Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) is pleased to announce the discovery of four new high-grade zones at the Lamaque Complex and the commencement of studies aimed at unlocking a potential expansion. In addition, we have identified a new high-grade gold and silver zone, the NW Zone, and high-grade extensions of the West Flats Zone at Olympias, as well as the discovery of a gold-copper skarn system along the Stratoni Fault.

Highlights

• Lamaque Complex (Quebec): Identification of new zones around the Ormaque deposit and extensions to the historic Lamaque Mine^(1,2):
  • Ormaque South-East – A new high-grade flat-lying vein system to the south-east of Ormaque stacked over a vertical extent of at least 500 metres, including:
    • 13.5 m at 13.59 g/t Au (8.08 g/t Au capped) (LS-25-135A)
    • 4.1 m at 15.65 g/t Au (12.26 g/t Au capped) (LS-25-135A)
  • Ormaque West extension – Narrow high-grade flat-lying vein intercepts extending at least 300 metres west of the Ormaque Mineral Resource, including:
    • 1.0 m at 338.66 g/t Au (70.00 g/t Au capped) (LS-24-116)
    • 1.2 m at 81.98 g/t Au (41.73 g/t Au capped) (LQ-25-026)
  • Garnet Zone – Discovery of a gold-mineralized north-dipping shear zone on the north side of Ormaque with distinct alteration characteristics, including:
    • 5.0 m at 7.31 g/t Au (LS-24-121A)
    • 1.7 m at 10.05 g/t Au (LS-25-131)
  • Historic Lamaque Mine extensions – Southerly extensions to the historic Lamaque Mine hosted within and adjacent to the West Plug and newly discovered South Plug, including:
    • 4.2 m at 8.02 g/t Au (LQ-24-013A)
    • 1.7 m at 34.77 g/t Au (25.41 g/t Au capped) (PV-23-063A)
• Greece:
  • Olympias North West Zone – A new high-grade zone located within 200 metres of mine infrastructure, including:
    • 7.55 m at 18.93 g/t Au, 123.15 g/t Ag, 3.17% Pb and 0.43% Zn (OLS-20)
    • 7.70 m at 10.33 g/t Au, 81.09 g/t Ag, 1.30% Pb and 2.94% Zn (OLS-23)

• • Olympias West Flats – Underground expansion drilling in the West Flats area has intercepted thick massive sulfides approximately 50-70 metres beyond the existing Mineral Resource, including:
    • 23.4 m at 22.30 g/t Au, 331.19 g/t Ag, 11.74% Pb and 9.70% Zn (OL-1131)
    • 9.75 m at 45.25 g/t Au, 270.04 g/t Ag, 10.30% Pb and 9.74% Zn (OL-1134)
  • Stratoni Skarn – Newly discovered gold-copper mineralization, adjacent to previous mine operations, including:
    • 42.75 m at 0.83 g/t Au and 0.49% Cu, including 8.9 m at 1.76 g/t Au and 1.35% Cu (STSK003)
    • 17.0 m at 0.68 g/t Au and 1.16% Cu (VTH009)

• Turkiye highlights include expansion of the regional licence portfolio including gold-rich volcanic-hosted massive sulfide environment in the northeast Pontides, and in Central Anatolia targeting porphyry-epithermal and orogenic deposits.

“Eldorado continues to generate exceptional results from our global exploration programs,” said George Burns, Chief Executive Officer. “At the Lamaque Complex in Quebec, recent results confirm high-grade mineralization across multiple deposits on the property, with Ormaque adding flexibility near existing infrastructure. These successes, along with emerging targets on the wider Bourlamaque property highlight a compelling opportunity for low-risk, capital-efficient organic growth, mine life extension, and sustained value creation within Eldorado’s portfolio. As a result of recent exploration success and the potential for additional resources in close proximity to the Sigma mill, the Company has commenced studies to expand throughput from its current capacity of approximately 2,500 tonnes per day towards its fully permitted capacity of 5,000 tpd.

In Greece, at Olympias, we are excited about drill results announced today that demonstrate a newly identified zone, referred to as the NW zone, in close proximity to existing infrastructure at the Olympias Mine. With follow-up drilling planned, we are encouraged by the early results, which continue to support the potential for value creation and additional development options at the Kassandra Mines. Additionally, during 2025, we identified a new gold-copper target, the Stratoni Skarn, which is located nearby to an historic mine, and within our permit boundaries.

