 million loss) on foreign exchange translation of deferred tax balances and $nil (2024 - $31.2 million gain) on Turkiye tax inflation accounting.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)Includes recoveries on deferred tax assets of $114.0 million ($40.5 million in Q4 2025) relating to Canada and $63.7 million in Q4 2025 relating to Greece.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)In Q3 2025, transaction costs of $0.5 million were recognized upon collection of the deferred consideration (2024: a $60 million gain related to the deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021 was recognized, net of taxes of $9.9 million).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)In Q3 2024, a provision of $7.2 million was recorded for potential non-recurring tax reassessments representing $5.9 million of tax and $1.4 million of interest. These relate to historical intercompany loan balances in 2020 and 2021 which have since been capitalized. The deferred tax expense adjustment in 2023 was due to the income tax rate increase in Turkiye enacted in Q3 2023. Rate increase from 20% to 25% for general rate, from 19% to 24% for certain manufacturing activities (including mining) and from 19% to 20% for export income and was applicable retroactively to January 1, 2023.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(6)To help fund earthquake relief efforts in Turkiye, a one-time tax law change was introduced in Q1 2023 to reverse a portion of the tax credits and deductions previously granted in 2022.*

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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*Free Cash Flow and Free Cash Flow Excluding Skouries*

Our reconciliations of free cash flow and free cash flow excluding Skouries to net cash generated from (used in) operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;**Cash generated from operating activities** <sup>(1)</sup> | **$283.7** | **$267.6** | **$742.5** | **$656.0** | **$382.9** |
| &nbsp;&nbsp;&nbsp;Less: Cash used in investing activities | (380.5) | (165.9) | (814.6) | (630.6) | (395.7) |
| &nbsp;&nbsp;&nbsp;Add back: Decrease in term deposits |  |  |  | (1.1) | (35.0) |
| &nbsp;&nbsp;&nbsp;Add back (less): Purchases (proceeds from sale) of marketable securities and investment in associate | 44.8 | (10.0) | (96.4) | 1.1 | 0.6 |
| &nbsp;&nbsp;&nbsp;Less: Proceeds from sale of mining licenses | (2.5) | (4.1) | (5.0) | (5.6) |  |
| &nbsp;&nbsp;&nbsp;Less: Cash received from deferred consideration <sup>(2)</sup> |  |  | (59.5) |  |  |
| &nbsp;&nbsp;**Free cash flow** | **($54.5)** | **$87.6** | **($232.9)** | **$19.8** | **($47.2)** |
| &nbsp;&nbsp;&nbsp;Add back: Skouries cash capital expenditures | 147.3 | 94.4 | 503.5 | 304.8 | 149.0 |
| &nbsp;&nbsp;Add back: Capitalized interest paid <sup>(3)</sup> | 16.5 | 7.2 | 44.9 | 30.5 | 10.8 |
| &nbsp;&nbsp;**Free Cash Flow excluding Skouries** | **$109.3** | **$189.2** | **$315.6** | **$355.0** | **$112.6** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements. 2025 and 2024 figures exclude the effect of exchange rates on cash and cash equivalents.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)Deferred consideration received from G Mining Ventures of $60 million, net of transaction costs of $0.5 million.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)Includes interest from the Term Facility and Senior Notes.*

*Cash Flow from Operating Activities before Changes in Working Capital*

Our reconciliation of cash flow from operating activities before changes in working capital to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q4 2025** | **Q4 2024** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;**Net cash generated from operating activities** <sup>(1)</sup> | **$283.7** | **$267.6** | **$742.5** | **$656.0** | **$382.9** |
| &nbsp;&nbsp;&nbsp;Add back (less): Changes in non-cash working capital | (53.7) | (39.1) | 9.5 | (20.6) | 28.3 |
| &nbsp;&nbsp;&nbsp;**Cash flow from operating activities before changes in working capital** | **$230.0** | **$228.5** | **$752.0** | **$635.5** | **$411.2** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.* 

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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**Managing Risk**

Eldorado is involved in the exploration, discovery, acquisition, financing, development, production, reclamation and operation of mining properties. We face a number of risks and uncertainties which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The Company maintains an enterprise-wide risk management framework designed to identify, assess, and manage risks that could materially affect its business, financial condition, or results of operations. Oversight of risk management rests with the Board of Directors, with all Board Committees responsible for risks within their respective areas. The Company's Enterprise Risk Management policy formalizes responsibilities for management and reinforces accountability for risk identification and mitigation. Management is responsible for conducting formalized quarterly risk assessments and an annual strategic risk review, both of which are reported to the Board of Directors. The risks described below are not the only risks and uncertainties that we face. Although we have done our best to identify the risks to our business, there is no assurance that we have captured every material or potentially material risk and the risks identified below may become more material to the Company in the future or could diminish in importance. Additional existing risks and uncertainties not presently identified by the Company, risks that we currently do not consider to be material, and risks arising in the future could cause actual events to differ materially from those described in our forward-looking information, which could materially affect our business, results of operations, financial condition and the Eldorado Gold share price.

We have set out the risks in the order of priority we believe is appropriate for Eldorado based on our assessment of, among other things, the likelihood and impact of such risks, and our expected capabilities to mitigate such risks. Accordingly, you should review this section in its entirety.

*Commodity Price Risk*

The profitability of the Company's operations are directly related to, in large part, gold, copper, and other commodity prices. Gold, copper, and other commodity prices fluctuate widely and are affected by many factors beyond the Company's control, including but not limited to: global and regional demand, gold and financial market volatility and other market factors, central bank purchases and sales of gold, monetary policies employed by central banks, producer hedging and de-hedging activities, expectations of inflation, expectations of economic activity, the exchange rate of the U.S. dollar to other major currencies, interest rates, political and economic events (global and regional) including international trade disputes and the imposition of tariffs, production costs in major gold-producing regions, speculative positions taken by investors or traders in gold, wars, terrorism and other conflicts, changing investor or consumer sentiment, the availability and costs of metal and material substitutes, the popularity of cryptocurrencies as an alternative investment to gold, and gold lending.

If metal prices decline significantly, or decline for an extended period, losses would be sustained, and, under certain circumstances, Eldorado may curtail or suspend some or all of its mining, exploration or development activities at its mines. Sustained lower metal prices may require changes to the Company's mine plans, result in reduced production, and higher costs than anticipated, or both. The Company might also not be able to fulfill its obligations under its permits and licenses or agreements with partners, and this could increase the likelihood and amount that we may be required to record as an impairment charge on our assets. In addition, a significant metal price decline could result in significant reductions in our mineral reserves and resources, losing the ability to operate some or all of the Company's properties economically, or being forced to sell them, which could have a materially adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The cost of production, development and exploration varies depending on the market prices of certain mining consumables, including diesel fuel, electricity and chemical reagents. Electricity is regionally priced in Türkiye and semi-regulated by the Turkish government, which reduces the risk of price fluctuations. The Company has elected to hedge some of its exposure to commodity price risk for gold and copper with a limited forward sales contract (for delivery on June 30, 2026). The Company may in the future elect to continue or further hedge, from time to time, commodity price contracts to manage its exposure to fluctuations in the price of gold, copper, and other metals. However, there is no assurance that Eldorado will be able to conduct further hedging on reasonable terms or that any hedges that have been, or may be, put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if we had no hedges in place.

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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*Development Risks at Skouries and Other Development Projects*

*Development Risks - General*

Gold and other metal exploration is highly speculative in nature, involves many risks and is often not productive; and there is no assurance that we will be successful in our development efforts. Substantial expenditures are required to establish Proven and Probable Mineral Reserves, determine the optimal metallurgical process to extract the metals from the ore, and to plan and build mining and processing facilities for new properties and to maintain such facilities at existing properties. Once we have found ore in sufficient quantities and grades to be considered economic for extraction, metallurgical testing is required to determine whether the metals can be extracted economically. It can take many years of exploration and development before production is possible, and the economic feasibility of production can change during that time.

The capital expenditures and time required to develop new mines are considerable, and changes in cost or construction schedules can significantly increase both the time and capital required to build the project.

Project development schedules are dependent on obtaining the support of local communities, obtaining the governmental approvals necessary for the construction and operation of a project, and if applicable, allowing for the necessary regulatory process to be completed with respect to any new archaeological findings on the site. New mines may face opposition from local communities, and the timeline to obtain necessary government approvals is often beyond our control. See also "Indebtedness", "Skilled Workforce", "Liquidity and Financing Risk", and "Community Relations and Social License".

It is not unusual in the mining industry to experience unexpected problems during the start-up phase of a mine, resulting in delays and requiring more capital and other costs than anticipated. As a result of the complexity and substantial expenditures involved in development projects, developments are vulnerable to material schedule and cost overruns. While we will take steps to mitigate this, there is no assurance that the profitability or economic feasibility of a project will not be adversely affected by factors beyond our control. Delays can also occur when production initially commences and during ramp-up to commercial production. In the past, we have adjusted our estimates based on changes to our assumptions and actual results. There is no guarantee that such adjustments will alleviate the effects of such delays or problems. These unexpected occurrences may also impact our compliance with certain terms, conditions, and covenants set out in the Term Facility and commercial and other material agreements related to the development project. See also "Liquidity and Financing Risk", "Contractors", and "Skilled Workforce".

Mine development projects typically require a number of years and significant expenditures during the development phase before production is possible and there is no assurance that any of our development projects will become producing mines.

Development projects depend on successfully completing feasibility studies and environmental assessments, obtaining the necessary government permits and receiving adequate financing. Economic feasibility is based on several factors, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated metallurgical recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental considerations and permitting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future prices of gold, copper, and other metals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated capital and operating costs for the projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of sufficient numbers of skilled trades; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely execution of development plan.

Development projects have no operating history to base estimated future production and cash operating costs on. With development projects in particular, estimates of Proven and Probable Mineral Reserves and cash operating costs are largely based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interpreting the geologic data obtained from drill holes and other sampling techniques; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• feasibility studies that derive estimated capital and cash operating costs based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected tonnage and grades of ore to be mined and processed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the configuration of the ore body;

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected recovery rates of gold and other precious and base metals from the ore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated operating costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated climate conditions and other factors.

It is therefore possible that actual capital and cash operating costs and economic returns will differ significantly from what we estimated for a project before starting production.

Mining of mineral-bearing material requires removal of waste material prior to gaining access to and extracting the valuable material. Depending on the location of the ore, this may entail removing material above the ore in an open pit situation (pre-stripping) or developing tunnels underground to gain access to deeper material. Where possible, this material is then generally used elsewhere in the project site for construction of site infrastructure. As a project is developed, a plan is put forward to complete the pre-strip or required underground development so that mining of ore can commence in line with the overall schedule to feed ore to the process plant at the right time. The degree of pre-strip in an open pit is based on selected drilling, which may result in adjustments to the resource model and a requirement for more or less pre-stripping to be completed. This may result in a deficit of material required to complete other earthworks around the project site, such as tailings facilities, or an increase in the pre-strip requirements prior to mining commencing. Similarly, with underground development, the mining method and optimized design are based on an amount of drilling that will be increased during normal operations. As work continues, there may be previously unknown ground conditions that may be exposed, or other changes to mining parameters that can cause a change in the mine design or direction of the underground development. Either of these occurrences could result in more or less material than can be used for other site projects if so designed, and could also delay the start-up of continuous production. This may result in lower revenues while the project ramps up to normal operating rates.

Our production, capital, and operating cost estimates for development projects are based on certain assumptions. We use these estimates to establish our Mineral Reserve estimates but our capital and cost estimates are subject to significant uncertainty as described above.

Although we undertake significant work to understand and update our assumptions and estimates related to our development projects, actual results for our projects may differ from current estimates and assumptions, and these differences may be material. The experience we gain from actual mining or processing operations can also identify new or unexpected conditions that could reduce production below our current estimates, or increase our estimated capital or operating costs. If actual results fall below our current estimates, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Development Risks - Skouries*

The risks described in "Development Risks – General" apply to the Skouries Project. In addition, the risks, uncertainties and other factors associated with the Skouries Project (including those described in this "Managing Risk" section) may cause delays in the Skouries Project construction and commissioning, which in turn may cause delays in the commencement of production and additional carrying costs during the construction phase. Any such delays and additional carrying costs are likely to result in further increases to the cost of the Skouries Project.

Labour market tightness in Greece, particularly pronounced in construction, continue to limit the availability of key construction personnel at Skouries, resulting in a slower ramp-up of the workforce and delayed progress in certain areas of the Skouries Project. Our ability to recruit the required number of personnel within the required timelines, manage changes to workforce numbers through the construction of the Skouries Project, recruit personnel having the requisite skills, experience and ability to work on site and increase productivity by adding or modifying labour shifts, will have a direct impact on the schedule and costs associated with the Skouries Project, as well as our guidance for 2026 and beyond. See "Labour – Employee/Union Relations", "Key Personnel", "Skilled Workforce", "Expatriates" and "Contractors."

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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Other risks and uncertainties related to the Skouries Project include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rising labour costs or costs of key inputs such as materials, power and fuel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the ability of contractors to perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost or quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to construct key infrastructure within the required timelines including the process plant, filter plant, waste management facilities and embankments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• differences between projected and actual degree of pre-strip required in the open pit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variability in metallurgical recoveries and concentrate quality due to factors such as the extent and intensity of oxidation or the presence of transition minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• presence of additional structural features impacting hydrological and geotechnical considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribution of sulfides that may dilute concentrate and change the characteristics of tailings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected disruptions to operations due to protests, non-routine regulatory inspections or road conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected inclement weather and climate events including short and long duration rainfall and floods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet pre-commercial producing mining or underground development targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected results from underground stopes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in support from local communities, and our ability to meet the expectations of communities, governments and stakeholders related to the Skouries Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely receipt of necessary permits and authorizations.

As noted in "Development Risks – General", there are substantial expenditures involved in the development of large development projects and these projects are generally prone to material cost overruns. While we will take steps to mitigate this in relation to the Skouries Project, there is no assurance that the profitability or economic feasibility of the Skouries Project will not be adversely affected by factors beyond our control. Delays may also occur when first production commences, which in turn could lead to schedule changes and delays in achieving commercial production. As disclosed in the Company's news releases, we have over time and as the development progressed, adjusted our estimates related to the schedule and costs of the Skouries Project based on changes to our assumptions, the current status of construction activities, and the impact of the strengthening Euro on construction costs. As previously announced, due to the revised schedule, the Company expects to complete additional pre-commercial production mining, has accelerated the purchase of higher capacity mobile mining equipment to support a faster transition from contract mining to an owner-operated model and has identified benefits to a longer period of underground mining prior to commercial production. The Company also continues to take steps to address the continued tightness in the Greek labour market. There is no guarantee that such adjustments and other mitigation efforts will prevent or alleviate the effects of such delays or problems.

Unexpected occurrences with respect to the development of the Skouries Project may impact our compliance with certain terms, conditions, and covenants set out in the Term Facility, and commercial and other material agreements related to the development of the Skouries Project. Depending on the nature of the impact, these unexpected occurrences could also impact our ability to access additional funds under the Term Facility.

Although we undertake significant work to understand and update our assumptions and estimates related to the Skouries Project, actual results may differ from current estimates and assumptions, and these differences may be material.

*Operations*

Our operations, some of which are located in foreign jurisdictions, are exposed to various levels of political, social and economic risks and uncertainties. These risks and uncertainties vary from country to country and include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earthquakes, wildfires, water events (including short and long duration rainfall, floods and droughts) and other natural disasters;

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing political and social conditions, geopolitical environment or governments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely receipt of necessary permits and authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in law or regulation (including in respect of mining, health, safety, and environmental regulations, taxation and royalties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in policies (including in respect of monetary policies and permitting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renegotiation or nullification of existing rights, concessions, licenses, permits and contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on foreign exchange, currency controls and repatriation of capital and profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extreme fluctuations in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs and other trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high rates of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labour unrest, rising labour costs, and labour shortages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of suitable skilled labour due to tight labour markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mobility restrictions for personnel and contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability of consumables including electricity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil unrest or risk of civil war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bribery, extortion and corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expropriation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability of judicial recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operation of the rule of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of procedural rights and remedies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guerrilla activities, insurrection and terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anti-mining and other activism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hostage taking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• military repression; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trespass, illegal mining, theft and vandalism.

The occurrence of any of these risks in the countries in which we operate could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The mining and metals sector has been increasingly targeted by governments for the purposes of raising revenue or for political reasons, as governments continue to struggle with deficits and concerns over the effects of depressed economies or in response to rising gold and other metal prices. Governments are continually assessing the fiscal terms of the mining regimes and agreements that apply to an entity looking to exploit resources in their countries and numerous countries have recently introduced changes to their respective mining regimes that reflect increased government control over, or participation in, the mining sector.

The possibility of future changes to the mining regimes in the countries in which we operate adds uncertainty that cannot be accurately predicted and may result in additional costs, delays and regulatory requirements. In addition, such changes could restrict our ability to contract with persons or conduct business in certain countries. There is no assurance that governments will not take our rights, impose conditions on our business, prohibit us from conducting our business or grant additional rights to state-owned enterprises, private domestic entities, special interest groups, Indigenous peoples or residents in the countries in which we operate, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We expect to generate cash flow and profits at our foreign subsidiaries, and we may need to repatriate funds from those subsidiaries to service our indebtedness or fulfill our business plans in other geographic areas. From time to time, governments in countries in which Eldorado operates may impose limitations on Eldorado's ability to repatriate funds. As such, we may not be able to repatriate funds from foreign jurisdictions in the future, or we may incur tax payments or other costs when doing so, as a result of a change in applicable law or tax requirements at local subsidiary levels or at the Eldorado Gold level.

We have one operating mine, two development projects and one mine on care and maintenance in Greece. Following the global financial crisis in 2008 and 2009, the Greek economy experienced a significant downturn. The subsequent economic crisis from 2011 to 2018 resulted in austerity measures, a severe recession of the Greek

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

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economy, capital controls from 2015 to 2019 and concerns about sovereign debt default and of Greece exiting the Eurozone. During this crisis, Greece experienced protracted political instability, a high unemployment rate, popular unrest in response to austerity measures and rounds of bail-out negotiations with various governmental and private parties. Since 2019, in part due to economic measures adopted during the crisis, the Greek economy has stabilized and the Hellenic Republic regained its investment grade credit rating. However, there can be no assurance that the current period of political and economic stability in Greece will continue, and there is always a possibility that the OECD and IMF may insist on further reforms.

In February 2021, we entered into the Investment Agreement with the Hellenic Republic to govern the further development, construction and operation of the Skouries Project and the Olympias and Stratoni/Mavres Petres mines and facilities, which provides a modernized legal and financial framework to allow for the advancement of our investment in these assets. In March 2021, the Investment Agreement was ratified by the Greek parliament and published in the Greek Government Gazette, officially becoming law.

