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

Second Quarter 2025 Highlights

Operations

• Gold production: 133,769 ounces was higher than planned for the quarter due to accelerated inventory drawdowns at Kisladag and higher grade and throughput as Lamaque accelerated the processing of a portion of the second bulk sample from Ormaque.
• Gold sales: 131,489 ounces at an average realized gold price per ounce sold¹ of $3,270.
• Production costs: $162.2 million in Q2 2025.
• Total cash costs¹: $1,064 per ounce sold in Q2 2025.
• All-in sustaining costs¹: $1,520 per ounce sold in Q2 2025.
• Total capital expenditures: $240.9 million, including $117.0 million of project capital¹ invested at Skouries, with activity focused on major earthworks and infrastructure construction and additionally $27.1 million of accelerated operational capital. Growth capital at the operating mines totalled $47.3 million and was primarily related to Kisladag for continued waste stripping, construction of the North Heap Leach Pad and related infrastructure and Lamaque for the development of Ormaque.

Financial

• Revenue: $451.7 million in Q2 2025.
• Net cash generated from operating activities from continuing operations: $158.2 million in Q2 2025.
• Cash flow from operating activities before changes in working capital¹: $202.0 million in Q2 2025.
• Cash and cash equivalents: $1,078.6 million, as at June 30, 2025. Cash increased by $221.8 million compared to Q4 2024, primarily as a result of the higher gold price, the sale of G Mining Ventures shares in Q1 2025 and the Term Facility drawdown, partially offset by investment in growth capital and share buybacks.
• Net earnings attributable to shareholders from continuing operations: Net earnings attributable to shareholders of the Company was $139.0 million, or $0.68 per share.
• Adjusted net earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)¹: $211.8 million in Q2 2025.
• Adjusted net earnings²: $90.1 million or $0.44 per share in Q2 2025. Adjustments in Q2 2025 include a $22.8 million gain on foreign exchange due to the translation of deferred tax balances and a $18.7 million unrealized gain on derivative instruments, primarily from EUR-USD foreign currency forward contracts related to the Term Facility.
• Free cash flow²: Negative $61.6 million in Q2 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 was $61.5 million.
• Skouries Project Term Facility: Drawdowns on the Term Facility during Q2 2025 totalled €154.1 million and year to date as at June 30, 2025 totalled €154.1 million.

Production and Cost Outlook

• The Company is maintaining its 2025 annual gold production guidance of 460,000 to 500,000 ounces, and based on first half performance we expect to be around the mid-point of the range. The recently enacted higher royalty rates in Turkiye, combined with sustained high gold prices are impacting royalty payments in Turkiye and Greece. This is expected to result in consolidated total cash costs² and AISC² for the full year to be at or above the high end of our guidance range of $980 to $1,080 and $1,370 to $1,470 per ounce sold, respectively.

Subsequent Events

• Royalties: Subsequent to quarter-end, effective July 24, 2025, amendments to the Turkish Mining Law entered into force, which included changes to the base rate table for state royalties on gold metal sales. The price-linked sliding scale of royalty rates has broadened with increasing rate bands, with the highest band at a maximum gold price of $5,101/oz, an expansion from the previous maximum of $2,101/oz. At spot prices, the expected impact of these royalty changes is approximately $15 per ounce to the consolidated total cash cost and AISC guidance range.
• Gold Collars – Term Facility: In accordance with the Skouries Project Term Facility, the Company entered into additional derivatives in July 2025 comprised of zero-cost collars, settled monthly from July 2027 through December 2027 covering 28,000 gold ounces. The collars have a put strike price of $3,000 per ounce and a call strike price of $4,537 per ounce.

Corporate

“Our second quarter results reflect strong operational execution,” said George Burns, President and Chief Executive Officer. “Disciplined capital and cost management, coupled with sustained strength in gold prices generated free cash flow of $61.5 million from our operating portfolio, excluding capital invested at Skouries. During the quarter, we reached a key milestone at Kisladag with the four millionth ounce poured. Cumulatively, operations at Kisladag and Efemcukuru in Turkiye have now produced over five million ounces.

“At the Skouries Project, we continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions. As we advance, we are focused on matching the skilled workforce to relevant work fronts to support our plan to deliver first production of the copper-gold concentrate in Q1 2026, a key inflection point for the Company.

