Eldorado Gold Corporation (TSX: ELD) today reports the Company’s financial and operational results for the fourth quarter and year ended December 31, 2024. For further information please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

Q4 2024 and Full-Year Summary 

Operations

• Gold production: 155,668 ounces in Q4 2024 reflecting continued improvements across the portfolio. Full-year 2024 production of 520,293 ounces was above the midpoint of the tightened guidance range and an increase of 7% over 2023 production of 485,139 ounces, driven by operational upgrades at Kisladag and higher mining rates and ore throughput at Lamaque.
• Gold sales: 156,864 ounces in Q4 2024 at an average realized gold price per ounce sold⁽¹⁾ of $2,625, resulting in 517,926 ounces sold in 2024 at an average realized gold price per ounce sold of $2,405.
• Production costs: $172.1 million in Q4 2024, and $564.2 million in 2024, compared to $137.6 million in Q4 2023, and $478.9 million in 2023. The increases are primarily due to higher volumes of production and sales, higher labour costs, and increased royalties (due to higher gold sales and average realized gold price).
• Total cash costs⁽¹⁾: $944 per ounce sold in Q4 2024 and $940 per ounce sold in 2024, within the tightened guidance range, and an increase from $830 per ounce sold in Q4 2023 and $850 per ounce sold in 2023. The increase in both periods was primarily due to higher royalties (driven by higher gold prices) and labour costs.
• All-in sustaining costs⁽¹⁾: $1,226 per ounce sold in Q4 2024 and $1,285 per ounce sold in 2024, within the tightened guidance range for the year, and marginally higher than $1,207 per ounce sold in Q4 2023 and $1,220 per ounce sold in 2023. Increases in both periods primarily reflect higher total cash costs per ounce sold as discussed above, and the year-over-year comparison was also impacted by higher sustaining capital expenditures.
• Total capital expenditures: $174.5 million in Q4 2024, and $620.3 million in 2024, including $97.6 million and $324.7 million of construction project capital invested at our Skouries Project, respectively. Growth capital⁽¹⁾ at the operating mines of $146.1 million in 2024 was primarily focused at Kisladag, including waste stripping to support mine life extension, construction of the second phase of the North Heap Leach Pad, and construction of the North Adsorption-Desorption-Recovery facilities. Sustaining capital⁽¹⁾ at operating mines totaled $130.3 million in 2024, including $81.9 million at Lamaque primarily related to underground development, equipment rebuilds, and expansion of the tailings management facility.

Financial

• Revenue: $435.7 million in Q4 2024, an increase of 42% from revenue of $306.9 million in Q4 2023, and $1,322.6 million in 2024, an increase of 31% from revenue of $1,008.5 million in 2023, both due to higher average realized gold prices and higher volumes sold.
• Net cash generated from operating activities of continuing operations: $257.3 million in Q4 2024, an increase from $159.6 million in Q4 2023, and $645.7 million in 2024, an increase from $382.9 million in 2023. Increases in both periods were due to higher revenues, partially offset by higher production costs and higher taxes paid.
• Cash flow from operating activities, before changes in working capital⁽²⁾: $228.5 million in Q4 2024, an increase from $138.0 million in Q4 2023 and $635.5 million in 2024, an increase from $411.2 million in 2023. Increases in both periods were primarily due to higher net cash generated from operating activities of continuing operations.
• Cash and cash equivalents: $856.8 million as at December 31, 2024, up from $540.5 million as at December 31, 2023.
• Net earnings attributable to shareholders from continuing operations: $108.2 million in Q4 2024, an increase from $91.8 million in Q4 2023, and $300.9 million in 2024, an increase from net earnings of $106.2 million in 2023. Increases in both periods were primarily due to higher revenue, partially offset by higher production costs and income tax expense.
• Adjusted net earnings before interest, taxes, depreciation and amortization ⁽²⁾: $246.7 million in Q4 2024, an increase from $147.2 million in Q4 2023, and $691.6 million in 2024, an increase from $463.3 million in 2023. These increases were primarily driven by higher net earnings in both periods. Quarter over quarter higher adjusted EBITDA was partially offset by the removal of $10.2 million of unrealized gains on derivative instruments in Q4 2024, whereas year over year, higher adjusted EBITDA was increased with the removal of $51.8 million of unrealized losses on derivative instruments in 2024.
• Adjusted net earnings from continuing operations⁽²⁾: $127.8 million or $0.62 per share in Q4 2024, an increase from $49.3 million or $0.24 per share in Q4 2023, and $320.7 million or $1.57 per share in 2024, an increase from $110.7 million or $0.57 per share in 2023. Adjusted net earnings in 2024 removes a $14.6 million loss on foreign exchange due to the translation of deferred tax balances, net of a gain on deferred income taxes due to the Turkiye inflationary tax basis, a $51.8 million unrealized loss on derivative instruments, and a $50.1 million after-tax gain related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021, among other things. Adjusted net earnings in Q4 2024 removes a $26.5 million loss on foreign exchange due to the translation of deferred tax balances, a $5.1 million loss on the non-cash revaluation of the derivative related to redemption options in the debt, and a $10.2 million unrealized gain on derivative instruments.
• Free cash flow⁽²⁾: $74.6 million in Q4 2024, and $6.8 million in 2024. Free cash flow excluding capital expenditures at Skouries⁽²⁾ was $176.2 million in Q4 2024 and $342.0 million in 2024, primarily due to higher revenues.
• Project Term Facility: Drawdowns on the Skouries Term Facility were €288.3 million in 2024, with cumulative drawdowns as of December 31, 2024 totaling €441.6 million.

