#1TOPR TOPRAG eldorado gold Investor Presentation November 2021 0#2Empty#3Diversified Portfolio of Long-Life, High-Quality Assets Kassandra Mines, GREECE Olympias Skouries Stratoni Olympias, GREECE 2020 Au Production 58,423 oz 2020 AISC $1,541/oz sold 2021 Q3 YTD Au 40,116 oz Production Divers Diverse Asset Portfolio Operations in Turkey, Greece and Canada 17.7Moz of P&P gold reserves (1) • HEAD OFFICE Vancouver, Canada Lamaque, CANADA 2020 Au Production 144,141 oz 2020 AISC $827/oz sold 2021 Q3 YTD Au Production 101,847 oz Production Development European Regional OFFICE Amsterdam, Netherlands Perama Hill, GREECE $1 • Efemçukuru, TURKEY 99,835 oz $918/oz sold 2020 Au Production 2020 AISC 2021 Q3 YTD Au Production 70,076 oz • Kışladağ, TURKEY 2020 Au Production 226,475 oz 2020 AISC $664/oz sold 2021 Q3 YTD Au Production 141,229 oz Pipeline of Strategic Growth Projects Development projects: Skouries, Perama Hill Annual production to increase to 525,000 ozs in 2025 through organic growth projects at existing operations . * Low-Cost Operator Eldorado's total cash cost Q3 2021 YTD of $743/oz is below industry average eldorado gold (1) Please refer to the Company's annual information form dated March 30, 2021 for more information with respect to the mineral resources and mineral reserves. 2#4Strong Investment Rationale Eldorado is driving investor returns by focusing on four key areas Balance of Organic & Development Growth Projects • Kışladağ: Completion of HPGR to increase recoveries • Lamaque: Triangle decline, Ormaque • Olympias: Expansion to 650 ktpa $ Attractive Valuation Eldorado trades at 0.6x P/NAV versus peers at 0.8x P/NAV Advancing high-quality Greek assets creates re-rating potential • Skouries: Re-start of construction e Focused on ESG Strong ESG performance as a mid-cap miner Diversity/inclusion, adherence to WGC Conflict Free Gold Standards, best practices for tailings management eldorado gold • • $ Solid Financial Position Cash and equivalents of $439M as of Sept 30, 2021 Strengthening credit profile New Notes lowers cost of debt and allows Eldorado to pursue a broader range of funding alternatives for the development of Kassandra assets in Greece 3#5P/NAV Attractive Valuation Eldorado has an attractive valuation compared to peers Advancing high-quality Greek assets creates re-rating potential $ Consensus P/NAV 1.2 1.0 0.8 0.6 0.4 0.2 > eldorado gold Consensus EV/2021E EBITDA 10.0 8.0 EV/2021 EBITDA 4.0 09 6.0 2.0 0.0 0.0 PVG BTO CG AGI SSR NGD EQX ELD IMG PVG EQX AGI SSR ELD CG BTO NGD IMG Source: FactSet; data as of October 28, 2021. Source: FactSet; data as of October 28, 2021. 4#6Proven Track Record Management team has successfully executed on commitments Resolved recovery issues at Kışladağ and extended 70% mine life to 17 years 60% 50% Delivered strong production and new growth opportunities at Lamaque Strengthened balance sheet Advancing Greece: Amended Investment Agreement with Greece eldorado gold 40% % Change 30% 20% do 10% 0% -10% -20% -30% 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 -Edorado Gold Peer Average Source: FactSet Relative Share Price Performance 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 -S&P TSX Global Gold NYSE Arca Gold BUGS 1-May-21 1-Jun-21 1-Jul-21 1-Aug-21 1-Sep-21 1-Oct-21 5#7ESG is a Key Priority Peer comparison shows Eldorado as a strong ESG performer in the mid-cap mining sector e Leading the way in ESG areas Board gender diversity ESG actions are recognized globally . • ISS▷ SOCIAL QUALITYSCORE HIGHEST RANKED BY ISS ESG▷ Adherence with WGC Conflict Free Standards 1 • Tailings management (dry stack tailings) 1 = highest; 10 = lowest GOVERNANCE QUALITYSCORE HIGHEST RANKED BY ISS ESG 1 SUSTAINALYTICS 100 = Poor a Morningstar company 1 = highest; 100 = lowest ELD Score Score = 28 (Top 15% of Peer Group) Dry Stack Tailings Management Significantly reduces tailings environmental footprint • Higher solids content improves facility's safety and stability; facilitates water recycling Allows for continuous reclamation eldorado gold Copyright ©2021 Sustainalytics. 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Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. 