Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) reports the Company’s financial and operational results for the first quarter of 2025. 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.

First Quarter 2025 Highlights

Operations

• Gold production: Total gold production of 115,893 ounces with Lamaque, Kisladag and Efemcukuru in-line with expectations. Production at Olympias was impacted by unplanned maintenance related to pyrite concentrate filtration and issues affecting the flotation circuit stability, which limited plant throughput and recoveries.
• Gold sales: Total gold sales of 116,263 ounces at an average realized gold price per ounce sold⁽¹⁾ of $2,933.
• Production costs: $148.3 million in Q1 2025.
• Total cash costs⁽¹⁾: $1,153 per ounce sold in Q1 2025.
• All-in sustaining costs (“AISC”)⁽¹⁾: $1,559 per ounce sold in Q1 2025.
• Total capital expenditures: $173.2 million in Q1 2025, including $83.8 million of project capital invested at Skouries with activity focused on major earthworks and infrastructure construction and $6.4 million of accelerated operational capital. Growth capital⁽¹⁾ at the operating mines totalled $38.9 million and was primarily related to Kisladag for continued waste stripping, continued construction of the second phase of the North Heap Leach Pad and related infrastructure.
• Production and cost outlook: The Company is maintaining its 2025 annual production guidance of 460,000 to 500,000 ounces of gold. Production continues to be weighted to the second half of the year. Total cash costs⁽¹⁾ for the full year are expected to be between $980 to $1,080 per ounce sold and an average AISC⁽¹⁾ of $1,370 to $1,470 per ounce sold.

Financial

• Revenue: $355.2 million in Q1 2025.
• Net cash generated from operating activities of continuing operations: $138.0 million in Q1 2025.
• Cash flow from operating activities before changes in working capital⁽¹⁾: $136.5 million in Q1 2025.
• Cash and cash equivalents: $978.1 million as at March 31, 2025. Cash increased by $121.3 million in Q1 2025 compared to Q4 2024, primarily as a result of sales of the shares of G Mining Ventures, partially offset by investment in growth capital.
• Net earnings attributable to shareholders from continuing operations: Net earnings attributable to shareholders of the Company was $72.0 million or $0.35 earnings per share.
• Adjusted net earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)⁽²⁾: $163.0 million.
• Adjusted net earnings⁽²⁾: $56.4 million net earnings, or $0.28 earnings per share in Q1 2025. Adjustments of non-recurring items include among other things a $73.5 million recovery on recognition of a deferred tax asset, a $63.4 million unrealized loss on derivative instruments, and a $6.5 million gain on sale of mining licenses.
• Free cash flow⁽²⁾: Negative $21.8 million in Q1 2025, primarily due to continued investment in growth capital, partially offset by strong cash generated from operating activities. Free cash flow excluding capital expenditures at Skouries⁽²⁾ was $75.5 million.

Corporate

“Across our global portfolio, our operations delivered 115,893 ounces of gold at an all-in sustaining cost of $1,559 per ounce sold” said George Burns, President and Chief Executive Officer. “With continued record high gold prices we generated strong free cash flow of $75.5 million from our operating portfolio, excluding capital invested at Skouries⁽²⁾.”

“In Greece, at our Skouries copper-gold development project, we made meaningful progress in ramping up construction workers with a heavy emphasis on concrete and filter plant mechanical – and exceeded our target of 1,300 workers by the end of the first quarter. Additionally, plant construction productivity remained at or slightly better than our expectations. We’ve proactively built contingency plans to protect the schedule and budget, working on ensuring we have not only a sufficient workforce but the right skill sets as new work fronts open up. At Olympias, we were impacted in the quarter by unplanned maintenance related to the pyrite concentrate filtration and flotation circuit stability issues. These challenges have been resolved and production has recovered to expected levels in Q2 2025.

