Mr. George Burns reports

ELDORADO GOLD REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATIONAL RESULTS; STEADY START TO 2024

Eldorado Gold Corp. has released its financial and operational results for the first quarter of 2024. For further information, please see the company's consolidated financial statements and management's discussion and analysis (MD&A) filed on SEDAR+ under the company's profile.

First quarter 2024 highlights

Operations:

• Gold production of 117,111 ounces, in line with expectations for the quarter: Production increased 5 per cent from Q1 2023, reflecting higher gold production at most sites, notably an increase in production of 12 per cent at Lamaque and 14 per cent at Olympias.
• Gold sales of 116,008 ounces at an average realized gold price per ounce sold (1) of $2,086. Gold sales increased 6 per cent from Q1 2023 primarily as a result of increases in production at Lamaque and Olympias.
• Production costs of $123.0-million in Q1 2024, compared with $109.7-million in Q1 2023: The increase was due to higher sales volumes and slightly higher cash costs in the quarter. The increase in sales volumes accounted for roughly half of the increase to production costs. The remainder relates to higher royalty expense and increases in labour costs, due to head count, and fuel prices.
• Total cash costs of $922 per ounce sold in Q1 2024: Costs increased from $857 per ounce sold in Q1 2023, primarily due to increases in labour costs and consumables, such as fuel, as well as higher royalty expenses.
• All-in sustaining costs (AISC) of $1,262 per ounce sold in Q1 2024: Costs increased from $1,207 in Q1 2023, primarily reflecting the higher total cash costs per ounce sold in Q1 2024 and higher sustaining capital expenditures.
• Total capital expenditures of $122.0-million in Q1 2024, including $52.5-million of growth capital invested at Skouries with activity focused on major earthworks and infrastructure construction: Growth capital at the operating mines totalled $32.7-million and was primarily related to Kisladag for continued waste stripping, construction of the north heap leach pad and related infrastructure.
• Production and cost outlook: The company is maintaining its 2024 annual production guidance of 505,000 to 555,000 ounces of gold. Production continues to be weighted to the second half of the year. Total cash costs for the full year are expected to be between $840 to $940 per ounce sold and an average AISC of $1,190 to $1,290 per ounce sold.

Financial:

• Revenue was $258.0-million in Q1 2024, an increase of 13 per cent from revenue of $227.8-million in Q1 2023, primarily due to higher sales volumes and higher average realized gold price.
• Net cash generated from operating activities of continuing operations was $95.3-million in Q1 2024, an increase from $41.0-million in Q1 2023, primarily as a result of higher gold sales volumes and higher average realized gold price.
• Cash flow from operating activities before changes in working capital was $108.3-million in Q1 2024, an increase of 16 per cent over Q1 2023, primarily as a result of higher gold sales volumes and higher average realized gold price.
• Cash, cash equivalents and term deposits were $514.7-million as at March 31, 2024. Cash decreased by $25.7-million in Q1 2024 over Q4 2023 primarily as a result of temporary working capital movements, combined with continued investment in growth capital.
• Q1 2024 net earnings attributable to shareholders from continuing operations were $35.2-million or 17 cents earnings per share. Increased net earnings in Q1 2024, compared with Q1 2023, is primarily attributable to increased sales volumes and higher average realized gold price.
• Adjusted net earnings before interest, taxes, depreciation and amortization (EBITDA) were $120.6-million, compared with $100.6-million in Q1 2023. The increase was driven by increased gold production and gold sales and higher average realized gold price.
• Adjusted net earnings were $55.2-million or 27 cents per share in Q1 2024, compared with adjusted net earnings of $16.7-million or nine cents per share in Q1 2023. Adjustments in Q1 2024 include a $5.3-million loss on foreign exchange due to the translation of deferred tax balances net of Turkey inflation accounting, a $16.9-million unrealized loss on derivative instruments and a $2.1-million gain on the non-cash revaluation of the derivative related to redemption options in the company's senior notes.
• Free cash flow was negative $30.9-million in Q1 2024, primarily due to temporary working capital movements, combined with continued investment in growth capital. Free cash flow excluding capital expenditures at Skouries was $33.7-million.
• Drawdowns on the Skouries term facility during Q1 2024 totalled 14.1 million euros ($15.3-million).