“We are well positioned to achieve full year guidance, and deliver significant production growth ahead of delivering lower unit costs over the next several years.

“Given the current gold environment, the strength of our global operations, the continued progress at Skouries, and supported by our robust balance sheet, we have repurchased and cancelled approximately $44.6 million of shares in the second quarter since amending and upsizing our NCIB in May this year.”

Return of Capital to Shareholders

During the second quarter, Eldorado repurchased and cancelled 2,167,400 common shares under its normal course issuer bid (NCIB) at an average price of $20.57 (C$28.20) per share for a total of approximately $44.6 million (C$61.1 million). Subsequent to period end, Eldorado has repurchased an additional 680,953 shares in accordance with its NCIB at an average price of $20.29 (C$27.71) per share for total consideration of $13.8 million (C$18.9 million).

Skouries Highlights

The Skouries Project, part of the Kassandra Mines complex, is located within the Halkidiki Peninsula of Northern Greece and is a high-grade copper-gold project. In January 2022, Eldorado published the results of the Skouries Project Feasibility Study with a 20-year mine life and expected average annual production of 140,000 ounces of gold and 67 million pounds of copper.

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 and commercial production is expected in mid-2026, with 2026 gold production projected to be between 135,000 and 155,000 ounces and copper production projected to be between 45 and 60 million pounds.

Project capital totalled $117.0 million in Q2 2025 and $200.9 million during the six months ended June 30, 2025. Accelerated operational capital was $27.1 million in Q2 2025 and $33.5 million during the six months ended June 30, 2025. At June 30, 2025, cumulative project capital invested towards Phase 2 of construction totalled $705.7 million³ and the cumulative accelerated operational capital totalled $40.5 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 June 30, 2025 overall project progress was 70% complete for Phase 2 of construction.

Filtered Tailings Plant

Work continues to progress on the filtered tailings building, which remains on the critical path. Structural steel installation was 51% complete at the end of the quarter and approximately 75% complete at the end of July. Mechanical work progressed with the installation of the six feeder conveyors and the collector conveyor completed in June. Assembly of the first filter press has commenced. The compressor building foundations are complete and steel structure assembly and mechanical installations are in progress.

The filter plant tank farm construction has progressed with foundations complete and all five tanks underway, with two at the final height.

Primary Crusher

Progress continues on the construction of the crusher building structure. The concrete has advanced to the second of three elevations above the foundation. The apron feeder and associated chutes have been installed and the bottom shell of the primary crusher is pre-assembled for installation in August. Conveyor foundations between the primary crusher and coarse ore stockpile are advancing along with the stockpile dome foundations. The reclaim tunnel concrete and escape tunnel concrete are complete. Pre-assembly of the three reclaim feeders and associated chute work has commenced for installation in Q3. Foundations for the process plant feed conveyor are also underway.

Process Plant

Work in the process plant continues to expand to additional work fronts for cable tray, cable, piping and mechanical installations. Mechanical installations are proceeding in the support infrastructure areas.

Work continues on the support infrastructure with the process plant substation, lime plant and flotation blower buildings structurally complete. Mechanical installations in the lime plant and flotation blower buildings are complete, and the mechanical installations in the compressor building are underway. The control building structure has completed the fourth floor concrete and work is in progress on the final elevation.

Pre-commissioning of the concentrate filter presses is underway with completion anticipated in the coming weeks and pre-commissioning of the fire water pumping system has been completed. Water testing has been completed in the rougher flotation cells and has progressed to the cleaner flotation cells. Preparations are underway to start pre-commissioning of the pebble crusher.

Thickeners

Construction of the three tailings thickeners progressed on plan during the quarter. Concrete works and mechanical installations for two thickeners are complete. Work is advancing on the associated infrastructure with the pumphouse building structural and mechanical rough set complete, and pipe rack construction advancing. Water testing of the clarifier and water storage tank has been completed.

Integrated Extractive Waste Management Facility

During Q2 2025, foundation preparation for the Karatza Lakkos (KL) embankment commenced as planned with the development of the cut-off trench, drainage placement as well as engineered fill expected to commence in Q3 2025. The coffer dam continues to progress and is expected to be completed in Q3 2025. Bulk excavation in Water Management Pond 1 was completed as well as the bulk fill of Water Management Pond 2. Construction works in the low-grade ore stockpile are on-going with completion of the majority of drainage work expected in Q3 2025, followed by the commencement of placement in the lower section of the low-grade ore stockpile. Development and implementation of the water management plan is underway.