We currently hold all necessary permits for our operations in Greece and the development of the Skouries mine, but in the past we have experienced significant delays in the timely receipt of necessary permits and authorizations from the Hellenic Republic in order to advance operations in Greece, and it is possible we will experience delays again in the future, notwithstanding the Investment Agreement. With respect to our mining concessions in Greece, the mining concessions relating to the Kassandra Mines (including the Skouries Project) expire in March 2026, similar to all other Greek mining concessions existing prior to 1976. We have followed the instructions of the responsible Ministry in filing our renewal application in relation to the Kassandra Mines and while we believe that the Government of the Hellenic Republic will take the appropriate action, there is no assurance that the required renewal will occur in the timeline and on the terms that we expect. There is no assurance that Greece will not adopt legal, regulatory or policy changes in the future which may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We also have two producing mines that are located in Turkiye. Turkiye has historically experienced, and may in the future experience heightened levels of political and economic instability due to regional geopolitical instability. These conditions may be exacerbated by current global economic conditions or become exacerbated during electoral processes. In particular, there have been political challenges in and nearby to Turkiye, including civil unrest along the geographic borders with Syria, Iran and Iraq, terrorist acts, including bombings in major centres, and a refugee crisis. Turkiye also has a history of fractious governing coalitions comprised of many political parties and has experienced anti-government protests as well as unrest following investigations initiated in December 2013 into alleged government corruption, and an attempted coup in 2016. Our operations have experienced no significant disruptions due to these periods of instability and continue to operate under normal business conditions. However, there can be no assurance that a future period of instability will not negatively affect our current and future operations in Turkiye. Such a period of instability may also have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

In 2023, certain changes were made to the tax legislation of Turkiye which resulted in a hyperinflationary adjustment to the local tax basis in Turkiye. In 2025, the Turkiye tax inflation accounting was postponed for the years 2025 to 2027. We cannot predict additional future changes to Turkish income tax legislation or their impact on our financial results.

Since late 2023, commercial shippers operating in the Red Sea have had to adjust to an environment of growing threats to the safety and security of their ships, cargo, and personnel (including rocket attacks, drone strikes, and attempts to seize or commandeer vessels, cargo and crew). These threats continue. In response to these conditions, many in the commercial shipping industry are facing increased costs for security and insurance. Other commercial shippers have chosen to redirect their traffic around the region entirely, foregoing the Suez Canal and Red Sea for a longer trip around the southern coast of Africa. With a ceasefire agreed in October 2025, there is a prospect of commercial ships returning to the Suez Canal. However this resumption is tentative, particularly given the volatility of the region. A sudden resumption of hostilities could cause further logistical disruptions and surge in freight rates as a result of a sharp increase in ship arrivals at European ports, where port operations are already running at full capacity. These changes in the shipping industry have impacted our inbound and outbound shipping activities for Greece and Turkiye. We may experience delays, additional increases in costs, or an inability to send or

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receive certain materials or equipment in a timely or cost-efficient manner. Shipping costs could in the future reach unsustainable levels for reasons beyond our control. In addition, if in the future any of our inbound or outbound shipping activities are impacted by the current conditions in the Red Sea, our commercial insurance policies in place may not provide coverage due to customary exclusions.

Aside from the Company's own operations, the Red Sea is critical to global energy producers and connects various transportation hubs. Ongoing disruptions in the Red Sea have the potential to increase global energy prices significantly. This is a major input for the Company, as well as its suppliers and service providers (who may choose to pass any higher costs on to the Company).

While the Company is attempting to mitigate these effects, there can be no assurance that the situation will not deteriorate further in the near or long term, which may negatively affect the Company's current and future operations in Greece and Turkiye (or, in the case of rising global energy prices, internationally), and may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We operate in a range of environments and our employees, contractors and suppliers are at risk of injury, disease and natural disasters. In 2023, a significant earthquake struck the southeast of Turkiye. Although our operations experienced no significant disruptions due to this natural disaster, there is no guarantee that a similar natural disaster in the future, whether in Turkiye or in any other jurisdiction we operate in, will not have an adverse effect on our business, results of operations or financial condition. If our workforce is affected by a high incidence of injury, disease or natural disasters, the facilities and treatments may not be available to the same standard that one would expect in more economically developed countries such as Canada and the United States, which could have an effect on the availability of sufficient personnel to run our operations. This could result in a period of downtime or we may be subject to an order to cease operations, which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Climate Change".

The safety and security of our employees and associated contractors are of prime importance to the Company. Various security problems may occur in any of the jurisdictions in which we operate. We are at risk of incursions or acts of terrorism by third parties that may result in the theft of or result in damage to our property. We endeavor to take appropriate actions to protect against such risks, which may affect our operations or cause us to incur further costs.

The mineral exploration, development, mining, and processing activities of Eldorado in the countries where we operate are subject to various laws governing a wide range of matters, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the environment, including land and water use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to conduct our business, including limitations on our rights in jurisdictions where we are considered a foreign entity and restrictions on inbound investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospecting and exploration rights and methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mineral production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• royalties, taxes, fees and imposts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repatriation of profits and return of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immigration (including entry visas and employment of our personnel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labour standards and occupational health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply chain transparency including any required regulatory reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mine safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use of toxic substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mineral title, mineral tenure and competing land claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impacts on and participation rights of local communities and entities.

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Although we believe our mineral exploration, development, mining, and processing activities are currently carried out in accordance with all applicable laws, rules regulations and policies, there is no assurance that new or amended laws, rules or regulations will not be enacted, new policies applied or that existing laws, rules, regulations or discretion will not be applied in a manner which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price, in any of the countries in which we operate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the fiscal regime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding government ownership of or participation in projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding permitted foreign investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• royalties, taxes, fees and imposts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation of, or restrictions on, importation of goods and movement of personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation of, or restrictions on, currency transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation of, or restrictions on, sales of our products, or other laws generally applicable in such country, or changes to the ways in which any of these laws are applied, any of which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws regarding social and environmental regulation, including environmental reporting requirements.

*Production and Processing*

Estimates of total future production and costs for our mining operations are based on our LOM plans. These estimates can change, or we might not achieve them, which could have a material adverse effect on any or all of our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

Our plans are based on, among other things, our mining experience, reserve estimates, assumptions about ground conditions and physical characteristics of ores (such as hardness and the presence or absence of certain metallurgical characteristics, including the presence of materials that may adversely affect the ability to process, export and sell our products) and estimated rates and costs of production. Our actual production and costs may be significantly different from our estimates for a variety of reasons, including the risks and hazards discussed elsewhere as well as unfavorable operating conditions or external events impacting operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual ore mined varying from estimates in grade, tonnage and mineralogical and other characteristics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industrial accidents, environmental incidents and natural phenomena, including discharge of metals, concentrates, pollutants or hazardous materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seepage from tailings or other storage facilities or ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of mining pit slopes, waste rock storage facility and tailings impoundment walls, embankments, roadways and dams, other water storage structures and heap leach structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surface or underground fires, floods, landslides or ground subsidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in power supply and costs and potential power shortages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposition of a moratorium on our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of the disposition of mineral assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortages and timing delays of supplies and equipment needed for operation, including explosives, fuels, chemical reagents, water, equipment parts and lubricants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of unproven or evolving technologies or loss of information integrity or data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected geological, geochemical and water (ground and surface) conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable metallurgical conditions and metal recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable comminution properties of ore and effect on processing throughput;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient capacity for disposal of waste materials from our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in inventory levels at heap-leach operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fall-of-ground accidents in underground operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seismic activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renewal of required permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shipping interruptions or delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of the mining process, including revisions to mine plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unplanned maintenance and reliability;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected work stoppages or labour costs, shortages or strikes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general inflationary pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presence of valuable by-products such as copper (which can be crucial in offsetting the costs of gold production); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in law, regulation or policy.

The occurrence of one or more of these events in connection with our exploration activities, development and production and closure of mining operations may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties, production facilities or property belonging to us or others, monetary losses, environmental damage and potential legal liabilities. In addition, the occurrence of one or more of the events listed above may result in a less than optimal operation and lower throughput or lower recovery, as well as interruptions, deferral or unanticipated fluctuations in production. This could cause a mineral deposit to become unprofitable, even if it had been mined profitably in the past. Although we review and assess the risks related to extraction and seek to put appropriate mitigating measures in place, there is no assurance that we have foreseen and/or accounted for every possible factor that might impact operations, production and processing. The occurrence of one or more of these events could therefore have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Environmental", "Waste Disposal", and "Geotechnical Considerations".

With respect to changes in power supply and costs and potential power shortages, our operations in Turkiye and Greece have experienced energy supply issues affecting the price and supply of gas, oil and electricity used in our operations, which has caused increased energy prices and decreased energy supply. A sustained increase in energy prices, or a sustained decrease in energy supply, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price.

A number of factors could affect our ability to process ore in the tonnages we have budgeted, the quantities of the metals or deleterious materials that we recover and our ability to efficiently handle material in the volumes budgeted, including, but not limited to the presence of oversized material at the crushing stage; material showing breakage characteristics different from those planned; and material with grades outside of planned grade range, among others.

Our operations at Kisladag involve the heap leaching process. The heap leaching process, while not as cost-intensive as the more conventional milling process, involves uncertainties associated with the chemical and physical processes included in leaching, which can impact ultimate recoveries or leach cycle times required to achieve the ultimate recovery. Variability in particle size of stacked materials, agglomeration quality, and percolation rate, coupled with stacked head grade, may materially adversely affect the leaching kinetics and ultimate recovery.

Some of our processing operations rely on the use of sodium cyanide to extract gold and silver from ore. As a result of rising energy prices and other factors, there has been an increase in sodium cyanide prices and, further, large sodium cyanide suppliers have substantially lowered or ceased production temporarily, particularly in Europe, causing a supply shortage. A sustained increase in sodium cyanide prices, or a sustained supply shortage thereof, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price.

The occurrence of any of the above factors could affect our ability to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned. This may result in lower throughput, lower recoveries, lower product qualities, more downtime or some combination of all four. While minor issues of this nature are part of normal operations, more issues may arise than anticipated, which may have an adverse effect on our future cash flow, results of operations and financial condition.

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*Power and Water*

Our mining operations use substantial volumes of water and power during extraction and processing. Our ability to obtain secure supplies of power and water at a reasonable cost depends on a number of factors that may be out of our control, including global and regional supply and demand, political and economic conditions and problems affecting local supplies, among others.

There is no assurance that we will be able to secure the required supplies of power and water on reasonable terms or at all and, if we are unable to do so or there is an interruption in the supplies we do obtain or a material increase in prices, then it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Prices of Commodities and Consumables*

Our business operations use a significant amount of commodities, consumables and other materials. Prices for diesel fuel, steel, concrete, chemicals (including explosives, lime and cyanide) and other materials, commodities and consumables required for our operations can be volatile and price changes can be substantial, occur over short periods of time and are affected by factors beyond our control. Higher costs for, or tighter supplies of, construction materials like steel and concrete can affect the timing and cost of our development projects, including at the Skouries Project. If there is a significant and sustained increase in the cost of certain commodities, we may decide that it is not economically feasible to continue some or all of our commercial production and development activities, and this could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Political and economic conflicts (global and regional), and subsequent foreign policy decisions, could result in future economic sanctions or penalties from the U.S., Canada, and other governments. Politically motivated trade restrictions could further destabilize supply chains, causing significant cost increases and availability challenges. Additionally, threatened and actual tariffs by the U.S., Mexico, Canada and other countries could impact the availability and cost of essential commodities, exacerbating supply chain disruptions and increasing operational costs. Increased demand for metals and minerals may lead to higher costs for exploration, development, construction activities and equipment. This could result in delays if services or equipment are not available in a timely manner, leading to scheduling difficulties and increased project costs.

We may maintain significant inventories of operating consumables, based on the frequency and reliability of the delivery process for such consumables and anticipated variations in regular use. We depend on suppliers to meet our needs for these commodities; however, it is possible that no alternative source for such commodities may be available. If the rates of consumption for such commodities vary from expected rates significantly or delivery is delayed for any reason, we may need to find a new source or negotiate with existing sources to increase supply. If any shortages are not rectified in a timely manner, it may result in reduced recovery or delays in restoring optimal operating conditions.

Higher worldwide demand for critical resources, such as drilling equipment and tires, could affect our ability to acquire such resources and lead to delays in delivery and unanticipated cost increases, which could have an effect on our operating costs, capital expenditures and production schedules.

Further, we rely on certain key third-party suppliers and contractors for equipment, raw materials and services used in, and the provision of services necessary for, the development, construction and continuing operation of our assets. As a result, our operations are subject to a number of risks, some of which are outside of our control, including negotiating agreements with suppliers and contractors on acceptable terms, and the inability to replace a supplier or contractor and its equipment, raw materials or services if either party terminates the agreement, among others.

The occurrence of one or more of these risks could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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*Equipment*

Our operations are reliant on significant amounts of both large and small equipment that is critical to the development, construction and operation of our projects. Failures or unavailability of equipment could cause interruptions or delays in our development and construction or interruptions or reduced production in our operations (particularly where they exceed our anticipated/expected targets). These risks may be increased by the age of certain equipment. Equipment-related risks include delays in repair or replacement of equipment due to unavailability or insufficient spare parts inventory; delays in repair or replacement of equipment due to a shortage of skilled labour at the Company, its equipment suppliers, or key service providers (particularly as a result of growing labour shortages throughout the mining industry and related sectors); repeated or unexpected equipment failures; and restrictions on transportation and installation of large equipment, including delays or inability to obtain required permits for such transportation or installation, among others.

Delays in construction or development of a project or periods of downtime or reductions in operations or efficiency that result from the above risks or remediation of an interruption or inefficiency in production capability could require us to make large expenditures to repair, replace or redesign equipment. All of these factors could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Reliance on Infrastructure, Commodities and Consumables*

Our business and operations depend on our ability to access and maintain adequate and reliable infrastructure, including roads and bridges, power sources and water systems. We may have to build the required infrastructure if it is not readily available to us for a given project, and there is no assurance that we will be able to do so in a timely manner or at all. Inadequate, inconsistent, or costly infrastructure could compromise many aspects of a project's feasibility, viability and profitability, including, but not limited to, construction schedules, capital and operating costs, and labour availability, among others.

There is no assurance that we can access and maintain the infrastructure we need and many critical sites have only single road access (that could be closed for reasons beyond our control for example due to accidents or adverse weather). There is also no assurance that, where necessary, we will be able to obtain rights of way, raw materials and government authorizations and permits to construct, or upgrade the same, at a reasonable cost, in a timely manner, or at all.

Our access to infrastructure and the commodities discussed below may be interrupted by natural causes, such as drought, floods, wildfires, earthquakes and other weather phenomena, or man-made causes, such as blockades, sabotage, conflicts, government issues, political events, protests, rationing or competing uses. There is no assurance that such incidents may not occur at Eldorado's other mines. In late 2024, there was above normal precipitation at Skouries and Olympias, with very high rainfalls and resulting flooding impacting earthworks activities at Skouries and temporarily impacting access to a portion of the Skouries construction site. Construction progress could, in the future, be impacted if similar or more severe weather events occur. Such an event could result in material negative impacts on the project construction schedule and costs.

Our inability to obtain or build and to maintain adequate and continuous access to infrastructure and substantial amounts of commodities, power and water, at a reasonable cost, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Climate Change".

*Inflation Risk*

General inflationary pressures may affect our labour, commodity and other input costs, which could have a material adverse effect on our financial condition, results of operations and the capital expenditures required for the development and operation of Eldorado's projects. Specifically, labour costs at Kisladag and Efemcukuru increased in line with commitments under our collective bargaining agreement. We recognize a need to support our workforce as they face rising costs of food and electricity, but that may impact collective bargaining agreements and labour costs in the future. Labour costs are denominated in local currency and, if the Turkish Lira does not correspondingly weaken against the U.S. dollar, cost increases may not be offset by currency movements. We continue to monitor the impacts of cost inflation on our operations. Certain emerging markets in which we operate, or may in the future operate, have experienced fluctuating rates of inflation. There can be no assurance that any governmental action

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will be taken to control inflationary or deflationary cycles, that any governmental action taken will be effective, or whether any governmental action may contribute to economic uncertainty. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Community Relations and Social License*

Maintaining a positive relationship with the communities in which we operate is critical to continuing the successful operation of our existing projects and mines as well as the construction and development of existing and new projects and mines. As a mining business, we may come under pressure in the jurisdictions in which we operate, or will operate in the future, to demonstrate that other affected parties (including employees, communities surrounding operations, Indigenous rightsholders and the countries in which we operate) benefit and will continue to benefit from our commercial activities, and/or that we operate in a manner that will mitigate any potential damage or disruption to the interests of those parties. The evolving expectations related to human rights, Indigenous rights, and environmental protections may also result in opposition to our current and future operations, the development of new projects and mines, and exploration activities. There is no assurance that we will be able to mitigate these risks, which could materially adversely affect our business, results of operations, financial condition and the Eldorado Gold share price.

Community relations are impacted by a number of factors, both within and outside of our control. Relations may be strained or social license lost by poor performance by the Company in areas such as health and safety, environmental impacts from the mine, increased traffic or noise, and other factors related to communications and interactions with various affected or interested groups. The Company expends significant financial and managerial resources to comply with various environmental, health and safety laws across various jurisdictions (including implementing safety protocols at sites, monitoring leading indicators, and emphasizing positive reinforcement). Despite these efforts, external factors such as press scrutiny or other distributed information about Eldorado specifically or extractive industries generally from the media, governments, non-governmental organizations or interested individuals can also influence sentiment and perceptions toward the Company and its operations.

Surrounding communities may affect operations and projects through restriction of site access for equipment, supplies and personnel or through legal challenges. This could interfere with work on the Company's operations, and potentially pose a security threat to employees or equipment. Social license may also impact our permitting ability, Company reputation and our ability to build positive community relationships in exploration areas or around newly acquired properties. Such opposition may also take the form of legal or administrative proceedings or manifestations such as protests, roadblocks or other forms of public expression against our activities, and may have a negative impact on our local or global reputation and operations.

Erosion of social license or activities of third parties seeking to call into question social license may have the effect of slowing down the development of new projects and may increase the cost of constructing and operating these projects. Opposition by community and activist groups to our operations may require modification of, or preclude the operation or development of, our projects and mines or may require us to enter into agreements with such groups or local governments with respect to our projects and mines or exploration activities, in some cases, causing increased costs and significant delays to the advancement of our projects. Productivity may also be reduced due to restriction of access, requirements to respond to security threats or proceedings initiated or delays in permitting and there may also be extra costs associated with improving the relationship between Eldorado and the surrounding communities. We seek to mitigate these risks through our commitment to operating in a socially responsible manner; however, there is no guarantee that our efforts in this respect will mitigate these risks.

In addition, governments in many jurisdictions where we operate, including Quebec, must consult with local affected parties, including Indigenous peoples, with respect to grants of mineral rights and the issuance or amendment of project authorizations. These requirements are subject to change from time to time. Eldorado supports consultation and engagement with local communities, and consultation and other rights of Indigenous peoples which may require accommodations, including undertakings regarding financial compensation, employment, and other matters. This may affect our ability to acquire within a reasonable time frame effective mineral titles or environmental permits in these jurisdictions, including in some parts of Canada in which Indigenous title is claimed, and may affect the

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timetable and costs of development of mineral properties in these jurisdictions. The risk of unforeseen claims or grievances by Indigenous peoples also could affect existing operations as well as development projects and future acquisitions. These legal requirements and the risk of opposition by Indigenous peoples may increase our operating costs and affect our ability to expand or transfer existing operations or to develop new projects.

