Mr. George Burns reports

ELDORADO UPDATES LAMAQUE COMPLEX TECHNICAL REPORT; DEMONSTRATING SIGNIFICANT VALUE AND POTENTIAL TO EXTEND MINE LIFE TO 17 YEARS

Eldorado Gold Corp. has released the results of an updated technical report for the Lamaque complex, including an updated life-of-mine (LOM) plan based on mineral reserves from Triangle, Ormaque and Parallel (the reserve case), and a preliminary economic assessment (PEA) extended LOM plan primarily based on inferred mineral resources from Triangle and Ormaque (the PEA case). (All dollar figures are in United States dollars, unless otherwise stated.)

The reserve case outlines an eight-year mine life producing 1.2-million ounces of gold, while the PEA case shows the potential to extend mine life incrementally by nine years and incremental gold production of 1.5-million ounces. The Lamaque complex technical report has been filed on SEDAR+.

Lamaque complex technical report highlights

Table 1 summarizes key metrics for the reserve case and PEA case from the Lamaque complex technical report which are based on the mineral reserve and mineral resource estimates that are shown in Appendix A in the original release.

Highlights of the reserve case

• Gold production of 1.2-million ounces over an eight-year mine life through 2032;
• Average annual gold production above approximately 175,000 oz through 2028;
• LOM all-in sustaining cost (AISC) of $1,176/oz Au;
• Solid economics with an:
  • After-tax NPV (net present value) (5 per cent) of $555-million at a gold price of $2,000/oz;
  • After-tax NPV (5 per cent) of $1.1-billion at a gold price of $2,600/oz.

Highlights of the PEA case

• Incremental gold production of 1.5 million ounces, showing the potential to extend mine life to 17 years through 2041;
• Maintains average annual gold production of approximately 185,000 oz through 2036, providing a long runway for the Lamaque complex and the company's overall business in Quebec;
• Maintains LOM AISC of $1,149/oz Au;
• Significant incremental economics highlight the long-term potential of the Lamaque complex:
  • After-tax NPV (5 per cent) of $623-million at a gold price of $2,000/oz:
    • (For a total after-tax NPV (5 per cent) of $1.2-billion when combined with the reserve case).
  • After-tax NPV (5 per cent) of $1.1-billion at a gold price of $2,600/oz Au:
    • (For a total after-tax NPV (5 per cent) of $2.1-billion when combined with the reserve case).
  • Incremental IRR (internal rate of return) of the PEA case is 43.5 per cent at a gold price of $2,000/oz Au:
    • 68.2 per cent at a gold price of $2,600/oz Au.

The PEA case is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized. The basis for the PEA and the qualifications and assumptions made by the qualified persons who undertook the PEA are set out in the advisories contained in this news release. The results of the PEA had no impact on the results of any prefeasibility or feasibility study in respect of the Lamaque complex.

Maximizes installed capacity of plant and infrastructure with two mining centres. The installed capacity of the Sigma mill, along with extensive infrastructure both on surface and underground, can be maximized with the addition of a paste plant and additional tailings capacity to bring the Ormaque deposit into production.

Strong collaboration and support from the Val d'Or communities. The company expects a transparent and predictable regulatory environment, reflective of Quebec being a Tier 1 mining jurisdiction.

Significant exploration potential to grow mineral resources in existing deposits. The Ormaque deposit remains open at depth and laterally both in the upper and lower sections of the deposit. The Triangle deposit remains open at depth and the company continues to drill Plug No. 4 and other advanced targets on the property.

Well positioned with a large, underexplored land package in the Val d'Or area. The company continues to assess exploration opportunities across the Lamaque complex as well as its 100-per-cent-owned Bourlamaque property (contiguous to the Lamaque complex) and in the wider Abitibi region.

"This marks another major milestone for the Lamaque complex," said George Burns, president and chief executive officer. "After acquiring this asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019, and it has since produced nearly one million ounces of gold. With the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque complex, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure.

"Ormaque is located just off the existing Triangle-Sigma decline and was discovered through surface drilling in 2019 (see [figures 2 and 3 in the original version of this news release]). An inferred mineral resource was declared in February, 2021, and an exploration drift was developed to allow underground conversion drilling of the upper sections of the deposit. A bulk sample of Ormaque material was processed at the Sigma mill in December and preliminary results are in line with expectations and support the current Ormaque mineral reserves and block model. The second phase of the bulk sample is expected for the second half of 2025, followed by an expected ramp-up phase beginning in 2026. We expect to reach full production in 2028.

"The Ormaque and Triangle deposits are located within the prolific Val d'Or district of the Abitibi. This district hosts the historic Lamaque and Sigma mines, which collectively produced nearly 10 million ounces of gold. Based on the existing resource base and favourable findings of the report, we maintain an optimistic view of the long-term potential at the Lamaque complex.

