Eldorado Announces Mailing of Joint Management Information Circular; Provides Leadership Transition and Board Succession Update

Executive Summary

• Eldorado Gold mailed a joint management information circular to shareholders of Eldorado and Foran, outlining the pending combination of the two companies.
• The board recommends that shareholders vote in favour of the Eldorado Share Issuance Resolution, highlighting expected post‑transaction EBITDA of ~$2.1 bn and free cash flow of $1.5 bn in 2027, plus accelerated production at Skouries (Q4 2026) and McIlvenna Bay (mid‑2026).
• Senior leadership transition announced: CEO George Burns will retire Q3 2026; President Christian Milau will become CEO; board chair Steven Reid plans to retire in 2027; Dan Myerson (Foran) will join the post‑closing board as Deputy Chair.

Key Details

• Circular Distribution: Mailed to Eldorado and Foran securityholders; posted on Eldorado’s website and filed on SEDAR+.
• Board Recommendation: Unanimous recommendation to approve the Eldorado Share Issuance Resolution.
• Post‑Transaction Growth Profile:
• Two fully financed development projects (Skouries, McIlvenna Bay) slated for commercial production in Q4 2026 and mid‑2026 respectively.
• Projected 2027 EBITDA ≈ $2.1 bn (non‑IFRS) and free cash flow ≈ $1.5 bn (non‑IFRS).
• Asset Portfolio: Expected composition after merger – ~77% gold, ~4% silver, ~15% copper, ~4% other metals across Canada, Greece, and Türkiye.
• Exploration Upside: Continued advancement of Foran’s Tesla Zone, additional drill‑ready targets at McIlvenna Bay, and existing Eldorado assets.
• Valuation Impact: Anticipated re‑rating opportunity due to increased scale, liquidity, and Canadian exposure.
• Sustainability Alignment: Combined entity will focus on transparent ESG performance and GHG mitigation.
• Leadership Transition:
• George Burns (CEO) retiring Q3 2026; remains board member.
• Christian Milau (President) to assume CEO role upon Burns’ retirement; will also join the board.
• Steven Reid (Board Chair) intends to retire from the board at the 2027 annual meeting after 13 years of service.
• Board Appointment Post‑Closing: Dan Myerson, Executive Chair & CEO of Foran, to be appointed Deputy Chair at the first regular board meeting after transaction completion.
• Voting Information: Shareholders urged to vote early via proxy (mail, fax, telephone, internet). Proxy solicitation agent: Laurel Hill Advisory Group (contact details provided).

Notable Quotes

• “The planned transition reflects a deliberate and well‑sequenced approach to leadership succession, aligned with the delivery of Skouries and the long‑term interests of the Company.” – Steven Reid, Chair of the Board
• “I’m proud of the progress our teams have delivered across the portfolio and the momentum we have heading into this next chapter.” – George Burns, CEO (outgoing)

All forward‑looking statements are subject to risks and uncertainties detailed in Eldorado’s most recent Annual Information Form & Form 40‑F.