Eldorado Gold Corporation (TSX:ELD) (NYSE:EGO) announces first quarter 2022 preliminary gold production of 93,209 ounces and maintains full year production guidance of 460,000 to 490,000 ounces. Production during January and February was impacted by higher-than-anticipated absenteeism related to the surge of the COVID-19 Omicron variant. Detailed production, by asset, is outlined in the table below.

Q1 2022 Preliminary Gold Production

Canada

Early in the quarter, reduced workforce hours due to COVID-related absenteeism delayed the underground development of high-grade stopes, which led to lower than planned gold grades and tonnage. Mine development progressed and the planned gold grade and tonnage were achieved in March. Full-year gold production at Lamaque is expected to be in line with guidance. The Ormaque exploration drift is progressing on plan and resource conversion drilling is expected to commence by mid-year.

Turkey

Gold production during the first quarter at Kisladag was lower than planned as a result of COVID-related absenteeism, severe weather, and a government-mandated power outage. The severe weather and freezing temperatures worsened the normal winter impact on the ore conveyance and stacking system productivity on the leach pads. We anticipate production at Kisladag to be weighted to the second half of the year and maintain full year production guidance. Optimization of the high-pressure grinding roll and agglomeration circuit continues. The HPGR is performing to plan, and recovery rates are as expected.

At Efemcukuru, gold production, throughput, and average gold grade were in line with expectations, despite experiencing COVID-related absenteeism.

The Company’s profits from mining operations in Turkey are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the first quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further decreased up to $3 million. The expected decrease is primarily related to the investment tax credit relating to Kisladag heap leach improvements, partially offset by taxable unrealized foreign exchange gains related to further weakening of the Lira in the quarter.

Greece

In the early part of the quarter, gold production at Olympias was impacted by COVID-related absenteeism, in addition to power outages related to severe weather patterns in the region. Operations resumed mining to plan and achieved planned tonnage and grades from the mine in March. Initiatives are in place to continue ramping up mine production tonnage, control the grades and maximize plant throughput for the remainder of the year.

About Eldorado Gold

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