"Our skilled and dedicated work force, strategic position in the Abitibi region and collaborative relationships with first nations and the local community, positions us to deliver sustainable, long-term benefits for the Val d'Or region, while continuing to create value for our shareholders."

Significant value creation since acquisition

Eldorado acquired the Lamaque complex in 2017 for total consideration of $430-million. Since acquisition, it has generated over $300-million of net cash flow and has been one of the company's most stable operations. Looking forward, the company expects the Lamaque complex to generate significant value and remain a cornerstone asset for the company over the next decade and beyond. At a gold price of $2,000/oz, the reserve case generates an after-tax NPV5 per cent of $555-million, while the PEA case generates an incremental after-tax NPV5 per cent of $623-million. At a gold price of $2,600/oz, the reserve case generates an after-tax NPV5 per cent of $1.1-billion while the PEA case generates an incremental after-tax NPV5 per cent of $1.1-billion.

At the time of acquisition, the Lamaque complex contained measured and indicated mineral resources (M&I resources) of 1.4 million ounces of gold, inferred mineral resources of 864,000 ounces of gold and no mineral reserves. Since acquisition, the Lamaque complex has produced nearly one million ounces of gold, while growing mineral reserves and mineral resources significantly.

Lamaque complex planned drilling and regional exploration

Exploration activities will continue at the Lamaque complex, with a focus on resource conversion drilling at Lower Triangle, Ormaque and Plug No. 4, as well as testing for extensions at Ormaque and earlier stage targets close to Lamaque complex infrastructure. Plans include:

• Resource conversion drilling at Lower Triangle, where a multiyear plan has been developed to leverage access to drill platforms as underground infrastructure advances, while targeting deeper veins (C8 and below) with longer drill holes with the objective of reducing geological risk ahead of development.
• Resource conversion drilling at Ormaque, where drilling during 2025 will focus on extending the core of the system at depth. Subsequent conversion drilling from 2026 onward will be conditional upon continuing exploration drilling that is testing lateral and depth extensions, and will prioritize domains of inferred mineral resources that deliver maximum value for the operation.
• Resource conversion drilling at Plug No. 4 will continue during 2025 from an exploration drift located off the Sigma-Triangle decline. Drilling will test the P30 to P50 veins, and conditional drilling is planned for 2026 and 2027 targeting shallower and deeper vein sets.
• Surface drilling targeting additional inferred mineral resources by testing lateral extensions of Ormaque, which remains open in all directions at various levels of the deposit, is planned through 2025.
• In addition, exploration drilling from surface and underground will also test earlier stage targets proximal to the Lamaque complex infrastructure, including assessing the potential to extend known veins and testing new targets. In parallel, the exploration team will continue to generate and drill test targets within the Eldorado land position in the wider district to assess future resource potential to feed the Sigma mill.

About Eldorado Gold Corp.

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

Mineral reserve notes

Eldorado reports mineral reserves in accordance with CIM Definition Standards. Mineral reserves for the Lamaque complex –- Ormaque, Triangle and Parallel were determined using a long-term gold price of $1,450/ounce. A reserve test is undertaken every year to confirm future undiscounted cash flow from reserve mine plan is positive.

1. Long-term metal price assumptions:
   1. Gold price: $1,450/oz (ounce);
   2. Silver price: $19.00/oz;
   3. Copper price: $2.75/lb (pound);
   4. Lead price: $2,000/t (tonne);
   5. Zinc price: $2,500/t.
2. Cut-off grades/values Lamaque complex: 4.99 g/t (long-hole stoping, Triangle and Parallel): 5.67 g/t (drift and fill, Ormaque).
3. Qualified person:
   1. The persons in the attached table, all of whom are qualified persons under National Instrument 43-101, have approved the disclosure relating to mineral reserves 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 (that is, 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 to similar projects for our 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, conversion of resources to reserves at Ormaque will reflect expected lower grades to fully represent modifying factors associated with mining.

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 mineability. Eldorado's mineral resources are inclusive of reserves.

1. Long-term metal price assumptions:
   1. Gold price: $1,800/oz.
2. Mineral resource reporting and demonstration of reasonable prospects for eventual economic extraction:
   1. 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. 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 mineability. Only material internal to these volumes were eligible for reporting.
   2. Cut-off grades.
   3. Lamaque complex (Triangle, Plug No. 4, Parallel and Ormaque): 3.5 g/t Au.
3. Qualified person:
   1. The persons in the attached table, all of whom are qualified persons under NI 43-101, have approved the disclosure regarding mineral resources contained within this release.

We seek Safe Harbor.