Ms. Lynette Gould reports

ELDORADO GOLD RELEASES UPDATED MINERAL RESERVE AND MINERAL RESOURCE STATEMENT; 2023 GOLD MINERAL RESERVES OF 11.7 MILLION OUNCES AND MEASURED AND INDICATED GOLD MINERAL RESOURCES OF 19.0 MILLION OUNCES

Eldorado Gold Corp. has released its updated mineral reserve and mineral resource (MRMR) estimates as of Sept. 30, 2023.

To provide further clarity, on a go-forward basis, the company is referring to specific assets within the Eldorado Gold Quebec portfolio as the Lamaque complex. The Lamaque complex includes the Triangle mine (Upper and Lower), the Ormaque deposit, the Parallel deposit, the Plug No. 4 deposit and the Sigma mill. This is consistent with how assets are described in the current technical report, entitled "Technical report for the Lamaque project, Quebec, Canada," with an effective date of Dec. 31, 2021.

Mineral reserves update

The company's proven and probable gold mineral reserves (2P reserves) totalled 11.7 million ounces (Moz) as of Sept. 30, 2023, a decrease of approximately 5 per cent from the previous MRMR statement as of Sept. 30, 2022. Excluding depletion, the 2P reserves, year-over-year, remained relatively flat. The complete tables of mineral resources and mineral reserves can be found at the end of this release.

Excluding depletion, the change in proven and probable reserves is attributable to a reduction in reserves at Perama Hill to reflect a revised, smaller pit shell, in accordance with current permitting limitations. Total resources for Perama Hill are unchanged.

Additions to reserves were made in the Bati zone at Efemcukuru and at Olympias:

• Kisladag: Reserves decreased with depletion.
• Efemcukuru: Reserves replaced depletion through inclusion of Bati.
• Lamaque complex: Reserves decreased due to depletion outpacing conversion as it became more challenging to drill Lower Triangle zones at sufficient density. Resource conversion is expected to progress more quickly as the ramp advances and new drilling platforms are established to test the deeper zones more efficiently.
• Olympias: Reserves increased due to additional drilling and higher metal prices.

The table entitled "Proven and probable gold mineral reserves" summarizes the year-over-year changes to the company's gold mineral reserves.

Mineral resources update

Eldorado's measured and indicated gold mineral resources totalled 19 million ounces, as of Sept. 30, 2023. This is a 1-per-cent decrease from the previous MRMR statement on Sept. 30, 2022, attributable to the conversion of inferred to measured and indicated resources, primarily at Efemcukuru, Olympias and the Lamaque complex, offset by depletion at Efemcukuru, Kisladag, the Lamaque complex and Olympias. Eldorado's inferred gold mineral resources totalled 7.6 million ounces as of Sept. 30, 2023, a 2-per-cent decrease from the previous MRMR statement on Sept. 30, 2022:

• Efemcukuru: The decrease in inferred resources is attributable to the upgrade to measured and indicated resources at Kokarpinar South.
• Kisladag: The decrease in measured and indicated resources is primarily from depletion.
• Lamaque complex: The increase in measured and indicated at Triangle represented conversion from inferred resources, however depletion outpaced conversion:
  • Ormaque: Initial indicated resources were converted from inferred at Ormaque through resource conversion drilling. Additionally, new inferred resources were added beyond the amount converted to indicated. Plans are being advanced to declare initial reserves in late 2024 following completion of a prefeasibility study, continued conversion drilling and extraction of a bulk sample.
• Olympias: Inferred resources were included based on drilling in the bottom section of the East zone.

The associated table summarizes the year-over-year changes to the company's gold resources.

About Eldorado Gold Corp.

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

Advisories, and detailed notes on mineral reserves and resources

General

Mineral resources and mineral reserves are as of Sept. 30, 2023.

The mineral resources and mineral reserves were classified using logic consistent with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101). Sample preparation, analytical techniques, laboratories used and quality assurance/quality control protocols used during exploration drilling programs are done consistent with industry standards, while independent certified assay labs are used.

Mineral reserves are included in the mineral resources.

The mineral resources and mineral reserves are disclosed on a total project basis.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to inferred mineral resources, there is a great amount of uncertainty as to their existence, and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an indicated mineral resource or inferred mineral resource will ever be upgraded to a higher category.