“With the strong finish to the year, as anticipated, we delivered solid operational and financial performance in 2024,” said George Burns, President and Chief Executive Officer. “Gold production increased 7% to 520,293 ounces of gold above the mid-point of the tightened full year guidance range. Costs were also in line with the tightened guidance range, reflecting solid performance across our global operations. The strong operational performance combined with the robust gold price, resulted in a number of financial milestones in 2024, including a 31% increase in revenue, to $1,322.6 million, and increased cash flow from operating activities to $645.7 million a 69% increase compared to 2023. We also generated $342.0 million of free cash flow, excluding the capital invested at Skouries.”

“In 2024, we continued to focus on unlocking the full potential of our operating assets through continuous improvement. Highlights included record gold production at the Lamaque Complex of 196,538 ounces, and the declaration of an inaugural Mineral Reserve at Ormaque. Efemcukuru maintained consistent performance, marking its 10th consecutive year of meeting guidance, in addition to increasing Mineral Reserves by 23% to extend its mine life. A strong fourth quarter at Kisladag was driven by the implementation of optimization efforts. At Olympias, the successful labour negotiations coupled with productivity improvements supports the plant expansion from 500 ktpa to 650 ktpa which is expected to drive long-term profitability.

“At Skouries, we continued to advance the project through the year. However, as we announced on February 5, 2025, with a slower than expected ramp-up of personnel as a result of the tight labour market for construction workers within Greece, we have revised the schedule and construction project capital cost estimate for the Skouries Project. First production is expected in the first quarter of 2026 with commercial production expected in mid-2026. Once into production, we believe that Skouries will offer substantial long-term growth and deliver significant long-term value for shareholders and the Greek economy.

“I want to express my gratitude to our global team for their dedication and contributions this year. As we look ahead, we remain fully focused on driving long-term value as we continue to demonstrate our ability to grow our production profile, optimize our operations and deliver sustainable value to our shareholders, while maintaining our high standards of safety and environmental stewardship.”

Skouries Highlights

Capital Estimate and Schedule

On February 5, 2025, the Company announced an update to the project schedule and construction project capital cost estimate as a result of continued labour market tightness in Greece. The construction project capital cost incorporates an increase of approximately $143 million, to total $1.06 billion. In addition, the Company expects to complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining equipment (originally expected to be purchased post commercial production), resulting in $154 million of accelerated operational capital prior to commercial production.

First production of the copper-gold concentrate is expected in Q1 2026, with 2026 gold production projected to be between 135,000 and 155,000 ounces and copper production of between 45 and 60 million pounds. Commercial production is expected in mid-2026.

Between the Term Facility related to the Skouries project and the strength of the balance sheet, the project remains fully funded.

Capital spend towards the second phase of construction totalled $97.6 million in Q4 2024, and $324.7 million in 2024.

Construction Activities
A progress update video link can be found here: https://youtu.be/yj92oFQgmzw

As at December 31, 2024 overall project progress was 60% complete for Phase 2 of construction.

Filtered Tailings Facility

Work continues to advance on the filtered tailings building, which is on the critical path. Piling has been completed for the filtered tailings building and concrete work is progressing to enable assembly and installation of the structural steel. All filter press components inclusive of fabricated frames have been delivered to the site. Structural steel pre-assembly continues to advance.

Primary Crusher Building

Progress continues on the foundation construction of the primary crusher with retaining walls and stabilized excavations completed. Construction of the crusher building structure has commenced. The fixed location construction crane has been mobilized for the crusher build.