In Turkiye, our team continued to build on its strong social license to operate, maintaining constructive relationships with local communities, regulators, and stakeholders. During the year, we remained focused on expanding our exploration footprint and achieved meaningful progress within established geologic districts that offer significant exploration and development potential. We are encouraged by our continued success in the country and remain committed to responsible, long-term growth in Turkiye.

Reflecting these compelling drill results across the portfolio, the Company’s 2026 exploration budget is increasing and expected to be between $75 – $85 million.”

The new exploration results included in this news release are located outside the Mineral Resources disclosed in the 2025 Mineral Reserve and Mineral Resource Statement announced on November 26, 2025, unless otherwise stated. Since Eldorado’s last exploration updates provided in 2023 the Company completed ~191,000 metres of resource conversion drilling over the two-year period (~105,000 metres in 2024 and ~86,000 metres during 2025). In parallel, ~261,000 of early-stage exploration drilling was completed over the two-year period (~116,000 metres in 2024, followed by ~145,000 metres in 2025).

Quebec, Canada

Eldorado is progressing multiple early- to advanced-stage exploration projects within the footprint of the Lamaque Complex including Ormaque and Lamaque South (Figure 1 and Figure 2). Additionally, exploration activities are focused on the broader Bourlamaque property (acquired through the acquisition of QMX Gold Corp. in 2021), including drill testing of targets with potential to provide future feed for the Sigma Mill.

Figure 1: Map showing the Lamaque / Bourlamaque mineral exploration license area and locations of projects and historic mines referred to in this news release.

Figure 2: Geological map showing exploration target areas surrounding Ormaque-Parallel deposits and historic Sigma-Lamaque mines. See Figure 3 for cross section A-A’ through Ormaque SE and the Garnet Zone target area, Figure 4 for long section B-B’ through Ormaque to Ormaque West target area, and Figure 5 for cross section C-C’ through Lamaque Mine and Lamaque South target area.

Ormaque

Beyond the Mineral Resource increase reported in Eldorado’s 2025 MRMR statement, Eldorado has discovered two extensions to the Ormaque deposit (Ormaque SE and Ormaque West) characterized by flat-lying veins, as well as a newly recognized steeply-dipping zone (Garnet Zone), with a distinct alteration assemblage on the northern margin of Ormaque. Collectively, given the close proximity to the Lamaque processing facilities, these mineralized zones could provide potential for future feed. The Ormaque SE extension is characterized by stacked veins that have been intercepted from approximately 400 to 900 metres below surface (Figure 3). This vein system is associated with a zone of sub-vertical shear zones, porphyry dykes and the C-porphyry-volcanic contact, similar to the main Ormaque deposit.

Highlights include the following intercepts:

LS-25-135A:

• 6.3 m at 6.78 g/t Au
• 13.5 m at 13.59 g/t Au (8.08 g/t Au capped)
• 8.3 m at 4.05 g/t Au
• 7.6 m at 9.68 g/t Au
• 4.1 m at 15.65 g/t Au (12.26 g/t Au capped)
• 3.3 m at 14.49 g/t Au

LS-25-139:

• 4.9 m at 8.95 g/t Au
• 5.3 m at 9.88 g/t Au (8.05 g/t Au capped)
• 3.0 m at 14.43 g/t Au

LS-24-122:

• 3.8 m at 6.66 g/t Au
• 6.2 m at 4.79 g/t Au
• 1.0 m at 13.96 g/t Au

Drilling in Ormaque West has intercepted several flat lying veins that extend 200 to 300 metres west of the main Ormaque resource (Figure 4). Highlights include:

• 1.0 m at 338.66 g/t Au (70.00 g/t Au capped) (LS-24-116)
• 0.8 m at 47.86 g/t Au (LQ-24-014)
• 1.5 m at 21.20 g/t Au (LS-24-125)
• 1.0 m at 29.15 g/t Au (LQ-25-026)
• 1.2 m at 81.98 g/t Au (41.73 g/t Au capped) (LQ-25-026)

Figure 3: Cross section through the Ormaque deposit showing the newly discovered Ormaque SE and Garnet Zones, >10 g*m⁽³⁾ intercepts outside the Ormaque resource, and highlighted drillhole intercepts. Section location illustrated in Figure 2.

Figure 4: Long section (see Figure 2 for location) through the Ormaque deposit showing >10 g*m intercepts outside the Ormaque resource and highlighted drillhole intercepts. Flat-lying vein intercepts extend 200 to 300 metres west beyond the Ormaque resource. The inset also provides a level plan view of flat-lying vein E210 added to the Inferred Mineral Resource category in Eldorado’s 2025 MRMR statement, and the location of intercepts beyond this, the most westerly extent of the resource to date.

