Mr. George Burns reports

ELDORADO ANNOUNCES 2024 DETAILED PRODUCTION & COST GUIDANCE; PROVIDES FOUR-YEAR GROWTH PROFILE

Eldorado Gold Corp. has provided 2024 production and cost guidance and a four-year production outlook. All financial figures stated within this release are in U.S. dollars unless otherwise stated.

2024 guidance highlights:

• Gold production of 505,000 to 555,000 ounces, representing a 9-per-cent increase from 2023 gold production (assuming the midpoint of the range);
• Total cash costs of $840 to $940 per ounce sold;
• All-in sustaining costs of $1,190 to $1,290 per ounce sold;
• Growth capital of $497-million to $569-million, including $375-million to $425-million toward the advancement of the Skouries project;
• Sustaining capital of $135-million to $160-million;
• Exploration expenditures of $27-million to $30-million, focused on resource conversion drilling at the Lamaque complex and Efemcukuru, and resource growth and discovery programs in Quebec, Turkey and Greece.

"We have a lot of momentum as we step into 2024," said George Burns, Eldorado's president and chief executive officer. "A number of key initiatives were completed last year that set up our operations for long-term efficient, safe and growing production. At Olympias, we made tremendous progress, positioning it to deliver increased metal production and lower costs as we push development in the Flats zone. At Kisladag, we continue to optimize the agglomeration circuit to maintain consistent permeability as the material is stacked on the pads. It's also an exciting year at Lamaque as we will advance the Ormaque deposit through the mining and processing of a bulk sample leading to an expected inaugural reserve late this year.

"In addition, we made significant headway on our Skouries project as we ramped up into full construction. This year, we expect to make substantial progress as we finalize the remaining contracts, advance construction of the major earthworks, including haul roads, the integrated extractive waste management facility, water management facilities, and the crusher and filter buildings. We also expect work to continue to advance on the underground with a focus on lateral development and associated services for the year to set up mining of two test stopes in 2025.

"Our four-year production guidance is designed to provide an outlook as to how we see our current operations performing and the impact of the ramp-up of Skouries production in 2026 through 2027. Next year, to move in line with peer companies, we will transition to providing three-year production guidance by mine," added Mr. Burns.

Gold production in 2024 is expected to be between 505,000 and 555,000 ounces, a 9-per-cent increase from 2023 gold production (based on the midpoint of the range). The increase in gold production is primarily driven by higher expected production at Kisladag as a result of the upgraded material-handling systems and the recently commissioned North heap leach pad. In addition, Eldorado expects an increase at Olympias following the underground infrastructure upgrades completed in mid-2023 and productivity improvements that ramped up during 2023. Similar to prior years, quarter-to-quarter gold production in 2024 is expected to fluctuate, with higher production expected in the second half due to the impact of winter conditions at Kisladag and ore grade variability across the portfolio.

Total cash costs and all-in sustaining costs are expected to be relatively stable compared with 2023, with average total cash costs in 2024 expected to be between $840 and $940 per ounce sold and an average AISC of $1,190 to $1,290 per ounce sold. The expected 2024 costs, relative to 2023 cost performance, are driven by forecasted lower unit costs for fuel and other key consumables, and slightly offset by higher labour costs in some areas.

Exploration and evaluation expenses are expected to be $27-million to $30-million in 2024, with 65 per cent expensed and 35 per cent capitalized. General and administrative expenses are expected to be $35-million to $38-million in 2024, and depreciation expense expected to range from $280-million to $290-million.

Four-year outlook overview:

• Gold production of 675,000 to 735,000 ounces by 2027, resulting in growth of 45 per cent over the four-year period from 2023 production and a compound annual growth rate of over 9 per cent;
• Continued strong commitment to exploration to unlock the outstanding potential of the company's brownfield property portfolio and identifying and developing new opportunities in Eldorado's focus jurisdictions;
• Skouries first production in third quarter 2025, with commercial production by the end of 2025.

Qualified person

Except as otherwise noted, Simon Hille, FAusIMM, executive vice-president, technical services and operations, 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 verifying the technical data disclosed in this document relating to its operating mines and development projects.

Jessy Thelland, geo (OGQ No. 758), 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 data contained in this news release for the Quebec projects.

Data are verified through the internal reviews of life-of-mine plans on a site-by-site basis, which confirms the expected production outputs along with the expected revenue and cost distribution.

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).

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