Process Plant

Work in the process plant continues and re-lining of the flotation tanks was completed in Q3 2024 as planned and structural and mechanical work is advancing. Off-site pipe spool fabrication is progressing and delivery of high-density polyethylene piping to the site is ongoing. Electrical cable tray and mechanical installations have commenced and the contractor continues to ramp up to support increasing levels of activity. Work continues on the support infrastructure including the process control room building, process plant sub-station, water pump station, lime plant, flotation blowers building, compressor building and flotation reagent areas. Structural steel installation is complete at the water pump house and nearing completion for the lime plant building and flotation blowers building.

Thickeners

Construction of the three thickeners progressed on plan during Q4 2024. Concrete works for the first two thickeners have reached approximately 85% and 65% respectively, and construction of the third thickener has commenced.

Integrated Extractive Waste Management Facility

During Q4 2024, construction continued to progress at the coffer dam site with excavation of the spillway and foundation preparation. The coffer dam is expected to be completed at the end of Q1 2025. At the KL embankment the foundation placement preparation is expected to start in Q2 2025, once the coffer dam is in place. Fill placement for water management pond 2 is advancing with excavations for water management pond 1 continuing as planned along with the development of the low-grade ore stockpile.

Underground Development 

Approximately 90% of the equipment and operator licenses have been received to date and development mining is ramping up. Access to the test stopes advanced ahead of plan at the upper level. The total metres of underground development for 2024 totaled 571 metres, compared to the expected 2,200 total metres, with the delay attributable to receiving all licenses and permits later than planned. The two test stopes are expected to be completed in 2025.

Engineering, Procurement, and Operational Readiness

Engineering

Engineering works were substantially complete at December 31, 2024. The focus has been on finalizing engineering to support the construction schedule. The release of structural steel for fabrication was substantially completed during Q4 2024.

Procurement

All major procurement is complete and the focus is on managing and expediting deliveries to support construction.

Operational Readiness 

Operational readiness has been progressing with the addition of new staff for developing and executing key tasks in mining and processing. In-depth sessions have been conducted to ensure that detailed plans are in place to manage progress in all operational areas, including finalizing a fully integrated OR plan. Progress is being made by the OR asset management team, particularly in identifying critical spares. The Management Operating System (MOS) for the open pit mining function is being implemented. Workforce training is advancing and a training needs analysis is underway for the mining and processing departments. Furthermore, content creation and onboarding of internal and external service providers continues.

Workforce

In addition to the OR team, as at December 31, 2024, there were approximately 1,050 personnel working.

2024 Year in Review:   Enabled for Growth 

• Health and Safety: The Company’s lost-time injury frequency rate per million person-hours worked was 1.02 in Q4 2024, an increase from the LTIFR of 0.42 in Q4 2023 and overall was 0.99 in 2024, an increase from the LTIFR of 0.65 in 2023. The Company continues to take proactive steps to improve workplace safety and to ensure a safe working environment for employees and contractors.
• Courageous Safety Leadership: In November 2024, the Company successfully launched a new health and safety initiative, Courageous Safety Leadership (CSL), that will help shape the global health and safety culture at Eldorado Gold. CSL is designed to challenge participants to explore the impact of one’s own beliefs, attitudes, and behaviors in creating a positive culture of health and safety both at work and at home.
• Sustainability: In May 2024, the Company completed the first round of external verification against the Mining Association of Canada’s ‘Towards Sustainable Mining’ protocols across Eldorado’s global sites with the completion of verifications at Kisladag and Efemcukuru. Notably, the Company scored “AAA” – the highest rating possible for all the operating tailings facilities.
• Increased Mineral Reserves: In December 2024, the updated Mineral Reserve and Mineral Resource statement was published showing that in addition to replacing depletion, the Company increased Mineral Reserves by 2%, with a 45% increase at the Lamaque Complex and a 23% increase at Efemcukuru, providing a solid foundation and underpinning the Company’s production profile over the next decade and beyond.
• Ormaque Reserve Declaration: In December 2024, the inaugural Mineral Reserve at Ormaque was announced. Since 2017, the Company has successfully replaced Mineral Reserves annually at the Lamaque Complex. This achievement and the reserve at Ormaque positions the Company for long-term success with two underground mines and substantial potential for converting Inferred Mineral Resources, along with exploration opportunities. Additionally, a bulk sample of Ormaque material was processed at the Sigma Mill in December 2024. Preliminary results from the bulk sample are in-line with expectations and support the current Ormaque Mineral Reserves and block model.
• Record Gold Production in Quebec: The Lamaque Complex in Quebec delivered another year of record gold production of 196,538 ounces in 2024, an 11% increase over 2023, driven by higher grade ore and mill throughput.
• Continuing to Enhance Capacity at Kisladag: In October 2024, processing of loaded carbon commenced at the new north Adsorption-Desorption and Recovery plant. In addition, the planned phased expansion of the North Heap Leach pad facilities continued.
• Efemcukuru Met Guidance for the 10th Consecutive Year: Since 2014, Efemcukuru has met annual guidance expectations.
• Olympias: In August 2024, a new, unified, and mutually beneficial three-year Collective Bargaining Agreement was completed with the unionized workforce at Olympias. This new agreement, in conjunction with productivity improvements in the underground operations, lays the necessary foundation for support to increase mill capacity from the current capacity of 500 ktpa to 650 ktpa, positioning Olympias for long-term profitability.
• Progressed with Strategic Investments: In July 2024, Eldorado signed option agreements with Brixton Metals for its Atlin Goldfields Project in Northern British Columbia, and with TRU Precious Metals for its Golden Rose Project in Central Newfoundland. Both these option agreements provide Eldorado increased exposure to early-stage exploration opportunities.
• Extension of Senior Secured Credit Facility: In June 2024, the Company announced it had extended and increased its senior secured credit facility to $350 million, with a $100 million accordion feature and to a four-year term. While the focus remains on delivering the Skouries Project, this facility provided additional financial flexibility to continue to strengthen and grow the business with value-creating opportunities for all Eldorado’s stakeholders.