Corporate

"Across our global portfolio, our operations continued to perform in line with our expectations during the first quarter and generated free cash flow of $33.7-million excluding Skouries capital spend," said George Burns, Eldorado Gold's president and chief executive officer. "Coming off a strong fourth quarter, we anticipated lower production in the first quarter, with winter conditions affecting the leach kinetics at Kisladag and ore grade variability across the portfolio. Consolidated gold production continues to be weighted to the second half of 2024," added Mr. Burns.

"We reached a significant milestone on March 31, 2024, as we celebrated our fifth anniversary of achieving commercial production at our Lamaque complex in Quebec. Since completing construction on time and on budget, we have produced 848,014 ounces of gold, which exceeded our initial expectations for gold production by 32 per cent compared with the initial prefeasibility study of 644,100 ounces. With the inaugural reserve expected at Ormaque later this year, we look forward to continued success at the Lamaque complex."

Skouries highlights

Growth capital invested totalled $52.5-million in Q1 2024. At March 31, 2024, the growth capital invested toward the overall capital estimate of $920-million totalled $237-million.

In 2024, the capital spend is expected to be between $375 and $425-million.

As at March 31, 2024:

• The current phase 2 of the project was 43 per cent complete and the entire project was 73 per cent complete, when including the first phase of construction.
• Detailed engineering, since project restart, was 67 per cent complete and procurement was substantially complete.
• Project execution and ramp-up continued for major earthworks, with work progressing on water management ponds, as well as the low-grade ore stockpile.
• The company mobilized contractors and commenced work on the tailings filtration infrastructure earthworks and pilings, with the earthworks expected to be substantially completed in Q2 2024. Piling for the filter plant building is over 30 per cent complete.
• Progress advanced on the foundation construction of the primary crusher, with the upper portion of the north retaining wall completed and work progressing on the south, with the crusher building earthworks advancing as planned.
• As previously noted, the upgrade of the underground power supply to 690 volts and the ventilation upgrade are both completed.

Milestones in 2024

Procurement and engineering:

• Substantial completion of procurement and engineering.

Process plant:

• Construction of the control room and electrical room building -- commenced in Q1 2024;
• Construction of the tailings thickeners -- commenced in Q1 2024.

Tailings filter facility:

• Awarding of the filter facility construction contract;
• Preassembly of the filter press plates and frames -- commenced in Q1 2024;
• Completion of the structural steel.

Integrated extractive waste management facility (IEWMF):

• Completion of the coffer dam.

Underground:

• Awarding of the underground development and test stoping contract;
• Completion of approximately 2,200 metres of underground development.

Construction progress

Work continues to ramp up on construction of major earthworks structures, including the haul roads, IEWMF construction, low-grade stockpile, water management, process facilities, crusher and filter buildings. In addition, work will focus on the underground development to support test stope mining in 2025. Mechanical, piping and electrical installations will also progress in all process and infrastructure areas.

On the critical path is the filter plant building, which continues to advance, with the piling work having commenced in Q1 2024. The filter plant construction contract is on track to be awarded in Q2 2024, which will include the building structure, assembly of equipment within the building, including air compressors, conveyors, filter presses and other ancillary equipment, and piping and electrical work. The filter press plates arrived on site in Q1 2024 and preassembly has now commenced, with the frames for the filter press plates already fabricated and expected to ship in Q2 2024.

Work for the mill/flotation building is in progress with commissioning work on overhead cranes, installation of construction lighting and scaffolding, and the commencement of structural steel work. Commissioning of the overhead cranes continues with two of the three major cranes commissioned with the third to be commissioned in April, 2024. Construction lighting, scaffolding and steel are progressing according to plan, and mobilization of mechanical, piping and electrical work is in progress.