6#8Financial Position Focus on maintaining solid financial position Liquidity Position (1) (as of September 30, 2021) $ Strong Financial Position $250M $689M Cash & Cash Equivalents Credit Facility eldorado gold (1) Cash balance includes term deposits $439M Cash Balance ($US M) 600 500 400 300 200 100 Cash Balance (1) and Net Leverage Ratio 1.00 0.83 0.67 0.50 0.33 0.17 0 0.00 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 I Cash Balance ($US M) Q2 2021 Q3 2021 -Net Leverage Ratio US$500M Senior Notes (6.25%) Net Leverage Ratio New Notes lowers the cost of debt and allows Eldorado to pursue a broader range of funding alternatives for the development of Kassandra assets 7 in Greece#95-Year Operating Outlook Excludes Potential Production from Skouries Production (midpoint) increasing over 5 years driven by organic growth projects Skouries to be included in the 5-year outlook post financing decision 5-Year Production Profile (1,2) Production (koz) 600 515kozs 525kozs 495kozs 500 470kozs 445kozs 400 300 200 100 0 2021E 2022E 2023E 2024E 2025E Kışladağ Lamaque Efemçukuru ■Olympias eldorado gold (1) Showing mid-point guidance. Full range included in appendix. (2) Perama Hill is not included in the 5-year outlook and provides upside to production profile. 8#10Low-Cost Operator Eldorado total cash costs are currently below industry-weighted average and expected to trend lower given growth profile Gold Industry Total Cash Cost Curve ($/oz) $2,000 $1,750 $1,500 Kışladağ $1,250 $560/oz Eldorado Lamaque $649/oz Efemçukuru $697/oz $1,000 $542/oz $750 $500 $250 $0 0 10 20 30 40 50 Production (%) eldorado gold Source: S&P Capital IQ 2021 Cost Curve, FactSet NOTE: Eldorado total cash cost (C2) figures from full-year 2020 60 60 Spot Gold: $1,800/oz Olympias $1,164/oz Industry Weighted-Average: $755/oz 70 70 80 90 90 100 9#11Operating Results Increased 2021 production guidance based on strong performance Q3 YTD Q3 2021 YTD 2021 2020 Asset Production (oz) C1 Cost AISC ($/oz) Production C1 Cost AISC Production C1 Cost AISC ($/oz) (oz) ($/oz) ($/oz) (oz) ($/oz) ($/oz) Kışladağ 51,040 612 916 141,229 546 755 226,475 451 664 Lamaque 37,369 646 1,130 101,847 683 1,117 144,141 522 827 Efemcukuru 23,305 552 911 70,076 534 839 99,835 556 918 Olympias 13,745 952 1,728 40,116 1,110 1,806 58,423 1,078 1,541 Total 125,459 646 1,133 353,268 644 1,066 528,874 560 921 2021 Guidance (1) 460,000 - 480,000 920 - 590-640 1,150 eldorado gold (1) 2021 production guidance was increased to 460,000-480,000 ounces on October 28, 2021. C1 Cost and AISC guidance was unchanged. 10#12Operations Overview - Diversified production base with balanced growth profile of both organic and development projects Operations 트 11% Kışladağ, Efemçukuru Olympias, Olympias Lamaque Stratoni *>> Projects Non-Core Projects 27% Lamaque Skouries, Certej Perama Hill eldorado gold 2020 Gold Production 528koz 43% Kisladag 19% Efemcukuru Canada Greece ■Turkey 11#13Operating Jurisdictions C⭑ Turkey History of operating in key jurisdictions . 2020 Investment Attractiveness (1): Turkey: 79.27/100 • • • Operating in Turkey since 2006 Demonstrated history of 15+ years of permitting success and strong community relations • Canada 2020 Investment Attractiveness (1): Quebec: 85.97/100 8+ year Reserve life with potential from large Inferred resource Steady production profile, large resource base and exploration upside from nearby targets 18.0 15.0 12.0 9.0 6.0 3.0 Turkish Inflation Rates vs. ELD Cash Costs (Turkish Assets) 1200 1000 800 600 400 200 Cash Operating Costs ($/oz) • • Greece 2020 Investment Attractiveness (1): Greece: N/A (2) Amended Investment Agreement with Hellenic Republic in Q1 2021 • Provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece 0.0 2010 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Kisladag Cash Costs ($/oz) Efemcukuru Cash Costs ($/oz) -Turkish Inflation Rate (%) Source: FactSet, company reports eldorado gold (1) (2) Ranked by Fraser Institute. Source: https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf The 2020 Fraser Institute questionnaire included a number of jurisdictions that had insufficient responses to enable them to be included in the report. 12#14Kışladağ Kışladağ is a low-grade, bulk-tonnage, open pit operation that uses heap leaching for gold recovery OVERVIEW Location Ownership Usak Province, Turkey 100% Mine type Open pit, heap leach Metals Gold mined Deposit type Gold porphyry Processing Heap leach method Life of mine 17 years 2020 Results 226,475 ozs produced at $664/oz AISC 2021 Q3 YTD 141,229 ozs Production eldorado gold RESERVES AND RESOURCES (1) Contained Tonnes Grade Black Sea (x1000) (g/t Au) Ounces (x1000 Au) Ankara O P&P Reserves 207,550 0.69 4,580 M&I Resources 373,774 0.60 7,197 TURKEY GREECE Inferred Resources 7,543 0.44 107 Kışladağ Mediterranean Sea • • ** Enhancing Efficiencies HPGR to drive 4% increase in gold recoveries Pre-stripping campaign on track (1) Please refer to the Company's annual information form dated March 30, 2021 for more information with respect to the mineral resources and mineral reserves. 