*Environmental*

Although we monitor our sites for potential environmental hazards, there is no assurance that we have detected, or can detect all possible risks to the environment arising from our business and operations. We expend significant resources to comply with environmental laws, regulations and permitting requirements, and we expect to continue to do so in the future. The failure to comply with applicable environmental laws, regulations and permitting requirements may result in injunctions, damages, suspension or revocation of permits and imposition of penalties, as well as a loss event in excess of insurance coverage and reputational damage. There is no assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been or will be at all times in complete compliance with such laws, regulations and permitting requirements, or with any new or amended laws, regulations and permitting requirements that may be imposed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compliance will not be challenged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to comply with applicable environmental laws, regulations and permitting requirements will not require us to suspend, substantially alter or terminate our development activities or operations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of compliance will be economic and will not materially or adversely affect our future cash flow, results of operations and financial condition.

We may be subject to proceedings (and our employees subject to criminal charges in certain jurisdictions) in respect of alleged failures to comply with increasingly strict environmental laws, regulations or permitting requirements or of posing a threat to or of having caused hazards or damage to the environment or to persons or property. While any such proceedings are in process, we could suffer delays or impediments to or suspension of development and construction of our projects and operations and, even if we are ultimately successful, we may not be compensated for the losses resulting from any such proceedings or delays.

There may be existing environmental hazards, contamination or damage at our mines or projects that we are unaware of. We may also be held responsible for addressing environmental hazards, contamination or damage caused by current or former activities at our mines or projects or exposure to hazardous substances, regardless of whether or not hazard, damage, contamination or exposure was caused by our activities or by previous owners or operators of the property, past or present owners of adjacent properties or by natural conditions and whether or not such hazard, damage, contamination or exposure was unknown or undetectable.

Any finding of liability in such proceedings could result in additional substantial costs, delays in the exploration, development and operation of our properties and other penalties and liabilities related to associated losses, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monetary penalties (including fines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on or suspension of our activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of our rights, permits and property, including loss of our ability to operate in that country or generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completion of extensive remedial cleanup or paying for government or third-party remedial cleanup;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• premature reclamation of our operating sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seizure of funds or forfeiture of bonds.

The costs of complying with any orders made or any cleanup required and related liabilities from such proceedings or events may be significant and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Current and Future Operating Restrictions".

We are not able to determine the specific impact that future changes in environmental, health and safety laws, regulations and industry standards may have on our operations and activities, and our resulting financial position; however, we anticipate that capital expenditures and operating expenses will increase in the future as a result of the implementation of new and increasingly stringent environmental, health and safety laws, regulations and industry standards. For example, emissions standards for carbon dioxide and sulphur dioxide are becoming increasingly

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stringent, as are laws relating to the use and production of regulated chemical substances and the consumption of water by industrial activities. Further changes in environmental, health and safety laws, regulations and industry standards, new information on existing environmental, health and safety conditions or other events, including legal proceedings based upon such conditions, or an inability to obtain necessary permits, could require increased financial reserves or compliance expenditures, or otherwise have a material adverse effect on Eldorado. Changes in environmental, health and safety laws, regulations and industry standards could also have a material adverse effect on product demand, product quality and methods of production, processing and distribution. In the event that any of our products were demonstrated to have negative health effects, we could be exposed to workers' compensation and product liability claims, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Waste Disposal".

On May 27, 2021, the Ministry of Industry and Information Technology of the People's Republic of China issued YS/T 3004-2021 – Gold Industry Standard of the People's Republic of China (the "Industry Standard") which was implemented on October 1, 2021. When imported into China, gold concentrates that comply with the Industry Standard are cleared under tariff number HS 2616 9000.01 and are exempt from import charges, whereas all other gold concentrates are declared under tariff number HS 2616 9000.09 and a VAT charge of 13% is imposed. Olympias gold concentrates do not fall within the scope of the Industry Standard due to the level of arsenic contained therein and therefore have been declared under tariff number HS 2616 9000.09 since October 1, 2021. Upon importation into China, they are subject to a 13% VAT import charge. Although we continue to explore other markets and have addressed this change in our commercial agreements on a bilateral basis to minimize the effect, approximately 6% of Olympias sales were subject to the 13% VAT charge in 2025 and there can be no assurance that the effects of the Industry Standard or updates to this standard will not have a material adverse effect on Eldorado's business, results of operations and financial condition.

*Geotechnical Considerations*

Throughout the mining industry, operational conditions continue to become more challenging, with the need to mine increasingly variable and deep deposits which increases exposure to seismic activity, geotechnical complexity and hydrogeological uncertainty. These considerations can be observed with unusual or unexpected geological conditions, rock bursts, rock falls, rock slides, cave-ins, ground or stope instabilities. Although we take precautions to mitigate such risks, unanticipated adverse conditions may occur and may be difficult to predict.

Geotechnical challenges can be observed in the following underground facilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ramp portals and main declines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ore stopes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• workshops and wash bays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• office and canteen excavations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pump station and ventilation-related excavations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ore shafts and material handling systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ventilation shafts and escapeways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• electrical substation excavations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• warehouse and storage facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• backfill reticulation systems.

Geotechnical challenges can also be observed in surface facilities such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heap leach pads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• water management structures and ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waste rock or ore storage areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tailings storage areas (both slurried and filtered); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open pit operations, including at Kisladag which has experienced geotechnical challenges in the open pit.

Adverse and variable conditions may occur and may be affected by risks and hazards outside of our control, and may result in sudden or unpredicted movement of material, including slips or other failures in heap leach pads, tailings storage areas, waste rock or ore storage areas, water management areas, open pits or around other surface infrastructure such as roads and other accessways. These material movement events may result in

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containment discharges, leakage of leaching solutions or other hazardous substances, disruption of operational activities or significant risk to personnel and equipment safety. Such events may not be detected in advance and all of which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. See also "Environmental", "Waste Disposal", and "Production and Processing".

*Waste Disposal*

The water collection, treatment and disposal operations at the Company's mines are subject to substantial regulation and involve environmental risks. The extraction process for gold and other metals can produce tailings. Tailings are the process waste generated once grinding and extraction of gold or other metals from the ore is completed in the milling process, which are stored in engineered facilities designed, constructed, operated and closed in conformance with applicable regulations and industry standards. Tailings may be filtered for placement in a surface facility, stored in slurry form in a surface facility, or mixed with cement (and potentially other waste material) and used underground as structural fill. A number of factors can affect our ability to successfully dispose of waste material in the form that is optimal for our operations, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to suitable locations due to permitting, operational or other restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements to encapsulate acid-generating or other hazardous material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• milled material being ground too fine and requiring further treatment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sufficient infrastructure required to place material underground in the right locations.

If issues with any of the above items occur, the normal discharge or placement process may be affected, requiring us to alter existing plans. While minor issues of this nature are part of normal operations, more issues may arise than anticipated, which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The Company operates its tailings facilities to conform with Towards Sustainable Mining (TSM) guidelines and aligns with the Canadian Dam Association standards. The Company currently operates active filtered tailings facilities at the Efemcukuru operation in Turkiye (designated as the Efemçukuru TMF) and at the Olympias operation in Greece (designated as the KTMF).

The Lamaque Complex contains one operational and two inactive tailings facilities. Slurried tailings are currently being deposited at the tailings facility located adjacent to the Sigma mill, designated as the Sigma TMF. An inactive second TMF is located at the Aurbel site, designated as the Aurbel TMF. The third inactive tailings facility is located within the operational area of Lamaque, designated as the Lamaque TMF. No tailings are currently being deposited to the Aurbel TMF or Lamaque TMF.

In 2021, Eldorado established an Independent Technical Review Board (ITRB) to provide technical guidance on design and operational practices at its tailings facilities.

Although the Company has established the ITRB and conducts extensive maintenance and monitoring, engages external consultants and incurs significant costs to maintain the Company's operations, equipment and infrastructure, including TMFs (including, without limitation, those tailings facilities, both active and inactive, associated with Eldorado's operations in Turkiye, Greece and Quebec), unanticipated failures or damage, insufficient equipment or infrastructure, as well as changes to laws and regulations may occur that could cause injuries, production loss, environmental pollution, a loss event in excess of insurance coverage, reputational damage or other materially adverse effects on the Company's operations and financial condition resulting in significant monetary losses, restrictions on operations and/or legal liability, and which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

A major spill, failure or material flow from the tailings facilities (including through occurrences beyond the Company's control such as extreme weather, a seismic event, or other incidents) may cause damage to the environment and the surrounding communities. Poor design or poor maintenance of the tailings impoundment structures or improper management of site water may contribute to structural failure or tailings release and could also result in damage or injury. Failure to comply with existing or new environmental, health and safety laws and regulations may result in injunctions, fines, suspension or revocation of permits and other penalties. The costs and delays associated with compliance with these laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a mine or increase the

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costs of development or production and may materially adversely affect the Company's business, results of operations, financial condition and the Eldorado Gold share price. The Company may also be held responsible for the costs of investigating and addressing contamination (including claims for natural resource damages) or for fines or penalties from governmental authorities relating to contamination issues at current or former sites, either owned directly or by third parties. The Company, and in some cases its directors and officers, could also be held liable for claims relating to exposure to hazardous and toxic substances and major spills or failure of the tailing facilities, which could include a breach of a tailings impoundment. The costs associated with such responsibilities and liabilities may be significant, be higher than estimated and involve a lengthy clean-up. Moreover, in the event that the Company is deemed liable for any damage caused by a major spill, failure or material flow from the tailings facilities (including through occurrences beyond the Company's control such as extreme weather, a seismic event, or other incidents), the Company's losses or the consequences of regulatory action might exceed insurance coverage. Should the Company be unable to fully fund the cost of remedying such environmental concerns, the Company may be required to suspend operations temporarily or permanently. Such incidents could also have a negative impact on the reputation of the Company and have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Mineral Tenure*

In the countries in which we operate, the mineral rights, or certain portions of them, are state-owned. In such countries, we must enter into contracts with the applicable governments, or obtain permits or concessions from them, that allow us to hold rights over mineral rights and rights (including ownership) over parcels of land and conduct our operations thereon. The availability of such rights and the scope of operations we may undertake are subject to the discretion of the applicable governments and may be subject to conditions. New laws and regulations, or amendments to laws and regulations relating to mineral tenure and land title and usage thereof, including expropriations and deprivations of contractual rights, if proposed and enacted, may affect our rights to our mineral properties.

In many instances, we can initially only obtain rights to conduct exploration activities on certain prescribed areas, but obtaining the rights to proceed with development, mining and production on such areas or to use them for other related purposes, such as waste storage or water management, is subject to further application, conditions or licenses, the granting of which are often at the discretion of the governments. In many instances, our rights are restricted to fixed periods of time with limited, and often discretionary, renewal rights. Delays in the process for applying for such rights or renewals or expansions, or the nature of conditions imposed by government, could have a material adverse effect on our business, including our existing developments and mines, and our results of operations, financial condition and the Eldorado Gold share price. Further information on the potential impact of Bill 63 in Quebec, Canada is included under the risk factor "Permits" below.

The cost of holding these rights often escalates over time or as the scope of our operating rights expands. There is no assurance that the mineral rights regimes under which we hold properties or which govern our operations thereon will not be changed, amended, or applied in a manner which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price, that the ongoing costs of obtaining or maintaining our rights will remain economic and not result in uncompensated delays or that compliance with conditions imposed from time to time will be practicable. Any inability to obtain and retain rights to use lands for our ongoing operations at all or on a timely basis could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

It is possible that our present or future tenure may be subject to challenges, prior unregistered agreements or transfers, and competing uses. In addition, certain lands in Canada are subject to Indigenous rights, treaty rights and/or asserted rights in and to traditional territories. Our rights may also be affected by undetected defects in title. There is no assurance that any of our holdings will not be challenged. We may also be subject to expropriation proceedings for a variety of reasons. When any such challenge or proceeding is in process, we may suffer material delays in our business and operations or suspensions of our operations, and we may not be compensated for resulting losses. Any defects, challenges, agreements, transfers or competing uses which prevail over our rights, and any expropriation of our holdings, could have a material adverse effect on our business, including our total loss of such rights, and our results of operations, financial condition and share price.

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Certain of our mining properties are subject to royalty and other payment obligations. If we fail to meet any such obligations, we may lose our rights.

There is no assurance that we will be able to hold or operate on our properties as currently held or operated or at all, or that we will be able to enforce our rights with respect to our holdings, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Permits*

Activities in the nature of our business and operations can only be conducted pursuant to a wide range of permits and licenses obtained or renewed in accordance with the relevant laws and regulations in the countries in which we operate. These include, without limitation, permits and licenses, which authorize us to conduct business in such countries; import or export goods and materials; employ foreign personnel in-country; and operate equipment, among other things.

In connection with the development of projects, we may be actively discussing permits with various government authorities. The duration and success of each permitting process are contingent upon many factors that we do not control. In the case of foreign operations, granting of government approvals, permits and licenses is, as a practical matter, subject to the discretion of the applicable governments or government officials. In all jurisdictions, there may be a lack of available or experienced personnel at the applicable regulator, and we may be competing against other mineral projects for the regulator's attention. As a result of these and other factors specific to each application, there may be delays in the review process. If the Company experiences such delays, the Company may be required to pay standby costs for the period during which activities are suspended, including payment of a portion of the salaries to those employees who have been suspended pending resolution of the permitting process. In addition, certain of Eldorado's mining properties are subject to royalty and other payment obligations. Failure to meet Eldorado's payment obligations under these agreements could result in the loss of its rights.

In the context of environmental protection permitting, including the approval of reclamation plans, we are required to comply with existing laws and regulations and other standards that may entail greater or lower costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations implemented by the permitting authority.

We have in the past experienced significant delays in the timely receipt of necessary permits and authorizations from the Hellenic Republic in order to advance operations in Greece, including in respect of Skouries. As a result, Skouries was placed on care and maintenance and these delays impacted the Company's business and financial condition. We currently hold all necessary permits for the development of Skouries mine, but it is possible that in the future other delays in the timely receipt of other necessary permits may delay or otherwise impact our operations. Delays and other impacts may be further exacerbated by legal challenges, reviews, or appeals by various government and non-government organizations. Further information on the renewal of our Kassandra mining concessions is included under the risk factor entitled "Operations" above.

In Q2 2023, we obtained a modification and time extension (up to 2038) of the Kassandra Mines Environmental Terms approval (the "2023 Environmental Terms Approval") which covers the expansion of the Olympias processing facility and the Stratoni port modernization. Our current Environmental Terms are valid through April 2038 and cover all of our operations. In June 2023, local associations and residents around the Kassandra Mines filed an appeal for the annulment of the 2023 Environmental Terms Approval. The appeal claims legal grounds relating to the Investment Agreement, and requests that the provisions concerning the independent environmental auditor and certain environmental provisions should be annulled. The Company has filed an intervention, and the hearing was held on March 25, 2025. The decision is pending. In the case of a partial or full annulment of the 2023 Environmental Terms Approval, the 2011 Environmental Terms (as applicable in 2023) would still be valid on the relevant chapters. However, any provisions in the 2023 Environmental Terms not covered by the 2011 Environmental Terms would be subject to a new approval process and, depending on the extent of the relevant provisions and process duration, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

In addition, some of our current mineral tenures, licenses and permits, including environmental and operating permits for Olympias, and forest permits and the Environment License and Permit for Kisladag, are due to expire

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prior to our planned life of mines, and will require renewals on terms acceptable to Eldorado. In the case of Olympias, there are relevant provisions for their renewal in the Investment Agreement. We are also in the process of negotiating a new lease for our Sapes property and two exploration licenses. We have filed all necessary applications and continue to hold a view that we maintain an interest in these properties; however, we have no assurance that the Greek Government agrees with our view and will issue the necessary lease and exploration licenses in a timely manner or at all. There is no assurance that we will be able to obtain or renew these tenures and permits in order to conduct our business and operations, in a timely manner or at all, or that we will be in a position to comply with all conditions that are imposed. The failure to obtain or renew such tenure and permits, or the imposition of extensive conditions, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

At our Lamaque Complex, we have submitted various requests for authorizations and permits with both provincial and federal authorities. These permits relate to, among other things, the construction of a paste backfill plant, additional exploitation of the Ormaque deposit and geotechnical work on the Lamaque tailing storage facility. The failure to obtain such permits or material delays in obtaining the required permits and authorization may impact our ability to complete required projects or to do so in a timely manner, which in turn could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. In November 2024, the Québec National Assembly adopted An Act to amend the Mining Act and other provisions, SQ 2024, c 36 ("Bill 63"). This statute amends the Québec Mining Act as well as other provincial laws and regulations in several ways. Among other things, the new legislation grants enhanced powers to the Québec Minister of Natural Resources and Forests (the "Minister") to control mining operations. For instance, the Minister may impose, at the time the Minister considers appropriate, new conditions and requirements to prevent or limit the impact that mining exploration activities may have on local and Indigenous communities, or to prioritize or reconcile competing uses of land. Similar conditions may also be imposed by the Minister when granting a mining lease. Bill 63 also introduced a no-fault liability regime for mining operators for certain events that will be determined by regulation. This regime could require Eldorado to make reparation for any harm or injury caused in the exercise of a mining right in connection with such events. These changes will affect the regulatory landscape within which Eldorado operates in Québec and could potentially result in increased obligations and liabilities as well as permitting delays or restrictions for our projects in Québec.

*Non-Governmental Organizations*

Certain non-governmental organizations ("NGOs") that oppose globalization and resource development are often vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities and the related environmental impact, and such NGOs may oppose our current and future operations or further development or new development of projects or operations on such grounds. Adverse publicity generated by such NGOs or other parties generally related to extractive industries or specifically to our operations, could have an adverse effect on our reputation, impact our relationships with the communities in which we operate and ultimately have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

NGOs may lobby governments for changes to laws, regulations and policies pertaining to mining and relevant to our business activities which, if made, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

NGOs may organize protests, install road blockades, apply for injunctions for work stoppage, file lawsuits for damages and intervene and participate in lawsuits seeking to cancel our rights, permits and licenses. These actions can relate not only to current activities but also historic mining activities by prior owners and could have a material adverse effect on our business and operations. NGOs may also file complaints with regulators in respect of our directors and officers. Such complaints, regardless of whether they have any substance or basis in fact or law, may have the effect of undermining the confidence of the public or a regulator in Eldorado Gold or such directors or officers. This may adversely affect our prospects of obtaining the regulatory approvals necessary for the advancement of some or all of our exploration and development plans or operations and our business, results of operations, financial condition and the Eldorado Gold share price.

