Ms. Lynette Gould reports

ELDORADO GOLD ANNOUNCES THIRD QUARTER 2023 PRELIMINARY PRODUCTION AND CONFERENCE CALL DETAILS; PROVIDES PROJECT UPDATE ON SKOURIES

Eldorado Gold Corp. had third quarter 2023 preliminary gold production of 120,042 ounces and year-to-date preliminary gold production of 340,986 ounces. Eldorado remains on track to achieve consolidated full-year guidance of 475,000 to 515,000 ounces, with operations delivering as expected. Production, by asset, is outlined in the attached table.

           Q3 2023 PRELIMINARY GOLD PRODUCTION
 
Production (oz)         

Mine                        Q3 2023 (1)   Q2 2023   Q1 2023 

Kisladag                        37,485     34,180    37,160  
Lamaque                         42,691     38,745    37,884  
Efemcukuru                      21,170     22,644    19,928  
Olympias                        18,696     13,866    16,537  
Total gold production (oz)     120,042    109,435   111,509 

Production (oz)                    

Mine                        Nine months ended Sept. 30, 2023 (1)      Guidance 2023  

Kisladag                                                108,825     160,000-170,000
Lamaque                                                 119,320     170,000-180,000
Efemcukuru                                               63,742       80,000-90,000 
Olympias                                                 49,099       60,000-75,000 
Total gold production (oz)                              340,986     475,000-515,000

(1) Production figures are preliminary and may vary from final figures slightly. 
Eldorado will release its Q3 2023 financial and operating results on Oct. 26, 
2023.

Canada

At Lamaque, third quarter production increased slightly over the first and second quarter. Production was impacted by slower-than-expected development in the underground as a result of suspended shifts in the second quarter due to the wildfires in the region. In the fourth quarter, it expects to continue to push development, allowing access to higher-grade stopes from the C4 zone.

Turkey

Third quarter gold production at Kisladag increased by 1 per cent and 9 per cent over the first and second quarter, respectively. The increased production was driven by the successful commissioning of the agglomeration drum that was added to the crushing circuit in the second quarter, and tonnes placed on the heap leach pad have continued to increase as a result of the higher-capacity grasshopper conveyors and radial stacker. The larger surface area of the newly commissioned north heap leach pad has enabled the full capacity of the 54-inch (larger) stacking equipment to increase ore tonnes placed and, along with the higher irrigation flow rates in the fourth quarter, is expected to provide a strong finish to the year.

At Efemcukuru, gold production, throughput and average gold grade were in line with plan.

Greece

Third quarter gold production at Olympias increased by 13 per cent and 35 per cent over the first and second quarter, respectively. In the third quarter, Olympias benefited from transformation initiatives completed early in the quarter, including emulsion blasting and increased underground ventilation. Productivity continues to ramp up with development into the larger stopes within the Flats zone, which is expected to result in steady production into the fourth quarter.

Skouries project update

Eldorado is pleased to provide an update on the Skouries project located within the Halkidiki peninsula of northern Greece with respect to progress to date and development plans in 2023. With full construction activities having commenced in the second quarter of 2023, Eldorado remains on budget and on track for first gold production in mid-2025 with commercial production expected at the end of 2025.

The Skouries project critical path is driven by tailings filter construction and commissioning. The tailings dam construction is projected to be completed by mid-2025 using a single 10-hour shift schedule. Continuing work continues on the construction of haul roads, and in addition, civil work is under way for the primary crusher foundation.

Progress project highlights as at Aug. 30, 2023:

• Overall project progress was 33 per cent; forecast to be 48 per cent complete by year-end;
• Detailed engineering was 55 per cent complete; forecast to be 90 per cent complete by year-end;
• Procurement was 68 per cent complete; forecast to be 90 per cent complete by year-end;
• Personnel on-site increased to 400 with 900 expected by year-end;
• Personnel off-site is at 200, and the remaining engineering has transferred from Fluor to Greek firms.

General works are focused on tree cutting, site preparation, relocation of temporary facilities and the haulage of aggregates to site for construction purposes. The first phase of underground development continues to advance the west decline and lateral development for the test stopes to validate the underground assumptions prior to first production. Test stope work will commence at the end of 2024 with expected completion by mid-2025.

During the second quarter, Eldorado mobilized the first major earthwork initiative for the construction of the haul roads to build earthworks structures and is preparing for the mobilization of major earthworks and concrete contractors.

With respect to key contracts, evaluations are continuing, with a view to generating cost and productivity synergies during the process. The company expects to complete this process and award the remaining key contacts by the end of 2023.

Key contracts include:

• The filter plant, including the earthworks, pilings and foundation work to support the filters;
• Open-pit prestripping, and construction of the ore stockpile, water management ponds and the integrated extractive waste management facility dam embankment;
• Structural concrete for the primary crusher and associated process facilities; and
• Mechanical, piping, electrical and instrumentation for the process plant.

Third quarter 2023 financial and operational results call details

Eldorado will release its third quarter 2023 financial and operational results after the market closes on Thursday, Oct. 26, 2023, and will host a conference call on Friday, Oct. 27, 2023, at 11:30 a.m. ET (8:30 a.m. PT).

Conference call details                   Replay (available until Dec. 1, 2023)  

Date:      Oct. 27, 2023                  Vancouver:          1-604-638-9010       
Time:      11:30 a.m. ET (8:30 a.m. PT)   Toll-free:          1-800-319-6413        
Dial-in:   1-604-638-5340                 Access code:        0401                  
Toll-free: 1-800-319-4610                                                     

The call will be webcast and available at Eldorado's website.

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.