13#15Efem çukuru High-grade underground operation located in Izmir Province in western Turkey Location Ownership OVERVIEW Izmir Province, Turkey 100% RESERVES AND RESOURCES (1) Black Sea Tonnes Grade Contained Ounces (x1000) (g/t Au) (x1000 Au) Ankara Mine type Underground O TURKEY Metals Gold P&P Reserves M&I Resources 3,167 6.02 613 4,335 6.75 941 mined GREECE Efemçukuru Inferred Resources 4,919 5.95 941 Processing method Flotation circuit to produce gold concentrate Mediterranean Sea Deposit type Epithermal gold Life of mine 9 years 2020 Results 99,835 ozs produced at $918/oz AISC • Efemçukuru improvements sustain low-cost 2021Q3 YTD 70,076 ozs Maintain low-cost production production such as the implementation of column flotation to improve concentrate grade Production Cash operating costs below $600/oz for 5+ years eldorado gold 14 (1) Please refer to the Company's annual information form dated March 30, 2021 for more information with respect to the mineral resources and mineral reserves.#16Lamaque Underground gold mine located in Val-d'Or, Quebec. The high-grade orogenic Triangle deposit feeds the initial 8-year mine life. OVERVIEW Location Ownership RESERVES AND RESOURCES (1) Québec, Canada 100% Hudson Bay Mine type Underground Metals Gold mined Processing method Milling circuit followed by a leach and CIP circuit Contained Tonnes Grade Ounces (x1000) (g/t Au) (x1000 Au) P&P Reserves 4,994 6.76 1,086 M&I Resources 7,118 7.96 1,821 CANADA Lamaque Inferred Resources 9,280 6.95 2,074 Montreal Inferred Resources - Ormaque 2,620 9.53 803 Toronto USA Commercial 2019 production Life of mine 8 years 2020 Results 144,141 ozs produced at $827/oz AISC 2021 Q3 YTD 101,847 ozs Production > eldorado gold (1) Please refer to the Company's annual information form dated March 30, 2021 for more information with respect to the mineral resources and mineral reserves. • Exploration Upside Large resource base and exploration upside from nearby targets Strategic land positions in highly-prospective jurisdictions; QMX acquisition increased land package by 5.5x. 15#17Olympias Carbonate replacement style deposit with high gold-grades and an orebody that will allow for mining rates up to 1 million tonnes per year OVERVIEW Location Ownership Halkidiki Peninsula, Greece 100% Mine type Underground Metals Gold, Silver, Lead, Zinc GREECE mined Processing method Milling circuit followed by flotation Commercial 2017 production Life of mine 20 years 2020 Results 58,423 ozs produced at $1,541/oz AISC 2021 Q3 YTD Production 40,116 ozs RESERVES AND RESOURCES (1) Contained Contained Tonnes (x1000) Grade Grade (g/t Au) Ounces (x1000 Au) (g/t Ag) Ounces (x1000 Ag) Olympias P&P Reserves 10,249 6.83 2,252 11 15,555 TURKEY M&I Resources 13,463 8.07 3,493 145 62,665 Inferred Resources 2,032 8.60 562 188 12,282 Athens Mediterranean Sea Kil Focus on Growth Plans to expand throughput to 650,000 tpa eldorado gold 16 (1) Please refer to the Company's annual information form dated March 30, 2021 for more information with respect to the mineral resources and mineral reserves.#18Skouries High-grade gold-copper porphyry deposit that is a key driver of Eldorado's growth story OVERVIEW Location Life of Mine (LOM) Project Economics (1) At Spot Au & Cu(2) Gold-copper porphyry 100% Eldorado Halkidiki Peninsula, Greece Deposit type Ownership Mining/ Open pit & underground / GREECE Processing flotation & gravity Products produced Production target Annual gold production 140,000 oz Skouries Annual gold equivalent production 280,000 oz Cash operating costs $(70)/oz $(673)/oz TURKEY AISC $215/oz $(310)/oz NPV-5% (3) $925.0 M $2,333.7 M Athens Gold doré, copper/gold concentrate ~ 2 years after construction is restarted Project IRR (3) 21.2% 39.9% Mediterranean Sea Contained metal in Proven & Probable Reserves (4) Contained 3.8 Moz Au, 1.7 Blbs Cu metal in Measured & Indicated 5.0 Moz Au, 2.5 Blbs Cu Resources (4) • Advancing Skouries Received dry stack tailings permit approval in Q2 2021 • Updated feasibility study expected in Q4 2021 • Construction decision 1H 2022 (1) eldorado gold (2) Here and elsewhere in this presentation data is from NI 43-101 Technical Report Skouries Project, filed by Eldorado Gold on 29 March, 2018 $1,800/oz Au, $4.00/lb Cu (3) After tax, based on $1,300/oz Au, $2.75/lb Cu (4) $1,300/oz Au, $2.75/lb Cu 17#19US$ million Gold Production (Koz) 800 600 The Transformative Effect of Skouries Consolidated Production Profile¹,2 400 200 0 2021E 2022E 2023E 2024E 2025E I Existing Production Base Skouries Au Skouries LOM Cash Flow³ $5,000 $4,545 $4,000 $3,000 $2,000 $1,000 $0 LOM Cash Flow $2,476 $1,441 NPV(5%) NPV(10%) US$ million Gold Production (Koz) Skouries Production Profile² 250 0 -50 200 150 100 -100 -150 -200 50 -250 0 -300 Year 1 