“In Canada and Turkiye, the mines are operating to plan and within guidance expectations. At the Lamaque Complex, we were pleased to have achieved a milestone with the one millionth ounce produced. At Kisladag, we installed an improved tire design in the HPGR, expected to reduce equipment downtime going forward and at Efemcukuru, the mine delivered another solid quarter. We remain well-positioned to achieve our 2025 guidance.”

Skouries Highlights

Capital Estimate and Schedule

On February 5, 2025, the Company announced an update to the project schedule and project capital cost estimate primarily as a result of continued labour market tightness in Greece. The 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 as part of the contract mining fleet), resulting in $154 million of accelerated operational capital prior to commercial production. The project remains fully funded.

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.

Project capital totalled $83.8 million in Q1 2025. Accelerated operational capital was $6.4 million in Q1 2025. At March 31, 2025, cumulative project capital invested towards Phase 2 of construction totalled $588.7 million and the cumulative accelerated operational capital totalled $13.4 million.

In 2025, the project capital spend is expected to be between $400 and $450 million. In addition, the accelerated operational capital is expected to be between $80 and $100 million.

Construction Activities

As at March 31, 2025 overall project progress was 66% complete for Phase 2 of construction.

Filtered Tailings Plant

Work continues to progress on the filtered tailings building, which remains on the critical path. With the piling and concrete work completed on the filtered tailings building, work has transitioned to the installation of the structural steel and major mechanical equipment which is advancing. All filter press components inclusive of fabricated frames have been delivered to the site.

Piling for the plant compressor building is complete, piling for pipe racks and clarifier areas continues to progress. The plant tank farm area pile cropping is complete and concrete placement advanced with the first three tank bases (of five) completed. Tank installation activities commenced on the first tank in April.

Primary Crusher Building

Progress continues on the construction of the crusher building structure. The concrete foundation has been completed and work is advancing on the first level walls with approximately 60% of the walls completed in April. The first floor is expected to be finished in May which will house the apron feeder to the coarse ore stockpile. Piling and drainage work for the primary crusher conveyor alignment to the coarse ore stockpile was completed and final excavations are commencing.

Process Plant

Work in the process plant continues to expand to additional work fronts for cable tray and mechanical installations. Off-site pipe spool fabrication is progressing and delivery of high-density polyethylene piping to the site is ongoing. Piping installations have started in the process plant and the pumphouse to enable the start of some pre-commissioning activities. Water testing of the rougher flotation circuit is underway. 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 for the lime plant building and flotation blowers building. Installation and testing of the fire water pumping system has commenced. The process plant substation structural concrete is complete and cable tray has also been completed.

Thickeners

Construction of the three thickeners progressed on plan during Q1 2025. Concrete works for the first thickener is complete and mechanical installations have commenced. The second thickener is approximately 85% complete and the base for the third thickener has been completed. Preparations have started for leak testing of the clarifier, thickener #1 and the water storage tank.

Integrated Extractive Waste Management Facility

During Q1 2025, 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 Q2 2025. At the Karatza Lakkos (KL) embankment the foundation placement preparation is on track to start in Q2 2025. 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

More than 95% of the contractors underground mining equipment is now licensed to operate, including the long-hole drilling machine for the test-stopes. The East decline portal was established during the quarter and development of the East decline is now underway. Access to the top of the test stopes are fully established through the West decline. The bottom level access of the test stopes is expected to be developed during Q2 2025 which is then expected to allow test stope blasthole drilling to start during Q3 2025. During Q4 2025 we plan to deplete one test stope and to begin depletion of a second test stope.

Engineering, Procurement, and Operational Readiness

Engineering

Engineering works were substantially complete at March 31, 2025. The focus has been on closing out the remaining engineering activities.

Procurement

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

Operations including Operational Readiness

Operational readiness activities are advancing in all operational departments. Development of the Management Operating System for the open pit mining function is well underway.

Open pit mobile equipment units are arriving at site and being assembled and commissioned. Open pit grade control drilling is underway, and we expect to start open pit mining in Phase 1 of the open pit during Q4 2025.