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*Reputational*

Damage to Eldorado's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Although we believe that we operate in a manner that is respectful to all affected parties and take care in protecting our image and reputation, we do not have control over how we are perceived by others. Any reputation loss could result in decreased investor confidence and increased challenges in developing and maintaining community relations, which may have adverse effects on our business, results of operations, financial condition and the Eldorado Gold share price.

The usage of social media and other web-based applications (collectively, "social media") to connect the global community continues to increase. As a result, social media has increasing power to influence public perceptions (and impact corporate reputations). We do not have control over third-party content about Eldorado that is generated and shared by users of social media platforms, nor can we control user discussions and commentary about the Company, which in turn increases the risk of losing control over public perception of the Company and its reputation. Reputation loss, including specifically as a result of social media misinformation campaigns targeting the Company's development projects in Greece, may lead to increased and continued challenges in developing and maintaining community relations, decreased investor confidence, and may act as an impediment to the Company's overall ability to advance its projects and procure capital from investors, thereby having a material adverse impact on our business, results of operations, financial condition and the Eldorado Gold share price.

*Climate Change*

We recognize that climate change is a global issue that has the potential to impact our operations, affected or interested parties and the communities in which we operate. This may result in physical risks and transition-related risks (including without limitation, regulatory, market, technology, and reputational risks). The continuing rise in global average temperatures has created varying changes to regional climates across the globe, resulting in risks to infrastructure, equipment and personnel. We face the possibility of increased costs and potential health risks to try to mitigate the negative effects of climate change. Governments at all levels are moving towards enacting legislation to address climate change by regulating, among other things, carbon emissions, clean fuel standards and energy efficiency. Where legislation has already been enacted, regulations regarding industrial emission levels and energy efficiency are generally becoming more stringent. The mining industry, as a significant emitter of greenhouse gas emissions, is particularly exposed to these regulations. We have set a target to mitigate Scope 1 and Scope 2 GHG emissions by an amount equal to 30% of our 2020 baseline from currently operating mines (Lamaque Complex, Kisladag, Efemcukuru, and Olympias) and Stratoni by 2030, on a "business-as-usual" basis.

Our ability to effectively meet our target includes matters outside of our control, including the fact that we are partially reliant on the decarbonization of the electrical grid in Greece. Generally, the timeline and ability to obtain permitting approvals (inclusive of grid interconnections) are not within our control. With respect to grid decarbonization in Greece, grid congestion is resulting in limited availability of renewable power and project delays. In addition, our Scope 1 and 2 targets currently do not include our Skouries Project as it is still in development. Changes in our targets, either in connection with new projects commencing production, or to align our existing projects with international commitments, standards, and requirements, may impact timelines and capital requirements. Accordingly, these factors may result in us choosing different projects to meet targets, while also subjecting us to the possibility of new factors beyond our control. Furthermore, affected or interested parties, including shareholders, may increase demands for emissions reductions and call upon us or mining companies in general to better manage the consumption of climate-relevant resources (hydrocarbons, water, etc.). Costs associated with meeting these requirements may be offset somewhat by increased energy efficiency and technological innovation. However, there is no assurance that compliance with such commitments, standards, and/or requirements will not have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

With respect to physical risks of climate change, relevant hazards to our operations may include extreme heat and heat waves (particularly at the Lamaque Complex, Kisladag, Olympias, Skouries), extreme cold and freeze-thaw cycles, heavy snow, freezing rain (particularly at the Lamaque Complex), wind gusts (particularly at the Lamaque Complex, Kisladag, Efemcukuru, Skouries), drought in local communities (particularly at Kisladag, Efemcukuru), short- and long-duration rainfall, lightning, wildfires, and tornadoes, which have the potential to disrupt our

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development projects and operations and the transport routes we use. While all of our operations are exposed to physical risks from climate change, the anticipated impacts are location specific. Our physical climate risk assessments at the Lamaque Complex, Kisladag, Efemcukuru, Olympias operating mines and the Skouries development project were updated in 2024. Our highest physical climate risks relate to short- and long-duration rainfall at Skouries, in large part because it is under construction, and therefore final design criteria and physical infrastructure such as embankments, dams, and water diversion and management structures, and planned controls are not yet fully implemented. Potential impacts include loss of containment and/or separation of contact, non-contact and process waters, with potential consequences to the environment and corresponding regulatory penalties that could follow, as well as road washouts, landslides, equipment loss and inaccessibility to flooded areas. See also "Foreign Operations".

Impacts from such physical risks can temporarily slow or halt operations due to physical damage to assets, reduced productivity to appropriately plan and implement safety protocols on site related to extreme temperatures, winds, freezing rain, wildfires and lightning events, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies. Where appropriate, our facilities have developed emergency plans for managing extreme weather conditions; however, these plans may not be effective in mitigating such conditions, and extended disruptions could result in interruption to construction or production and deliveries to buyers which may adversely affect our business, results of operations, financial condition and the Eldorado Gold share price. Our facilities depend on regular and steady supplies of consumables (water, diesel fuel, chemical reagents, etc.) to operate efficiently. Our operations also rely on the availability of energy from public power grids, which may be put under stress due to extremes in temperatures, or face service interruptions due to more extreme weather and climate events, including wildfires. Changing climate patterns may also affect the availability of water. If the effects of climate change cause prolonged disruption to the delivery of essential commodities or our product, or otherwise affect the availability of essential commodities, or affect the prices of these commodities, then our production efficiency may be reduced which may have adverse effects on our business, results of operations, financial condition and the Eldorado Gold share price.

With respect to transition-related regulatory risks, the effects of changes may include the financial impact of carbon pricing regulations if and when Eldorado's operating sites are affected by such regulations, managing fuel and electricity costs and incentives for adopting low-carbon technologies, insurance premiums associated with weather events and emissions intensities, access to capital for advancing and funding low carbon mining operations and projects, accessing sustainability-linked capital and managing regulatory compliance and corporate reputation related to evolving governmental and societal expectations. As international agreements and expectations regarding climate targets, standards, and requirements evolve, we may experience a lag between such developments and our ability to address them at an operational level (whether in connection with their application to newly acquired assets or existing projects). Such effects may have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Change of Control*

Upon the occurrence of specific kinds of change of control events, we will be required to offer to repurchase all outstanding Senior Notes (as hereinafter defined) at 101% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date. Additionally, under the Credit Facility, a change of control (as defined therein) will constitute an event of default that permits the lenders to accelerate the maturity of borrowings under the credit agreement and terminate their commitments to lend.

The source of funds for any purchase of the Senior Notes and repayment of borrowings under the Credit Facility would be our available cash or cash generated from our subsidiaries' operations or other sources, including borrowings, sales of assets or sales of equity, as applicable. We may not be able to repurchase the Senior Notes or repay the Credit Facility upon a change of control because we may not have sufficient financial resources to purchase all of the debt securities that are tendered upon a change of control and repay any of our other indebtedness that may become due. We may require additional financing from third parties to fund any such purchases, and we may be unable to obtain financing on satisfactory terms or at all. Further, our ability to repurchase the Senior Notes may be limited by law. In order to avoid the obligations to repurchase the Senior Notes

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and events of default and potential breaches of the Credit Facility, we may have to avoid certain change of control transactions that would otherwise be beneficial to us.

*Actions of Activist Shareholders*

In the past, shareholders have instituted class action lawsuits against companies that have experienced volatility in their share price. Class action lawsuits can result in substantial costs and divert management's attention and resources, which could significantly harm our profitability and reputation. There is no assurance that Eldorado Gold will not be subject to class action lawsuits.

Publicly-traded companies have also increasingly become subject to campaigns by investors seeking to advocate certain governance changes or corporate actions such as financial restructuring, special dividends, share repurchases or even sales of assets or the entire company. We could be subject to such shareholder activity or demands. Given the challenges we have encountered in our businesses in past years, our governance and strategic focus may not satisfy such shareholders who may attempt to promote or effect further changes or acquire control over us. Responding to proxy contests, media campaigns and other actions by activist shareholders, if required, will be costly and time-consuming, will disrupt our operations and would divert the attention of the Board and senior management from the pursuit of our business strategies, which could adversely affect our results of operations, financial condition and/or prospects. If individuals are elected to the Board with a specific agenda to increase short-term shareholder value, it may adversely affect or undermine our ability to effectively implement our plans. Perceived uncertainties as to our future direction resulting from shareholder activism could also result in the loss of potential business opportunities and may make it more difficult to attract and retain qualified personnel and business partners, to our detriment.

*Estimation of Mineral Reserves and Mineral Resources Estimates Only*

Mineral Reserve and Mineral Resource estimates are only estimates and we may not produce gold or other metals in the quantities estimated.

Proven and Probable Mineral Reserve estimates may need to be revised based on various factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual production experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to own and operate our mines and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the market price of gold, copper, and other metals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of drilling or metallurgical testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recovery rates.

The cut-off values and cut-off grades for the Mineral Reserves and Mineral Resources are based on our assumptions about plant recovery, metal prices, mining dilution and recovery, and our estimates for operating and capital costs, which are based on historical production figures. We may have to recalculate our estimated Mineral Reserves and Mineral Resources based on actual production or the results of exploration. Fluctuations in the market price of gold, unanticipated increases in production costs (such as labour, energy, or other key inputs) or recovery rates can make it unprofitable for us to develop or operate a particular property for a period of time. As part of the annual Mineral Reserves and Mineral Resources review process, a summary of which was published on November 26, 2025 with an effective date of September 30, 2025, cut-off values or cut-off grades were updated to reflect current operating and market conditions. If there is a material decrease in our Mineral Reserve estimates, or our ability to extract the Mineral Reserves, it could have a material adverse effect on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

There are uncertainties inherent in estimating Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources, including many factors beyond our control. Estimating Mineral Reserves and Mineral Resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments used in engineering and geological interpretation, which may be unreliable or subject to change. It is inherently impossible to have full knowledge of particular geological structures, faults, voids, intrusions, natural variations in and within rock types and other occurrences. Additional knowledge gained or failure to identify and account for such occurrences in our assessment of Mineral Reserves and Mineral Resources may make mining

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more expensive and cost prohibitive, which will have a material adverse effect on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

There is no assurance that the estimates are accurate, that Mineral Reserve and Resource figures are accurate, or that the Mineral Reserves or Resources can be mined or processed profitably. Mineral Resources that are not classified as Mineral Reserves do not have demonstrated economic viability. Measured Mineral Resources, Indicated Mineral Resources, or an Inferred Mineral Resource may not ever be upgraded to a higher category and an Inferred Mineral Resource may not exist or be economically or legally feasible to mine.

As we explore and develop a property, we are constantly determining the level of drilling and analytical work required to maintain or upgrade our confidence in the geological model. Depending on continuity, the amount of drilling will vary from deposit to deposit. The degree of analytical work is determined by the variability in the ore, the type of metallurgical process used and the potential for deleterious elements in the ore. We do not drill exhaustively at all deposits or analyze every sample for every known element as the cost would be prohibitive. Therefore, unknown geological formations are possible, which could limit our ability to access the ore or cut off the ore where we are expecting continuity. It is also possible that we have not correctly identified all metals and deleterious elements in the ore in order to design metallurgical processes correctly.

There may be associated metals or minerals that are deleterious to the extraction process or that may make downstream metallurgical processes more difficult. The presence of these metals or minerals may result in us having problems in developing a process that will allow us to extract the ore economically. Alternatively, the ore may not be as valuable as we anticipate due to the lower recoveries received or the penalties associated with the extraction of deleterious materials that are sold as part of the saleable product. Failure to maintain or increase our annual production of gold and other metals could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Replacement of Mineral Reserves*

Because mines have limited lives based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Reserves and any necessary associated surface rights as our mines produce gold and their life of mine is reduced.

Our ability to maintain or increase annual production of gold, copper and other metals will depend significantly on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the geological and technical expertise of our management and exploration teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of land available for exploration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our mining and processing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to conduct successful exploration efforts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop new projects and make acquisitions.

There is no assurance that our exploration programs will expand our current Mineral Reserves or replace them with new Mineral Reserves. .Mineral Reserves estimated in accordance with NI 43-101 may also decrease due to economic factors such as the use of lower metal price assumptions or increased costs assumptions. The Company's future profitability may be affected if mineral reserves are mined without adequate replacement and the Company may not be able to sustain production to or beyond the currently contemplated mine lives based on current production rates. Failure to replace or expand our Mineral Reserves, as well as to maintain or increase our annual production of gold and other metals, could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Different Standards and Regulatory Reviews*

The standards used by the Company to prepare and report Mineral Reserves and Mineral Resources differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any Mineral Reserves and Mineral Resources reported by Eldorado in accordance with NI 43-101 may not qualify as such under SEC standards, including Subpart 1300 of Regulation S-K under the United States Exchange Act of 1934, as amended ("Subpart 1300 of Regulation S-K"). Accordingly, information contained in public disclosure documents, including this MD&A containing descriptions of the Eldorado mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United

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States federal securities laws and the rules and regulations of the SEC thereunder. See also "Reporting Mineral Reserves and Mineral Resources".

Eldorado's public disclosure documents, including this MD&A, are subject to review by applicable securities regulatory authorities and stock exchanges upon which our securities are listed. While we employ internal personnel and engage external counsel and other experts to review our disclosure documents for compliance with applicable regulatory requirements, the applicable securities regulatory authorities may take a different view or interpretation of applicable legislative provisions, instruments, policies and notices than the Company, or exercise discretion in a manner that is contrary to our expectations. In such instances, the Company may be required to issue supplemental or amended disclosure documents or clarifying news releases, which may be inconsistent with peer disclosures, cause investor uncertainty and negatively impact our ability to compete with comparable mining companies. Such outcomes could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Pandemics, Epidemics and Public Health Crises*

The occurrence or reoccurrence of any pandemic, epidemic, endemic or similar public health threats (such as COVID-19) and the resulting negative impact on the global economy and financial markets, the duration and extent of which is highly uncertain and could be material, may have an adverse impact on our business, results of operations, financial condition and the Eldorado Gold share price.

The extent to which global pandemics impact our business going forward will depend on a variety of factors including directives of government and public health authorities; disruptions and volatility in the global capital markets, which may increase cost of capital and adversely impact access to capital; impacts on workforces throughout the regions in which we operate, which may result in our workforce being unable to work effectively, including because of illness, quarantines, government actions, facility closures or other restrictions in connection with such pandemics; the roll out and effectiveness of vaccines or other treatments; delays in product refining and smelting due to restrictions or temporary closures; sustained disruptions in global supply chains; and other unpredictable impacts that are not foreseeable at this time. These and other impacts of a pandemic, epidemic, endemic or similar public health threats could also have the effect of heightening many of the other risks described in this section.

*Regulated Substances*

The transportation and use of certain substances that we use in our operations are regulated by the governments in the jurisdictions in which we operate. Two obvious examples are explosives and cyanide. Regulations may include restricting where the substance can be purchased; requiring a certain government department to approve or handle the purchase and transport of the substances; and restricting the amount of these substances that can be kept on-site at any time, among others.

Eldorado Gold is a signatory to the International Cyanide Management Code ("ICMC"), which commits us to mandating that our sites adhere to the standards imposed under the ICMC for the purchase, transportation, use and disposal of cyanide. Applicable laws and administrative practices governing such activities may change. This may result in delays or suspension of operations.

*Acquisitions*

Although we actively seek acquisition opportunities that are consistent with our growth strategy, we are not certain that we will be able to identify suitable candidates that are available at a reasonable price, complete any acquisition, or integrate any acquired business into our operations successfully. Acquisitions can involve a number of special risks, circumstances or legal liabilities, which could have a material adverse effect on our business, results of operations, financial condition, reputation and the Eldorado Gold share price.

Acquisitions may be made by using available cash, incurring debt, issuing common shares or other securities, or any combination of the foregoing. This could limit our flexibility to raise capital, operate, explore and develop our properties and make other acquisitions, and it could further dilute and decrease the trading price of our common shares. When we evaluate a potential acquisition, we cannot be certain that we will have correctly identified and managed the risks and costs inherent in that business.

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We have discussions and engage in other activities with possible acquisition targets from time to time, and each of these activities could be in a different stage of development. There is no assurance that any potential transaction will be completed and the target integrated with our operations, systems, management and culture successfully in an efficient, effective and timely manner or that the expected bases or sources of synergies will in fact produce the benefits anticipated. In addition, synergies assume certain long-term realized gold and other metals prices. If actual prices are below such assumed prices, this could adversely affect the synergies to be realized. If we do not successfully manage our acquisition and growth strategy, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We continue to pursue opportunities to acquire advanced exploration assets that are consistent with our strategy. At any given time, discussions and activities with respect to such possible opportunities may be in process on such initiatives, each at different stages of due diligence. From time to time, we may acquire securities of, or an interest in, companies; and we may enter into acquisitions or other transactions with other companies.

Transactions involving acquisitions have inherent risks, including, accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of potential acquisitions; limited opportunity for and effectiveness of due diligence; ability to achieve identified and anticipated operating and financial synergies; unanticipated costs, liabilities and write-offs including higher capital and operating costs than had been assumed at the time of acquisition, and diversion of management attention from existing business, among others.

Any of these factors or other risks could result in us not realizing the benefits anticipated from acquiring other properties or companies, and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Acquisitions can pose challenges in implementing the required processes, procedures and controls in the new operations. Companies that we acquire may not have disclosure controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us.

Due to the nature of certain proposed transactions, it is possible that shareholders may not have the right to evaluate the merits or risks of any future acquisition, except as required by applicable laws and stock exchange rules.

*Foran Arrangement* 

As more particularly described under the heading "Key Business Developments" above, on February 1, 2026, the Company and Foran entered into the Arrangement Agreement, pursuant to which, the Company agreed to acquire all issued and outstanding shares of Foran. The Company will not control Foran until completion of the Arrangement and the business and results of operations of Foran may be adversely affected by events that are outside of the Company's control during the intervening period. The performance of Foran may be influenced by, among other factors, economic downturns, changes in commodity prices, changes in applicable laws, increased environmental regulation, volatility in the financial markets, unfavorable regulatory decisions, litigation, rising costs, civic and labor unrest, delays in ongoing exploration and development projects and other factors beyond the Company's control. As a result of any one or more of these factors, among others, the operations and financial performance of Foran may be negatively affected, which may adversely affect the Company's financial results in the future.

Further, the Arrangement is subject to certain customary conditions and approvals, including approval by the Company's shareholders and Foran's securityholders, and the receipt of certain regulatory and court approvals, including approval under the Competition Act (Canada), and each of the Company and Foran has the right to terminate the Arrangement Agreement in certain circumstances. There can be no certainty that all the conditions to the Arrangement will be satisfied, that all approvals required to complete the Arrangement will be obtained, or that either party will not terminate the Arrangement Agreement. There is no assurance that the Arrangement will be completed as currently contemplated or at all. If the Arrangement is not completed, the market price of the common shares of the Company may decline and the Company will remain liable for significant consulting, accounting and legal costs relating to the Arrangement and will not realize anticipated synergies, growth opportunities and other benefits of the Arrangement.