Year 2 Au Production Year 3 Year 4 Year 5 Total Cash Cost (By-Product) $500 Skouries Annual Cash Flow³ $422 $369 $400 $374 $326 $300 $244 $200 $100 $0 Year 1 Year 2 Base Case Year 3 Year 4 Incremental @ Spot Year 5 Base Case Incremental @ Spot Existing production base assumes mid-point of 2021 5-year guidance for Kisladag, Lamaque, Efemcukuru and Olympias Skouries figures based on March 2018 Prefeasibility Study eldorado gold (1) (2) (3) Base Case assumes 2018 PFS prices ($1,300/oz Au / $2.75/lb Cu). Spot assumes $1,800/oz Au and $4.50/lb Cu 18 Total Cash Cost ($/oz Au)#20Perama Hill Low-cost polymetallic gold project with transformative growth potential OVERVIEW Location Ownership Thrace, Greece 100% Perama Hill RESERVES AND RESOURCES (1) Contained Mine type Open pit Metals Gold, Silver mined Deposit type Epithermal gold-silver Life of mine Grades Expected production Expected costs 10 years High grade (3.2 g/t), open pit strip ratio of ~0.3 Approximately 100,000 oz Au per year Cash costs $430/oz eldorado gold GREECE Athens Mediterranean Sea Tonnes (x1000) Grade (g/t Au) Grade Ounces Contained Ounces (g/t Ag) (x1000 Au) (x1000 Ag) P&P Reserves 12,498 3.11 1,250 7 2,680 TURKEY M&I Resources 14,066 3.04 1,374 7 2,994 Inferred Resources 1,182 1.64 62 2 93 Upcoming Catalysts • Updated technical study expected in early 2022 • Exploration potential in the Thrace region, supporting opportunities for growth (1) Please refer to the Company's annual information form dated March 30, 2021 for more information with respect to the mineral resources and mineral reserves. 19#21Investment Rationale: Pipeline of Growth Projects We will continue to deliver on our commitments to achieve future growth through both organic and development projects • • Continue to Deliver on Commitments Kışladağ: HPGR circuit to drive increased gold recoveries. North Lead Pad Phase 1 expansion on track Lamaque: Complete Triangle decline by end of 2021. Large resource base and exploration upside from nearby targets Olympias: Expansion to 650,000 tpa Skouries: Complete feasibility study to support finalizing financing and full funding decision eldorado gold 20#22Dobstoble dedi Appendix 21#23Eldorado Management Team Board of Directors Executive Leadership Experienced Operators Supported by a Committed and Proven Leadership Team George Burns President & CEO • 30 years of experience in the mineral sector including executive, operations, development and engineering leadership roles in gold, copper and coal operations ⚫Prior to joining Eldorado, he was EVP & COO at Goldcorp Began his career with Anaconda Company in 1978 Philip Yee Executive VP & CFO Extensive experience in the mining industry, financial management and reporting, financial and operational recovery, M&A, international risk management and strategy development • Prior to joining Eldorado, was EVP & CFO at Kirkland Lake Gold Joseph Dick Executive VP & COO • Over 35 years of mining experience, including executive, safe operations, projects, engineering and production support roles in gold, silver and base metal operations ⚫ Prior to joining Eldorado, was SVP, Latin American Operations at Goldcorp • Executive VP, People and External Affairs Jason Cho Executive VP & CSO • Over 25 years of mining and related industry experience, including engineering, investment banking and M&A, corporate finance and corporate development Previously with Merrill Lynch, TD Newcrest and UBS Securities in various capacities and AMEC PLC as a geotechnical engineer Timothy Garvin Executive VP & GC • Extensive international experience in legal management roles advising companies in mining and oil and gas Appointed EVP and General Counsel in 2018 Lisa Ower Steven Reid Chair of the Board George Burns President & CEO George Albino Independent Director Teresa Conway Independent Director Catherine Farrow Independent Director Over 25 years of extensive international experience in human resources, strategy, transformation, M&A, communications and stakeholder relations. • Prior to joining Eldorado, Lisa has held executive and senior leadership roles at Enerplus, Veresen, Talisman and Celestica. Pamela Gibson Independent Director Judith Mosely Independent Director John Webster Independent Director eldorado gold 22#24Sustainability Framework Sustainability framework articulates four key commitments highlighting our commitment to ESG Safe, Inclusive and Innovative Operations Successful management of COVID-19 to keep employees safe and operations performing to guidance Mitigating risk implementing best available technology dry-stack tailings method • Achievement of gender parity on the Board and committed to 30% female senior management