Operator recruitment is underway, and the first group of trainees are being trained to operate CAT777 trucks, CATD9 track dozers and CAT160 graders. CAT992 front-end loader and CAT6020 excavator training will take place during Q2.

Workforce

As at March 31, 2025, there were approximately 1,375 personnel working on site, including 127 Skouries Operations personnel.

Skouries Multimedia

• A progress update video can be found here: https://youtu.be/bjVkYTja78U
• To view a time lapse of the Filtered Tailing Plant installation, please visit: https://youtu.be/EFyg_whGlBU
• Photos of the construction progress at Skouries can be viewed and downloaded via this link: https://eldoradogold.getbynder.com/web/c5ac22af198aa019/skouries-project-progress—q1-2025/

Consolidated Financial and Operational Highlights

Gold sales in Q1 2025 totalled 116,263 ounces, comparable to 116,008 ounces sold in Q1 2024. Sales volume compared to the prior year primarily reflected comparable production levels.

The average realized gold price⁽³⁾ was $2,933 per ounce sold in Q1 2025, an increase of 41% from $2,086 per ounce sold in Q1 2024. As a result, total revenue was $355.2 million in Q1 2025, an increase of 38% from total revenue of $258.0 million in Q1 2024.

Production costs increased to $148.3 million in Q1 2025 from $123.0 million in Q1 2024 due to higher cash costs in the quarter. An increase in royalties accounted for roughly one third of the increase to production costs. The remainder relates primarily to increases in labour costs, due to cost inflation not offset by the devaluation of local currency in Turkiye and at Lamaque additional costs incurred in labour and contractors due to the deepening of the production centre of the Triangle Mine, which results in increasing haulage distance, equipment and personnel requirements. Production costs include royalty expense, which increased to $22.2 million in Q1 2025 from $14.2 million in Q1 2024, due to higher average realized gold prices, as well as higher sales volumes.

Total cash costs⁽⁴⁾ in Q1 2025 averaged $1,153 per ounce sold, an increase from $922 per ounce sold in Q1 2024, primarily due to higher royalty expense driven by higher gold prices, as well as impacts from labour. AISC per ounce sold⁽⁴⁾ increased to $1,559 in Q1 2025 from $1,262 in Q1 2024, reflecting the higher total cash costs per ounce sold in Q1 2025 combined with higher sustaining capital expenditures.

Eldorado reported net earnings attributable to shareholders from continuing operations of $72.0 million ($0.35 earnings per share) in Q1 2025, compared to net earnings of $35.2 million ($0.17 earnings per share) in Q1 2024. Higher net income in Q1 2025 is primarily attributable to higher average realized gold prices, partially offset by higher production costs.

Adjusted net earnings⁽⁴⁾ was $56.4 million ($0.28 earnings per share) in Q1 2025, compared to adjusted net earnings of $55.2 million ($0.27 earnings per share) in Q1 2024. Adjustments of non-recurring items from the higher net earnings in Q1 2025, among other things include a $73.5 million recovery on recognition of a deferred tax asset, a $63.4 million unrealized loss on derivative instruments, and a $6.5 million gain on sale of mining licenses. This resulted in a comparable adjusted net earnings to Q1 2024, as higher current tax expense, finance costs, and production costs offset higher revenues.

Quarterly Operations Update

Gold Operations

Kisladag

Kisladag produced 44,319 ounces of gold in Q1 2025, an 18% increase from 37,523 ounces in Q1 2024. The increase was primarily due to continued leaching of gold ounces from stacked in the prior year, as well as higher average grade of new tonnes placed in the quarter. Average grade of tonnes placed increased to 0.79 grams per tonne in Q1 2025 from 0.77 grams per tonne in Q1 2024. In Q1 2025, ounces stacked were higher by 21% compared to Q1 2024, predominantly due to an increased average stacking rate. Additionally, the engineering and geometallurgical studies that are focused on the understanding of future mining phases and optimizing the crushing and leach circuits continued in the quarter and the results are expected to be provided in conjunction with Q3 2025 reporting.