Notable Awards, Recognitions, and Milestones Across the Business:

• The team at Eldorado Gold Québec won the Mining Association of Canada’s ‘Towards Sustainable Mining’ Community Engagement Excellence Award in 2024, the site’s first-ever TSM Award and a first for Eldorado. The award was received in recognition of the Lamaque team’s social and long-term closure planning.
• In Canada, the Lamaque Complex celebrated the 5th anniversary of commercial production. The Lamaque Complex has since produced nearly one million ounces of gold since declaring commercial production.
• In Canada, ten of Eldorado Gold Québec supervisors were recently recognized for achieving between 50,000 and 200,000 hours without a lost-time accident with their teams.
• In Greece, Environmental Manager at Hellas Gold, Emmy Gazea, was recognized as one of the 100 Global Inspirational Women in Mining by Women in Mining UK.
• Hellas Gold had the honour of hosting Deputy Minister of Environment and Energy – Alexandra Sdoukou and Deputy Minister of the Interior – Konstantinos Gioulekas at Skouries, both noting the crucial role mining investments can play in the Greek economy as a whole, and particularly in Northern Greece.
• Hellas Gold was recognized among the “Leading Employers in Greece 2024” by ICAP CRIF.
• Hellas Gold won the Silver Award at the 2nd Annual Euromines Safety Awards recognizing innovative virtual and augmented reality training programs deployed at the state-of-the-art training center at Madem Lakkos.
• In Turkiye, members of our mine rescue teams at Tuprag participated in the 3rd Mine Rescue Competition organized by the Turkish Miners Association, tying for 1st place in the ‘Best Mine Rescue Team’ award.
• Recognized as one of 30 companies in the Globe & Mail’s ‘Road to Net Zero’ in the Globe’s Report on Business Magazine.
• Eldorado placed 3rd overall in the Materials sector that includes Mining in the Globe & Mail’s 2024 Board Games. Board Games ranks Canada’s corporate boards in the S&P/TSX Composite Index to assess the quality of their governance practice and disclosure. Since 2020, Eldorado has improved its index-wide ranking from 104th to 36th.
• Simon Hille, EVP Technical Services and Operations, raised over C$55,000 for Covenant House Vancouver by participating in the Annual Executive Sleep Out in Vancouver. This was the third time Simon participated in the event to raise funds and awareness for youths experiencing homelessness, and Eldorado’s 6th consecutive year. Since 2018, Eldorado, including employee matching campaigns, has raised approximately C$245,000 for Covenant House Vancouver.

2025 Exploration Guidance

Eldorado’s exploration activities in 2025 are focused on the regions in which the Company operates and are expected to include in-mine resource conversion and expansion drilling, drill testing a range of near-mine and early-stage targets, as well as generating new targets and projects through generative initiatives. Across the portfolio, approximately 220,000 metres of drilling are planned. This includes capitalized sustaining drilling of approximately 94,000 metres of resource conversion and extension drilling at the Lamaque Operations (Triangle and Ormaque), Efemcukuru and Olympias, capitalized growth drilling of approximately 63,000 metres of resource conversion and extension drilling at the Lamaque Operations (Ormaque) and Efemcukuru (Kokarpinar). Additionally, over 90,000 metres of drilling are planned to test early-stage targets across the portfolio and are expensed.