by 2023 • • Responsibly Produced Products Adopting the World Gold Council's Responsible Gold Mining Principles initiative and completing external assurance for Year One Producer of conflict-free gold as per WGC's eldorado gold standard • Engaged & Prosperous Communities Support for in-country community projects (US$3M) including critical infrastructure, access to education and health care Payments to in-country suppliers accounted for US$417M, or 85% of total supplier spending • Healthy Environments Now & The Future Development of an energy & carbon management system to identify opportunities for energy efficiency and GHG reductions • Reclaimed more than 10 hectares of land to its original state 23#255-Year Operating Outlook Excludes Potential Production from Skouries Production (midpoint) increasing over 5 years driven by growth projects Five-Year Operating Outlook Production (oz) Kışladağ 2020 226,475 2021E 2022E 140-150 K 2023E 2024E 2025E Lamaque 144,141 165-175 K 165-175 K 180-190 K Efemçukuru 99,835 80-85 K Olympias 58,423 55-60 K Total 528,874 460-480 K 430 - 460 K 80-85 K 65-70 K 480-510 K 185 195 K 160 - 170 K 75-80 K 80 - 90 K 500 530 K 160 - 170 K 185-195 K 75-80 K 90-100 K 510-540 K YTD 2021 Production Production (oz) Kışladağ Lamaque Efemçukuru Olympias Total YTD 2021 141,229 101,847 70,076 40,116 353,268 2021 Guidance 460,000 480,000 Note: Efemçukuru production has been adjusted for reduced payable ounces following a change in structure of concentrates sales contracts. Lower eldorado gold payability is offset by a decrease in forecast production costs due to the elimination of treatment charges and other deductions. 24#262021 Cost and Capital Outlook Low-cost operations and prudent capital program 2021 Cost Outlook Cash Op Cost C1 ($/oz sold) Total Op Cost C2 ($/oz sold) AISC ($/oz sold) Kışladağ 590 - 640 700 - 750 Lamaque 560-610 580-630 Efem çukuru 550-600 680 - 730 Olympias 775-825 900 - 950 Total 590-640 680-730 920-1,150 2021 Capital Outlook 2021 Other Project Spending Outlook Sustaining Capital ($M) Growth Capital ($M) Project Spending ($M) Kışladağ 18-23 90-95 Skouries 25-30 Total: Lamaque 48-53 35-40 Stratoni 10-15 Efem çukuru 18-23 Olympias 38-43 Total 122-142 0 10-15 135-150 Perama Hill 5-10 $46M Tocantinzinho 3-5 $65M Certej 3-5 2 eldorado gold capitalized). Other items: 2021 Outlook for General and Administrative is $32M. 2021 Outlook for Exploration is $25M-$30M (55% expensed and 45% 25#27Growth Focused on Low-Cost, Long-Life Assets Skouries and Perama Hill development projects are low-cost, long-life assets Life of Mine (1) 30 25 Skouries (3) 20 20 15 10 5 0 -$120 $80 Development Olympias Kışladağ Efemçukuru Perama Hill (4) Lamaque $280 $480 Cash Costs (2) $680 $880 $1,080 Producing (1) (2) Life of Mine based on Sept 30 2020 Reserves Statement. Cash Costs based on 2021 guidance (mid-point). eldorado gold (3) (4) Indicative operating data based on Skouries Updated Technical Report filed March 29, 2018. Indicative operating data based on Perama Hill Technical Report filed January 2010. 26#28Skouries - Economic & Environmental Benefits Unlocking value at a world-class development project Skouries Production & Cost • Average gold production: 140,000 oz (1) • Average AISC: $215/oz over a 23-year mine life (1) • $ Employment in Local Communities Expected to support over 3,000 jobs (2) Expected future fiscal revenues paid to the Greek State of $2.3 billion (1,3) Further Investment in Community Projects • Over $80 million committed to CSR projects over the life of the mines • (1) eldorado gold (2) (3) • Reduced Environmental Impacts Dry stack tailings results in smaller footprint Improved water management systems Other design improvements Assumes the following metal prices: $1,300/oz Au, $16/oz Ag, $2,400/t Zn, $2,000/t Pb, $2.75/lb Cu. Includes full-time employees and contractors at Olympias, Skouries and Stratoni when fully operational. Includes expected royalties, corporate income tax and social contributions to the Greek state. 