Mr. George Burns reports

ELDORADO GOLD ANNOUNCES C$81.5 MILLION STRATEGIC INVESTMENT BY THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD) AND CONCURRENT C$135 MILLION BOUGHT DEAL FINANCING

Eldorado Gold Corp. has entered into agreements with respect to an $81.5-million strategic investment in Eldorado by European Bank for Reconstruction and Development. The investment is to be effected by way of a private placement whereby the EBRD will subscribe for 6,269,231 shares at a price of $13 per share. The proceeds of the private placement will be invested in the Skouries project in northern Greece and will be credited against the company's 20-per-cent equity financing commitment per the terms of the project financing facility that closed on April 5, 2023.

In addition, the company has entered into an agreement with BMO Capital Markets and National Bank Financial, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase on a bought deal basis 10.4 million common shares of the company at the same price as the EBRD private placement of $13 per common share, for gross proceeds of $135-million. In addition, the company has granted the underwriters an overallotment option to purchase up to an additional 1.56 million common shares, exercisable, in whole or in part, at any time up to 30 days from the closing of the offering. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering would be $155-million. Proceeds from the offering will be used to finance growth initiatives across the global portfolio, including some not currently contemplated within the company's five-year plan, as well as for general corporate and working capital purposes.

"We are pleased to be announcing a strategic equity investment from the EBRD, and we view its investment as an endorsement of the Skouries project and Eldorado's commitment to the highest environmental and social standards across our portfolio," said George Burns, president and chief executive officer of Eldorado. "The EBRD's equity investment, coupled with the Greek lenders in our recently closed project finance facility, provides strategic partners as we advance Skouries towards commercial production," continued Mr. Burns.

"Proceeds from this financing will strengthen the company's balance sheet and is expected to provide additional optionality across our global portfolio. With a number of exciting development opportunities that are not currently included within our five-year plan, this additional funding provides us financial flexibility to advance these projects, including the Perama Hill project in northern Greece. Perama Hill is a high-quality project with consultation activities expected to commence later this year and then advance through the [environmental impact statement] process over the next two years. At Olympias, we received a modified EIA in April that provides us the ability to expand the processing plant following ramp-up of development of the underground. In Canada, with a maiden reserve expected next year at our Ormaque discovery, we expect to undertake additional trade-off studies to determine the optimum approach to incorporate it into our plans. Additionally, in Turkey, we have a number of exciting opportunities, including conversion of inferred resources at Efemcukuru and early-stage exploration targets that have the potential to add to an already robust production profile," added Mr. Burns.

"We are pleased that the EBRD is becoming a shareholder in Eldorado," said Natalia Lacorzana, head of natural resources at the EBRD. "With this landmark equity transaction, the EBRD, as a long-term investor, will play an important role in ensuring that the Skouries project is developed and operated in line with best environmental and social practices, in particular in relation to stakeholder engagement. Copper is crucial for many applications in today's economy, and the demand for copper is expected to increase with the global move towards electric vehicles and renewable energy applications, as both of these sectors require large volumes of the metal."

The common shares are being offered for sale pursuant to the offering in all of the provinces and territories of Canada by way of a Canadian prospectus supplement to the company's Canadian short form base shelf prospectus dated May 18, 2023. The common shares are being offered for sale in the public offering in the United States pursuant to an effective registration statement (including a prospectus supplement thereto) filed under the U.S. multijurisdictional disclosure system. Before investing, prospective purchasers in Canada should read the Canadian prospectus supplement, the Canadian short form base shelf prospectus and the documents incorporated by reference therein for the purposes of the public offering, and prospective purchasers in the United States should read the prospectus in the U.S. registration statement, the U.S. prospectus supplement and the documents incorporated by reference therein for more complete information about the company and the public offering in Canada and the United States. Common shares may also be offered on a private placement basis in other international jurisdictions in reliance on applicable private placement exemptions.

The offering is expected to close on or about June 7, 2023, and is subject to a number of customary closing conditions, including the approval of the Toronto Stock Exchange and the New York Stock Exchange. The closing of the offering is not conditional on the closing of the private placement.

The private placement is expected to close on or about June 13, 2023, following completion of the offering, and is not conditional on the closing of the offering. The private placement is also subject to a number of customary conditions, including the approval of the Toronto Stock Exchange and the New York Stock Exchange. In addition, and as part of the private placement, the company and EBRD have entered into a project support agreement, pursuant to which, amongst other things, the company has agreed to provide EBRD with certain continuing reporting rights regarding the development and operations of the Skouries project, as well as customary anti-dilution rights with respect to its investment in the company. All securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance.

Copies of the Canadian and U.S. prospectus supplements, the Canadian short form base shelf prospectus, when available, and the registration statement on Form F-10 (file No. 333-272043), when available, may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc., Brampton distribution centre care of the Data group of companies, 9195 Torbram Rd., Brampton, Ont., L6S 6H2, by telephone at 905-791-3151, extension 4312, or by e-mail at torbramwarehouse@datagroup.ca, and in the United States by contacting BMO Capital Markets Corp., attention: equity syndicate department, 151 West 42nd St., 32nd floor, New York, N.Y., 10036, or by telephone at 800-414-3627 or by e-mail at bmoprospectus@bmo.com. Copies of the aforementioned offering documents, when available may also be obtained from National Bank Financial Inc., 130 King St. West, Suite 3200, Toronto, Ont., M5X 1J9, or by telephone at 416-869-6534 or by e-mail at ECM-Origination@nbc.ca. Copies of the applicable offering documents, when available, can be obtained free of charge under the company's profile on SEDAR and EDGAR.

About Eldorado Gold Corp.

Eldorado is a gold and base metal 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 (ELD) and the New York Stock Exchange (EGO).

We seek Safe Harbor.