CANADA

Lamaque Complex and Near Mine Exploration

Triangle Mine: Resource expansion and resource conversion drilling at the Triangle Mine will focus on the C8 through C10 zones with approximately 45,500 metres planned. This is part of a multi-year plan that aims to convert resources at shallower veins in Triangle Deep while in parallel testing for extensions at deeper levels of the deposit.

Ormaque Deposit: The 2025 exploration program at Ormaque is expected to include approximately 48,700 metres of underground resource conversion drilling within existing Inferred Mineral Resources. This drilling will continue to test the upper portion of the deposit for further conversion from Inferred to Indicated Mineral Resource. In addition, approximately 18,000 metres of surface drilling testing step-outs to the east of and below the known deposit is planned.

Sigma-Lamaque early-stage targets: Approximately 13,000 metres of underground exploration drilling is planned from platforms along the Sigma-Triangle decline, testing multiple conceptual targets and step-outs from previous high-grade drill intercepts in the Sigma-Lamaque-Ormaque area. In addition, approximately 22,000 metres of surface drilling is planned to test targets in the same area but away from the decline. The drilling will target high-grade vein systems similar in geological setting and mineralization style to those historically mined at both Sigma and Lamaque, including testing new conceptual targets that have been developed in recent years and following up zones of interest tested during 2024.

Val d’Or district exploration: Eldorado is advancing multiple early to advanced-stage exploration targets in the Val-d’Or district that are expected to provide opportunities for resource growth for the Lamaque Complex.

Bourlamaque early-stage targets: Currently no drilling is planned, however the Exploration team has worked up several target areas that require incremental workup (modelling and/or field activities) ahead of prioritization for drill testing. Once this work is completed, drill metres will be proposed or re-assigned from elsewhere in the portfolio. Ongoing work and subsequent drilling will target high-grade vein systems similar in geological setting and mineralization style to those historically mined at the Beaufor mine and the mines in the Herbin area.

Uniacke-Perestroika: The Uniake-Perestroika properties, located approximately 45 kilometres northeast of the Lamaque Complex, are being explored under an option agreement with Val d’Or Mining Corp. Approximately 5,000 metres of drilling are planned to test a target in the Héva-Cadillac area that delivered encouraging results during 2024.

Abitibi Exploration

Eldorado’s early-stage exploration in Canada is currently focused on generating and testing target areas within the greater Abitibi region that offer opportunities for standalone development outside of the Lamaque Complex area. The Company’s current exploration portfolio includes the Montgolfier project located along the Harricana-Turgeon greenstone belt to the east of the Casa Berardi mine, and a group of licenses in the Kirkland Lake belt currently being explored under an option agreement with the license holder VZZ. At Montgolfier, a staged diamond drill program of up to 7,000 metres is currently underway which follows up 2024 drill results. In Ontario, following a winter geophysical survey, a summer drill program of approximately 4,000 metres is planned to test a target on the Baden Property. Other Kirkland Lake licenses are at the target definition stage, and targeting work activities are ongoing.

TURKIYE

2025 exploration in Turkiye is expected to be focused on resource expansion drilling at Efemcukuru and advancing several early-stage projects in highly prospective priority regions throughout Turkiye.

Efemcukuru

During 2025, approximately 6,500 metres of resource expansion drilling is planned at the Kokarpinar South vein system. Approximately 9,000 metres of drilling is also planned to test targets in the West Vein area. Geologic mapping and geophysical surveys are also planned as part of assessing the wider exploration potential on existing licenses, in addition to defining areas for follow-up resource drilling.

Early-Stage Exploration

The Company continues to explore regions of Turkiye that offer strong exploration potential for resource exploration and development. Current programs are focused in the Artvin (Hod Maden) district and along the Izmir-Ankara Suture Zone, where approximately 8,000 metres of drilling are planned for 2025 to test early-stage targets. Project generation activities and early-stage project work within the Central Anatolian Crystalline Complex are also being conducted with a Turkish joint venture partner.

GREECE

2025 Exploration activities in Greece are expected to be focused in testing targets in the Olympias mine area, along the Stratoni Corridor and at the Skouries Project, in addition to undertaking basic field activities to define targets for future drill testing across our exploration licenses.

Olympias

Approximately 8,800 metres of surface drilling is planned to test for extensions to known mineralization at the North Zone at Olympias, while 9,050 metres drilling is planned to test extensions from underground in the East and West Zones.