By the end of 2024, the company expects to have completed the IEWMF coffer dam and significantly advanced the IEWMF earthworks, water management facilities, process plant and filter plant.

With 12 company-owned Cat 745 trucks now on site and operational, the company expects the remaining seven to be delivered through the end of Q2 2024. During construction, these trucks are used as part of an integrated fleet with the earthworks construction contractor for construction of the water management ponds 1 and 2, low-grade ore stockpile, IEWMF, and facilities. These trucks will continue to be used once Skouries is in operation to build the IEWMF lifts that will be required for stacking of produced dry tailings.

Underground development

The upgrade of the underground power supply from 400 volts to 690 volts has been completed. The ventilation upgrade is also complete and the new contact water pumping system will be fully operational in 2024.

The first phase of underground development continues to advance the west decline and access to the test stopes with a local contractor. In February, 2024, first ore was intersected in the top access area to the test stopes. The second underground development contract is expected to be awarded as planned in Q2 2024. This contract includes the test stope work, as well as additional development and services work to support the development of the underground mine. The company expects to complete approximately 2,200 metres of underground development by the end of 2024.

Engineering

Following the transition of engineering to Greece at the end of 2023, it is currently 67 per cent complete as at the end of Q1 2024 and remains on track for substantial completion in Q3 2024. Detailed engineering work continues to advance in all areas. The release of structural steel for fabrication is nearing completion with approximately 35 per cent of the total steel fabricated to date.

Procurement

At the end of Q1 2024, procurement is substantially complete, with all long-lead items procured and the focus shifting to managing fabrication and deliveries.

Operational readiness

An experienced commissioning, operational readiness and operations leadership team has been recruited to ensure that a capable organization is in place to commission, ramp up and operate. The team is currently developing an integrated commissioning strategy and schedule, and the commissioning execution plan. The Skouries operations team now consists of 95 personnel on board; this includes 84 in leadership roles, sustainability, operations and support services, and 11 embedded in the construction projects teams of open-pit mining, underground mining and dry stack tailings construction. Recruitment activities are on track with the operational work force plan.

A training centre at the Mavres Petres site has been set up to train the incoming work force. Under the leadership of the company's global training director and GM (general manager), Greece, operational readiness, the program the company will be implementing is framed on the Australian competency-based training and assessment approach. It provides industry-focused, comprehensive theoretical and hands-on practical training. Trainees are assessed on both theoretical and practical knowledge before being qualified to work independently in the mine. The training program is consistent with and complements the applicable standards outlined in the Greek mining code and labour legislation.

Work force

In addition to the operational readiness team, as at March 31, 2024, there were over 600 personnel on site and the number is expected to ramp up to 1,300 during 2024.

Total revenue was $258.0-million in Q1 2024, an increase of 13 per cent from total revenue of $227.8-million in Q1 2023. The increase was the result of higher sales volumes in Q1 2024, as well as the higher average realized gold price.

Production costs increased to $123.0-million in Q1 2024 from $109.7-million in Q1 2023 due to higher sales volumes and slightly higher cash costs in the quarter. The increase in sales volumes accounted for roughly half of the increase to production costs. The remainder relates to higher royalty expense and increases in labour costs, due to head count, and fuel prices. Production costs include royalty expense, which increased to $14.2-million in Q1 2024 from $8.7-million in Q1 2023, due to higher average realized gold prices, as well as higher sales volumes.

Total cash costs in Q1 2024 averaged $922 per ounce sold, an increase from $857 per ounce sold in Q1 2023, primarily due to higher royalty expense driven by higher gold prices, as well as smaller impacts from labour and fuel. AISC per ounce sold increased to $1,262 in Q1 2024 from $1,207 in Q1 2023, reflecting the higher total cash costs per ounce sold in Q1 2024, combined with higher sustaining capital expenditures.

Eldorado reported net earnings attributable to shareholders from continuing operations of $35.2-million (17 cents per share) in Q1 2024, compared with a net earnings of $19.4-million (11 cents per share) in Q1 2023. Higher net income in Q1 2024 is primarily attributable to increased sales volumes and higher average realized gold prices.