27#29Financial Results (1) ($ millions unless otherwise noted) Q3 2021 YTD 2021 2020 2019 2018 Operating Metrics Realized Gold Price ($/oz) Gold produced (oz) AISC ($/oz sold) Income Metrics Revenue Adjusted EBITDA 1,769 1,775 1,783 1,416 1,269 125,459 353,268 528,874 395,331 349,147 1,133 1,066 921 1,034 994 Adjusted net earnings (2) Adjusted earnings per share (2) 238.4 696.3 1,026.7 617.8 459.0 108.1 318.1 539.6 235.6 99.6 39.9 94.2 193.0 2.4 (30.1) 0.22 0.52 1.13 0.02 (0.19) Cash Flow Metrics Cash flow from operating activities before changes in working capital (2) 101.0 258.1 440.8 149.9 61.1 Capital Expenditures 64.4 200.0 188.9 177.3 274.1 Free cash flow (3) 29.7 39.3 271.1 (37.1) (187.8) Cash and cash equivalents and term deposits 439.3 439.3 511.0 181.0 293.0 (1) eldorado gold (2) Throughout this presentation we use cash operating cost per oz, total cash costs per oz, all-in sustaining cash cost per oz, adjusted net earnings, free cash flow, EBITDA, and Adjusted EBITDA as additional measures of Company performance. These are non-IFRS measures. Please see our MD&A for an explanation and discussion of these non-IFRS measures. Attributable to shareholders of the Company (3) Free cash flow was lower in Q2 2021 due to increased growth capital spending, increased tax cash payments, and the timing of royalty and interest payments. 28#30Historical Operating Results - Kışladağ Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Data (1) Tonnes placed on pad Head grade (g/t Au) 3,258,366 3,367,305 0.71 0.81 3,127,290 0.77 3,097,671 0.98 3,195,329 3,060,873 1.06 1.03 Gold ounces produced 51,040 44,016 46,172 58,816 59,593 59,890 Gold ounces sold 51,038 44,049 47,507 55,807 59,571 59,917 Cash operating costs ($/oz sold) $612 $529 $492 $447 $440 $465 All-in sustaining costs ($/oz sold) $916 $728 $607 $732 $708 $630 Financial Data Gold revenue Depreciation and depletion (1) Earnings from mine operations(1) Growth capital expenditures (millions) Sustaining capital expenditures (millions) $91.6 $80.7 $85.0 $104.8 $114.0 $103.4 $14.9 $11.5 $18.7 $20.5 $13.5 $13.7 $38.7 $40.6 $40.8 $50.8 $64.4 $58.0 $17.7 $29.4 $23.9 $16.3 $13.2 $7.0 $8.2 $3.7 $2.8 $6.5 $5.3 $5.4 eldorado gold (1) 2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements. 29#31Historical Operating Results - Lamaque Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Data Tonnes milled Head grade (g/t Au) Average recovery rate 199,746 190,940 180,834 173,293 172,963 146,998 5.99 5.98 5.17 8.20 7.25 7.25 97.1% 97.1% 96.0% 96.6% 97.9% 96.6% Gold ounces produced 37,369 35,643 28,835 44,168 39,525 33,095 Gold ounces sold 37,381 34,677 29,078 44,990 38,587 31,964 Cash operating costs ($/oz sold) $646 $658 $759 $503 $494 $480 All-in sustaining costs ($/oz sold) $1,130 $1,065 $1,162 $789 $747 $796 Financial Data Gold revenue Depreciation and depletion (1) Earnings from mine operations(1) Growth capital expenditures (millions) $66.4 $63.1 $51.6 $84.1 $73.8 $55.6 $15.1 $14.7 $13.2 $25.0 $18.9 $15.8 $26.4 $24.8 $15.7 $35.5 $35.1 $23.7 $10.1 $8.9 $7.1 $10.5 $7.1 $1.7 $13.7 $11.0 $9.3 $9.8 $6.8 $8.0 Sustaining capital expenditures (millions) eldorado gold (1) 2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements. 30#32Historical Operating Results - Efemçukuru Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Data Tonnes milled 134,857 130,208 128,989 132,005 130,057 132,173 Head grade (g/t Au) 6.44 6.60 6.67 7.00 6.34 7.21 Average recovery rate (to concentrate) 94.5% 93.8% 93.6% 92.1% 95.0% 93.4% Gold ounces produced (1) 23,305 23,473 23,298 25,828 23,892 26,876 Gold ounces sold 23,825 23,006 24,130 24,956 24,471 25,692 Cash operating costs ($/oz sold) $552 $525 $525 $493 $561 $534 All-in sustaining costs ($/oz sold) $911 $917 $693 $989 $1,012 $807 Financial Data Gold revenue $41.0 $43.7 $38.7 $42.2 $50.3 $46.8 Depreciation and depletion $10.9 $10.7 $10.9 $11.3 $11.8 $11.1 Earnings from mine operations $14.4 $16.4 $14.3 $14.6 $19.6 $19.0 Sustaining capital expenditures (millions) $5.3 $3.8 $2.6 $7.3 $5.1 $3.6 (1) Payable metal produced (2021) eldorado gold 31#33Historical Operating Results - Olympias Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Data Tonnes milled 103,939 107,575 103,167 98,448 122,531 116,382 Head grade (g/t Au) 7.27 6.35 6.98 6.36 6.52 8.39 Average recovery rate (to concentrate) 87.1% 87.3% 85.4% 83.3% 85.9% 88.8% Gold ounces produced (1) 13,745 12,934 13,437 11,408 13,912 17,921 Gold ounces sold 12,945 12,409 12,879 11,770 15,075 17,387 Silver ounces produced (1) 248,674 230,127 204,789 241,891 275,439 233,422 Lead tonnes produced (1) 2,437 2,278 2,021 2,385 2,831 2,283 Zinc tonnes produced (1) 3,441 2,502 2,300 2,321 3,018 2,737 Cash operating costs ($/oz sold) $952 $1,237 $1,145 $1,166 $992 $993 All-in sustaining costs ($/oz sold) $1,728 $1,893 $1,799 $1,768 $1,450 $1,377 Financial Data Gold revenue $22.4 $22.7 $20.4 $22.6 $26.2 $27.2 Silver and base metal revenue $13.0 $11.4 $12.9 $12.8 $11.0 $14.3 Depreciation and depletion $9.1 $13.5 $12.9 $12.5 $11.8 $11.6 Loss from mining operations ($1.0) ($7.9) ($8.9) ($4.7) ($2.2) ($1.1) Sustaining capital expenditures (millions) $7.5 $5.7 $5.8 $5.5 $4.9 $4.9 eldorado gold 32 (1) Payable metal produced (2021)#34Historical Operating Results - Stratoni Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Data Tonnes milled Lead head grade 13,042 