Stratoni Skarn

Surface drilling is planned, following up some 2024 results, to test for copper-gold skarn potential along the Stratoni Corridor at the Stratoni Skarn target. A 10,000 metre program is expected to commence in the first half of the year.

Skouries

Underground drilling has commenced at Skouries, with the objectives of converting and expanding resources. Currently approximately 5,000 metres of drilling is planned.

Consolidated Financial and Operational Highlights 

Summarized Annual Financial Results

Summarized Quarterly Financial Results

Gold sales in 2024 totaled 517,926 ounces, an increase of 7% from 483,978 ounces in 2023. The higher sales volume in 2024 compared with the prior year primarily reflected higher production at Kisladag and Lamaque, with increases of 18,668 and 18,175 ounces sold, respectively, as well as slightly higher production and timely concentrate sales at Olympias with an increase of 3,181 ounces. These increases were partially offset by a decrease of 6,076 ounces sold at Efemcukuru due largely to lower production as a result of lower average gold grade. Gold sales were 156,864 ounces in Q4 2024, an increase of 8% from 144,827 ounces in Q4 2023, primarily due to increased production at Kisladag and Lamaque in the quarter.

The average realized gold price⁽³⁾ was $2,405 per ounce sold in 2024, an increase from $1,944 per ounce sold in 2023, as strong prices continued throughout the year. The average realized gold price was $2,625 per ounce sold in Q4 2024 (compared to $1,999 per ounce sold in Q4 2023).

Total revenue was $1,322.6 million in 2024, an increase of 31% from revenue of $1,008.5 million in 2023. The increase was due primarily to both higher sales volumes and the average realized gold price. Total revenue was $435.7 million in Q4 2024, an increase of 42% from revenue of $306.9 million in Q4 2023, for the same reasons.

Production costs of $564.2 million in 2024 increased from $478.9 million in 2023 and production costs of $172.1 million in Q4 2024 increased from $137.6 million in Q4 2023. Increases in both periods were the result of both higher sales volumes and higher cash costs, the latter impacted by increased royalties (due to higher gold sales and average gold price), as well as increases in labour costs.

Production costs include royalty expense, which increased to $79.4 million in 2024 from $51.8 million in 2023, and increased to $26.4 million in Q4 2024 from $16.5 million in Q4 2023, primarily reflecting higher average gold prices combined with higher sales volumes. In Turkiye, royalties are paid on revenue less certain costs associated with ore haulage, mineral processing and related depreciation and are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. In Greece, royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and the EUR:USD exchange rate.

Total cash costs⁽³⁾ averaged $940 per ounce sold in 2024, an increase from $850 per ounce sold in 2023. In Q4 2024, total cash costs averaged $944 per ounce sold, an increase from $830 per ounce sold in Q4 2023. The increase in both periods was primarily due to higher royalties (driven by higher gold prices) and labour costs.

AISC per ounce sold⁽³⁾ increased slightly to $1,285 in 2024 from $1,220 in 2023, and to $1,226 in Q4 2024 from $1,207 in Q4 2023. Increases in both periods primarily reflect higher total cash costs per ounce sold as discussed above, and the year-over-year comparison was also impacted by higher sustaining capital expenditures.

We reported net earnings attributable to shareholders from continuing operations of $300.9 million ($1.48 basic earnings per share) in 2024, compared to net earnings of $106.2 million ($0.55 basic earnings per share) in 2023 and net earnings of $108.2 million ($0.53 basic earnings per share) in Q4 2024, compared to net earnings of $91.8 million ($0.45 basic earnings per share) in Q4 2023. Net earnings increased in 2024 and Q4 2024 primarily due to higher revenue, partially offset by higher production costs and income tax expense.

Adjusted net earnings from continuing operations⁽⁴⁾ were $320.7 million ($1.57 per share) in 2024, compared to $110.7 million ($0.57 per share) in 2023. Adjusted net earnings in 2024 removes a $14.6 million loss on foreign exchange due to the translation of deferred tax balances, net of a gain on deferred income taxes due to the Turkiye inflationary tax basis, a $51.8 million unrealized loss on derivative instruments, and a $50.1 million after-tax gain related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021, among other things. Adjusted net earnings were $127.8 million ($0.62 per share) in Q4 2024 after adjusting for a $26.5 million loss on foreign exchange due to the translation of deferred tax balances, a $5.1 million loss on the non-cash revaluation of the derivative related to redemption options in the debt, and a $10.2 million unrealized gain on derivative instruments.

