Mr. George Burns reports

ELDORADO GOLD ANNOUNCES FIRST CONCENTRATE PRODUCED AT MCILVENNA BAY

First copper concentrate has been produced at Eldorado Gold Corp.'s 100-per-cent-owned McIlvenna Bay project in east-central Saskatchewan, Canada. This milestone represents a significant addition to Eldorado's already diversified portfolio and further strengthens the company's Canadian operating platform. (All dollar figures are in United States dollars, unless otherwise stated.)

• Key milestone ahead of Q3 2026 commercial production;
• Copper concentrate production strengthens Eldorado's growth profile.

Wet commissioning of the McIlvenna Bay processing plant was completed recently, and following the commencement of hot commissioning, first copper concentrates were produced on June 7, 2026. The operating team is now focused on ramp-up toward the nameplate capacity of 4,900 tonnes per day. Key activities during the ramp-up period include optimizing the flotation circuit and reagent addition performance, and completing the paste plant and associated underground infrastructure, such as the paste plant reticulation to support continuing mine and plant production ramp-up. The company expects to achieve commercial production at McIlvenna Bay in Q3 2026.

"Achieving first concentrate at McIlvenna Bay is a significant milestone, not just for Eldorado but for Canadian mining," said George Burns, chief executive officer. "This project is a compelling example of Canada's ability to advance critical mineral assets responsibly and with conviction. McIlvenna Bay diversifies our revenue base with substantial copper and zinc production, and alongside our Skouries project in Greece, will transform Eldorado into a high-margin, free cash flow generating business. We are proud to become part of the Saskatchewan mining community and look forward to building lasting relationships with our employees, indigenous rightsholders and local communities, and all levels of government as we advance this exceptional asset together."

The Honourable Scott Moe, Premier of Saskatchewan, commented: "First concentrate at McIlvenna Bay is great news for Saskatchewan and for Canada. This project is a testament to what is possible when responsible resource development, strong indigenous partnerships and committed investors come together in a premier mining jurisdiction. McIlvenna Bay will generate jobs, economic activity and long-term prosperity for communities across Saskatchewan for decades to come. We congratulate Eldorado Gold on reaching this important milestone and look forward to the project's continued success."

The Honourable Tim Hodgson, federal Minister of Energy and Natural Resources, commented: "This milestone at McIlvenna Bay demonstrates how Canada is seizing this moment, and the momentum of this project following its referral to the Major Projects Office by the Prime Minister in 2025. It is a perfect example of how we are moving quickly, responsibly, and in partnership with provinces and indigenous peoples to become an energy and mining superpower. Copper and zinc underpin clean energy, national security and industrial supply chains -- and now, Canada is delivering them, for ourselves and our allies. I congratulate Eldorado Gold, the province of Saskatchewan, and all the partners who made this milestone possible. This is how we build Canada Strong for all."

Following the completion of the acquisition of Foran Mining Corp. on April 14, 2026, the company is advancing a focused exploration and growth strategy at McIlvenna Bay, building on a strong operational and geological foundation. The company has committed approximately $17-million of additional exploration spending on McIlvenna Bay and its wider mineral claims in 2026, reflecting the highly prospective, district-scale nature of the land package and the opportunity to further extend mine life and support further growth.

The adjacent Tesla zone, a high-grade polymetallic discovery located near existing infrastructure, represents a compelling longer-term expansion opportunity at McIlvenna Bay. Beyond testing for copper-rich extensions at Tesla, the exploration team will be drilling the Bigstone deposit with the objective of expanding that resource, drilling several advanced, and early stage targets and undertaking large-scale airborne and target-scale geophysical surveys to identify new and refine known targets for future drill testing. In addition, the team will be undertaking various orebody characterization studies to support both exploration vectoring and future resource development. These have the potential to increase scale, extend mine life and enhance the long-term value of the asset. McIlvenna Bay is situated within a mineral-rich belt extending over 225 kilometres that has supported base metal production for over a century, underscoring the significant exploration potential across the broader district, much of which remains largely untested.

McIlvenna Bay meaningfully diversifies Eldorado's asset base across both geography and commodity. The project provides the company with significant copper exposure, adding a critical mineral in global demand to a portfolio that is well balanced. With operations spanning Canada, Greece and Turkey, the combined portfolio delivers jurisdictional diversification alongside attractive long-term cash flow generation. The company's increased scale and enhanced Canadian exposure are expected to support a compelling valuation rerate for shareholders.

Qualified person

Simon Hille, FAusIMM, executive vice-president, chief operating officer, 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 McIlvenna Bay.

About Eldorado Gold Corp.

Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Turkey, 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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