Drilling to the north of Ormaque at the C-porphyry-volcanic contact intercepted a north-dipping shear zone characterized by distinct garnet-bearing alteration (Garnet Zone). These results are now interpreted to be geologically associated with three intercepts previously reported (December 2023 news release; 4.0 m at 9.81 g/t Au in drillhole LS-23-098, March 2023 news release; 5.5 m at 4.79 g/t Au in drillhole LS-22-088, and September 2021 news release; 6.15 m at 4.12 g/t Au in LS-21-055). Highlights include the following (Figure 3):

• 5.0 m at 7.31 g/t Au (LS-24-121A)
• 1.7 m at 10.05 g/t Au (LS-25-131)

Lamaque South

Drilling at Lamaque South has targeted southerly extensions of historic veins that were exploited in the Main Plug at the historic Lamaque Mine. Specifically, Veins 13 and 39 have been intersected to the south of the historic Lamaque Mine in the West Plug and in the newly discovered South Plug (Figure 5). Highlights include:

• 3.6 m at 9.13 g/t Au, Vein 39 (LQ-25-025)
• 4.2 m at 8.02 g/t Au, Vein 39 (LQ-24-013A)
• 2.0 m at 14.78 g/t Au, Vein 13 (LQ-24-002)
• 1.7 m at 34.77 g/t Au (25.41 g/t Au capped), Vein 13 (PV-23-063A)

Figure 5: Cross section through the Lamaque South target area and historic Lamaque and Sigma Mines. The figure shows drill holes with >10 g*m intercepts and highlighted drillhole intercepts. Section location illustrated in Figure 2.

Quebec 2026 Exploration Program

Drilling activities have been enhanced through geoscience practices beyond fundamental geology, including application of core scanning technologies, geomechanical modelling, and active engagement with academic research partners and graduate students. More broadly, Eldorado has advanced re-interpretation of the regional geological architecture to identify features controlling mineralisation and prioritise new gold and base metal targets in the region. The combination of geoscience insights and meaningful investment for drilling is enabling exploration to deliver results for the next generation of discovery in this mineral-rich terrane.

During 2026, approximately 80,000 to 90,000 metres of drilling is planned across the Lamaque-Bourlamaque property. Drilling will continue to test lateral and depth extensions of Ormaque, with approximately 18,000 metres planned. A further 30,000 metres of drilling will target expansion of Lamaque South and nearby opportunities. Underground exploration drilling, between 4,000 to 6,000 metres is planned to test targets more readily accessible from the Sigma – Triangle decline.

In the adjoining Bourlamaque property, geological reinterpretation and remodelling has generated targets that will be followed up during 2026 with approximately 32,000 to 34,000 metres of drilling planned. This includes targeting depth extensions to the new resource at Bonnefond (as announced November 26, 2025) for assessing underground development potential. Similarly at the historic Bevcon and Aurbel mines, drilling will test newly modelled extensions as well as adjacent new targets. The Company’s exploration strategy focuses on areas adjacent to historic mines and new target generation at the Bourlamaque property, with the objective of discovering additional underground resources to provide future potential feed for the Sigma Mill and drive long-term value. Geoscience tools and technologies will continue to be selectively applied and embedded to support prediction and detection workflows and resource characterization to ensure value-driven spend in drilling.

Greece

In the Kassandra mining district, exploration drilling in 2025 was focused on the Olympias mine, where approximately 17,500 metres were completed. In addition, a gold-copper target, the Stratoni Skarn, was identified, located along the Stratoni Fault corridor which also hosts the historic Madem Lakkos and Mavres Petres Mines as well as the Piavitsa deposit (Figure 6). Approximately 10,500 metres of drilling were completed at the Stratoni Skarn target in 2025.

Figure 6: Map showing the Kassandra mining district licence area and locations of projects referred to in this news release.

Olympias

New geological mapping carried out to the north west of Olympias recognized mineralized faults at surface which coincided with an extensive high chargeability geophysical feature (approximately 900 x 200 m). Modelling of the faults predicted that in the subsurface the structures would intersect marble. The combination of faults, marble and high chargeability features are key exploration criteria for potential additional resources. Subsequent drilling from surface intercepted high gold grades within 200 metres of existing underground mining infrastructure (Figure 7 and Figure 8). These results highlight strong potential for near-mine resource growth at low incremental cost. The deposit remains open to the north west and follow-up drilling will be focussed on testing the geophysical anomaly coincident with that zone, an opportunity that could unlock additional upside through mine life extension and enhanced future cash flow. Drilling highlights from the NW Zone include:

• 18.5 m at 13.33 g/t Au, 180.67 g/t Ag, 2.54% Pb and 0.24% Zn (OLS-13⁽⁴⁾), including 8.5 m at 23.86 g/t Au, 254.15 g/t Ag, 2.74% Pb and 0.17% Zn
• 15.1 m at 6.91 g/t Au, 67.62 g/t Ag, 1.46% Pb and 0.10% Zn (OLS-15⁽⁴⁾), including 10.4 m at 9.18 g/t Au, 91.43 g/t Ag, 2.08% Pb and 0.09% Zn
• 7.55 m at 18.93 g/t Au, 123.15 g/t Ag, 3.17% Pb and 0.43% Zn (OLS-20)
• 7.70 m at 10.33 g/t Au, 81.09 g/t Ag, 1.30% Pb and 2.94% Zn (OLS-23)

Underground expansion drilling in the West Flats area has intercepted thick massive sulfides beyond the existing resource (Figure 7). Highlights include:

• 23.4 m at 22.30 g/t Au, 331.19 g/t Ag, 11.74% Pb and 9.70% Zn, a step out of approximately 50 m (OL-1131)
• 9.75 m at 45.25 g/t Au, 270.04 g/t Ag, 10.30 % Pb and 9.74 % Zn, a step out of approximately 100 m (OL-1134)
• 10.5 m at 7.58 g/t Au, 247.13 g/t Ag, 8.97% Pb and 9.32% Zn, including 5.9 m at 11.65 g/t Au, 287.88 g/t Ag, 10.35% Pb and 11.60% Zn, a step out of approximately 70 m (OL-1132)

With Proven & Probable Mineral Reserve grades of 6.02 g/t Au, 116 g/t Ag, 3.9% Pb and 5.2% Zn⁽⁵⁾, the recent drill intercepts in both the NW Zone and West Flats highlight the compelling opportunities to extend the mine life and deliver potential higher value material to the plant in the future.

Geometallurgical analyses are planned for the precious metal rich intercepts to assess that any future resources defined in this area can be processed in the Olympias plant. Exploration will continue to revise the geological understanding to ensure prioritized targets are tested with the objective of delivering future higher-value resource opportunities that may be mined and processed earlier in the life of mine plan.

Figure 7: Map of the Olympias deposit showing 2025 exploration drilling and highlighted drillhole intercepts (Note: OS-13 and OLS-15 are included in the 2025 MRMR Statement for Olympias and contribute to the Inferred Resource category in that disclosure; please refer to the appendix for additional intercepts).

Figure 8: Map showing the newly discovered Olympias NW zone that coincides with northeast-trending faults and a large northwest-trending high chargeability geophysical anomaly.

Stratoni Skarn

The Stratoni gold-copper skarn is located east of the historic Madem Lakkos mine (Figure 9). Historic drilling (1950-1980’s) identified a large skarn alteration zone approximately 1.5 kilometres in length, 0.5 kilometres wide and with thicknesses up to 50 metres. The presence of skarn mineralization in an area better known for carbonate replacement deposits may indicate that the Stratoni Skarn area represents the geological centre of the district. Whilst the magmatic source of mineralizing fluids is assumed to be the Stratoni Granodiorite (shown in Figure 9), this remains uncertain and the presence of porphyritic dikes, local domains of strong magnetite alteration, intense quartz veining, and the elevated concentrations of copper in the Stratoni Skarn may indicate an as-yet unidentified porphyry core.

Initial drilling by Eldorado in 2019 and 2023 to 2024 provided sufficient data to merit a 10,500 metres drill program in 2025. Highlights from the drilling campaigns include:

• 42.75 m at 0.83 g/t Au and 0.49% Cu (STSK003), including 8.9 m at 1.76 g/t Au and 1.35% Cu
• 10.0 m at 0.46 g/t Au and 1.66% Cu (STSK004)
• 9.1 m at 1.77 g/t Au and 0.46% Cu (VTH003)
• 12.6 m at 3.75 g/t Au and 0.1% Cu (VTH006)
• 17.0 m at 0.68 g/t Au and 1.16% Cu (VTH009)
• 9.0 m at 0.97 g/t Au and 0.55% Cu (VTH011)
• 40.0 m at 1.05 g/t Au and 0.23% Cu (VTH014)

Figure 9: Map of the Stratoni Skarn Au-Cu deposit and highlighted drill hole intercepts.