Higher sales volumes in 2024, combined with higher average realized prices, resulted in EBITDA⁽⁴⁾ of $689.5 million, including $257.2 million in Q4 2024. Adjusted EBITDA⁽⁴⁾ of $691.6 million in 2024 and $246.7 million in Q4 2024 exclude, among other things, share-based payments, gain on deferred consideration, and gains and losses on derivative instruments.

Operations Update 

Gold Operations 

Kisladag

Kisladag produced 174,080 ounces of gold in 2024, a 12% increase from 154,849 ounces in 2023 benefiting from both a higher average grade and higher stacking rates from earlier in the year. Gold production of 56,483 ounces in the quarter increased 22% from 46,291 ounces in Q4 2023, as a result of drawdown from previously stacked ounces. For the year, the average grade increased to 0.81 grams per tonne, from an average grade of 0.78 grams per tonne in 2023 while throughput remained consistent with the prior year.

Production in the fourth quarter benefited from the North ADR facility commencing operations, which enables optimization of carbon loading, recovery and regeneration. In addition, the North ADR facility has a higher capacity for carbon management compared to the South ADR facility, The commencement of the North ADR operations was combined with steady performance in stacking and leaching, which in turn was aided by irrigation optimization activities that have been implemented to address the longer than planned leach cycles.

It is expected, 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, a planned 6-day HPGR roll change was completed during January 2025. Throughout 2025, the wear components of the HPGR rolls will continue to be monitored and optimized.

Additionally, as previously discussed, an engineering study has commenced with drilling continuing through the fourth quarter in addition to geometallurgical characterization testwork. The study is expected to be completed in mid-2025.

Revenue increased to $423.5 million in 2024 from $304.8 million in 2023 and increased to $150.3 million from $92.9 million in Q4 2023, reflecting a combination of higher gold sales and higher average realized prices in the current year and quarter.

Production costs increased to $162.7 million in 2024 from $122.8 million in 2023 primarily due to increased sales volume, higher royalties due to higher average gold prices, and higher labour costs. Production costs during the quarter increased to $56.1 million from $36.1 million in Q4 2023 also as a result of higher gold production and ounces sold, and higher labour costs. Local cost inflation was not fully offset by the depreciation of the Lira against the U.S. dollar. As a result, total cash costs per ounce sold increased to $918 in 2024 from $775 in 2023 and $978 in Q4 2024 from $767 in Q4 2023.

Depreciation expense increased to $93.7 million in 2024 from $79.9 million in 2023 in line with higher ounces produced and sold during the year. This expense increased due to a higher depreciable base of assets since the NHLP and North ADR plant were put into use. In addition, accelerated depreciation of the South Heap Leach Pad was recorded in 2024 as this leach pad is approaching the end of its useful life.

AISC per ounce sold increased to $1,025 in 2024 from $900 in 2023 and in the quarter increased to $1,073 from $909 in Q4 2023 primarily due to higher total cash costs per ounce sold, partly offset by lower sustaining capital expenditure.

Sustaining capital expenditure was $12.7 million in 2024, including $3.8 million in Q4 2024, primarily related to equipment rebuilds, and processing and infrastructure improvements. Growth capital investment was $107.3 million in 2024, including $22.2 million in Q4 2024, primarily for waste stripping and associated equipment costs to support the mine life extension, continued construction of the second phase of the NHLP and North ADR plant infrastructure, and preparation work for building relocation due to pit expansion.

Lamaque

Lamaque produced 196,538 ounces of gold in 2024, an 11% increase from 177,069 ounces in 2023 as a result of higher mining rates and ore throughput during the year. Gold production of 63,742 ounces in the quarter was higher compared to 56,619 ounces in Q4 2023 due to higher throughput rates, higher grade, and the processing of additional ore from the Ormaque bulk sample. The average grade of 8.05 grams per tonne in the quarter was higher compared to Q4 2023 due to the high-grade Ormaque bulk sample, while the average grade of 6.74 grams per tonne in 2024 was comparable to that of the prior year.

Revenue increased to $473.0 million in 2024 from $346.3 million in 2023 and increased to $165.2 million from $114.9 million in Q4 2023. The increase in both periods primarily reflects a higher average realized gold price as well as higher sales volumes.

Production costs increased to $140.3 million in 2024 from $119.5 million in 2023, and to $38.7 million in the quarter from $35.1 million in Q4 2023, primarily due to higher gold sales, as well as additional costs incurred for labour, contractors, and equipment rentals. As a result, total cash costs per ounce sold increased to $711 in 2024 from $667 in 2023. However, in Q4 2024, total cash costs per ounce sold only slightly increased to $615 from $606 in Q4 2023, as the impact of higher production costs were almost entirely offset by higher ounces sold.