47,630 47,810 48,928 43,044 45,235 5.6% 5.2% 5.3% 5.8% 5.5% 4.8% Zinc head grade 7.9% 8.1% 8.5% 9.6% 9.6% 8.9% Tonnes of concentrate produced 2,812 10,090 10,415 11,938 10,396 9,965 Tonnes of concentrate sold 927 10,188 12,922 9,250 10,749 9,388 Average realized concentrate price ($/t sold) (1) $2,011 $964 $1,063 $1,057 $896 $777 Cash operating costs ($/t of concentrate sold) $2,168 $1,293 $1,164 $1,473 $1,121 $1,352 Financial Data Concentrate revenues $1.9 $9.8 $13.7 $9.8 $9.6 $7.3 Depreciation and depletion $0.7 $0.6 $0.6 $1.1 $1.1 $1.0 Loss from mining operations ($0.9) ($4.5) ($2.2) ($5.2) ($3.7) ($6.5) Mine standby costs $7.2 Sustaining capital expenditures $1.0 $2.2 $1.5 $2.7 $1.9 $2.2 eldorado gold (1) Average realized price includes mark to market adjustments 33#35Mineral Reserves (Gold, Silver) as of September 30,2020 Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Project Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au GOLD (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402 Efemcukuru 2,012 6.30 407 1,155 5.54 206 3,167 6.02 613 Kisladag 194,314 0.70 4,352 13,236 0.54 228 207,550 0.69 4,580 Lamaque 425 5.23 71 4,569 6.91 1,015 4,994 6.76 1,086 Olympias 1,515 10.14 494 8,734 6.26 1,758 10,249 6.83 2,252 Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250 Skouries 75,804 0.87 2,132 81,862 0.62 1,641 157,666 0.74 3,773 Tocantinzinho 17,007 1.52 831 21,898 1.35 950 38,905 1.42 1,781 TOTAL GOLD 316,953 0.99 10,101 162,364 1.46 7,636 479,317 1.15 17,737 Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes SILVER (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) Certej 22,788 10 7,004 21,500 12 8,551 44,288 ≖ཚ= Contained Ag g/t ounces (x1000) 15,555 Olympias 1,515 159 7,745 8,734 119 33,416 10,249 125 41,161 Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680 Stratoni 0 0 0 560 148 2,665 560 148 2,665 TOTAL SILVER 27,391 17 15,152 40,204 36 46,909 67,595 29 62,061 eldorado gold 34#36Mineral Reserves (Copper, Lead & Zinc) as Of September 30, 2020 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Cu COPPER (x1000) Contained Cu tonnes (x1000) Tonnes Contained Cu Cu (x1000) tonnes (x1000) Tonnes (x1000) Cu % % % Contained Cu tonnes (x1000 Skouries 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779 TOTAL COPPER 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779 Contained Pb Tonnes Tonnes Pb Pb LEAD tonnes (x1000) (x1000) Contained Pb tonnes (x1000) Tonnes Contained Pb Pb (x1000) tonnes (x1000) (x1000) % % % Olympias 1,515 5.1 77 8,734 4.0 349 10,249 4.2 426 Stratoni 0 0.0 0 560 6.1 34 560 6.1 34 TOTAL LEAD 1,515 5.1 77 9,294 4.1 383 10,809 4.3 460 ZINC Olympias Stratoni TOTAL ZINC eldorado gold Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) 1,515 5.8 88 8,734 5.1 445 10,249 5.2 533 0 0.0 0 560 9.2 52 560 9.2 52 1,515 5.8 88 9,294 5.3 497 10,809 5.4 585 35#37Mineral Resources (Gold, Silver) as of September 30, 2020 Measured Resources Indicated Resources Total Measured and Inferred Resources Project Indicated Tonnes Au Contained Au ounces Tonnes Au Contained Au Tonnes Au ounces Contained Au ounces Contained Tonnes Au Au ounces GOLD (x1000) g/t (x1000) (x1000) g/t (x1000) (x1000) g/t (x1000) (x1000) g/t (x1000) Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492 Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23 Efemcukuru 2,675 7.02 604 1,660 6.31 337 4,335 6.75 941 4,919 5.95 941 Kisladag 328,500 0.61 6,476 45,274 0.50 721 373,774 0.60 7,197 7,543 0.44 107 Lamaque 464 7.15 107 6,654 8.01 1,714 7,118 7.96 1,821 9,280 6.95 2,074 Ormaque 0 0 0 0 0 0 0 0.00 0 2,620 9.53 803 Olympias 2,610 10.48 879 10,853 7.49 2,614 13,463 8.07 3,493 2,032 8.60 562 Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,182 1.64 62 Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728 Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025 Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820 Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814 Tocantinzinho 17,529 1.51 849 TOTAL GOLD 474,885 0.88 13,432 28,486 311,813 1.29 1.23 1,180 12,282 46,015 786,698 1.37 1.02 2,029 25,714 600 0.90 17 502,592 0.90 14,468 Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag ounces ounces Contained Ag ounces Contained Tonnes Ag Ag ounces SILVER (x1000) g/t (x1000) g/t (x1000) g/t (x1000) g/t (x1000) (x1000) (x1000) (x1000) Certej 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110 Olympias 2,610 148 12,419 10,853 144 50,246 13,463 145 62,665 2,032 188 12,282 Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,182 2 93 Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389 Stratoni 0 0 0 937 159 4,790 937 159 4,790 1,147 188 6,933 TOTAL 35,003 19 20,945 81,416 29 