Greece 2026 Exploration Program

During 2026, follow-up drilling will continue to test for the extents of the mineralized skarn, and drillholes will be planned in areas of stronger gold-copper mineralization to assess continuity and variability. In parallel, geometallurgical sampling will be undertaken.

Exploration success at Olympias and Stratoni Skarn has been supported by a foundation of field-based geology, refreshing historic interpretations in the context of modern mineral systems, improving system-scale geophysical, geochemical and mineralogical vectoring, and with a strong endorsement to drill test geological concepts. The Olympias drill results demonstrate that this carbonate replacement system is open and remains highly prospective, whilst at Stratoni Skarn the results provide geological and assay evidence to support further drilling.

Plans for 2026 include additional expansion drilling at Olympias from both surface (8,000 metres) and underground (10,000 metres) and Stratoni Skarn (15,000 metres). Beyond this, early-stage exploration activities will be advanced to generate additional porphyry and carbonate replacement targets in the Halkidiki district.

Turkiye

Eldorado continues to explore regions of Turkiye that offer strong exploration potential and attractive social and political environments for resource development. Efforts recently have been focused on refreshing the early-stage portfolio.

Over 2024 and 2025, exploration licences were acquired through purchases and open ground staking to consolidate prospective corridors in Central Anatolia and northeast Turkiye. Targeting volcanic-hosted massive sulfide, porphyry, epithermal and orogenic gold targets, Eldorado drilled 39,193 metres into multiple targets during 2025. During 2026, plans are to advance early-stage mapping supported by geochemical and geophysical surveys to generate new targets, and to drill 20,000 – 25,000 metres. At Efemçukuru, 15,500 metres of drilling is planned to test recently identified veins outside of resource areas and their depth extensions.

Driving Growth Through Strategic Exploration Partnerships

Eldorado is also actively pursuing early-stage exploration opportunities through partnerships with junior exploration companies and private entities. We have option agreements with three junior exploration companies in Canada to finance drill programs in Newfoundland, northern British Columbia and Ontario. In addition, Eldorado operates a partnered program in Quebec, leveraging operational synergies with our Val-d’Or based team. In Turkiye, we have joint ventures with local entities and are building a pipeline of targets and assessing opportunities with our partners.

Investing in Our Future

These results reflect a strengthened team and a refreshed exploration approach that builds on strong foundational geology, enhanced by innovative geoscience practices, and application of advanced technologies and integrated workflows. This positions the Company for continued success. Eldorado remains focused on growing the portfolio and generating high quality discovery opportunities to create both short- and long-term value.

Eldorado continues to invest in exploration across our core jurisdictions. Total exploration spending increased to approximately $51 million in 2025, comprising $39 million of exploration expense and capitalized exploration (compared to 2025 guidance of $29 – $32 million) and $12 million of exploration included in growth capital (aligned with 2025 capital guidance). The increase was driven by additional programs approved following strong exploration success during the year.

For 2026, total exploration spending is expected to increase to between $75 – $85 million, comprising $57 – $65 million of exploration expense and capitalized exploration and $18 – $20 million of exploration included in growth capital. The 2026 budget will invest in 95,000 – 110,000 metres of resource conversion drilling and 190,000 – 200,000 metres of drilling to test for resource expansion and earlier stage targets for new discoveries.

These investments underscore the Company’s confidence in organic discovery and resource expansion around our gold and base metal mines, while supporting our mineral resource conversion programs at our operations.

Footnotes

About Eldorado

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 (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com

Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com

Appendix 1: Table of Assay Results

Table 1: Lamaque Complex: Summary of drillhole assay results showing >10 g*m Au intercepts. Gold grades for drillhole interval listed for Ormaque and Lamaque South are based on capping individual assays at 70 g/t Au. All drillhole intercepts are reported as drillhole lengths. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2, Table 1.

Table 2: Olympias: Summary of drillhole assay results showing >10 g*m Au intercepts from extensions of defined zones at Olympias, including the East, North, NW, Flats, and West Flats Zones. All drillhole intercepts are reported as drillhole lengths. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2, Table 2.

      (1)   Intercepts in OLS-13 and OLS-15 are included in the 2025 MRMR Statement for Olympias and contribute to the Inferred category.

Table 3: Stratoni Skarn: Summary of drillhole assay results from Stratoni Skarn. All drillhole intercepts are reported as drillhole lengths. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2, Table 3.

Appendix 2: Collar Locations

Table 1: Collar locations: Lamaque Complex (coordinate system NAD1983 UTM Zone 18).

Table 2: Collar locations: Olympias (coordinate system GGRS87).

Table 3: Collar locations: Stratoni Skarn (coordinate system GGRS87).