Mr. George Burns reports

ELDORADO GOLD ANNOUNCES RECEIPT OF THE OPERATING AUTHORIZATION FOR THE ORMAQUE DEPOSIT AT THE LAMAQUE COMPLEX

Eldorado Gold Corp. has received from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (Quebec) its operating authorization for the Ormaque deposit at the Lamaque complex in Val d'Or, Que. The operating authorization allows Ormaque to mine and deliver high-grade underground ore to the Sigma mill and unlocks the value of development capital already invested at the Lamaque complex.

Ormaque is located within the Lamaque complex and benefits from existing infrastructure, including underground access developed from the Triangle-Sigma decline and proximity to the Sigma mill. The addition of Ormaque enhances Lamaque's production flexibility by providing an additional source of high-grade feed that will be sequenced and blended alongside ore from the Triangle deposit.

"We are proud of the strong evolution of the Lamaque complex since Eldorado's acquisition, particularly given the relatively short period of time in which this progress has been achieved," said George Burns, chief executive officer. "The Ormaque operating authorization demonstrates our ability to advance a discovery, reported in January, 2020, efficiently through to operating approval in Quebec, supported by highly prospective geology across a strong land position. Ormaque provides an additional source of high-grade ore to support the Sigma mill, enhances our production flexibility and builds on the investment our operating team has made in underground development. With ongoing drilling aimed at expanding the deposit, Ormaque further reinforces the Lamaque complex as a cornerstone asset within Eldorado's portfolio. Of equal importance, bringing Ormaque on line helps sustain existing employment while also creating new job opportunities and generating long-term economic benefits for the Val d'Or region. This achievement also demonstrates our continued positive working relationship with the ministry and the government of Quebec."

Ormaque exploration upside

In January, 2026, the company reported in its news release (titled, "Eldorado Announces Strong Exploration Results of Multiple New High-Grade Zones in Canada and Greece and Increases 2026 Exploration Investment, Reinforcing Confidence in Discovery Strategy") the identification of new zones and extensions around the Ormaque deposit, beyond the existing mineral resource, including the new Ormaque Southeast (SE) zone and the Ormaque West extension, as well as the newly discovered Garnet zone on the northern margin of the deposit.

The Ormaque SE zone is characterized by a stacked system of flat-lying high-grade gold hosted in flat-lying veins extending from approximately 400 to 900 metres below surface. Ormaque West veins, intercepted 200 to 300 metres west of the main Ormaque resource, show similar characteristics and remain open to the west and at depth. In contrast, the Garnet zone has distinct mineralogy and alteration characteristics hosted within a steeply dipping shear zone. Given their proximity to the Lamaque processing facilities, these zones have the potential to provide future mill feed and support mine-life extension.

During 2026, Eldorado will continue drilling to test lateral and depth extensions at Ormaque as part of a broader exploration program across the Lamaque-Bourlamaque properties. At the same time, the company will advance continuing exploration and resource conversion at the Triangle deposit, which continues to demonstrate significant potential for further growth and mine life extension. Together, these efforts reflect Eldorado's integrated approach of leveraging existing infrastructure, deepening regional geological understanding, and converting exploration success into operating flexibility and long-term value.

Sigma mill expansion studies

In parallel with permitting and exploration success across the Lamaque complex, Eldorado is advancing studies to position the Sigma mill for a potential increase in throughput from its current capacity of approximately 2,500 tonnes per day toward its fully permitted capacity of 5,000 tonnes per day. These studies are focused on leveraging existing infrastructure, identifying debottlenecking opportunities and evaluating capital efficiency to support higher levels of production over the longer term.

Multiple exploration targets have been defined within trucking distance of the Sigma mill, including Ormaque and Lamaque South. In addition, other prospects across the broader Bourlamaque property may provide optionality to support higher mill utilization should exploration results be positive and expansion studies progress. The combination of operating flexibility, continuing underground development and regional exploration success positions the Lamaque complex to respond to future growth opportunities in a disciplined manner.

About the Lamaque complex

The Lamaque complex includes the Triangle, Parallel and Ormaque deposits, all feeding the Sigma mill in Val d'Or, Que. Eldorado continues to invest in underground development, exploration and regional targeting to maximize the long-term value of its extensive land position in the district while maintaining a strong focus on sustainable development and building long-term, respectful relationships with local and indigenous communities.

About Eldorado Gold Corp.

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

Qualified persons

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 the company's 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 Lamaque complex.

We seek Safe Harbor.