Mr. George Burns reports

ELDORADO GOLD PROVIDES EXPLORATION UPDATE HIGHLIGHTING INCREASED CONFIDENCE ON ORMAQUE; ANNOUNCES EXECUTIVE MANAGEMENT APPOINTMENTS

Eldorado Gold Corp. has provided an update on exploration results from the Ormaque deposit, part of the Lamaque complex, in Quebec, Canada.

"We are excited to see Ormaque resources continuing to grow, adding ounces to both Indicated and Inferred Resources, as reported in our September 30, 2023 Mineral Reserve and Mineral Resource statement, published on December 13, 2023," said George Burns, President and CEO of Eldorado Gold Corporation. "In addition to this, we are encouraged by the results of our 2023 exploration program that increase our confidence and demonstrate opportunity for expansion beyond the current Mineral Resource." "Supporting our development strategy in Quebec, plans are being advanced to declare initial Reserves for Ormaque in late 2024 with completion of a pre-feasibility study, and exploration drilling will continue to test resource expansion opportunities. We will also drive a drift off the decline next year into one of the lenses for a bulk sample to test our geological assumptions, mining method and for metallurgical test work. Additionally, our Exploration team continues to explore other near mine opportunities in the Val-d'Or district, capitalizing on our strategic footprint in the prolific Abitibi region."

Ormaque Resource Expansion Drilling Highlights

Resource expansion drilling at Ormaque totals over 11,500 metres in 2023. This drilling has identified new zones characterised by high-grade veins similar in style and geometry to those hosting the Ormaque deposit. Key mineralised intercepts are present both below and south of the current Mineral Resources for at least 350 metres. Notable results since the March 2023 exploration update news release include:

• 10.15 metres at 8.28 g/t gold (9.94 g/t gold uncapped) in drill hole FOR-22-027, approximately 350 metres southeast of the current Resource;
• 11.55 metres at 9.95 g/t gold in drill hole LS-23-095, approximately 30 metres south of the current Resource;
• 5.70 metres at 16.61 g/t gold (17.31 g/t gold uncapped) in drill hole LS-23-096, approximately 50 metres east of the current Resource;
• 11.50 metres at 3.97 g/t gold, including 4.00 metres at 9.81 g/t gold, in drill hole LS-23-098, approximately 120 metres northeast of the current Resource;
• 2.00 metres at 15.13 g/t gold in drill hole LS-23-100, approximately 150 metres west of the current Resource;
• 20.15 metres at 4.93 g/t gold, including 5.00 metres at 7.59 g/t gold, and 18.00 metres at 3.15 g/t gold, including 3.40 metres at 8.31 g/t gold, in drill hole LS-23-101 at approximately 30 and 80 metres below the current Resource; and
• 14.20 metres at 8.36 g/t gold (14.00 g/t gold uncapped), including 3.30 metres at 20.40 g/t gold (44.68 g/t gold uncapped), in drill hole LS-23-102, approximately 140 metres south of the current Resource.

Note: Gold grades for drill hole intervals listed in this release are based on capping individual assays at 70 g/t gold. Drill hole intercepts are drill hole lengths.

Qualified Persons

Jacques Simoneau P.Geo. (OGQ No. 737), a member in good standing of the Ordre des Geologues du Quebec, is the qualified person as defined in NI 43-101, and is responsible for and has verified and approved the scientific and technical disclosure contained in this press release (including verification of the sampling, analytical and test data underlying the information disclosed), with respect to the exploration program at Ormaque. Eldorado Gold operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of diamond drill core. The data including in this press release was verified as follows: Drill core samples for the Ormaque deposit exploration drilling were prepared and analyzed at Bourlamaque Laboratories in Val d'Or, Quebec. All gold assays are based on fire assay analysis of a 30 g charge, followed by an atomic adsorption finish. Samples with gold grades above 5.0 g/t were re-assayed and completed with a gravimetric finish. Certified standard reference materials, field duplicates and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.

Strengthening the Executive Management Team

The company announces that Joe Dick, Executive Vice President and Chief Operating Officer, will retire in 2024. Joe has had a successful 40-year career, the last four of which have been with Eldorado. He will remain as an advisor to Eldorado after his retirement to provide continued support to the company as required.

"Joe has been an integral part of our senior leadership team and has provided invaluable guidance on our operations while overseeing considerable progress made at our Skouries project over the last few years," said George Burns. "In addition, he has championed a culture of safety excellence and continuous improvement. I am grateful for his support and many contributions he has made as a key member of the team. On behalf of everyone at Eldorado, we wish him all the best in his well-deserved retirement and his future endeavours."

With the retirement of Joe Dick a number of changes in the senior management team have been implemented to support our growth and set us up for continued success. These changes include:

Louw Smith has been appointed Executive Vice President, Development, Greece, effective January 1, 2024. Louw brings to the role over 30 years of experience in the Industry, and most recently held the position of Managing Director at TEX overseeing a full range of technical solutions for gold mining companies. Prior to that, Louw was Chief Operating Officer at Nord Gold Plc for eight years. Louw was also Chief Operating Officer at Alacer Gold Corp. Louw will be based in Greece and responsible for the development of our Greek assets, including Skouries and Perama Hill, overseeing operations, and corporate functions.

Paul Ferneyhough has been appointed Executive Vice President, Chief Strategy & Commercial Officer. Paul's accountabilities include Country Management (Canada and Turkiye), Investor Relations, Sales & Marketing, Business Improvement, and Supply Chain & Procurement. Paul joined the company in May, 2021 as Senior Vice President, Chief Growth and Integration Officer. Prior to joining Eldorado Gold, Paul spent nearly two decades with Repsol SA (and Talisman Energy), most recently as Executive Director leading Repsol's North American upstream oil and gas division. He also held progressively senior leadership roles in corporate, line and functional areas including finance, investor relations, strategy, commercial, planning and business performance management.

Simon Hille has been appointed Executive Vice President, Technical Services & Operations. Simon will be accountable for Operations in Turkiye and Canada along with the Global functions: Technical Services, Project Engineering, Exploration and Safety & Sustainability. Simon joined the company in November, 2020 as Vice President, Technical Services. Prior to joining Eldorado, Simon was with Newmont (Goldcorp), as Group Executive, Technical Engineering and Global Projects. Ahead of the Newmont merger, Simon was Vice-President, Global Innovation, Metallurgy and Processing at Goldcorp. He also held progressively senior leadership roles in metallurgy and process development with Barrick Gold and Newcrest Mining. Simon has over 30 years of experience in gold and base metals specializing in leading high-performance, cross-functional technical and operational teams to maximize value from complex ore bodies.

Niklas Frank has been appointed Senior Vice President, Operations. Niklas recently joined the company as Vice President, Operations in August, 2023. Niklas is based in Europe and will be responsible for Operational Support and the primary lead for our site General Managers in Quebec and Turkiye and operations support needs in Greece. With a career spanning over 25 years, Niklas brings a strong background in operations management and a proven track record of driving efficiency and excellence. His experience in world-class, highly productive mining operations, safe and sustainable development, life of mine and strategy development, application of LEAN mining, M&A and stakeholder management.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania. The company has a highly skilled and dedicated workforce, 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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