Underground Development

Underground access development rates accelerated during Q2 2025, and are currently achieving over 200 metres per month. At the end of Q2 2025, the 350-metre level was reached, which is the bottom level of the test stopes. The first test stope blasthole drilling commenced and progressed to 19% complete by the end of June 2025. Completion of the access development and mining of the first test stope are on track for the end of 2025. The ventilation was established during Q2 when the underground mine intersected an old surface decline, which is a part of the planned ventilation network.

Engineering, Procurement, and Operational Readiness

Engineering

Engineering works are substantially complete. The focus has been on closing out the remaining engineering activities and providing technical clarifications when required.

Procurement

All major procurement is complete. The focus continues on managing and expediting deliveries to support construction and the close-out of completed purchase orders.

Operations including Operational Readiness

Development of the first phase of the open pit mining Management Operating System is ongoing with several systems and processes being used in daily management of the surface earthworks. Most of the initial start-up phase of open pit equipment operators have been onboarded and training on the open pit mining equipment is well underway. Open pit mining commenced in July 2025. Most of the initial equipment is on-site and commissioned. Grade control drilling covering 44% of the Phase 1 open pit has been completed. Operational readiness efforts are ongoing in Safety, Asset Management, Processing, and Supply Chain areas. Middle management for key positions in open pit mining and mobile maintenance have been recruited and onboarded with supervisory capacity to be bolstered in Q3 2025.

Workforce

As at June 30, 2025, there were approximately 1,730 personnel working on site, including 272 Skouries employees of which 186 were Skouries operational personnel.

Skouries Multimedia

• A progress update video can be found here: https://youtu.be/Yl2xPAsQI4Y
• To view a time lapse of the filtered tailing plant installation, please visit: https://youtu.be/tQf9B0JZSAk
• Photos of the construction progress at Skouries can be viewed and downloaded via this link:
  https://eldoradogold.getbynder.com/share/57912FC2-C2D2-4E36-B2DA2D7FC8DA0AF4/

Consolidated Financial and Operational Highlights

Total revenue increased to $451.7 million in Q2 2025 from $297.1 million in Q2 2024 and to $807.0 million in the six months ended June 30, 2025, from $555.1 million in the six months ended June 30, 2024. The increases in both three and six-month periods were primarily due to the higher average realized gold price as well as the higher sales volumes.

Production costs increased to $162.2 million in Q2 2025 from $127.8 million in Q2 2024 and to $310.5 million in the six months ended June 30, 2025 from $250.8 million in the six months ended June 30, 2024. Increases in both periods were driven by higher gold volumes sold as well as increases in royalties, with the latter accounting for roughly one third of the increase to production costs. The remainder relates primarily to rising labour costs in Turkiye where cost inflation continues to outpace the devaluation of local currency, as well as at Lamaque, where additional costs were incurred in labour and contractors due to the deepening of the production centre of the Triangle Mine, which results in increased haulage distance, equipment and personnel requirements.

Total cash costs⁴ averaged $1,064 per ounce sold in Q2 2025, an increase from $940 in Q2 2024, and $1,106 the six months ended June 30, 2025 from $931 in the six months ended June 30, 2024. The increases in both the three and six-month periods were primarily due to higher royalty expense driven by higher gold prices, as well as impacts from labour costs.

AISC per ounce sold⁴ averaged $1,520 in Q2 2025, an increase from $1,331 in Q2 2024, and $1,538 the six months ended June 30, 2025 from $1,297 in the six months ended June 30, 2024, with the increases in both the three and six-month periods due to higher total cash costs combined with higher sustaining capital expenditures.

Eldorado reported net earnings attributable to shareholders from continuing operations of $139.0 million ($0.68 earnings per share) in Q2 2025 compared to net earnings of $56.4 million ($0.28 earnings per share) in Q2 2024 and net earnings of $211.0 million ($1.03 earnings per share) in the six months ended June 30, 2025 compared to net earnings of $91.6 million ($0.45 earnings per share) in the six months ended June 30, 2024. The increases in net earnings in both the three and six-month periods were driven by higher operating income due primarily to higher average realized gold price as well as stronger gold sales, partially offset by higher production costs. In the quarter, earnings were also partially offset by higher income tax expense.