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*Dispositions*

When we decide to sell certain assets or projects, we may encounter difficulty in finding buyers or executing alternative exit strategies on acceptable terms in a timely manner, which could delay the accomplishment of our strategic objectives. For example, delays in obtaining tax rulings and regulatory approvals or clearances, and disruptions or volatility in the capital markets may impact our ability to complete proposed dispositions. Alternatively, we may dispose of a business at a price or on terms that are less than we had anticipated. After reaching an agreement with a buyer or seller for the disposition of a business, we may be required to obtain necessary regulatory and governmental approvals on acceptable terms and pre-closing conditions may need to be satisfied, all of which may prevent us from completing the transaction. Dispositions may impact our production, Mineral Reserves and Mineral Resources and our future growth and financial conditions. Despite the disposition of businesses or assets, we may continue to be held responsible for actions taken while we controlled and operated such businesses or assets. Dispositions may also involve continued financial involvement in the divested business, such as through continuing equity ownership, guarantees, indemnities or other financial obligations. Under these arrangements, performance by the divested businesses or assets or other conditions outside our control could affect our future financial results.

For example, in October, 2025, the Company sold its interests in Romania. The agreement governing the sale of Romania, which is not material to the Company, includes deferred consideration. The Company therefore remains indirectly exposed to the performance of the purchaser until such time as the consideration is paid.

*Co-ownership of Our Properties*

Mining projects are often conducted through an unincorporated joint venture or a co-owned incorporated joint venture company. Co-ownership often requires unanimous approval of the parties or their representatives for certain fundamental decisions such as an increase (or decrease) in registered capital, a merger, division, dissolution, amendment of the constitutional documents, and pledge of the assets, which means that each co-owner has a right to veto any of these decisions, which could lead to a deadlock. We are subject to a number of additional risks associated with co-ownership, including disagreement with a co-owner about how to develop, operate or finance the project; that a co-owner may at any time have economic or business interests or goals that are, or become, inconsistent with our business interests or goals; and that a co-owner may not comply with the agreements governing our relationship with them, among others.

Some of our interests are, and future interests may be, through co-owned companies established under and governed by the laws of their respective jurisdictions.

If a co-owner is a state-sector entity, then its actions and priorities may be dictated by government or other policies instead of purely commercial considerations. Decisions of a co-owner may have an adverse effect on the results of our operations in respect of the projects to which the applicable co-ownership relates.

*Investment Portfolio*

The Company has invested, and anticipates continuing to invest by purchasing non-majority stakes of the securities of other companies, primarily junior mining companies that hold early-stage exploration or development properties, each of which carries its own inherent risks. The Company does not control any of these investee companies from a day to day or operational perspective and has limited or no ability to influence the investee companies' management, operational decisions and policies. Investing in junior mining and other companies involves a high degree of risk, including the potential loss of some or all of the amount invested, as the value of each investment will fluctuate with changes in market conditions and the nature of the Company's investment. Market prices of each investee company's securities will also change with, among other things, the market's assessment of that investee company's prospects, operational risk, political risk, credit risk and other risks. In addition, unanticipated risks in respect of the investee companies may arise given the limited nature of the due diligence investigations performed by the Company in respect of these investments. In some instances, the investee companies are, or will be, non-public or do not and will not have an active market for their securities, which means the Company may not be able to sell such investments at a reasonable price, in a timely manner, or at all. Any adverse developments, whether temporary or permanent, with respect to any of these investee companies may adversely affect the value of the Company's interest in the investments and may require the Company to record a loss on the investment. Further,

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although the Company expects that its investee companies will operate in accordance with industry standards and applicable laws, there can be no assurances that all activities of the investee companies will align with the Company's principles and standards, and may expose the Company to reputational risks. The realization of any of the foregoing risks could have an adverse effect on the Company's results of operations and financial condition.

*Share Price Volatility, Volume Fluctuations and Dilution*

The capital markets have experienced a high degree of volatility in the trading price and volume of shares sold over the past few years. Many companies, including the Company, have experienced wide fluctuations in the market price of their securities that may in part be due to commodity price volatility (and by extension are not necessarily related to their operating performance, underlying asset values or prospects). There is no assurance that the price of our securities will be exempt from such volatility, or the underlying causes related thereto, in the future.

Future acquisitions could be made through the issuance of equity securities of Eldorado Gold. Additional funds may be needed for our exploration and development programs and potential acquisitions, which could be raised through equity issues. Issuing more equity securities can substantially dilute the interests of Eldorado Gold shareholders. Issuing substantial amounts of Eldorado Gold securities, or making them available for sale, could have an adverse effect on the prevailing market prices for Eldorado Gold's securities. A decline in the Eldorado Gold share price could hamper the ability of Eldorado Gold to raise additional capital through the sale of its securities.

*Competition*

We compete for attractive mineral properties and projects with other entities that have substantial financial resources, operational experience, technical capabilities, skilled labour and political strengths, including state owned and domestically domiciled entities, in some of the countries in which we now, or may in the future wish to, conduct our business and operations.

We may not be able to prevail over these competitors in obtaining mineral properties that are producing or capable of producing metals, in attracting and retaining the skilled labour required to develop and operate our projects, or to compete effectively for merger and acquisition targets, or do so on terms we consider acceptable. This may limit our growth and our ability to replace or expand our Mineral Reserves and Mineral Resources and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Limited Number of Smelters and Off-Takers*

We rely on a limited number of smelters and off-takers, a substantial number of which are in China to purchase the concentrate product from some of our mining operations. The amount of gold and other concentrates that we can produce and sell is subject to the accessibility, availability, proximity, and capacity of the smelters and off-takers to produce and distribute the product of our operations. A lack of smelter capacity to process Eldorado's gold and other concentrates, in China and elsewhere, whether as a result of environmental, health and safety laws, regulations and industry standards or otherwise, could limit the ability for Eldorado to sell or otherwise deliver its products to market. In addition, Eldorado may be unable to realize the full economic potential of certain of its products or experience a reduction of the price offered for certain of Eldorado's gold or other concentrates. In addition, our ability to transport concentrate to smelters may be affected by geopolitical considerations, including the Russia-Ukraine war and more recent developments involving threats to the safety and security of commercial shipping operations in the Red Sea. Unexpected shutdowns, concentrate transportation challenges or unavailability of smelter capacity, because of actions taken by regulators or otherwise, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price. See also "Global Economic Environment" and "Foreign Operations".

*Information and Operational Technology Systems*

Our operations depend, in part, upon information and operational technology systems. These systems, including machines and equipment, are subject to disruption, damage, disabling, misuse, malfunction or failure from a number of sources, including, but not limited to, hacking, computer viruses, security breaches, natural disasters, power loss, vandalism, theft, malware, cyber threats, extortion, employee error, malfeasance and defects in design. We may also be a target of cyber surveillance or a cyber-attack from cyber criminals, industrial competitors or

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government actors. Any of these and other events could result in information and operational technology systems failures, operational delays, production downtimes, operating accidents, loss of revenues due to a disruption of activities, incurring of remediation costs, including ransom payments, destruction or corruption of data, release of confidential information in contravention of applicable laws, litigation, fines and liability for failure to comply with privacy and information security laws, unauthorized access to proprietary or sensitive information, security breaches or other manipulation or improper use of our data, systems and networks, regulatory investigations and heightened regulatory scrutiny, any of which could have material adverse effects on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

Although we have not experienced any material losses relating to cyber-attacks or other information security breaches to date, there is no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

System or network disruptions could adversely affect us if new or upgraded information or operational technology systems are defective, improperly installed, or not well integrated into our operations by personnel or third-party service providers. Various measures have been implemented to manage our risks related to system implementation and modification, but system modification failures could have a material adverse effect on our business, financial position, results of operations and the Eldorado Gold share price and could, if not successfully implemented, adversely impact the effectiveness of our internal controls over financial reporting.

Any damage, disabling, misuse, malfunction or failure that causes an interruption in operations could have an adverse effect on the production from and development of our properties. While we have systems, policies, hardware, practices and procedures designed to prevent or limit the effect of disabling, misuse, malfunction or failure of our operating facilities, infrastructure, machines and equipment, there can be no assurance that these measures will be sufficient and that any such failures or interruptions will not occur or, if they do occur, that they will be adequately addressed in a timely manner.

*Liquidity and Financing Risk*

Liquidity risk is the risk that the Company cannot meet its planned and foreseeable commitments, including operating and capital expenditure requirements. We may be exposed to liquidity risks if we cannot maintain our cash positions, cash flows or mineral asset base, or if appropriate financing is not available on terms satisfactory to us. In addition, we may be unable to secure loans and other credit facilities and sources of financing required to advance and support our business plans. In the future, we may also be unable to maintain, renew or refinance our Senior Notes, Credit Facility including any letters of credit issued in connection with the Credit Facility, or the Term Facility on terms we believe are favorable or at all.

The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates of investments over time, managing its capital expenditures and operational cash flows, and by maintaining adequate lines of credit and seeking external sources of funding where appropriate. Management uses a planning, budgeting and forecasting process to help determine the funds the Company will need to support ongoing operations and development plans. We have historically minimized financing risks by diversifying our funding sources, which include credit facilities, issuance of notes, issuance of flow-through shares, at-the-market equity programs and cash flow from operations. In addition, we believe that Eldorado Gold has the ability to access the public debt and equity markets given our asset base and current credit ratings; however, such market access may become restricted, and, if we are unable to access capital when required, it may have a material adverse effect on us.

Any decrease in production, or change in timing of production or the prices we realize for our gold, copper, or other metals, will directly affect the amount and timing of our cash flow from operations. A production shortfall or any of these other factors would change the timing of our projected cash flows and our ability to use the cash to fund capital expenditures, including spending for our projects. Failure to achieve estimates in production or costs could have an adverse impact on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

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Management believes that the working capital as at December 31, 2025, together with future cash flows from operations and access to the remaining undrawn Credit Facility and the letters of credit issued in support of the Term Facility, if required, are sufficient to support the Company's existing and foreseeable commitments for the next twelve months. However, if there are any material changes in the Company's business, assets, capital or operations, including if actual results or capital requirements are different than expected, or financing, if required, is not available to the Company on terms satisfactory to meet these material changes, then this may adversely affect the ability of the Company to meet its financial obligations and operational and development plans. Unexpected economic and other crises have the potential to heighten liquidity risk, as Eldorado may be required to seek liquidity in a market beset by a sudden increase in the demand for liquidity and a simultaneous drop in supply.

*Indebtedness*

As at December 31, 2025, we have approximately $1,275.1 million in total debt. The incurrence or maintenance of substantial levels of debt could adversely affect our business, results of operations, financial condition, the Eldorado Gold share price and our ability to take advantage of corporate opportunities.

Long-term and/or substantial indebtedness could have adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements, or requiring us to make non-strategic divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, dividends and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a disadvantage compared to other, less leveraged competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our cost of borrowing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• putting us at risk of default if we do not service or repay this debt in accordance with applicable covenants.

While neither our articles nor our by-laws limit the amount of indebtedness that we may incur, the level of our indebtedness under our Senior Notes, Credit Facility, and Term Facility from time to time could impair our ability to obtain additional financing in the future on a timely basis, or at all, and to take advantage of business opportunities that may arise, thereby potentially limiting our operational flexibility as well as our financial flexibility.

*Debt Service Obligations*

Our ability to make scheduled payments on, refinance or commence repayment of our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control, including those identified elsewhere in this MD&A. We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.

We may be unable to commence repayment, as planned. We may also not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations. The Senior Notes and Credit Facility will restrict our ability to dispose of certain assets and use the proceeds from those dispositions other than to repay such obligations and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. Unexpected developments or delays with respect to the Skouries Project may impact our ability to continue to draw on or to repay the Term Facility. See "Development Risks - Skouries".

In addition, Eldorado Gold conducts substantially all of its operations through its subsidiaries. Accordingly, repayment of Eldorado Gold's indebtedness will be dependent in large measure on the generation of cash flow by

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its subsidiaries and their ability to make such cash available to Eldorado Gold, by dividend, intercompany debt repayment or otherwise. Unless they are or become guarantors of Eldorado Gold's indebtedness, Eldorado Gold's subsidiaries do not have any obligation to pay amounts due on its indebtedness or to make funds available for that purpose. Eldorado Gold's subsidiaries may not be able to, or may not be permitted to, make distributions to enable Eldorado Gold to make payments in respect of its indebtedness. In addition, certain subsidiaries of Eldorado Gold may not be able to, or may not be permitted to, make certain investments into certain other subsidiaries of Eldorado Gold beyond a certain threshold amount. Each subsidiary is a distinct legal entity, and, under certain circumstances, legal and contractual restrictions may limit Eldorado Gold's ability to obtain cash from its subsidiaries. While the Senior Notes and Credit Facility limit the ability of Eldorado Gold's subsidiaries to incur restrictions on their ability to pay dividends or make other intercompany payments to Eldorado Gold, these limitations are subject to qualifications and exceptions. Furthermore, as Eldorado's funds are used to develop projects in foreign jurisdictions through foreign subsidiaries, there may be restrictions on foreign subsidiaries' ability to pay dividends or make other intercompany payments to Eldorado Gold. In the event that Eldorado Gold does not receive distributions from its subsidiaries, Eldorado Gold may be unable to make required principal and interest payments on its indebtedness, including the Senior Notes and Credit Facility.

Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would materially and adversely affect our financial position, results of operations and our ability to satisfy our obligations under our debt instruments.

*Non-IFRS Metrics – Total Cash Costs per Ounce and All-In-Sustaining Costs* 

The Company's total cash costs per ounce and AISC per ounce of gold are dependent on factors including the exchange rate between the U.S. dollar and the Canadian, Greek and Turkish currencies, treatment and refining charges, production royalties, the price of gold and other produced metals and the cost of inputs used in mining operations. Total cash costs per ounce and AISC per ounce at all of the Company's mines are also affected by the costs of inputs used in mining operations, including labour, energy, fuel and chemical reagents. All of these factors are beyond the Company's control. If the Company's total cash costs per ounce or AISC per ounce of gold rise above the market price of gold and remain elevated for any sustained period, some or all of the Company's activities may become unprofitable, and the Company may curtail or suspend some or all of its exploration, development and/or mining activities. Total cash costs per ounce and AISC per ounce are not recognized measures under IFRS, and the data disclosed by the Company may not be comparable to data presented by other gold mining companies.

*Currency Risk*

We sell gold in U.S. dollars, but incur costs in several currencies, including U.S. dollars, Canadian dollars, Turkish Lira, and Euros. Any change in the value of any of these currencies against the U.S. dollar can change production costs and capital expenditures and lead to higher operation, construction, development and other costs than anticipated, which can affect future cash flows, business, results of operations, financial condition and the Eldorado Gold share price. As of December 31, 2025, approximately 86% of Eldorado's cash and cash equivalents were held in U.S. dollars.

We have a risk management policy that contemplates potential hedging of our foreign exchange exposure to reduce the risk associated with currency fluctuations. During 2025, we entered into zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar at the Olympias mine and Lamaque Complex, respectively. In August and October 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company's equity commitment for the Skouries Project. In December 2022, we announced that Hellas Gold had entered into an interest rate swap, covering 70% of its variable interest rate exposure, in accordance with the terms of our Term Facility. Hellas also entered into foreign exchange hedging arrangements to fix U.S. dollars to Euros for a portion of the Term Facility repayments.

These derivatives set a band within which we expect to be able to protect against currency movements, either above or below specific strike prices. There is no assurance that Eldorado will be able to obtain hedging on reasonable terms in the future or that any hedges that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if no hedges were

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in place. For example, the Turkish Lira lost approximately 20% of its value against the U.S. dollar in 2025 and volatility remains a possibility in the future. While the ultimate impact of recent currency fluctuations impacting the Turkish Lira is difficult to predict and depends on factors that are evolving beyond our control, these and other impacts of foreign exchange exposure could also have the effect of heightening certain of the other risks described under "Foreign Operations", "Credit Risk" and "Government Regulation".

The table below shows our assets and liabilities denominated in currencies other than the U.S. dollar at December 31, 2025. We recognized a $20.1 million on foreign exchange loss from continuing operations in 2025, compared to a foreign exchange gain of $5.3 million from continuing operations in 2024.

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| | | |
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| &nbsp;&nbsp;**December 31, 2025 (in millions)** | **Euro** | **Turkish lira** |
| &nbsp;&nbsp;**December 31, 2025 (in millions)** | $€ | TRY |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 73.4 | 191.9 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | 73.9 | 304.4 |
| &nbsp;&nbsp;&nbsp;Current derivative assets |  |  |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 65.9 |  |
| &nbsp;&nbsp;&nbsp;Investments in marketable securities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and other | (199.5) | (6939.7) |
| &nbsp;&nbsp;&nbsp;Current derivative liabilities | (3.4) |  |
| &nbsp;&nbsp;&nbsp;Current debt - Term Facility | (40.8) |  |
| &nbsp;&nbsp;&nbsp;Non-current derivative liabilities | (3.6) |  |
| &nbsp;&nbsp;&nbsp;Non-current debt - Term Facility | (669.6) |  |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | (6.8) | (326.9) |
| &nbsp;&nbsp;**Net balance** | **(710.5)** | **(6770.3)** |
| &nbsp;&nbsp;&nbsp;Equivalent in U.S. dollars | ($834.8) | ($158.0) |
| Other foreign currency net liability exposure is equivalent to $0.1 million U.S. dollars. | Other foreign currency net liability exposure is equivalent to $0.1 million U.S. dollars. | Other foreign currency net liability exposure is equivalent to $0.1 million U.S. dollars. |

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*Interest Rate Risk*

Interest rates determine how much interest the Company pays on its debt, and how much is earned on cash and cash equivalent balances, which can affect future cash flows.

The Senior Notes have a fixed interest rate of 6.25%. Borrowings under the Credit Facility are at variable rates of interest based on SOFR and the spread adjustment based on the tenor. Draws on the Credit Facility are at variable rates of interest which expose the Company to interest rate risk. At December 31, 2025, no amounts were drawn under the Credit Facility. Borrowings under the Term Facility include amounts at variable rates based on the six months EURIBOR. To reduce interest rate risk, the Company has entered into interest rate swaps covering approximately 79% of the variable interest rate exposure related to the Term Facility.

The Company may enter into interest rate swaps in the future, involving the exchange of floating for fixed rate interest payments, in order to reduce interest rate volatility. However, there is no assurance that Eldorado will be able to obtain interest rate swaps on reasonable terms or that any interest rate swaps that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if we had no such swaps in place.

Increases in interest rates may impact the Company's ability to take on additional indebtedness at favourable rates, or refinance existing indebtedness at rates similar to those previously offered to the Company. Failure to secure additional indebtedness at favourable rates, or refinancing existing indebtedness like the Credit Facility at similar rates to what existed prior to maturity, could result in a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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*Credit Risk*

We may be exposed to credit risks if the counterparty to any financial instrument to which Eldorado is a party will not meet its obligations and will cause us to incur a financial loss. The Company limits counterparty risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. In accordance with the Company's short-term investment policy, term deposits and short term investments are held with high credit quality financial institutions as determined by rating agencies. For cash and cash equivalents, restricted cash, derivative assets and accounts receivable, credit risk is represented by the carrying amount on the balance sheet.