Revenue increased to $129.2 million in Q1 2025 from $77.1 million in Q1 2024, driven by the higher average realized gold price and increased gold ounces sold in the quarter.

Production costs increased to $47.5 million in Q1 2025 from $30.9 million in Q1 2024, primarily due to increased sales volumes. Royalties were also higher in the quarter due to higher average realized gold prices. In the comparison of total cash costs per ounce sold, the impact of higher costs, including royalties and labour costs, was partially offset by higher volumes sold. This resulted in total cash costs per ounce sold increasing to $1,039 in Q1 2025 from $820 in Q1 2024.

AISC per ounce sold increased to $1,138 in Q1 2025 from $916 in Q1 2024, primarily due to the increase in total cash costs per ounce sold.

Sustaining capital expenditures of $2.3 million in Q1 2025 primarily included equipment rebuilds. Growth capital investment of $20.7 million in Q1 2025 was primarily for waste stripping and associated equipment costs to support the extended mine life and continued construction of the second phase of the NHLP and North ADR plant infrastructure.

For 2025, production guidance at Kisladag is 160,000 to 170,000 ounces of gold. Production is expected to decrease with lower grades expected to be offset slightly by higher throughput.

Lamaque

Lamaque produced 40,438 ounces of gold in Q1 2025, a 4% decrease from 42,299 ounces in Q1 2024 primarily due to lower grades and gold recovery, partially offset by higher throughput. Average grade decreased to 5.38 grams per tonne in Q1 2025 from 5.81 grams per tonne in Q1 2024.

Revenue increased to $122.0 million in Q1 2025 from $93.5 million in Q1 2024 primarily due to higher average gold price, partially offset by a decrease in volume sold.

Production costs increased to $35.7 million in Q1 2025 from $35.2 million in Q1 2024, reflecting slightly higher costs of labour, partially offset by the weakening of the Canadian dollar from prior period and lower volume sold. Total cash costs per ounce sold increased to $836 in Q1 2025 from $779 in Q1 2024 primarily due to lower volume sold and additional costs incurred in labour and contractors. With the centre of production primarily in the C4 ore zone in 2024, and now operating on several levels and extending into the C5 ore zone, the centre of production is deepening over time. This incurs additional costs related to haulage, equipment, and personnel requirements. Total cash costs were also impacted by slightly higher royalties due to the higher realized gold price.

AISC per ounce sold increased to $1,392 in Q1 2025 from $1,262 in Q1 2024, primarily due to the increase in total cash costs per ounce sold.

Sustaining capital expenditure increased to $22.7 million in Q1 2025 from $21.1 million in Q1 2024 primarily due to increased underground development, equipment rebuilds, and expenditures on the expansion of the tailings management facility. Growth capital investment of $12.6 million in Q1 2025 was primarily related to the paste plant and bulk sample work at Ormaque, as well as resource conversion drilling.

In 2025, production guidance at Lamaque is 170,000 to 180,000 ounces of gold. Production is expected to increase in the second quarter with higher grades expected as a result of mine sequencing.

Efemcukuru

Efemcukuru produced 19,307 payable ounces of gold in Q1 2025, a 4% increase from 18,501 payable ounces in Q1 2024. The increase in production was due to higher gold grade of 5.52 grams per tonne in Q1 2025 from 4.96 grams per tonne in Q1 2024, and was partly offset by lower throughput during the quarter.

Revenue increased to $57.5 million in Q1 2025 compared to $41.3 million in Q1 2024. The increase was due to the higher average realized price, partially offset by slightly lower gold ounces sold.

Production costs increased to $24.7 million in Q1 2025 from $21.8 million in Q1 2024 due to higher costs, including the costs of labour, primarily due to inflation; and royalties, primarily a result of higher gold price. Additionally, lower gold sales volume resulted in an increase in total cash costs per ounce sold to $1,357 in Q1 2025, from $1,154 in Q1 2024.

