Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) announces fourth quarter 2024 preliminary gold production of 155,669 ounces, and full year preliminary gold production of 520,293 ounces, delivering 7% annual production growth over 2023. Fourth quarter production was very strong at the Lamaque Complex and Kisladag, while Efemcukuru continued to deliver on expectations. Overall production was well in line with the Company’s guidance of a stronger second half in 2024. Full year preliminary production was above the midpoint of the tightened guidance range of 505,000 to 530,000 ounces, as announced in the third quarter 2024 results news release. Detailed production, by asset, is outlined in the table below.

2024 Preliminary Gold Production

Canada

Lamaque Complex

The Lamaque Complex delivered record gold production both in the fourth quarter and for the year. Since the beginning of 2019 a total of approximately 959,000 ounces have been produced to the end of 2024. We expect to reach another milestone with the pour of our one millionth ounce in the first quarter of 2025. During the fourth quarter, production increased 48% over the third quarter driven by higher ore grade and mill throughput. This included processing of the Ormaque bulk sample that also met expectations of modelled grade.

Turkiye

Kisladag

At Kisladag, fourth quarter gold production increased 37% over the third quarter driven by the benefit of having two Adsorption-Desorption-Recovery (ADR) facilities as well as increased draw down on the existing inventory. This was coupled with steady performance in stacking and leaching aided by irrigation optimization activities that have been implemented. While this positive trend is expected to continue, we also expect, as in prior years, that the first quarter of 2025 will be a lower production quarter as leach kinetics slow during the colder months, in addition, we will have a planned 6-day HPGR roll change. Improvement is expected through subsequent quarters.

Efemcukuru

At Efemcukuru, fourth quarter gold production was in line with the third quarter and resulted in the mine delivering another year of stable production. This is the 10^th consecutive year of Efemcukuru achieving annual production guidance, demonstrating the site’s dedication to continuous improvement and performance.

Greece

Olympias

At Olympias, fourth quarter gold production was lower compared to the third quarter, mostly impacted by lower throughput during the quarter related to planned equipment downtime and maintenance challenges related to filter presses which negatively impacted the mill throughput.

Skouries – Slower than Planned Progress on Construction and Capital Spend at Year-End 2024

At Skouries, as of December 31^st, 2024, the current phase 2 of the project was 60% complete, and the entire project was 82% complete, when including the first phase of construction. Detailed engineering was substantially complete. Capital spending was approximately $93 million in the fourth quarter of 2024, and approximately $320 million in 2024, compared to our earlier guidance of between $350 and $380 million in 2024. In total, approximately $506 million of capital has been invested since the restart of construction in 2023. Lower than expected spend in the fourth quarter was primarily a result of delayed ramp up to the planned 1,300 site personnel, with approximately 1,050 personnel on site at year-end.  The challenge in ramping up personnel was the result of a tight construction labor market in Greece, which has limited the availability of construction personnel.

We are evaluating the impact of these and other factors on the project schedule and capital cost. We expect to provide a full project update, including an updated capital cost estimate and project schedule, in February 2025.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada and Greece. 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 and the New York Stock Exchange.