Payment for metal sales is normally within normal business practice for receipt of goods and is dependent on the contract terms with the buyer. There is no guarantee that buyers, including under exclusive sales arrangements, will not default on their commitments, which may have an adverse impact on the Company's financial performance. If there are defaults, Eldorado would be required to find alternate buyers. However, there may be delays associated with establishing new sales contracts or timing on revenue recognition of final sales.

The Company invests its cash and cash equivalents in major financial institutions and in government issuances, according to the Company's short-term investment policy. As at December 31, 2025, the Company holds a significant amount of cash and cash equivalents with various financial institutions in North America, the Netherlands and Greece. The Company monitors the credit ratings of all financial institutions in which it holds cash and investments. As at December 31, 2025, deposits equivalent to approximately $100 million U.S. dollars are held in banking institutions operating in Greece with lower credit ratings as compared to other financial institutions at which the Company holds cash and investments. These deposits relate primarily to equity contributions received by the Skouries Project to fund expenditures in early 2026. While Turkiye's sovereign credit ratings were upgraded slightly in 2025, reflecting improvements in economic conditions, the sovereign debt rating still remains below the credit rating permitted under the Company's investment policy. As at December 31, 2025, deposits equivalent to approximately $10 million U.S. dollars are held in a banking institution operating in Turkiye which has a lower credit rating compared to other financial institutions where the Company holds cash and investments. Together with past downgrades in Turkiye's sovereign credit rating, these factors expose the Company to greater credit risk. This risk is mitigated through the Company's policy of maintaining limited cash balances in-country; however, cash balances held with financial institutions in Turkiye may increase in the future to meet operational or other business requirements. There can be no assurance that certain financial institutions in foreign countries in which the Company operates will not default on their commitments.

*Tax Matters*

We operate and have operated in a number of countries, each of which has its own tax regime to which we are subject. The tax regime and the enforcement policies of tax administrators in each of these countries are complex and may change from time to time, which are all beyond our control. Our investments into these countries, importation of goods and materials, land use, expenditures, sales of gold and other products, income, repatriation of money and all other aspects of our investments and operations can be taxed, and there is no certainty as to which areas of our operations will be assessed or taxed from time to time or at what rates.

Our tax residency and the tax residency of our subsidiaries (both current and past) are affected by a number of factors, some of which are outside of our control, including the application and interpretation of relevant tax laws and treaties. If we or our subsidiaries are ever assessed to be a non-resident in the jurisdictions that we, or our subsidiaries, report or have reported or are otherwise assessed, or are deemed to be resident (for the purposes of tax) in another jurisdiction, we may be liable to pay additional taxes. In addition, we have entered into various arrangements regarding the sale of mineral products or mineral assets, which may be subject to unexpected tax treatment. If such taxes were to become payable, this could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We endeavor to structure, and restructure from time to time, our corporate organization in a commercially efficient manner and if any such planning effort is considered by a taxation authority to constitute tax avoidance, then this could result in increased taxes and tax penalties, which could have a material adverse effect on our financial condition.

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New laws and regulations or new interpretations of or amendments to laws, regulations or enforcement policy relating to tax laws or tax agreements with governmental authorities, if proposed and enacted, may affect our current financial condition and could result in higher taxes being payable by us.

There is potential for change in the tariff arrangements in the countries in which Eldorado operates, as is the case for the Chinese importation specification for concentrate imports set out in the Industry Standard. There is no assurance that our current financial condition will not change in the future due to such changes. See also "Environmental" and "Tariffs and Other Trade Barriers".

*Financial Reporting Carrying Value of Assets*

The Company conducts impairment assessments of goodwill annually and, at the end of each reporting period, the Company assesses if there is any indication that assets may be impaired. If an indicator of impairment (or impairment reversal) exists, we calculate the recoverable amount of the asset and compare that to the carrying value of the asset to determine if any impairment loss (or a reversal of impairment) is required. An impairment charge, which would have an adverse effect on our reported earnings, is recognized for any excess of the carrying amount over its recoverable amount.

The estimation of recoverable amount for impairment testing requires management to make estimates for many factors including, but not limited to, Mineral Reserves and Mineral Resources, estimates of future production and operating and capital costs in the Company's life of mine plans, and estimates of the fair value of mineral properties beyond proven and probable reserves as well as external economic inputs including, but not limited to metal prices, discount rates, and net asset value market multiples. Should estimates regarding these factors be incorrect, the Company may be required to realize impairment charges.

*Global Uncertainty and Global Economic Environment*

Geopolitical uncertainty, increased global polarization, trade complexity and international conflicts may create uncertainty in global financial and equity markets. Changing market events and conditions, including disruptions in the international credit markets and other financial systems and deteriorating global economic conditions, could increase the cost of capital or impede our access to capital. In addition, increased global political and financial instability may result in downward price pressure for many asset classes and increased volatility and risk spreads.

Examples of areas that could negatively impact our business include the following: (1) In February, 2022, Russian military forces launched a full-scale military invasion of Ukraine. The impacts of the Russia-Ukraine conflict could also heighten many of the other risks described in this section, including the risk factor titled "Limited Number of Smelters and Off-Takers". (2) The threat or application of new tariffs and the renegotiation of the Canada U.S. Mexico Agreement could impact our supply chains and specifically key imports that we use in our business in Canada. See also "Tariffs and Other Trade Barriers".

We may experience material adverse impacts on our business, results of operations, financial condition and the Eldorado Gold share price as a result of geopolitical disruptions, which may be difficult to predict. Such disruptions could make it more difficult for us to obtain capital and financing for our operations, or increase the cost of it, among other things. Conversely, if negative economic conditions emerge, persist or worsen, it could lead to increased political and financial uncertainty, which could result in regime or regulatory changes in the jurisdictions in which we operate. High levels of volatility and market turmoil could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Labour - Employee/Union Relations*

We depend on our workforce to explore for Mineral Reserves and Mineral Resources, develop our projects and operate our mines. We have programs to recruit and train the necessary workforce for our operations, and we work hard at maintaining good relations with our workforce to minimize the possibility of defections and strikes, lockouts (if permitted under applicable legislation) and other stoppages at our work sites. In addition, our relations with our employees may be affected by changes in labour and employment legislation that may be introduced by the relevant governmental authorities. Changes in such legislation or a prolonged labour disruption or shortages at any of our mines or projects could have a material adverse effect on our results of operations, financial condition and the Eldorado Gold share price.

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A significant portion of our employees are represented by labour unions in Greece and Turkiye under various collective bargaining agreements with varying durations and expiration dates. Labour agreements are periodically negotiated, and there is a possibility that they may not be renewed (or renewed under terms that are not reasonably satisfactory to us). If we do not successfully negotiate new collective bargaining agreements with our union workers, we may incur prolonged strikes and other work stoppages at our mining operations, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. Additionally, if we enter into a new labour agreement with any union that significantly increases our labour costs relative to our competitors, or imposes restrictions on our operations, such as limiting work hours or certain types of activities, our ability to compete and operate effectively may be materially and adversely affected. We expect that labour shortages and industry dynamics that are beyond our control could contribute to increasing challenges in attracting and retaining the skilled labour necessary for our operations, potentially impacting our ability to develop or operate various projects.

We could experience labour disruptions such as work stoppages, work slowdowns, union organizing campaigns, strikes, or lockouts (if permitted under applicable legislation) that could adversely affect our operations. Any work interruptions involving Eldorado's employees (including as a result of a strike or lockout as permitted by applicable legislation) or operations, or any jointly owned facilities operated by another entity present a significant risk to Eldorado and could have a material adverse effect on Eldorado's business, financial condition, and results of operations. See also "Skilled Workforce" and "Inflation Risk".

*Key Personnel*

We depend on a number of key personnel, including executives and senior officers. We do not have key person life insurance. Employment contracts are in place with each of these executives; however, the inability to retain any of them could have an adverse effect on our operations.

We must continue enhancing our management systems and focus on recruiting and training new employees to manage our business effectively. We have been successful in attracting and retaining skilled and experienced personnel in the past, and expect to be in the future, but there is no assurance that this will always be the case.

*Skilled Workforce*

We depend on a skilled workforce, including but not limited to mining and mineral, metallurgical and geological engineers, geologists, environmental and safety specialists, and mining operators to explore and develop our projects and operate our mines. We have programs and initiatives in place to attract, develop, engage, and retain a skilled workforce. However, we are potentially faced with a shortage of skilled professionals due to competition in the industry and the continued exit of experienced employees from the workforce.

Labour market tightness in Greece, which has become particularly pronounced in the construction industry, continues to limit the availability of key construction personnel at the Skouries Project. This has resulted in a slower ramp-up of the workforce and delays in the progress of certain aspects of the Skouries Project. See also "Development Risks - Skouries", "Expatriates", "Labour - Employee/Union Relations", and "Contractors".

As such, we need to continue to sustain our focus on training and development programs for current and future employees and partner with local universities, technical schools, and our communities, to train and develop a skilled workforce for the future. Such efforts are costly and there is no assurance that they will result in Eldorado having the workforce it needs, including in terms of location, skillsets and availability. See also "Expatriates", "Labour - Employee/Union Relations", and "Inflation Risk".

*Expatriates*

We leverage the skills and experience of expatriates to work at our mines and projects to fill gaps in expertise and provide needed management skills in the countries where we operate. Additionally, we utilize expatriates to transfer knowledge and best practices and to train and develop in-country personnel and transition successors into their roles. Such training requires access to our sites, which may be restricted or challenged by immigration requirements and changing legislation in countries where expatriates are not citizens. We may operate in relatively remote or isolated locations and must continue to maintain competitive compensation and benefits programs to attract and

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retain expatriate personnel. We must also develop in-country personnel to run our mines in the future. A lack of appropriately skilled and experienced personnel in key positions could have an adverse effect on our operations.

See also "Contractors", "Skilled Workforce", "Labour - Employee/Union Relations", and "Key Personnel".

*Contractors*

We may engage a number of different contractors during the development and construction phase of a project or for other specific business requirements, including pursuant to a lump sum contract for specified services or through a range of engineering, procurement, construction and management contract options, depending on the type and complexity of work that is being undertaken, and the level of engineering that has been completed when the contract is awarded. Depending on the type of contract and the point at which it is awarded, there is potential for variations to occur within the contract scope, which could take the form of extras that were not considered as part of the original scope or change orders. These changes may result in increased capital or other costs and/or delays.

Similarly, we may be subject to disputes with contractors on contract interpretation, which could result in increased capital or other costs under the contract or delay in completion of the project if a contract dispute interferes with the contractor's efforts on the ground. There is also a risk that our contractors and subcontractors could experience labour disputes or become insolvent, and this could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

See also "Expatriates", "Skilled Workforce", "Labour - Employee/Union Relations", and "Key Personnel".

*Default on Obligations*

A breach of the covenants under the Senior Notes, Credit Facility, the Term Facility or our other debt instruments could result in an event of default under the applicable indebtedness. Such a default may allow the creditors to accelerate the repayment of the related debt and may result in the acceleration of repayment of any other debt to which a cross-acceleration or cross-default provision applies. In addition, an event of default under the Credit Facility would permit the lenders thereunder to terminate all commitments to extend further credit under that facility. Furthermore, if we are unable to repay any amounts due and payable under the Credit Facility, those lenders could proceed against the collateral granted to them to secure such indebtedness. If our lenders or noteholders accelerate the repayment of our borrowings, we may not have sufficient assets to repay that indebtedness.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants in our debt instruments, which could cause cross-acceleration or cross-default under other debt agreements, we could be in default under the terms of the agreements governing such other indebtedness. If such a default occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of the indebtedness may be able to cause all of our available cash flow to be used to pay the indebtedness and, in any event, could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we could be forced into bankruptcy, liquidation or restructuring proceedings.

If our operating performance declines, we may in the future need to amend or modify the agreements governing our indebtedness or seek concessions from the holders of such indebtedness. There is no assurance that such concessions would be forthcoming.

*Current and Future Operating Restrictions*

Our Senior Notes, Credit Facility, Term Facility, and certain other agreements contain certain restrictive covenants that impose significant operating and financial restrictions on us. In some circumstances, the restrictive covenants may limit our operating flexibility and our ability to engage in actions that may be in our long-term best interest, including, among other things, restrictions on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions or repurchase or redeem our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepay, redeem or repurchase certain debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make loans and investments, including investments into certain affiliates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer or otherwise dispose of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur certain lease obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur or permit to exist certain liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertake certain acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete certain corporate changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into certain hedging arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into agreements restricting our subsidiaries' ability to pay dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate, amalgamate, merge or sell all or substantially all of our assets.

In addition, the restrictive covenants in our Credit Facility and Term Facility contain certain restrictions on us and require us to maintain specified financial ratios and satisfy other financial condition tests. Our ability to meet those financial ratios and tests may be affected by events beyond our control. These restrictions could limit our ability to obtain future financing, make acquisitions, grow in accordance with our strategy or secure the needed working capital to withstand future downturns in our business or the economy in general, or otherwise take advantage of business opportunities that may arise. Any of which could place us at a competitive disadvantage relative to our competitors that may have less debt and are not subject to such restrictions. Failure to meet these conditions and tests could constitute events of default thereunder.

*Reclamation and Long-Term Obligations*

We are required by various governments in jurisdictions in which we operate to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans if we are unable to do so. The relevant laws governing the determination of the scope and cost of the closure and reclamation obligations and the amount and forms of financial assurance required are complex and vary from jurisdiction to jurisdiction.

As of December 31, 2025, Eldorado has provided the appropriate regulatory authorities with non-financial and financial letters of credit of EUR €63.8 million. The letters of credit were issued to secure certain obligations in connection with mine closure obligations in the various jurisdictions in which we operate. The amount and nature of such financial assurance are dependent upon a number of factors, including our financial condition and reclamation cost estimates. Changes to these amounts, as well as the nature of the collateral to be provided, could significantly increase our costs, making the maintenance and development of existing and new mines less economically feasible. Regulatory authorities may require further financial assurance and, to the extent that the value of the collateral provided is or becomes insufficient to cover the amount that we are required to post, we could be required to replace or supplement the existing security with more expensive forms of security. This could include cash deposits, which would reduce cash available for our operations and development activities. There is no guarantee that, in the future, we will be able to maintain or add to current levels of financial assurance as we may not have sufficient capital resources to do so.

In addition, climate change could lead to changes in the physical risks posed to our operations, which could result in changes in our closure and reclamation plans to address such risks. Any modifications to our closure and reclamation plans that may be required to address physical climate risks may materially increase the costs associated with implementing closure and reclamation at any or all of our active or inactive mine sites and the financial assurance obligations related to the same. For more information on the physical risks of climate change, see the risk factor entitled "Climate Change".

Although we have currently made provision for certain of our reclamation obligations, there is no assurance that these provisions will be adequate in the future. Failure to provide the required financial assurance for reclamation could potentially result in the closure of one or more of our operations, which could result in a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Credit Ratings*

Our outstanding Senior Notes currently have a non-investment grade credit rating and any rating assigned could be lowered or withdrawn entirely by a rating agency if, in that agency's judgment, future circumstances relating to the basis of the credit rating, such as adverse changes to our business or affairs, so warrant. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Senior Notes. Additionally,

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credit ratings may not reflect the potential effect of risks relating to the Senior Notes. Any future lowering of our ratings may make it more difficult or more expensive for us to obtain additional financing.

*Change in Reporting Standards*

While there are currently no new accounting or financial reporting standards that are expected to have an adverse impact on our financial condition and results of operations, we cannot predict the content, scope or timing of new reporting standards that may be implemented in the future.Any such future standards could have an adverse impact on our financial condition or results of operations.

*Unavailability of Insurance*

Where practical, Eldorado obtains insurance against certain risks in the operation of our business, but coverage has exclusions and limitations and is subject to deductible limits requiring Eldorado to bear part of the risk of loss. There is no assurance that the insurance will be adequate to cover any liabilities, or that it will continue to be available, on terms we believe are commercially acceptable.

In some instances, certain insurance may become unavailable or available only for reduced amounts of coverage. Significantly increased costs could lead Eldorado to decide to reduce or possibly eliminate, coverage. In addition, insurance is purchased from a number of third-party insurers, often in layered insurance arrangements, some of whom may discontinue providing insurance coverage for their own policy or strategic reasons. For example, insurance against risks such as loss of title to mineral property, environmental pollution, or other hazards as a result of exploration and production is generally not available to us or other companies in the mining industry on acceptable terms, particularly for several jurisdictions in which Eldorado operates. In the event any such insurance is or becomes unavailable, our overall risk exposure could be increased. Losses from these uninsured events may cause us to incur significant costs that could have a material adverse effect upon our business, results of operations, financial condition and the Eldorado Gold share price.

*Sarbanes-Oxley Act (SOX), Applicable Securities Laws, and Stock Exchange Rules*

We document and test our internal control procedures over financial reporting to satisfy the requirements of Section 404 of SOX. SOX requires management to conduct an annual assessment of our internal controls over financial reporting and our external auditors to conduct an independent assessment of the effectiveness of our controls as at the end of each fiscal year.

Our internal controls over financial reporting may not be adequate, or we may not be able to maintain such controls as required by SOX. We also may not be able to maintain effective internal controls over financial reporting on an ongoing basis, if standards are modified, supplemented or amended from time to time.

If we do not satisfy the SOX requirements on an ongoing and timely basis, investors could lose confidence in the reliability of our financial statements, and this could harm our business and have a negative effect on the trading price or market value of securities of Eldorado Gold.

If from time to time we do not implement new or improved controls, when required, or experience difficulties in implementing them, it could harm our financial results or we may not be able to meet our reporting obligations. There is no assurance that we will be able to remediate material weaknesses, if any are identified in future periods, or maintain all of the necessary controls to ensure continued compliance. There is also no assurance that we will be able to retain personnel who have the necessary finance and accounting skills because of the increased demand for qualified personnel among publicly traded companies.

If any of our staff fail to disclose material information that is otherwise required to be reported, no evaluation can provide complete assurance that our internal controls over financial reporting will detect this. The effectiveness of our controls and procedures over financial reporting may also be limited by simple errors or faulty judgments. Continually enhancing our internal controls over financial reporting is important, especially as we expand and the challenges involved in implementing appropriate internal controls over financial reporting will increase. Although we intend to devote substantial time to ongoing compliance with this, including incurring the necessary costs associated therewith, we cannot be certain that we will be successful in complying with Section 404 of SOX.

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We are subject to changing rules and regulations promulgated by a number of United States and Canadian governmental and self-regulated organizations, including the SEC, Canadian Securities Administrators, the NYSE, the TSX and the Financial Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity and many new requirements have been created in response to laws enacted by governments, making compliance more difficult and uncertain.