AISC per ounce sold increased to $1,550 in Q1 2025 from $1,138 in Q1 2024, primarily due to the increase in total cash costs per ounce sold, a slight increase in sustaining capital expenditures, and lower volumes sold. AISC in Q1 2024 was also offset by an adjustment to asset reclamation amortization of $3.7 million.

Sustaining capital expenditures of $3.0 million in Q1 2025 primarily included underground development and equipment purchases. Growth capital investment of $1.8 million includes the Kokarpinar underground development.

For 2025, production guidance at Efemcukuru is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to be consistent with the first quarter.

Olympias

Olympias produced 11,829 payable ounces of gold in Q1 2025, a 37% decrease from 18,788 ounces in Q1 2024. The decrease was driven by lower volumes milled, and also resulted in lower by-products produced. In addition, unplanned maintenance related to pyrite concentrate filtration and issues affecting the flotation circuit stability limited plant throughput and recoveries. Analysis has shown that the flotation stability was impacted by the viscosity modifier that is added to the underground paste backfill (which assists in paste pumping in the underground). When ore stopes are mined adjacent to cemented paste backfill, there is some mining dilution which includes backfill material in the ore mined. Several mitigation actions have been implemented and as a result, the flotation performance in the process plant has stabilized and throughput and recoveries have been restored to planned levels.

Revenue increased slightly to $46.5 million in Q1 2025 compared to $46.2 million in Q1 2024 primarily as a result of higher realized gold price, partially offset by lower sales volumes of gold and base metals.

Production costs increased to $40.3 million in Q1 2025 from $35.0 million in Q1 2024. Increases in costs were partially offset by slightly lower gold treatment and refining charges and slightly lower selling costs due to lower volumes. Lower by-product sales, lower gold sold and higher royalties led to an increase in total cash costs per ounce sold to $2,398 in Q1 2025 from $1,287 in Q1 2024.

AISC per ounce sold increased to $2,842 in Q1 2025 from $1,527 in Q1 2024 primarily due to lower volumes sold, higher total cash cost per ounce sold, and higher sustaining capital expenditures. Sustaining capital expenditures of $4.9 million in Q1 2025 primarily included underground development and underground infill drilling.

For 2025, production guidance at Olympias is forecast to be 60,000 to 70,000 ounces of gold. Production in the second quarter is expected to increase with increased throughput following the modifications made to the flotation circuit.

For further information on the Company’s operating results for the first quarter of 2025, please see the Company’s MD&A filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

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 and the New York Stock Exchange.

Qualified Persons and Disclosure of Mineral Resources

Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the “qualified person” under NI 43-101 responsible for preparing and supervising the preparation of the scientific and technical information contained in this press release and verifying the technical data disclosed in this document relating to our operating mines and development projects.

Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this press release for the Quebec projects.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position
As at March 31, 2025 and December 31, 2024
(Unaudited – in thousands of U.S. dollars)

Approved on behalf of the Board of Directors

(signed) John Webster                Director                 (signed) George Burns                Director

Date of approval: May 1, 2025

Please see the condensed consolidated interim financial statements dated March 31, 2025 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations      
For the three months ended March 31, 2025 and 2024
(Unaudited – in thousands of U.S. dollars except share and per share amounts)

Please see the condensed consolidated interim financial statements dated March 31, 2025 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Income
For the three months ended March 31, 2025 and 2024
(Unaudited – in thousands of U.S. dollars)

Please see the condensed consolidated interim financial statements dated March 31, 2025 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended March 31, 2025 and 2024
(Unaudited – in thousands of U.S. dollars)

Please see the condensed consolidated interim financial statements dated March 31, 2025 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity
For the three months ended March 31, 2025 and 2024
(Unaudited – in thousands of U.S. dollars)

Please see the condensed consolidated interim financial statements dated March 31, 2025 for notes to the accounts.

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(1)} These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s March 31, 2025 MD&A.
⁽²⁾ These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s March 31, 2025 MD&A.
⁽³⁾These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s March 31, 2025 MD&A.
⁽⁴⁾ These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s March 31, 2025 MD&A.