Adjusted net earnings were $55.2-million (27 cents per share) in Q1 2024, compared with adjusted net earnings of $16.7-million (nine cents per share) in Q1 2023. Adjustments in Q1 2024 include a $5.3-million loss on foreign exchange due to the translation of deferred tax balances net of Turkey inflation accounting, a $16.9-million unrealized loss on derivative instruments and a $2.1-million gain on the non-cash revaluation of the derivative related to redemption options in the company's senior notes.

Quarterly operations update

Kisladag

Kisladag produced 37,523 ounces of gold in Q1 2024, a slight increase from 37,160 ounces in Q1 2023. The increase was primarily due to continued leaching of gold ounces from leach pads stacked in the second half (H2) of 2023, as well as higher average grade of new tonnes placed in the quarter. Average grade of tonnes placed increased to 0.77 gram per tonne in Q1 2024 from 0.70 gram per tonne in Q1 2023. In Q1 2024, there were lower tonnes placed on the leach pad due to annual planned maintenance work in the crushing circuit.

Revenue increased to $77.1-million in Q1 2024 from $72.1-million in Q1 2023, driven by the higher average realized gold price, partially offset by decreased gold ounces sold in the quarter.

Production costs increased to $30.9-million in Q1 2024 from $30.5-million in Q1 2023. With gold production relatively consistent, production costs in the quarter were impacted by higher fuel prices, which in turn was mostly offset by lower tonnes placed on the leach pad. Royalties were also higher in the quarter due to higher average realized gold prices. This resulted in total cash costs per ounce sold increasing to $820 in Q1 2024 from $794 in Q1 2023.

AISC per ounce sold increased to $916 in Q1 2024 from $875 in Q1 2023, primarily due to the increase in total cash costs per ounce sold.

Sustaining capital expenditures of $2.2-million in Q1 2024 primarily included equipment rebuilds. Growth capital investment of $25.5-million in Q1 2024 included waste stripping to support the mine life extension, continued construction of the second phase of the north heap leach pad and adsorption-desorption-regeneration plant infrastructure, and building relocation due to pit expansion.

For 2024, production guidance at Kisladag is 180,000 to 195,000 ounces of gold. Production is expected to increase over the course of the second quarter as the company realizes increased processing throughput.

Lamaque

Lamaque produced 42,299 ounces of gold in Q1 2024, a 12-per-cent increase from 37,884 ounces in Q1 2023, primarily due to increased mill throughput as a result of increased mill utilization and access to stockpiled ore. Average grade decreased to 5.81 grams per tonne in Q1 2024 from 6.06 grams per tonne in Q1 2023.

Revenue increased to $93.5-million in Q1 2024 from $73.6-million in Q1 2023, primarily due to higher sales volumes but also impacted by the higher average gold price.

Production costs increased to $35.2-million in Q1 2024 from $29.2-million in Q1 2023, reflecting higher production volumes. Total cash costs per ounce sold increased to $779 in Q1 2024 from $744 in Q1 2023 despite higher ounces sold, primarily due to additional costs incurred in labour, contractors and equipment rentals to increase productivity during the quarter. Total cash costs were also impacted by slightly higher royalties due to the higher realized gold price.

AISC per ounce sold increased to $1,262 in Q1 2024 from $1,217 in Q1 2023, primarily due to an increase in sustaining capital expenditure and an increase in total cash costs per ounce sold.

Sustaining capital expenditure increased to $21.1-million in Q1 2024 from $17.8-million in Q1 2023, primarily due to increased underground development, combined with equipment rebuilds. Growth capital investment of $5.1-million in Q1 2024 were primarily related to resource conversion drilling at Ormaque.

In 2024, production guidance at Lamaque is 175,000 to 190,000 ounces of gold. Production is expected to increase in the second quarter as the company realizes higher grades.