AISC per ounce sold increased to $1,134 in 2024 from $1,089 in 2023 primarily reflecting higher total cash costs per ounce sold and higher sustaining capital expenditure during the year, partially offset by higher ounces sold. AISC per ounce sold decreased to $933 in Q4 2024 from $977 in Q4 2023, primarily due to lower sustaining capital expenditures and higher ounces sold, partially offset by higher production costs.

Sustaining capital expenditures were $80.3 million in 2024, including $19.2 million in Q4 2024, primarily related to underground development, equipment rebuilds, and expenditures on the expansion of the tailings management facility. Growth capital investments totalled $23.0 million in 2024, including $4.1 million in Q4 2024, primarily related to development at Ormaque.

Efemcukuru

Efemcukuru produced 80,143 payable ounces of gold in 2024, a 7% decrease from 86,088 payable ounces in 2023, reflecting lower grades and recoveries in the year, while throughput also decreased slightly. Gold production of 19,451 payable ounces in the quarter was 13% lower than 22,374 payable ounces produced in Q4 2023, for the same reasons.

Revenue increased to $199.9 million in 2024 from $170.5 million in 2023 and to $51.0 million in Q4 2024 from $46.7 million in Q4 2023. Increases in both periods were driven primarily by higher average realized gold prices, partially offset by lower sales volumes.

Production costs increased to $99.9 million in 2024 from $80.1 million in 2023 and to $26.9 million in Q4 2024 from $21.4 million in Q4 2023, primarily driven by rising costs of labour and increased royalties due to higher average realized gold prices. Local cost inflation was not fully offset by the depreciation of the Lira against the U.S. dollar. Operating cost increases and lower gold production in the year resulted in an increase in total cash costs per ounce sold in the year to $1,231 in 2024, from $954 in 2023 and similarly in the quarter to $1,376 in Q4 2024 from $973 in Q4 2023.

AISC per ounce sold increased to $1,411 in 2024 from $1,154 in 2023 and to $1,650 in Q4 2024 from $1,201 in Q4 2023, primarily reflecting higher total cash costs per ounce sold and higher sustaining capital expenditures.

Sustaining capital expenditure was $15.9 million in 2024, including $5.1 million in Q4 2024, related primarily to underground development and equipment rebuilds. Growth capital investment was $4.6 million in 2024, including $1.2 million in Q4 2024 to support underground development at Kokarpinar.

Olympias

Olympias produced 69,532 ounces of gold in 2024, a 4% increase from 67,133 ounces in 2023, primarily reflecting a higher average gold grade during the year. Throughput in 2024 was slightly lower than in 2023 due to plant equipment downtime in Q4 2024 and work stoppages experienced in Q2 2024, but this was almost completely offset by more efficient production. Gold production of 15,992 ounces in Q4 2024 decreased from 17,882 ounces in Q4 2023 as a result of slightly lower throughput and lower gold grades in the quarter. Lower throughput was a result of planned equipment downtime and unplanned maintenance related to the gold concentrate filter presses which negatively impacted the mill throughput. Lead and silver production increased in the period compared to Q4 2023, primarily reflecting higher grades.

Revenue increased to $226.2 million in 2024 from $186.8 million in 2023 and increased to $69.3 million in Q4 2024 from $52.4 million in Q4 2023, as a result of a higher average realized gold price and slightly higher sales volumes in both periods.

Production costs increased slightly to $161.3 million in 2024 from $156.5 million in 2023 and to $50.4 million in Q4 2024 from $44.9 million in Q4 2023. Increases in both periods reflect higher labour costs and higher royalty expenses as a result of higher realized gold prices, as well as higher gold ounces sold. However, higher base metals revenues partially offset the higher unit costs and as a result, total cash cost per ounce sold has decreased slightly in the year and the quarter compared to 2023.

Sustaining capital expenditure decreased to $15.4 million in 2024 from $19.0 million in 2023 and to $2.9 million in Q4 2024 from $7.2 million in Q4 2023. Spending in both periods primarily included underground development and underground infrastructure improvements. Growth capital investments in 2024 relate to long-lead items for the 650 ktpa expansion and capital development underground.

For further information on the Company’s operating results for the year-end and fourth quarter of 2024, please see the Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

Conference Call

A conference call to discuss the details of the Company’s Fourth Quarter and Year-End 2024 Results will be held by senior management on Friday, February 21, 2025 at 8:30 AM PT (11:30 AM ET). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via this link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=dSeOP9wo.

Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10195094/fe1e08e6f4.

Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, 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 (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).