Mr. George Burns reports

ELDORADO GOLD PROVIDES SKOURIES PROJECT UPDATE; 2025 DETAILED COMPANY PRODUCTION & COST GUIDANCE; UPDATED THREE-YEAR GROWTH PROFILE; CONFERENCE CALL DETAILS

Eldorado Gold Corp. today provided an update on the construction progress at its copper-gold Skouries project, detailed its 2025 production and cost guidance, and has released its three-year production outlook. (All dollar figures are in United States dollars, unless otherwise stated.)

As previously disclosed, labour market tightness in Greece, particularly pronounced in construction, has continued to limit the availability of key construction personnel at Skouries, resulting in a slower ramp-up of the work force and delayed progress in certain areas of the project. To address these constraints, Eldorado recently undertook, and has now completed, a comprehensive bottom-up analysis to evaluate and, where possible, mitigate their impact on the project schedule and costs. This analysis included an optimization of the production plan, which is now expected to provide earlier access to higher-grade ore through early start-up of mining operations and to facilitate efficient process plant commissioning.

First production at Skouries is now expected in the first quarter of 2026, followed by commercial production expected in mid-2026. The revised project capital cost estimate incorporates an increase of approximately $143-million or 15.5 per cent over prior capital cost estimates, to a total of approximately $1.06-billion. In addition, the company expects to complete additional precommercial production mining and has accelerated the purchase of higher capacity mobile mining equipment (originally expected to be purchased postcommercial production), resulting in $154-million of accelerated operational capital prior to commercial production.

The revised schedule and cost estimates remain sensitive to a successful work force ramp-up, with a target of maintaining approximately 1,300 workers on site through the peak of construction activities. The company continues to make progress, achieving a daily on-site total of approximately 1,150 workers at the end of January. The work force risk will remain after ramping up to the required personnel, as the company continues integrating and managing diverse skill sets (concrete, mechanical, electrical and control systems) needed to support the unfolding work fronts.

As of Dec. 31, 2024, the company has incurred approximately $512-million of capital expenditures at Skouries, with approximately $705-million of remaining expenditures expected to achieve commercial production, including accelerated operational capital.

The company maintains a strong financial position, with approximately $857-million of cash and cash equivalents and total liquidity of approximately $1.1-billion as of Dec. 31, 2024. The project remains fully financed through a combination of the company's balance sheet and remaining undrawn amounts under the company's Skouries project finance facility. Year-end liquidity has been further augmented by the divestment of the company's G Mining Ventures holding in January, 2025, for proceeds of $155-million.

"While we have revised the start-up and cost estimates, we remain confident in Skouries' long-term value, highlighted by an initial 20-year mine life that is expected to have a transformational impact on our production and costs," said George Burns, president and chief executive officer. "Skouries will increase our operational scale and strengthen our foundation for sustainable growth and long-term value. We continue to operate responsibly and sustainably and the Skouries project will continue to be a significant contributor to the Greek economy and local communities, with hundreds of jobs and significant social investments for the people of the Aristotle Municipality.

"Our updated 2025 gold production guidance is expected to be between 460,000 and 500,000 ounces. This has been lowered from our prior outlook provided in 2024 to reflect the change in initial production at Skouries from the third quarter of 2025 to the first quarter of 2026. In addition, guidance at both Kisladag and Olympias has been lowered compared to our prior 2025 guidance provided in 2024. At Kisladag, expected production has been impacted by longer than planned leach cycles and lower grade stacked. At Olympias, production guidance has been impacted by a delay in mill expansion commissioning to 650 ktpa and unscheduled maintenance of the gold concentrate filters.

"Our costs have increased due to wage pressures in Turkey and Quebec and increased royalties across the global portfolio due to the anticipated continuation of higher gold prices. In Turkey, the increase is primarily the result of inflation not currently being fully offset by the depreciation of the Lira against the U.S. dollar. At the Lamaque complex the increase is primarily the result of wage pressure from a competitive labour market in Quebec and deepening of the mine and lower grade in the top of Lower Triangle."

Skouries cost variance

The revised cost estimates reflect a mid-2026 commercial production date with variances allocated to either project capital or accelerated operational capital.