Adjusted net earnings⁴ was $90.1 million ($0.44 adjusted earnings per share) in Q2 2025 compared to adjusted net earnings of $66.6 million ($0.33 adjusted earnings per share) in Q2 2024. Adjustments in Q2 2025 include a $22.8 million gain on foreign exchange due to the translation of deferred tax balances and a $18.7 million unrealized gain on derivative instruments, primarily from EUR-USD foreign currency forward contracts related to the Term Facility.

Adjusted net earnings⁴ was $146.5 million ($0.72 earnings per share) in the six months ended June 30, 2025 compared to adjusted net earnings of $121.8 million ($0.60 adjusted earnings per share) in the six months ended June 30, 2024. Adjustments of non-recurring items from the higher net earnings, among other things, include a $73.5 million recovery on one-time recognition of a deferred tax asset, a $44.7 million unrealized loss on derivative instruments, and a $26.3 million gain on foreign exchange due to the translation of deferred tax balances.

Quarterly Operations Update

Kisladag

Kisladag produced 46,058 ounces of gold in Q2 2025, an 18% increase from 38,990 ounces in Q2 2024. The increase was primarily due to higher grades stacked in prior periods and accelerated drawdown of inventory as a result of the optimization efforts put in place in 2024. Average grade of tonnes placed decreased to 0.74 grams per tonne in Q2 2025 from 0.92 grams per tonne in Q2 2024, resulting in lower recoverable ounces stacked compared to Q2 2024.

Revenue increased to $150.4 million in Q2 2025 from $94.0 million in Q2 2024, reflecting the higher average realized gold price as well as higher ounces sold.

Production costs increased to $52.7 million in Q2 2025 from $38.2 million in Q2 2024, primarily due to higher direct operating costs as a result of rising labour costs driven by inflation exceeding the devaluation of local currency. Other increases include higher royalty expense as a result of both the higher average realized gold price and higher gold sales. As a result, total cash costs per ounce increased to $1,133 in Q2 2025 from $941 in Q2 2024.

AISC per ounce sold increased to $1,324 in Q2 2025 from $1,055 in Q2 2024, primarily due to the increase in total cash costs per ounce sold and higher sustaining capital expenditures.

Sustaining capital expenditures were $6.5 million in Q2 2025 and $8.8 million in the six months ended June 30, 2025, which primarily included equipment rebuilds. Growth capital investment of $22.3 million and $43.0 million in the three and six months ended June 30, 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.

The investment focused on closing the high pressure grinding rolls (“HPGR”) circuit with additional screening and whole ore agglomeration is on track for an update alongside the third quarter results. Additionally, a decision has been made to accelerate the expansion of the secondary crusher circuit to facilitate operational debottlenecking and reduce wear on the HPGR.

The geometallurgical study for characterization of future mining phases has been decoupled from the investment in the HPGR circuit and is now expected be complete in Q1 2026, as a response to slower than expected progress in drilling, core logging, and metallurgical testing.

For 2025, production guidance at Kisladag is forecast to be 160,000 to 170,000 ounces of gold. Production is expected to decrease with lower grades expected in the second half of the year.

Lamaque

Lamaque produced 50,640 ounces of gold in Q2 2025, an increase of 7% from 47,391 ounces in Q2 2024. The increase was due to higher throughput, benefiting from the early processing of a portion of the second Ormaque bulk sample, but partially offset by lower ore grade. Average grade decreased to 6.62 grams per tonne in Q2 2025 from 6.95 grams per tonne in Q2 2024.

Revenue increased to $164.8 million in Q2 2025 from $102.8 million in Q2 2024, reflecting the higher average realized gold price as well as higher ounces sold.

Production costs slightly increased to $36.1 million in Q2 2025 from $33.6 million in Q2 2024, due to increased volumes sold, as well as slightly higher costs of labour and royalties due to the higher average realized gold price. Overall, total cash costs per ounce decreased to $721 in Q2 2025 from $759 in Q2 2024 due to higher volumes sold.