Additional information on the mineral properties mentioned in this news release that are considered to be material mineral properties to the company are contained in Eldorado's annual information form for the year ended Dec. 31, 2022, and the following technical reports for each of those properties, all of which are available under the company's profile at SEDAR+ and at the SEC website:

• Technical report entitled "Technical report, Kisladag gold mine, Turkey," with an effective date of Jan. 17, 2020;
• Technical report entitled "Technical report, Efemcukuru gold mine, Turkey," with an effective date of Dec. 31, 2019;
• Technical report entitled "Technical report, Olympias mine, Greece," with an effective date of Dec. 31, 2019;
• Technical report entitled "Technical report, Skouries project, Greece," with an effective date of Jan. 22, 2022;
• Technical report entitled "Technical report, for the Lamaque project, Quebec, Canada," with an effective date of Dec. 31, 2021.

Qualified persons

Simon Hille, FAusIMM, executive vice-president, technical services and operations, is the qualified person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release, and verifying the technical data disclosed in this document relating to the company's operating mines and development projects. Additional qualified persons have approved disclosures for specific properties as detailed in mineral reserve notes and mineral resource notes below. Jessy Thelland, geo (OGQ No. 758), director technical services, Lamaque, a member in good standing of the Ordre des Geologues du Quebec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this news release for the Quebec projects.

Mineral reserve notes

Eldorado reports mineral reserves in accordance with CIM Definition Standards. Mineral reserves for the operating sites (Efemcukuru, Kisladag, Olympias and the Triangle mine within the Lamaque complex) were determined using a long-term gold price of $1,400/ounce (oz), while mineral reserves for the Skouries and Perama Hill projects were determined based on a $1,300/oz gold price. A reserve test is undertaken every year to confirm future undiscounted cash flow from reserve mine plan is positive.

Long-term metal price assumptions:

• Gold price: $1,400/oz;
• Silver price: $19/oz;
• Copper price: $2.75/pound (lb);
• Lead price: $2,000/tonne (t);
• Zinc price: $2,500/t.

Cut-off grades:

• Efemcukuru: $123.62/t NSR (long-hole stoping), $126.60/t NSR (drift and fill);
• Kisladag: 0.17 gram per tonne (g/t) gold (Au) recoverable;
• Lamaque (Triangle mine): 5.06 g/t Au;
• Olympias: $217.63/t NSR;
• Perama Hill: 0.81 g/t Au;
• Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).

Qualified persons

The persons shown in the associated table, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within this release.

Mineral resource notes

Eldorado reports mineral resources in accordance with CIM Definition Standards. All mineral resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The resource cut-off grades or values (for example, gold equivalent) are determined using a long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison with similar projects for the company's resource-only properties). These values are then used to create constraining volumes that provide limits to the reported resources. Resource grades are reported undiluted from within the constraining volumes that satisfy RPEEE. Due to the presence of narrow veins, any future potential conversion of resources to reserves at Ormaque will reflect expected lower grades to fully represent modifying factors associated with mining.

Open-pit resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization, and minability. Eldorado's mineral resources are inclusive of reserves.

Long-term metal price assumptions:

• Gold price: $1,800/oz;
• Silver price: $24/oz;
• Copper price: $3.25/lb;
• Lead price: $2,200/t;
• Zinc price: $2,800/t.

Mineral resource reporting and demonstration of reasonable prospects for eventual economic extraction

The mineral resources used a long-term-look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step, where constraining surfaces or volumes were created to control resource reporting. Open-pit-only projects (Kisladag, Perama Hill, Perama South and Certej) used pit shells created with the long-term gold price to constrain reportable model blocks. Underground resources were constrained by 3-D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and minability. Only material internal to these volumes were eligible for reporting. Projects with both open-pit and underground resources have the open-pit resources constrained by either the permit (Skouries) and pit shell, or by an open-pit/underground economic crossover surface, and underground resources constrained by a reporting shape.

Cut-off grades:

• Certej: 0.60 g/t Au;
• Efemcukuru: 2.5 g/t Au;
• Kisladag: 0.25 g/t Au (in situ);
• Lamaque (Triangle mine): Three g/t Au;
• Ormaque: 3.5 g/t Au;
• Olympias: $125/t NSR;
• Perama Hill and Perama South: 0.50 g/t Au;
• Piavitsa: Four g/t Au;
• Sapes: 2.5 g/t Au (underground), one g/t Au (open pit);
• Skouries: 0.30 g/t gold equivalent (AuEq) grade (open pit), 0.70 g/t AuEq grade (underground) (AuEq equals Au g/t plus 1.25 times Cu per cent);
• Stratoni: $200/t NSR.

Qualified persons

The persons shown in the associated table, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within this release.

We seek Safe Harbor.