Project capital

The project capital cost variance relates primarily to:

• Indirect costs: Certain fixed monthly costs, such as those associated with the owner's team, EPCM, insurance and general administration, will be incurred over an extended construction period.
• Quantity of materials: Higher expected quantities of materials, such as concrete, steel and piping, identified during completion of detailed engineering in compliance with Greek engineering standards.
• Other: Escalation in the unit rates from the construction contractors and other items.

Accelerated operational capital

The company has reviewed and optimized the open pit and underground mine start-up and production plans. With commercial production now expected in mid-2026, the company expects to incur additional mining costs through to commercial production of approximately $154-million. These accelerated operational capital costs reflect the following:

• Precommercial mining: The company continues to progress the operationalization of mining activities and expects to complete additional precommercial production mining in both the open pit and underground mines ahead of commercial production. This will provide better continuity of our mining teams and faster access to higher-grade ore, enabling the mill to process higher-quality material during 2026. This plan is expected to deliver gold and copper production volumes in 2026 in line with prior guidance.
• Open pit: Tradeoff studies for the open pit mine support a faster transition from contract mining to an owner-operated model. This has accelerated the purchase of higher capacity mobile mining equipment, including five Cat 777 haul trucks and three additional loading units. The combination of these larger 100-tonne haul trucks versus the 20-tonne haul truck fleet being required for construction of civil works and switching to an owner-operated model is expected to increase overall efficiency and lower life of mine unit costs. The studies also support transitioning from a two-phase to a four-phase open pit, accelerating access to higher-grade ore while optimizing waste stripping.
• Underground: Underground development is progressing well with a leading European contractor, which is also deploying a multiyear training program to develop the local work force and enhance large-stope mining capability. The longer period of underground mining prior to commercial production provides additional time to complete the required development metres, which, combined with the completion of test stoping, derisks overall production plans. As previously guided, test stoping is expected to be completed within 2025.

Project status

As of Dec. 31, 2024, phase 2 of the project was 60 per cent complete. Detailed engineering and procurement were substantially complete.

Gold production in 2025 is expected to be between 460,000 and 500,000 ounces which reflects the following:

• First production from Skouries in 2026 rather than 2025.
• At Kisladag, expected production has been impacted by longer than planned leach cycles and lower grade stacked.
• At Olympias, expected production has been impacted by a delay in mill expansion commissioning to 650 ktpa (thousand tonnes per annum), and unscheduled maintenance of the gold concentrate filters.

Similar to prior years, quarter-to-quarter gold production in 2025 is expected to fluctuate with higher production expected in the second half as a result of ore grade variability across the portfolio and the impact of winter conditions at Kisladag.

Total cash costs in 2025 are expected to be between $980 and $1,080 per ounce sold and an average AISC (all-in sustaining costs) of $1,370 to $1,470 per ounce sold. The expected increase in 2025 costs is driven by forecasted higher labour costs as a result of inflation particularly in Turkey, as well as lower production, increased sustaining capital and higher royalty expense, partially offset by higher byproduct credits.

Exploration and evaluation expenditures are expected to be between $29-million and $32-million in 2025, with 88 per cent expensed and 12 per cent capitalized. General and administrative expenses are expected to be between $35-million and $38-million in 2025, and depreciation expense is expected to be between $250-million and $270-million.

Operating mines

Canada

Lamaque complex

In 2025, production guidance of 170,000 to 180,000 ounces at the Lamaque complex is unchanged from the previously guided range. In 2025, the focus remains on further resource conversion drilling at Triangle and Ormaque, and the completion of a second bulk sample.

Total cash costs and all-in sustaining costs per ounce sold are expected to increase as a result of the deepening of the mine and lower grade in the top of Lower Triangle, in addition to increased labour costs as a result of wage pressures due to the tight labour market in Quebec and increased royalties due to the anticipated continuation of higher gold prices.

Sustaining capital expenditures of between $85-million and $95-million for 2025 are expected to include significant underground mine development and resource conversion drilling at the Triangle deposit, as the company targets the C8 zone. Expected growth capital of between $70-million and $75-million for 2025 primarily includes development and infrastructure to access the Ormaque deposit, construction of the North basin, a new water basin that is expected to extend the life of the Sigma tailings storage facility and construction of the paste plant.