AISC per ounce sold was $1,231 in Q2 2025, comparable to $1,233 in Q2 2024, primarily due to lower total cash costs per ounce, partially offset by higher sustaining capital expenditures.

Sustaining capital expenditures of $25.4 million in Q2 2025 and $48.1 million in the six months ended June 30, 2025 primarily included underground development, equipment rebuilds and expenditure on the expansion of the tailings facility (Phase 6). Growth capital investment of $16.4 million in Q2 2025 and $29.0 million in the six months ended June 30, 2025 was primarily related to the Ormaque development, construction of the water management structure at the north basin, as well as resource conversion drilling.

In 2025, production guidance at Lamaque is forecast to be 170,000 to 180,000 ounces of gold. Production is expected to decrease as a result of lower grades in the second half of the year.

Efemcukuru

Efemcukuru produced 21,093 ounces of gold in Q2 2025, a 6% decrease from 22,397 ounces in Q2 2024. The slight decrease was primarily driven by lower ore grade, which decreased to 5.75 grams per tonne from 5.92 grams per tonne.

Revenue increased to $70.7 million in Q2 2025 from $55.3 million in Q2 2024. The increase was due to the higher average realized gold price, partially offset by slightly lower gold ounces sold.

Production costs increased to $28.5 million in Q2 2025 from $24.8 million in Q2 2024, primarily due to higher direct operating costs as a result of rising labour costs driven by inflation exceeding the devaluation of local currency, and royalties, primarily a result of higher gold price. Along with lower sales volumes, this resulted in an increase to total cash costs per ounce sold to $1,335 in Q2 2025 from $1,087 in Q2 2024.

AISC per ounce sold increased to $1,667 in Q2 2025 from $1,288 in Q2 2024, primarily due to higher total cash costs per ounce and higher sustaining capital expenditures, partially offset by lower capitalized exploration.

Sustaining capital expenditures of $6.4 million in Q2 2025 and $9.4 million in the six months ended June 30, 2025 were primarily underground development and equipment purchases. Growth capital investment of $3.5 million in Q2 2025 and $5.2 million in the six months ended June 30, 2025 supported underground development towards the Kokarpinar vein.

For 2025, production guidance at Efemcukuru is forecast to be 70,000 to 80,000 ounces of gold. Production is expected to be slightly weaker in the second half of the year due to mine sequencing as operations move into the Kokarpinar zone.

Olympias

Olympias produced 15,978 ounces of gold in Q2 2025, an 18% increase from 13,541 ounces in Q2 2024 and was driven by higher tonnes milled and slightly higher gold grades. During Q1 2025, production was impacted by flotation circuit stability issues. While the technical issue has been identified and modifications to the backfill blend have been implemented, some impacted ore remains to be processed in 2025. This material is expected to be isolated and treated selectively. The plant returned to normal operating conditions in early Q2 2025.

Revenue increased to $65.9 million in Q2 2025 from $45.0 million in Q2 2024, primarily as a result of the higher average realized gold price.

Production costs increased to $44.8 million in Q2 2025 from $31.3 million in Q2 2024 driven by increases in labour costs and impact of the strengthening Euro. These higher costs were partially offset by lower transport costs and higher by-product credits, as well as impacts of realized gains on Euro foreign currency collar hedges. Overall, total cash costs per ounce sold increased to $1,578 in Q2 2025 from $1,231 in Q2 2024.

AISC per ounce sold increased to $1,967 in Q2 2025 from $1,522 in Q2 2024 primarily due to higher total cash costs per ounce sold and higher sustaining capital expenditures.

Sustaining capital expenditures of $5.8 million in Q2 2025 and $10.7 million in the six months ended June 30, 2025 primarily included underground development and process improvements. Growth capital investment of $5.1 million in Q2 2025 and $8.9 million in the six months ended June 30, 2025 was primarily related to underground development and other mill expansion infrastructure.

During the second quarter, the mill expansion to 650ktpa commenced, beginning with the earthworks. As a result of delays in permitting and detailed engineering, the expansion is anticipated to be completed in mid-2026.

For 2025, production guidance at Olympias is forecast to be 60,000 to 70,000 ounces of gold. Production is expected to increase slightly in the second half of the year, driven by slightly higher throughput and grades resulting from planned mine sequencing.

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

About Eldorado

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.