Eldorado is currently exempt from the SEC's "Modernization of Property Disclosures For Mining Registrants", as codified in Subpart 1300 of Regulation S-K (the "SEC Mining Rule") as it files its annual report in accordance with the multijurisdictional disclosure system between Canada and the United States ("MJDS"), however if Eldorado loses its ability to file in accordance with MJDS or if Eldorado files certain registration statements with the SEC, Eldorado would be required to comply with the SEC Mining Rule. While the SEC Mining Rule has similarities with NI 43-101, Eldorado may be required to update or revise all of its existing technical reports, which may result in revisions (either upward or downward) to Eldorado's Mineral Reserves and Mineral Resources, in order to comply with the SEC Mining Rule. In addition, the SEC Mining Rule is subject to unknown interpretations, which could require Eldorado to incur substantial costs associated with compliance.

Eldorado's efforts to comply with the Canadian and United States rules and regulations and other new rules and regulations regarding public disclosure have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

If Eldorado fails to comply with such regulations, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

*Environmental, Social and Governance (ESG) Practices and Performance*

There is increased scrutiny from affected and interested parties related to our ESG practices, performance and disclosures, including prioritization of sustainable and responsible production practices, greenhouse gas emissions and management of climate risk, tailings stewardship and social license to operate among others in the jurisdictions where we operate.

It is possible that our affected parties might not be satisfied with our ESG practices, performance and/or disclosures, or the speed of their adoption, implementation and measurable success. If we do not meet these evolving expectations, our reputation, our access to and cost of capital, and our stock price could be negatively impacted.

In addition, our customers and end users may require that we implement certain additional ESG procedures or standards before they will start or continue to do business with us, which could lead to preferential buying based on our ESG practices compared to our competitors' ESG practices.

Investor advocacy groups, certain institutional investors, investment funds, creditors and other influential investors are increasingly focused on our ESG practices and in recent years have placed increasing importance on the implications of their investments. Organizations that provide information to investors on ESG performance and related matters have developed quantitative and qualitative data collection processes and ratings processes for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ratings or assessments of our ESG practices may lead to negative investor sentiment toward us, which could have a negative impact on our stock price and our access to and cost of capital. Additionally, if we do not adapt to or comply with investor or affected party expectations and standards, which are evolving, or if we are perceived to have not responded appropriately, regardless of whether there is a legal requirement to do so, we may suffer from reputational damage and our business, financial condition, and/or stock price could be materially and adversely affected.

Although the Company has implemented a number of significant measures and safeguards, including our Human Rights Policy, which are intended to ensure that personnel understand and uphold human rights standards, the implementation of these measures will not guarantee that personnel, national police or other public security forces will uphold human rights standards in every instance.

The failure to conduct operations in accordance with Company standards, including those described in our annual sustainability report and Human Rights Policy, may result in harm to employees, community members or

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trespassers, increase community tensions, reputational harm to us or result in criminal and/or civil liability, financial damages or penalties, and/or contravention of agreements that we may be party to.

We are subject to corporate governance guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with corporate governance standards that apply to us as a foreign private issuer listed on the NYSE and registered with the SEC in the United States.

We are exempt from certain NYSE requirements because we are subject to Canadian corporate governance requirements. We may from time to time seek other relief from corporate governance and exchange requirements and securities laws from applicable regulators.

*Corruption, Bribery and Sanctions*

Our operations are governed by, and involve interactions with, many levels of government in numerous countries. Like most companies, we are required to comply with anti-corruption and anti-bribery laws, including the *Criminal Code* (Canada), the *Corruption of Foreign Public Officials Act* (Canada) and the U.S. *Foreign Corrupt Practices Act,* as well as similar laws that apply to our business including in the countries in which we conduct our business or our securities trade (collectively, "anti-bribery laws"). The Company has implemented and promulgated an Anti-Bribery & Corruption Policy, and a Code of Ethics and Business Conduct, with which all directors, officers and employees are required to comply.

In recent years, there has been a general increase in both the severity of penalties and frequency of prosecution and enforcement under such laws, resulting in greater punishment and scrutiny of companies convicted of violating anti-bribery laws. Furthermore, a company may be found liable for violations by not only its directors, officers or employees, but also through the actions of any third-party agents or representatives. Although we have adopted policies and use a risk-based approach to mitigate such risks, such measures may not always be effective in ensuring that we, our directors, officers, employees or third-party agents or representatives will be in compliance with such laws. If we find ourselves subject to an enforcement action or are found to be in violation of such laws, this may result in significant criminal penalties, fines and/or sanctions being imposed on us and significant negative media coverage resulting in a material adverse effect on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

The operation of our business may also be impacted by anti-terrorism, economic or financial sanction laws including the *Criminal Code* (Canada), the *United Nations Act* (Canada), the *Special Economic Measures Act* (Canada), the *Justice for Victims of Corrupt Foreign Officials Act* (Sergei Magnitsky Law) (Canada) and the *Freezing Assets of Corrupt Foreign Officials Act* (Canada), and more recently, the concerted sanctions against Russia in response to the Russia-Ukraine war, as well as similar laws in countries in which we conduct our business or our securities trade (collectively, "sanctions laws"). Such sanctions laws and any regulations, orders or policies issued thereunder may impose restrictions and prohibitions on trade, financial transactions, investments and other economic activities with sanctioned or designated foreign individuals or companies from a target country, industries, markets, countries or regions within countries. These restrictions and prohibitions may also apply to dealings with non-state actors such as terrorist organizations and may change from time to time. These restrictions and prohibitions may also apply to affiliates of sanctioned or designated persons and those acting on their behalf as agents or representatives. Sanctions laws are continually being updated in order to respond to unexpected events and occurrences across the globe. We use our best efforts to react as soon as possible to changes in sanctions laws across the globe. There is no assurance that we are or will be in full compliance with such laws and that if we should be in non-compliance there will not be a material adverse effect on our reputation, business, capital, results of operations, financial condition and the Eldorado Gold share price.

*Employee Misconduct*

We are reliant on the good character of our employees and are subject to the risk that employee misconduct could occur. Although we take precautions to prevent and detect employee misconduct, these precautions may not be effective and the Company could be exposed to unknown and unmanaged risks or losses. The existence of our Code of Ethics and Business Conduct, among other governance and compliance policies and processes, may not prevent incidents of theft, dishonesty or other fraudulent behaviour nor can we guarantee compliance with legal and regulatory requirements.

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These types of misconduct could result in unknown and unmanaged damage or losses, including regulatory sanctions and serious harm to our reputation. The precautions we take to prevent and detect these activities may not be effective. If material employee misconduct does occur, our business, results of operations, financial condition and the Eldorado Gold share price could be adversely affected.

*Litigation and Contracts*

We are periodically subject to legal claims that may or may not have merit. We are regularly involved in routine litigation matters. We believe that it is unlikely that the final outcome of these routine proceedings will have a material adverse effect on us; however, defense and settlement costs can be substantial, even for claims that are without merit.

Due to the inherent uncertainty of the litigation process, including arbitration proceedings, and dealings with regulatory bodies, there is no assurance that any legal or regulatory proceeding will be resolved in a manner that will not have a material and/or adverse effect on us. In the event of a dispute arising from foreign operations, the Company may be subject to the exclusive jurisdiction of foreign courts or arbitration panels or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada.

In our business, we make contracts with a wide range of counterparties. There can be no assurance that these contracts will be honoured and performed in accordance with their terms by our counterparties or that we will be able to enforce the contractual obligations.

*Conflicts of Interest*

Certain of our directors also serve as directors of other companies involved in natural resource exploration and development, which may result in a conflict of interest between Eldorado and such other companies. There is also a possibility that such other companies may compete with us for the acquisition of assets. Consequently, there exists the possibility for such directors to be in a position of conflict over which company should pursue a particular acquisition opportunity.

*Privacy Legislation*

Eldorado is subject to privacy legislation in various countries in which we operate, including the European Union's General Data Protection Regulations ("GDPR"), Quebec's Act Respecting the Protection of Personal Information in the Private Sector , which was amended by Bill 64, an Act to Modernize Legislative Provisions as Regards the Protection of Personal Information (collectively, "Quebec Privacy Act, commonly referred to as Law 25"), and Turkiye's Personal Data Protection Law numbered 6698 ("Turkiye's PDPL").

The GDPR is more stringent than its predecessor, the Data Protection Directive (Directive 95/46/EC). Turkiye's PDPL, which mirrors but is in some instances more onerous than the GDPR, brings a new data protection regime into force. In Quebec, Law 25 brings significant and more stringent amendments to the Quebec Privacy Act. Eldorado is required to develop and implement programs that will evidence compliance with each, as applicable, or face significant fines and penalties for breaches. For example, companies that breach the GDPR can be fined up to 4% of their annual global turnover or €20 million, whichever is greater, while companies that breach the amended Québec Privacy Act can be fined up to 4% of their annual global turnover or C$25 million, whichever is greater. Companies that breach Turkiye's PDPL may face administrative fines ranging from TRY 85,437 to over TRY 4417 million, along with potential criminal sanctions, including imprisonment, depending on the severity and nature of the violation. Such breaches may lead to costly fines and may have an adverse effect on governmental relations, our business, reputation, financial condition and the Eldorado Gold share price.

*Dividends*

While we have in place a policy for the payment of dividends on common shares of Eldorado Gold and declared a quarterly dividend in January 2026, there is no certainty that any further dividends may be declared in the future and that the amount of any such dividend will be consistent with past practice.

Our potential future investments will require significant funds for capital expenditures and our operating cash flow may not be sufficient to meet all of such expenditures. As a result, new sources of capital may be needed to meet the funding requirements of such investments, fund our ongoing business activities, fund construction and operation

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of potential future projects and various exploration projects, fund share repurchase transactions and pay dividends. If we are unable to obtain financing or service existing or future debt we could be required to reduce, suspend or eliminate dividend payments or any future share repurchase transactions.

*Tariffs and Other Trade Barriers*

It is not clear what impact changes to tariffs may have or what actions other governments may take in the future (including, without limitation, retaliatory tariffs imposed by governments on products from the United States). In the future, tariffs could potentially impact prices of commodities, heavy machinery, and key inputs necessary to the operations of our business. In addition, changes in tariffs could have a material adverse effect on global economic conditions and the stability of global financial markets. The impact and extent of these risks is unknown. Any of these could have a material adverse effect on governmental relations, our business, financial condition and the Eldorado Gold share price.

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**Other Information and Advisories**

**Financial Statements Basis of Preparation**

The Company's consolidated financial statements, including comparatives, have been prepared in compliance with IFRS as issued by the IASB. The Company's significant accounting policies are described in Note 3 of the Company's consolidated financial statements for the year ended December 31, 2025.

**Critical Accounting Measurements and Judgments** 

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant areas requiring the use of management assumptions, estimates and judgements include the valuation of property, plant and equipment and goodwill, estimated recoverable mineral reserves and mineral resources, inventory, asset retirement obligations and current and deferred taxes. Actual results could differ from these estimates.

Outlined below are some of the areas which require management to make significant judgements, estimates and assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Valuation of property, plant and equipment and goodwill** 

Property, plant and equipment is tested for potential impairment or reversal of impairment when there is an indication of impairment or impairment reversal. Goodwill is tested at least annually or when there is an indication of impairment. Calculating the recoverable amount, including estimated fair value less cost of disposal ("FVLCD") of cash-generating units ("CGUs") for property, plant and equipment and goodwill, requires management to make estimates and assumptions with respect to discount rates, future production levels including amount of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices and estimates of the fair value of mineral properties beyond proven and probable reserves. Metal pricing assumptions were based on consensus forecast pricing and discount rates were based on a weighted average cost of capital, adjusted for country and other risks specific to the CGU. For the portion of incremental inferred resources and exploration potential beyond what is modeled in the Company's life of mine plans ("value beyond proven and probable" or "VBPP"), fair value was assigned on the basis of an in-situ estimate of gold equivalent ounces. The fair value per gold equivalent ounce assigned was determined using a peer group of precedent comparable transactions.

Changes in any of the assumptions or estimates used in determining the recoverable amount could result in additional impairment or reversal of impairment recognized.

Judgement is applied in assessing whether certain facts and circumstances are indicators of impairment or reversal of impairment, and accordingly, require an impairment test to be performed. The Company considers both external and internal sources of information in assessing whether there are any indications that its assets or CGUs may be impaired or may require a reversal of impairment. The primary external factors considered are changes in estimated long-term metal prices, changes in laws and regulations and the Company's market capitalization relative to its net asset carrying amount. The primary internal factors considered are the performance of its CGUs against expectations, changes in mineral reserves and resources, life of mine plans and exploration results.

Mineral reserve and mineral resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and exchange rates and capital costs. Cost estimates are based primarily on feasibility study estimates or operating history. Estimates are prepared under supervision of appropriately qualified persons, but will be impacted by forecasted commodity prices, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable mineral reserves and mineral resources are used to determine the depreciation of property, plant and equipment at

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operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the consolidated statements of operations and the carrying value of the asset retirement obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Inventory** 

Inventories are measured at the lower of weighted average cost and net realizable value. The determination of net realizable value involves the use of estimates. The net realizable value of inventories is calculated as the estimated price at the time of eventual sale based on prevailing and forecast metal prices less estimated future costs to convert the inventories into saleable form and associated selling costs. The net realizable value of inventories is assessed at the end of each reporting period. Changes in the estimates of net realizable value may result in a write-down of inventories or a reversal of a previous write-down.

In determining the valuation of heap leach ore inventories, the Company makes estimates of recoverable ounces on the leach pads based on quantities of ore placed on the leach pads, the grade of ore placed on the leach pads and an estimated recovery rate. Actual timing and ultimate recovery of gold contained on the leach pads can differ significantly from these estimates. Changes in estimates of recoverable ounces on the leach pads can impact the Company's ability to recover the carrying amount of the inventories and may result in a write-down of inventories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Asset retirement obligation** 

The asset retirement obligation provision represents management's best estimate of the present value of future cash outflows required to settle the liability which reflect estimates of future costs, inflation, requirements of the relevant legal and regulatory frameworks and the timing of restoration and rehabilitation activities. Estimated future cash outflows are discounted using a risk-free rate based on U.S. Treasury bond rates. Changes to asset retirement obligation estimates are recorded with a corresponding change to the related item of property, plant and equipment, or to the statements of operations if there is no related property, plant and equipment. Adjustments to the carrying amounts of related items of property, plant and equipment can result in a change to future depreciation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Current and deferred taxes** 

Judgements and estimates are required in assessing whether deferred tax assets are recoverable. Recoverability is based on an assessment of the ability to use future tax deductions against future taxable income, prior to expiration. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences can be controlled and is not expected to occur in the foreseeable future, which requires judgement.

Assumptions about the generation of future taxable earnings and repatriation of retained earnings depend on management's estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions.

The Company operates in multiple tax jurisdictions and judgement is required in the application of income tax legislation in these jurisdictions. These estimates and judgements are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding increase or decrease to earnings or loss for the period.

**Adoption of New Accounting Standards and Upcoming Changes**

**(a) Current adoption of new accounting standards** 

The following amendments to existing standards have been adopted by the Company commencing January 1, 2025:

**Lack of Exchangeability (Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates)**

Eldorado has adopted 'Lack of Exchangeability (Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates)'. In August 2023, the IASB published this amendment to require an entity to apply a consistent

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approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The Company has considered the amendment and concluded that there is no material impact on the consolidated financial statements from the adoption of this amendment.

**(b) New Standards issued and not yet effective**

Below are new standards, amendments to existing standards and interpretations that have been issued and are not yet effective. The Company plans to apply the new standards or interpretations in the annual period for which they are effective.

**Amendments to the Classification and Measurement of Financial Instruments: Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures**

In May 2024, the IASB issued 'Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)'. The amendments clarify the date of recognition and derecognition of some financial assets and financial liabilities, with a new exception that permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the settlement date. It also clarifies guidance on assessing whether a financial asset meets the solely payments of principal and interest criterion, it adds new disclosures for certain instruments with contractual terms that can change cash flows and updates the disclosures for equity instruments designated at FVTOCI. The amendments apply for annual reporting periods beginning on or after January 1, 2026, and are applied retrospectively. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements** 

In April 2024, the IASB published its new standard IFRS 18 'Presentation and Disclosures in Financial Statements' that will replace IAS 1 'Presentation of Financial Statements' which sets out presentation and base disclosure requirements for financial statements. The changes, which mostly affect the income statement, include the introduction of categories and defined subtotals to allow better comparison between entities. Along with the introduction of requirements to improve aggregation and disaggregation of line items presented on the primary financial statements, that aim at additional relevant information and ensure that material information is not obscured. Companies will also have to disclose information on Management-defined Performance Measures in the notes to the financial statements. The amendments apply for annual reporting periods beginning on or after January 1, 2027, and are applied retrospectively. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

**Disclosure Controls and Procedures**

Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to management, including the CEO and CFO, as appropriate to allow for timely decisions about public disclosure.

Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of December 31, 2025, as defined in the rules of the SEC and Canadian Securities Administrators. Based on this evaluation, management concluded that the disclosure controls and procedures were effective in providing reasonable assurance that the information required to be disclosed in reports filed or submitted by the Company under United States and Canadian securities legislation was recorded, processed, summarized and reported within the time periods specified in those rules.

**Internal Controls over Financial Reporting**

Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, as such term as defined in Rule 13a-15(f) of the United States Exchange Act of 1934, as amended, and NI 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, and uses the Committee of Sponsoring Organizations of the Treadway Commission (2013) framework on Internal Control - Integrated Framework (2013) to evaluate the effectiveness of the Company's internal controls over financial reporting. The Company's internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that

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controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures. Based on this assessment, management concluded that the Company's internal controls over financial reporting were effective as of December 31, 2025.

KPMG LLP, an independent registered public accounting firm, has audited the effectiveness of internal control over financial reporting, and has expressed their opinion in their report included with the Company's annual consolidated financial statements.

**Changes in Internal Control over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting during the quarter and for the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Limitations of Controls and Procedures**

Management, including the CEO and CFO, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

**Mineral Reserves and Mineral Resources Estimates and Related Cautionary Note to U.S. Investors**

The Company's mineral reserve and mineral resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias, Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes, Certej, and Ormaque, are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic U.S. companies. The reader may not be able to compare the mineral reserve and mineral resources information in this MD&A with similar information made public by domestic U.S. companies. The reader should not assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the mineral reserves defined in this MD&A qualify as reserves under SEC standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the measured and indicated mineral resources in this MD&A will ever be converted to reserves; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inferred mineral resources in this MD&A are economically mineable, or will ever be upgraded to a higher category.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The Company most recently completed its Mineral Reserves and Mineral Resources annual review process with an effective date of September 30, 2025, a summary of which was published on November 26, 2025.

**Value Beyond Proven and Probable Reserves ("VBPP")**

On acquisition of a mineral property, the Company prepares an estimate of the fair value of the exploration potential of that property and records this amount as an asset, called *value beyond proven and probable*, as at the date of acquisition. As part of its annual business cycle, the Company prepares estimates of proven and probable reserves for each mineral property. The change in reserves, net of production, is used to determine the amount to be converted from VBPP to proven and probable reserves. Estimates of VBPP are also used in our impairment analyses.

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**Qualified Persons**

Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this MD&A for the Quebec projects.