Turkey

Kisladag

In 2025, production guidance of 160,000 to 170,000 ounces at Kisladag is slightly lower than the previously guided range of 175,000 to 185,000 ounces, primarily due to lower grade as a result of recent mine plan optimization adjusting to avoid an area of local cultural significance. Also, as previously disclosed in the third quarter of 2024, the company has incorporated the longer leach cycle and coarse ore particle performance in its guidance. The company continues to focus on irrigation optimization efforts, which have demonstrated positive results on gold inventory reduction, partially offsetting the longer leach cycle. In addition, an engineering study is under way to confirm optimal recovery, leach kinetics and process throughput, and is expected to be completed in mid-2025.

Total cash costs and all-in sustaining costs per ounce sold are expected to be impacted by inflation not currently being fully offset by the depreciation of the Lira against the United States dollar, and increased royalties due to the anticipated continuation of high gold prices.

Planned 2025 sustaining capital of between $25-million and $30-million includes the increased total material that is expected to be moved (plus 2.6 Mt (million tonnes)) as the company transitions from phase 4 to phase 5 and begin prestripping of phase 6, resulting in higher demand from the mobile fleet and related equipment overhauls. Planned 2025 growth capital of between $115-million and $125-million includes the continuation of the capitalized waste stripping campaign and the phased expansion of the North heap leach pad, in addition to capital for the engineering study and long lead items.

Efemcukuru

In 2025, production guidance of 70,000 to 80,000 ounces is unchanged from the previously guided range. Total cash costs and all-in sustaining costs per ounce sold are expected to be negatively impacted by increased labour costs and electricity costs. Higher labour costs are expected as a result of inflation not currently being fully offset by the depreciation of the Lira against the United States dollar, and increased royalties due to the anticipated continuation of high gold prices.

Planned sustaining capital expenditures of between $15-million and $20-million for 2025 includes underground development and equipment purchases. The planned growth capital of between $15-million and $20-million for 2025 is expected to be primarily focused on development and infrastructure for expansion of the Kokarpinar vein system including portal construction and development of the Bati vein systems, following the additional two-year mine life extension announced in December, 2024.

Greece

Olympias

In 2025, production guidance of 60,000 to 70,000 ounces at Olympias is expected to be lower than the prior guidance due a delay in mill expansion commissioning to 650 ktpa and unscheduled maintenance of the gold concentrate filters.

Total cash costs and all-in sustaining costs per ounce sold are expected to be positively impacted by increased byproduct metal sales partially offset by increased royalties due to the anticipated continuation of high gold prices. Continued quarter to quarter variability in AISC and total cash costs is expected due to byproduct credits from timing of byproduct concentrate shipments.

Planned 2025 sustaining capital expenditures of between $20-million and $25-million include underground mine development and management of the Kokkinolakas tailings management facility. Planned 2025 growth capital of $45-million to $50-million is primarily focused around the mill expansion to support the ramp-up to 650 ktpa, capitalized development and a resource conversion drilling program.

Three-year outlook overview:

• Gold production of between 660,000 and 720,000 ounces by 2027, resulting in growth of 33 per cent over the three-year period compared with 2024 production.
  • Delivering consistent safe production from robust long-life assets;
  • Unlocking mineral value across the portfolio through expansion and development;
  • Skouries commercial production in mid-2026;
  • Addition of copper, a critical mineral to the portfolio.
• Continued focus on exploration to unlock the outstanding potential of the company's brownfield property portfolio and to the identification and development of new opportunities in Eldorado's focus jurisdictions.

Qualified person

Except as otherwise noted, Simon Hille, FAusIMM, executive vice-president, technical services and operations, is the qualified person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed in this document relating to our operating mines and development projects.

Jessy Thelland, Geo (OGQ No. 758), a member in good standing of the Ordre des Geologues du Quebec, is the qualified person as defined in National Instrument 43-101 responsible for, and has verified and approved, the scientific and technical data contained in this news release for the Quebec projects.

Data are verified through the internal reviews of life of mine plans on a site-by-site basis which confirms the expected production outputs along with the expected revenue and cost distribution.

Conference call

Senior management will host a conference call to discuss the details of the company's Skouries project update and guidance on Thursday, Feb. 6, 2025, at 11:30 a.m. ET (8:30 a.m. PT). The call will be webcast and can be accessed at Eldorado'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. 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 (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

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