Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) provided detailed 2022 production and cost guidance and an improved five-year production outlook.

Highlights

• 2022 gold production is expected to be between 460,000 to 490,000 ounces.
• Mid-point of 2022 gold production is 30,000 ounces or 7% higher compared to the previous 2022 guidance provided in January 2021, due primarily to increased mining rates at Lamaque, increased recovery rates at Kisladag, and increased throughput and higher grades at Olympias.
• Mid-point of annual gold production has increased on average by approximately 4% or 21,250 ounces per year for 2022 to 2025, compared to guidance provided in January 2021 for the same period.

The Company’s 2022 gold production is forecast to be between 460,000 to 490,000 ounces at an average cash operating cost⁽¹⁾ of $640 to $690 per ounce and an average all-in sustaining costs⁽¹⁾  of $1,075 to $1,175 per ounce. Quarter-to-quarter gold production in 2022 is expected to fluctuate during the year, with lower production expected in the first quarter at Kisladag from construction and ramp-up of the new high-pressure grinding rolls circuit and lower grades expected at Lamaque during the second and third quarters.

(1) Cash operating costs per ounce sold and AISC per ounce sold are non-IFRS measures. Certain additional disclosures for non-IFRS measures have been incorporated by reference and additional detail can be found at the end of this press release and in the section ‘Non-IFRS Measures’ of Eldorado’s December 31, 2020 MD&A.

“Eldorado’s strong five-year production profile provides a solid foundation for future growth and flexibility to reinvest in our portfolio of mines and projects,” said George Burns, Eldorado Gold’s President and Chief Executive Officer. “In 2021 we were pleased to deliver on numerous key catalysts, particularly in Quebec and at Kisladag, that positioned the Company to increase five-year production guidance year-over-year. In Greece, the robust results of the recently completed Feasibility Study at Skouries, coupled with the amended Investment Agreement with the Greek state, put Eldorado in an excellent position to potentially exceed the five-year plan.”

Five-Year Gold Production Outlook

(1) For the four years (2022 – 2025), current guidance, when compared to 2021, as announced January 14, 2021, has increased on average by approximately 4% or 21,250 ounces per year at the midpoint.
NOTE: Figures may not add due to rounding.

2022 Cost⁽¹⁾ and Capital Expenditure Guidance

(1) These measures are non-IFRS measures. See the section ‘Non-IFRS Measures’ at the end of this press release and in Eldorado’s December 31, 2020 MD&A for explanations and discussion of these non-IFRS measures; (2) 57% expensed and 43% capitalized. Includes project spending at Certej of $3-4 M.

Kisladag

In 2022, Kisladag is expected to mine and place on leach over 13 million tonnes of ore at an average grade of 0.65 grams per tonne. With the commissioning of the High-Pressure Grinding Roll (“HPGR”) circuit complete, as announced in December 2021, average recoveries in 2022 are expected to be approximately 56% for the year. Consistent with mine plans, cash operating costs per ounce in 2022 are expected to be impacted by increased mining and processing costs as a result of higher throughput and lower grades. Inflationary pressures in labour rates and consumables are expected to be partially offset by the weakened Lira.

Forecast 2022 sustaining capital of $14 to $19 million is primarily related to equipment overhauls and mobile equipment purchases. Growth capital of $72 to $77 million includes the continuation of both the waste stripping campaign and the expansion of the North Leach Pad, as well as the construction of the North Rock Dump.

Efemcukuru

In 2022, Efemcukuru is expected to mine and process over 525,000 tonnes of ore at an average gold grade of 5.9 grams per tonne. Cash operating costs per ounce in 2022 are expected to be impacted by fewer ounces produced and sold. Cost inflation is expected to be partially offset by the weakening of the Turkish Lira. Expected sustaining capital expenditures for 2022 include underground development and resource conversion drilling. 2022 exploration includes conversion drilling of inferred resources at the Kokarpinar and Bati vein systems, resource expansion drilling at Kokarpinar and drill-testing several new targets on the property.

Lamaque

In 2022, Lamaque is expected to mine and process over 815,000 tonnes of ore at an average gold grade of 6.75 grams per tonne. 2022 cash operating costs per ounce of $620 to $670 reflect increased mining and processing costs due to higher throughput and cost inflation.

Sustaining capital expenditures for 2022 are forecast to be approximately $55 to $60 million, which includes significant underground development and maintenance of the tailings storage facility. Work on the tailings facility will be concentrated primarily over the summer months which is expected to impact AISC during the second and third quarters.

Exploration programs in 2022 will include the development of an exploration drift at Ormaque from which resource conversion drilling of the upper half of the deposit will be completed, as well as both resource expansion and resource conversion drilling at Triangle. Exploration drilling is also scheduled for projects on the Bourlamaque property, and numerous early-stage targets.

Olympias

In 2022, Olympias is expected to mine over 475,000 tonnes of ore at an average grade of 7.4 grams per tonne of gold, 119 grams per tonne of silver, 4% lead and 4% zinc. Forecast 2022 ore processed includes processing of old

Olympias tailings which will be processed at the Stratoni plant. Payable production is expected to be 65,000 to 75,000 ounces of gold, 1.4 million to 1.5 million ounces of silver, 12,000 to 15,000 tonnes of lead metal and 12,000 to 15,000 tonnes of zinc metal. Cash operating costs per ounce in 2022 are expected to be lower year-over-year due to higher base metal by-product credits. Transformation efforts during the past year are improving production rates and efficiency improvements are beginning to drive a moderating cash operating cost profile.

Forecast 2022 sustaining capital expenditures of $34 to $39 million include underground mine development and improvement projects, diamond drilling, mobile equipment rebuilds, and the second phase of the Kokkinolakas tailings management facility construction. This includes underground exploration drilling testing three step-out targets adjacent to existing mine development.

Skouries

Project spending at Skouries is focused on execution readiness, engineering, geotechnical and drilling activity, site construction activities, and early works. Project spending will be in the first half of 2022, in advance of project financing and Board approval.

COVID-19 Response

As we continue to respond to the evolving global COVID-19 pandemic, our focus remains on people and keeping our employees, their families and our local communities safe. We are committed to balancing the concerns of our employees and stakeholders with the continuity of our business. This includes following government protocols and precautions in our relevant jurisdictions to provide safe workplaces for our people. Vaccination rates at each of our operating sites are strong, and we are not currently experiencing any major impact on our operations during the emergence of the latest variant. The Company continues to closely monitor developments and is taking necessary measures to manage the impact of the COVID-19 pandemic. The previously implemented protocols remain in place at our sites and are reviewed on an ongoing basis to adapt to the evolving situation.

2022 Commodity and Currency Price Assumptions

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 and the New York Stock Exchange.