Eldorado Announces Mailing of Joint Management Information Circular; Provides Leadership Transition and Board Succession Update VANCOUVER, BC – Eldorado Gold Corporation (TSX: ELD, NYSE American: EGO ) (“Eldorado” or the
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NEWS RELEASE
TSX: ELD NYSE: EGO March 11, 2026
Eldorado Announces Mailing of Joint Management Information Circular;
Provides Leadership Transition and Board Succession Update
VANCOUVER, BC – Eldorado Gold Corporation (TSX: ELD, NYSE American: EGO ) (“Eldorado” or the
“Company”) today announced the mailing of a joint management information circular (the “ Circular”) for the
meetings of Eldorado shareholders and shareholders of Foran Mining Corporation (“Foran”) to be held in connection
with Eldorado’s previously announced combination with Foran (the “Transaction”). In addition to being mailed to
Eldorado and Foran securityholders, the Circular has been posted on the Company’s website at
www.eldoradogold.com and filed on SEDAR+ at www.sedarplus.com under the Company’s profile.
The Circular provides detailed information regarding the Transaction, including background on the combination, and
matters to be voted on by securityholders of Eldorado and Foran in connection with the Transaction.
The board of directors of Eldorado unanimously recommends that Eldorado shareholders vote in favour of the
Eldorado Share Issuance Resolution (as defined in the Circular).
Benefits of the Transaction for Eldorado:
- Peer-leading near -term growth . Following completion of the Transaction, Eldorado is expected to be
positioned to deliver a leading growth profile, underpinned by two fully financed development projects, the
Skouries Project and the McIlvenna Bay Project, which are advancing towards commercial production
expected in Q4 2026 and mid-2026, respectively.
- Substantial EBITDA & free cash flow . Following completion of the Transaction , Eldorado is expected to
generate approximately $2.1 billion of EBITDA 1 and $1.5 billion in free cash flow 2 in 2027, the robust long-
term cash flow is expected to fund growth initiatives, strengthen the balance sheet of Eldorado and support
continued shareholder returns through dividend and share buyback programs, while maintaining financial
flexibility through commodity cycles.
- Long-life, diversified asset base. Following completion of the Transaction, Eldorado’s portfolio is expected
to deliver balanced gold -copper exposure (~77% gold, ~4% silver, ~15% copper and ~4% other metals)
across attractive mining jurisdictions in Canada, Greece and Türkiye, providing jurisdictional and commodity
diversification.
- Significant exploration upside . Following completion of the Transaction , Eldorado will continue to
accelerate high -value organic growth opportunities, including advancing Foran’s high -grade polymetallic
Tesla Zone and other drill ready targets as well as maximizing the exploration potential surrounding Foran’s
McIlvenna Bay Project, and Eldorado’s existing operating and development assets.
1 Calculated as revenue based on public disclosure less cash operating costs based on street consensus analyst estimates as per S&P CapIQ
as of February 2, 2026. EBITDA is a non-IFRS financial measure. See “Non-IFRS Measures”.
2 Based on street consensus estimates as of February 2, 2026 per FactSet, calculated as operating cash flow less capex. Free cash flow is a
non-IFRS financial measure. See “Non-IFRS Measures”.
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- Compelling re-rate opportunity. As a result of increased scale and trading liquidity, near -term growth and
enhanced Canadian exposure, the Transaction is expected to support a positive valuation re-rate opportunity.
- Sustainability-focused operation. Eldorado and Foran’s strong alignment across sustainability principles,
carbon efficient practices and a shared commitment to responsible mining will enable Eldorado, following
completion of the Transaction , to focus on transparent sustainability performance and continued
advancement in greenhouse gas (GHG) emission mitigation.
Senior Leadership Transition and Board Succession
The Company also provided an update on the senior leadership transition and Board of Directors (“Board”)
succession.
George Burns, Chief Executive Officer of Eldorado, will retire in Q3 2026 on the ramp -up toward commercial
production at the Skouries Project. Christian Milau, President, will assume the role of Chief Executive Officer at that
time. Mr. Burns will remain a member of the Board following his retirement , and Mr. Milau will join the Board upon
assuming the role of Chief Executive Officer.
“The planned transition reflects a deliberate and well-sequenced approach to leadership succession, aligned with the
delivery of Skouries and the long-term interests of the Company,” said Steven Reid, Chair of the Board.
“I’m proud of the progress our teams have delivered across the portfolio and the momentum we have heading into
this next chapter,” said George Burns, Chief Executive Officer. “ I’m fully committed to supporting Christian and our
leadership team through this transition , and to continuing to contribute at the Board level as Eldorado advances
Skouries toward commercial production.”
As part of the Board’s succession planning process, Steven Reid, Chair of the Board, has indicated his intention, after
13 years of service, to retire from the Board at Eldorado’s annual meeting of shareholders in 2027.
“Eldorado’s Board remains focused on thoughtful succession planning and renewal as the Company enters its next
phase of growth,” said Steven Reid, Chair of the Board . “This includes ongoing Board renewal aligned with the
Company’s transformation as Skouries advances toward commercial production and as we work toward completion
of the Transaction with Foran.”
Transaction-Related Board Appointment
Following completion of the Transaction, Dan Myerson, Executive Chair and Chief Executive Officer of Foran, will be
appointed to the Board as Deputy Chair at its first regular meeting following closing of the Transaction.
About the Circular
The Circular has been filed on SEDAR+ and EDGAR, and contain s important information for shareholders.