**Forward-looking Statements and Information** 

Certain of the statements made and information provided in this MD&A are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "anticipates", "believes", "budgets", "continue", "commitment", "confident", "estimates", "expects", "forecasts", "guidance", "intends", "outlook", "plans", "potential", "projected", "prospective", or "schedule" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "can", "could", "likely", "may", "might", "will" or "would" be taken, occur or be achieved.

Forward-looking statements or information contained in this MD&A include, but are not limited to, statements or information with respect to: our beliefs for reserve growth; our jurisdictional and overall strategy; intentions with respect to a quarterly dividend program and expected record and payment dates for a declared dividend; Eldorado's intent to acquire all the outstanding Foran shares and specifically, the consummation and timing of the transaction with Foran, approval of the transaction by Eldorado shareholders, satisfaction and timing of the closing conditions including timing, receipt and anticipated effects of court, regulatory and other consents and approvals; management's safety vision and commitment to continuous improvement related thereto; the Company's 2026 outlook including expected production, total cash costs, all-in sustaining costs, capital expenditures, both overall and by material property; with respect to the Skouries Project: timelines and expectations for first production and commercial production, management's focus on safely delivering Skouries; the results of the 2021 feasibility study including expected mine life, annual production of gold and copper from the project; expected 2026 gold and copper production ;expected terms of concentrate off-take agreements and the expected positive economic impact of those terms, overall capital cost estimate, estimated foreign exchange impact, expected increases to accelerated operational capital costs, expected timing of the underground ramp-up, expected larger test stopes to be completed in 2026 and resulting tonnes, construction milestones and activities; funding requirements for Skouries, including the sources thereof and impacts to the letter of credit as the Company invests in Skouries; in respect of Olympias, plans to continue underground development and intentions to complete a mill expansion to 650 kpta and timing and benefits related thereto; with respect to Kisladag: expected mine life extension. construction of the second phase of the NHLP and ADR facilities, expected investment for a whole ore agglomeration circuit and expected benefits therefrom; expected timing for installation of agglomeration drums; expected timing for delivery and installation of a new crusher; optimization activities including associated costs and their expected benefits; and intention to complete a geometallurgical studies and the timing related thereto; expected additional waste-stripping activities to take advantage of metal prices and address ongoing geotechnical issues; with respect to Lamaque, plans to develop the Ormaque deposit, construction of the north basin water management structure; procurement of the paste plant as well as resource conversion drilling; in respect of Efemcukuru, plans for underground and portal development at Kokarpinar and development at Bati; in respect of Perama Hill: management's beliefs on EIA approval and a potential construction start date; future exploration activities; statements regarding the acquisition of Foran, including timing, risks and benefits thereof; beliefs with respect to working capital capacity; the vesting and redemption of the Company's PSUs; non-IFRS financial measures and ratios; risk factors affecting our business; upcoming changes to accounting standards; our expectations as to our future financial and operating performance, including expected metallurgical recoveries, and commodity price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities, and related timelines and schedules. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors, which

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| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Forward-looking statements and forward-looking information are by their nature based on a number of assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost, results of our construction and development activities, improvements, and exploration; the future price of gold and other commodities; the ability to complete the acquisition of Foran, including the ability to obtain all necessary consents and satisfaction of all necessary conditions to complete the transaction; and the timing thereof; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to effectively use invested capital and unlock potential expansion opportunities across the portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary of shipping for important or critical items for construction, development and improvements activities or for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.

More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability and our contractors' ability to recruit and retain labour resources within the required timeline; labour productivity, rates, and expected hours; inflation rates; the expected scope of project management frameworks; our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries Project.

In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: commodity price risk; development risks at Skouries and other construction and development projects including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; environmental matters; our ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures; regulatory requirements as they relate to mine plan approvals; waste disposal; mineral tenure; permits; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

Mineral Reserves and Mineral Resources; risks related to replacement of mineral reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; the acquisition of Foran, including the performance of Foran, and all risks related thereto, and the ability to complete the acquisition; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company's profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic environment; labour (including in relation to availability of labour resources, including for including for construction, development and improvements activities, and their productivity employee/union relations, the Greek transformation, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect our business and operations.

With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production, and further increase to the costs of the Skouries Project. The specific risks, certainties and other factors include, among others: increase the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability, and the ability of our construction contractors to recruit the required number of personnel (both skilled and unskilled) with required skills within the required timelines, and to manage changes to workforce numbers through the construction of the Skouries Project; our ability to recruit personnel having the requisite skills, experience, and ability to work on site; our ability to increase productivity by, among other things,adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to third-party contractors, including reduced control over aspects of the Company's operations, and/or the ability of contractors to perform at required levels and according to baseline schedules and any commercial disputes that may arise from a contractor's failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyor and control centre; the timely receipt of necessary permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations due to protests, non-routine regulatory inspections, road conditions, or labour unrest; unexpected inclement weather and climate events, including short and long duration rainfall and floods; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR:USD exchange rate.

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION and ANALYSIS**<br>For the three and twelve months ended December 31, 2025  | ![eldlogo4xa.jpg](eldlogo4xa.jpg) |

---

The inclusion of forward-looking statements and information is designed to help you understand management's current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the United States.

This MD&A contains information that may constitute future-orientated financial information or financial outlook information (collectively, "FOFI") about Eldorado's prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Eldorado's actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Eldorado has included FOFI in order to provide readers with a more complete perspective on Eldorado's future operations and management's current expectations relating to Eldorado's future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this news release. Unless required by applicable laws, Eldorado does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise. Financial information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and are not a substitute for reading the Company's financial statements and related MD&A available on our website and on SEDAR+ and EDGAR under our Company name. The reader is directed to carefully review such documents for a full understanding of the financial information summarized herein.

 86

## Exhibit 99.4

**Exhibit 99.4**

**CERTIFICATION**

I, George Burns, certify that:

1. I have reviewed this annual report on Form 40-F of Eldorado Gold Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditor and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ George Burns |
|  |  | George Burns |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 99.5

**Exhibit 99.5**

**CERTIFICATION**

I, Paul Ferneyhough, certify that:

1. I have reviewed this annual report on Form 40-F of Eldorado Gold Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditor and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ Paul Ferneyhough |
|  |  | Paul Ferneyhough |
|  |  | Executive VP and Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 99.6

**Exhibit 99.6**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. §1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Eldorado Gold Corporation (the "Company") on Form 40-F for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, George Burns, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| March 27, 2026 | /s/ George Burns |
| | George Burns |
| | Chief Executive Officer |
| | (Principal Executive Officer) |

---

A signed original of this written statement required by Section 906 has been provided to Eldorado Gold Corporation and will be retained by Eldorado Gold Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 99.7

**Exhibit 99.7**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. §1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Eldorado Gold Corporation (the "Company") on Form 40-F for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Paul Ferneyhough, Executive VP and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| March 27, 2026 | /s/ Paul Ferneyhough |
| | Paul Ferneyhough |
| | Executive VP and Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |

---

A signed original of this written statement required by Section 906 has been provided Eldorado Gold Corporation and will be retained by Eldorado Gold Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 99.8

**Exhibit 99.8**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

Eldorado Gold Corporation

We consent to the use of:

• our report dated February 19, 2026**,** on the consolidated financial statements of Eldorado Gold Corporation (the "Entity") which comprise the consolidated statements of financial position as of December 31, 2025, and 2024, the related consolidated statements of operations, comprehensive income (loss), cash flows, and changes in equity for each of the years then ended, and the related notes (collectively the "consolidated financial statements"), and

• our report dated February 19, 2026, on the effectiveness of the Entity's internal control over financial reporting as of December 31, 2025

each of which is included in the Annual Report on Form 40-F of the Entity for the fiscal year ended December 31, 2025.

We also consent to the incorporation by reference of such reports in the Registration Statement (No. 333-288100) on Form F-10, and the Registration Statements (No's. 333-103898, 333-107138, 333-122683, 333-145854, 333-153894, 333-160349, 333-176184, 333-180504, 333-197861, 333-230600, 333-261772, and 333-288421) on Form S-8 of the Entity.

/s/ KPMG LLP

Chartered Professional Accountants

March 27, 2026

Vancouver, Canada

## Exhibit 99.9

**Exhibit 99.9**

![imagec.jpg](imagec.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Simon Hille, FAusIMM and Executive Vice-President and Chief Operating Officer do hereby consent to the use of my name in connection with the preparation and review of the scientific or technical information contained in the (i) Annual Information Form for the year ended December 31, 2025 (the "AIF"), except with respect to properties in Quebec, (ii) Management's Discussion and Analysis for the three and twelve months ended December 31, 2025 (the "MD&A") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (iii) the Registration Statement on Form F-10 (File No.333-288100), and any amendments thereto, and any Registration Statement on Form S-8 incorporating by reference the Company's AIF, MD&A and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Simon Hille |
|  | Simon Hille, FAusIMM and Executive Vice-President and Chief Operating Officer |

---

## Exhibit 99.10

**Exhibit 99.10**

![image4.jpg](image4.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Jessy Thelland do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 14, of the Technical Report for the Lamaque Complex, Québec, Canada with an effective date of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Triangle, Plug #4, Ormaque, and Parallel Mineral Resources of the Lamaque Complex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Triangle and Plug #4 Mineral Reserves of the Lamaque Complex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Jessy Thelland |
|  | Jessy Thelland, géo |

---

## Exhibit 99.11

**Exhibit 99.11**

![image9.jpg](image9.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Peter Lind do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 1, 2, 3, 4, 5, 6, 18, 20, 24, 25, 26 and 27, originally prepared by David Sutherland, as well as sections 13, 17, 19 and 21 of the Technical Report, Efemçukuru Gold Mine, Türkiye with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 1, 3, 4, 5, 6, 18, 20, 24 and 27, originally prepared by David Sutherland, as well as sections 13, 17 and 19, originally prepared by Paul Skayman, of the Technical Report, Kışladağ Gold Mine, Turkey with an effective date of January 17, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 1, 2, 3, 4, 5, 6, 18, 20, 25, 26.3 and 27, originally prepared by David Sutherland, as well as sections 13, 17, 19, 21, 22, 24 and 26.2 of the Technical Report, Olympias Mine, Greece with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 1, 2, 3, 5, 12.2.2, 13, 17, 19 and 20 of the Technical Report for the Lamaque Complex, Québec, Canada with an effective date of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to these projects;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Peter Lind |
|  | Peter Lind, P. Eng. |

---

## Exhibit 99.12

**Exhibit 99.12**

<br> ![image5.jpg](image5.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Ian Lipchak do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 15, 16, 21 and 22, originally prepared by Mike Tsafaras, of the Technical Report, Efemçukuru Gold Mine, Türkiye with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Efemçukuru Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Skouries Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Perama Hill Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to these projects;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Ian Lipchak |
|  | Ian Lipchak, P.Eng. |

---

## Exhibit 99.13

**Exhibit 99.13**

![image12.jpg](image12.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Sean McKinley do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 7, 8, 9, 10 and 23 of the Technical Report, Efemçukuru Gold Mine, Türkiye with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 7, 8, 9, 10, 23 and 14.7 of the Technical Report, Kışladağ Gold Mine, Turkey with an effective date of January 17, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 7, 8, 9, 10 and 23 of the Technical Report, Olympias Mine, Greece with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Skouries Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sapes Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Stratoni Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Piavitsa Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to these projects;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Sean McKinley |
|  | Sean McKinley, P.Geo. |

---

## Exhibit 99.14

**Exhibit 99.14**

![imaged.jpg](imaged.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Suraj Priyadarshi do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 15, 16, 21 and 22, originally prepared by Richard Miller, of the Technical Report, Kışladağ Gold Mine, Turkey with an effective date of January 17, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Kişladağ Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Suraj Priyadarshi |
|  | Suraj Priyadarshi, P.Eng |

---

## Exhibit 99.15

**Exhibit 99.15**

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Robert Chesher, do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Technical Report, Skouries Project, Greece, effective January 22, 2022;

the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Robert Chesher |
|  | Robert Chesher, FAusIMM (CP), RPEQ, MTMS |

---

## Exhibit 99.16

**Exhibit 99.16**

**CONSENT OF EXPERT**

**Re: Eldorado Gold Corporation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Technical Report, Skouries Project, Greece, effective January 22, 2022 (the "Technical Report"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other information pertaining to this project.

AMC confirms that its representatives have read the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F and have no reason to believe that there are any misrepresentations in the information contained therein that are: (a) derived from the Technical Report; or (b) within the knowledge of AMC as a result of the services provided by AMC or its employees performed in connection with the preparation of the Technical Report.

AMC also hereby confirms that the following individuals were contributing authors of the Technical Report, are "qualified persons" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Reports ("NI 43-101") and were employed by AMC at the date of the signing of the Technical Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Gary Methven, P.Eng.

ii) Mort Shannon, P.Geo.

iii) Mo Molavi, P.Eng.

AMC is not responsible for disclosure in the AIF that pertains to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)the Company's Annual Mineral Reserve and Mineral Resource (disclosure, effective September 30, 2025 in the AIF related to the Skouries Project; and

ii)the capital cost sections of the Skouries Project description in the AIF; and

AMC further confirms that the principal business of AMC is providing engineering and technical mining resources consulting services. The authorized signatory of this consent for AMC is a "qualified person" as defined in NI 43-101.

---

| | |
|:---|:---|
| | AMC MINING CONSULTANTS (CANADA) INC. |
| By: | /s/ Gene Tucker |
|  | Name: Gene Tucker |
|  | Title: Director / Global Lead Open Pit Mining |
|  | Dated: March 27, 2026 |

---

## Exhibit 99.17

**Exhibit 99.17**

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

Mining Plus Canada Consulting Ltd. hereby consents to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quotation, inclusion or summary of those portions the Technical Report, Skouries Project, Greece, effective January 22, 2022 for which the undersigned is responsible for; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project; and

the use of its name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| |
|:---|
| **Mining Plus Canada Consulting Ltd.** |
| /s/ Jason Blais |
| Name: Jason Blais |
| Title: Manager - Underground |

---

## Exhibit 99.18

**Exhibit 99.18**

![imageb.jpg](imageb.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Richard Kiel, do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quotation, inclusion or summary of those portions prepared by me of the Technical Report, Skouries Project, Greece, effective January 22, 2022 (the "Technical Report"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of my name, in connection with those portions of the Technical Report prepared by me, in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and (ii) the Registration Statement on Form F-10 (File No. 333-288100) and the Registration Statement on Form S-8 (File Nos. 333-103898, 333-107138, 333-122683, 333-145854, 333-153894, 333-160349, 333-176184, 333-180504, 333-197861, 333-230600, 333-261772 and 333-288421) of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| |
|:---|
| /s/Richard Kiel |
| Richard Kiel, P. E. |

---

## Exhibit 99.19

**Exhibit 99.19**

![imageb.jpg](imageb.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

WSP Canada Inc. as a company whose principal business is providing engineering or geoscientific services, and whose business gives authority to a statement made by the company, hereby consents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The filing of the written disclosure regarding: quotation, inclusion or summary of those portions prepared by WSP of the Technical Report, Skouries Project, Greece, effective January 22, 2022 (the "Technical Report"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of WSP's name, in connection with those portions of the Technical Report prepared by WSP, in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and Form S-8 (File Nos. 333-103898, 333-107138, 333-122683, 333-145854, 333-153894, 333-160349, 333-176184, 333-180504, 333-197861, 333-230600, 333-261772 and 333-288421) of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| | **WSP CANADA INC.** |
| By: | /s/ Richard Kiel |
|  | Authorized Signatory |
|  | Richard Kiel, P.E. |

---

## Exhibit 99.20

**Exhibit 99.20<br>**

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

Fluor Canada Ltd. hereby consents to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quotation, inclusion or summary of those portions the Technical Report, Skouries Project, Greece, effective January 22, 2022 for which the undersigned is responsible for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project; and

and the use of its name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| | **Fluor Canada Limited** |
| By: | /s/ Sachin Nanda |
|  | Name: Sachin Nanda |
|  | Title: Executive Director, Project and Operations Lead, Fluor Canada Limited |

---

## Exhibit 99.21

**Exhibit 99.21**

![image10.jpg](image10.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Jacques Simoneau do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 4, 6, 7, 8, 9, 10, 11, 12, and 23, of the Technical Report for the Lamaque Complex, Québec, Canada with an effective date of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Jacques Simoneau |
|  | Jacques Simoneau, géo |

---

## Exhibit 99.22

**Exhibit 99.22**

![image14.jpg](image14.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Philippe Groleau do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12.2.4, 15, 16, 18.6 and 21 of the Technical Report for the Lamaque Complex, Québec, Canada with an effective date of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Ormaque and Parallel Mineral Reserves for the Lamaque Complex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Philppe Groleau |
|  | Philippe Groleau, Eng. |

---

## Exhibit 99.23

**Exhibit 99.23**

![image.jpg](image.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Mehdi Bouanani do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 12.2.5, 18.1 through 18.5 and 18.7 through 18.9, of the Technical Report for the Lamaque Complex, Québec, Canada with an effective date of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Mehdi Bouanani |
|  | Mehdi Bouanani, Eng. |

---

## Exhibit 99.24

**Exhibit 99.24**

![image6.jpg](image6.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Vu Tran do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 12.2.6, 18.10, 18.11 and 18.12 of the Technical Report for the Lamaque Complex, Québec, Canada with an effective date of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Vu Tran |
|  | Vu Tran, Eng. |

---

## Exhibit 99.25

**Exhibit 99.25**

![image13.jpg](image13.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Filip Medinac do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 15, 16, 21, 22, 25 and 26.1 originally prepared by Victor Vdovin, of the Technical Report, Olympias Mine, Greece with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Olympias Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to this project;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Filip Medinac |
|  | Filip Medinac, P.Eng |

---

## Exhibit 99.26

**Exhibit 99.26**

![image11.jpg](image11.jpg)

**CONSENT OF EXPERT**

March 27, 2026

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

**Re: Eldorado Gold Corporation**

I, Karine Brousseau do hereby consent to the filing of the written disclosure regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 11, 12 and 14, originally prepared by Ertan Uludag, of the Technical Report, Efemçukuru Gold Mine, Türkiye with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 2, 11, 12, 14 (except 14.7), 25 and 26, originally prepared by Stephen Juras, of the Technical Report, Kışladağ Gold Mine, Turkey with an effective date of January 17, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 11, 12 and 14, originally prepared by Ertan Uludag, of the Technical Report, Olympias Mine, Greece with an effective date of December 31, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Efemçukuru Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Kişladağ Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Olympias Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Perama Hill (oxide) Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Perama Hill (sulfide) Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Perama South Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Bonnefond Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other information pertaining to these projects;

and the use of my name in (i) the Annual Information Form for the year ended December 31, 2025 (the "AIF") being filed by Eldorado Gold Corporation (the "Company") with the United States Securities and Exchange Commission as part of the Company's Form 40-F Annual Report for the year ended December 31, 2025 (the "Form 40-F"), and any amendments thereto, and (ii) the Registration Statement on Form F-10 (File No. 333-288100), and any amendments thereto, and any Registration Statement on Form S-8 of the Company incorporating by reference the Company's AIF and Form 40-F.

---

| | |
|:---|:---|
| By: | /s/Karine Brousseau |
|  | Karine Brousseau, Eng. |

---

<br>