Efemcukuru

Efemcukuru produced 18,501 payable ounces of gold in Q1 2024, a 7-per-cent decrease from 19,928 payable ounces in Q1 2023. The decrease in production was due to a lower planned grade of 4.96 grams per tonne in Q1 2024 from 5.45 grams per tonne in Q1 2023 and was partly offset by higher throughput during the quarter.

Revenue increased to $41.3-million in Q1 2024 compared with $40.7-million in Q1 2023. The slight increase was due to the higher average realized price, partially offset by slightly lower payable gold ounces sold.

Higher royalties and transportation costs, as well as higher tonnes processed, resulted in an increase in production costs to $21.8-million in Q1 2024 from $17.7-million in Q1 2023. While higher royalties were primarily a result of higher gold price, the increase in Q1 2024 was also due to $1.0-million out-of-period adjustment in Q1 2023 that reduced royalty expense in that comparative quarter. Additionally, lower gold sales volume resulted in an increase in total cash costs per ounce sold to $1,154 in Q1 2024 from $936 in Q1 2023.

AISC per ounce sold increased to $1,138 in Q1 2024 from $1,094 in Q1 2023, primarily due to the increase in total cash costs per ounce sold, a slight increase in sustaining capital and exploration expenditures, and lower volumes sold. AISC in the period was also offset by an adjustment to asset reclamation amortization of $3.7-million.

Sustaining capital expenditures of $2.4-million in Q1 2024 primarily included underground development and equipment rebuilds. Growth capital investment of $1.1-million include Kokarpinar underground development.

For 2024, production guidance at Efemcukuru is forecast to be 75,000 to 85,000 ounces of gold. Production in the second quarter is expected to be consistent with the first quarter.

Olympias

Olympias produced 18,788 payable ounces of gold in Q1 2024, a 14-per-cent increase from 16,537 ounces in Q1 2023. The increase was driven by increased mining and processing volumes as a result of productivity improvements. Lead and zinc production also increased in Q1 2024 as compared with Q1 2023, due to higher processing volumes. In line with 2024 guidance, the company anticipates higher byproduct metal production and sales as it continues to develop into the Flats zone.

Revenue increased to $46.2-million in Q1 2024 compared with $41.5-million in Q1 2023 primarily as a result of higher sales volumes and higher realized gold price. The difference between gold produced and sold at Olympias was impacted by the timing of shipments at the quarter-end, with a delayed shipment in March, 2024, completed in early April. The corresponding gold ounces sold and related revenue attributable to such delayed shipment will be recognized in Q2 2024.

Increased production in the quarter resulted in an increase in production costs to $35.0-million in Q1 2024 from $32.3-million in Q1 2023. Higher labour costs and royalties led to an increase in total cash costs per ounce sold to $1,287 in Q1 2024 from $1,220 in Q1 2023. These increases were partially offset by slightly lower gold treatment and refining charges, and slightly lower selling costs due to improved shipment logistics on site.

AISC per ounce sold decreased slightly to $1,527 in Q1 2024 from $1,532 in Q1 2023, primarily due to higher volumes sold and slightly lower sustaining capital expenditures, partially offset by higher total cash costs per ounce sold. Sustaining capital expenditures of $3.5-million in Q1 2024 primarily included underground development and underground infill drilling.

For 2024, production guidance at Olympias is forecast to be 75,000 to 85,000 ounces of gold. Production in the second quarter is expected to be consistent with the first quarter.

For further information on the company's operating results for the first quarter of 2024, please see the company's management's discussion and analysis (MD&A), filed on SEDAR+ under the company's profile.

Conference call

A conference call to discuss the details of the company's first quarter 2024 results will be held by senior management on Friday, April 26, 2024, at 11:30 a.m. ET (8:30 a.m. PT). The call will be webcast and can be accessed at Eldorado Gold's website.

Participants may elect to preregister for the conference call on-line.

Upon registration, participants will receive a calendar invitation by e-mail with dial-in details and a unique PIN (personal identification number). This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.

About Eldorado Gold Corp.

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada and Greece. The company has a highly skilled and dedicated work force, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange.

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