75,718 116,419 26 96,663 11,816 81 30,807 SILVER eldorado gold 36#38Mineral Resources (Copper, Lead, Zinc) as of September 30, 2020 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu tonnes COPPER Bolcana 0 (x1000) % 0.00 tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % (x1000) 0 0 0.00 0 0 0.00 0 381,000 0.18 686 Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267 TOTAL 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 448,657 0.21 953 COPPER Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb tonnes LEAD (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % (x1000) Olympias 2,610 4.8 125 10,853 4.8 521 13,463 4.8 646 2,032 6.2 126 Stratoni 0 0.0 0 937 6.5 61 937 6.5 61 1,147 6.6 76 TOTAL LEAD 2,610 4.8 125 11,790 4.9 582 14,400 4.9 707 3,179 6.3 202 ZINC Olympias Stratoni TOTAL ZINC Contained Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Zn tonnes (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % (x1000) 2,610 5.7 149 10,853 6.5 705 13,463 6.3 854 2,032 7.3 148 0 0.0 0 937 9.5 89 937 9.5 89 1,147 9.3 107 2,610 5.7 149 11,790 6.7 794 14,400 6.6 943 3,179 8.0 255 37 eldorado gold#39Notes on Mineral Resources and Reserves 1) 2) 3) 4) Mineral reserves and mineral resources are as of September 30, 2020 The mineral resources and mineral reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). Mineral reserves are included in the mineral resources. The mineral reserves and mineral resources are disclosed on a total project basis. Mineral Reserve Notes: 1) Long Term Metal Price assumptions: 2) Gold = $1300/oz; Silver = $16.00/oz; Copper = $2.75/lb; Pb price = $2,000/t and Zn price = $2,200/t. Cut-off grades: 3) Kisladag: 0.18 g/t Au Recoverable which is equivalent to approximately $7.30/t NSR; Efemcukuru: 3.52 g/t (long hole stoping), 3.67 g/t (drift and fill); Lamaque: 4.45 g/t Au; Perama Hill: 0.73 g/t Au; Tocantinzinho: 0.365 g/t Au; Skouries: $9.47/t NSR (open pit), $33.33/t NSR (underground); Olympias: $187.5/t NSR (drift and fill), $166.4/t NSR (long hole stoping); Stratoni: $273.4/t NSR; Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121). Qualified Persons: Richard Miller, P.Eng., Director, Mine Engineering (Open Pit) for the Company, is responsible for and has approved the Skouries (open pit), Kisladag and Perama Hill mineral reserves; John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for and has approved the Certej and Tocantinzinho mineral reserves; Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for and has approved the Skouries (underground) mineral reserves; Imola Götz, P.Eng., Manager, Mine Engineering (Underground) for the Company, is responsible for and has approved the Efemcukuru, Olympias, Stratoni, and Lamaque mineral reserves. Mineral Resource Notes: 1) 2) 3) Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction: The mineral resources used a long term look gold metal price of $1,800/oz for the determination of resource 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 (Kisladag, Perama Hill, Perama South, Tocantinzinho and Certej) used pit shells created with the long term gold price to constrain reportable model blocks. Underground 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. Projects with both open pit and underground resources have the open pit resources constrained by either the permit (Skouries) or by an OP/UG economic crossover surface (Bolcana), and underground resources constrained by a reporting shape. 2) Cut-off grades: Kisladag: 0.25 g/t; Efemcukuru: 2.5 g/t Au; Lamaque: 3.0 g/t Au; Perama and Perama South: 0.50 g/t Au; Tocantinzinho: 0.30 g/t Au; Certej: 0.60 g/t Au; Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25* Cu%); Olympias: $125/t NSR; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Stratoni: $200/t NSR Qualified Persons: Ertan Uludag, P.Geo, Manager, Resource Geology for the Company, is responsible for and has approved the Efemcukuru, Olympias, Stratoni, Lamaque and Bolcana mineral resources; Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for and has approved the Kisladag, Certej, Skouries and Perama Hill mineral resources; Rafael Jaude Gradim, P. Geo., Manager, Corporate Development - Technical Evaluations for the Company, is responsible for and has approved the Tocantinzinho mineral resources; Sean McKinley, P.Geo., Senior Geologist, Resource Development for the Company, is responsible for and has approved the Ormaque, Sapes, Piavitsa and Perama South mineral resources. Qualified Person: Simon Hille, FAusIMM, Vice President, Technical Services, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this presentation. eldorado gold 38#40BA- DAN INAJADA Thank You TSX: ELD NYSE: EGO eldoradogold.com