Shareholders are encouraged to read the Circular and all related materials carefully.
Voting and Assistance
Eldorado shareholders are encouraged to vote as early as possible.
Eldorado shareholders who are registered holders may vote by completing and returning the form of proxy in
accordance with the instructions provided (including available mail, fax, telephone and internet voting options). Non -
registered Eldorado shareholders should submit voting instructions using the voting instruction form provided by their
intermediary.
If you need assistance or have questions about how to vote, please contact Eldorado’s proxy solicitation agent, Laurel
Hill Advisory Group:
• Toll-free in North America: +1 877 452 7184
• Collect call outside of North America: +1 416 304 0211
• Email: [email protected]
• Text: “INFO” to +1 877 452 7184 or +1 416 304 0211
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About Eldorado
Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada,
Greece and Türkiye. 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
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this news release are forward -looking statements or
information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified
by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “deliver” “estimates”, “expects”, “forecasts”,
“generate” “guidance”, “intends”, “plans”, “p rojected” or “scheduled” or the negatives thereof or variations of such
words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or
information with respect to: Eldorado and Foran’s intent to complete the Transaction and specifically Eldorado’s intent
to acquire all the ou tstanding Foran Shares; approval of the Transaction by Eldorado shareholders and Foran
securityholders; management’s views on the positive impacts of the proposed Transaction and the strategic rationale
for the Transaction; management’s belief that the combined entity is a re-rate opportunity; management’s view of the
exploration potential of the combined entity; the combined company’s focus on its commitment to transparent
performance and GHG mitigation; expected weightings of the combined portfolio; expec tations that Skouries and
McIlvenna Bay projects will enter into production in 2026; expected production and free cash flow of the combined
entity in 2027; intent to advance GHG emission mitigations; expected changes to Eldorado’s management team and
the timing in relation thereto; changes to the Eldorado Board and a future Board succession process; and generally,
Eldorado’s strategy, plans, goals and priorities. Forward-looking statements and forward-looking information by their
nature are based on assump tions and involve known and unknown risks, market uncertainties and other factors,
which may cause the actual results, performance or achievements of Eldorado and the combined company to be
materially different from any future results, performance or achie vements expressed or implied by such forward -
looking statements or information.
Forward-looking statements and forward-looking information are by their nature based on a number of assumptions,
that management considers reasonable. However, such assumptions involve both known and unknown risks,
uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or
achievements may be materially different from those described in the forward -looking statements or information.
These include, for Eldorado and the combined company, assumption s concerning: timing, cost and results of our
construction and development activities, improvements and exploration; the future price of gold, copper and other
commodities; exchange rates; anticipated values, costs, expenses and working capital requirements; production and
metallurgical recoveries; mineral reserves and resources; our ability to effectively use invested capital and unlock
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potential expansion opportunities across the portfolio; our ability to address the negative impacts of climate change
and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent
to which we use, e ssential consumables (including fuel, explosives, cement, and cyanide); the impact and
effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected
by-product grades; the use, and impact or effecti veness, of growth capital; the impact of acquisitions, dispositions,
suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical,
economic, permitting and legal climate that Eldorado operates in. In addition, except where otherwise stated, we have
assumed completion of the Transaction on the contemplated timeline and, except where otherwise stated, a
continuation of existing business operations on substantially the same basis as exists at the time of this news release.
Even though we believe that the assumptions and expectations represented by such statements or information are
reasonable, there can be no assurance that the forward -looking statement or information will prove to be accurate.
Many assumptions may be difficult to predict and are beyond our control.
Forward-looking statements and forward -looking information are subject to known and unknown risks, uncertainties
and other important factors that may cause actual results, activities, performance or achievements to be materially
different from those described in the forward-looking statements or information. These risks, uncertainties and other
factors include, among others: receipt of approval from Eldorado shareholders and Foran securityholders, and the
required court, regulatory and other consent and approvals to complete the Transaction; the potential of a third party
making a superior proposal to the Transaction and the possibility that the Arrangement Agreement could be
terminated as a result of a superior proposal; commodity price risk; development ri sks at Skouries and other
construction and development projects including the ability of key suppliers to meet key contractual commitments in
terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within
the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating
to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement
projects; o ur ability to secure supplies of power and water at a reasonable cost; prices of commodities and
consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities
and consumables; inflation risk; community relations and social license; environmental matters; our ability to
completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures; regulatory
requirements as they relate to mine plan approvals; waste disposal; miner al tenure; permits; non -governmental
organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of
Mineral Reserves and Mineral Resources; risks related to replacement of mineral reserves; regulatory reviews and
different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any
pandemic, epidemic, endemic, or similar public health threats; regulated substances; the acquisition of Foran Mining
Corporation, incl uding timing, risks and benefits thereof; acquisitions, including integration risks; dispositions; co -
ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our
shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology
systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications
of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and
changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and
the Company’s profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including
relating to the carrying value of our assets and changes in reporting standards); the global economic environment;
labour (including in relation to availability of labour resources, including for including for construction, development
and improvements activities, and their productivity employee/union relations, the Greek transformation, employee
misconduct, key personnel, skilled workforce, expatriates, and contractors); default on obligations; current and future
operating restrictions; reclamation and long -term obligations; credit ratings; change in reporting standards; the
unavailability of insurance; Sarbanes -Oxley Act, applicable securities laws, and stock exchange rules; risks relating
to environmental , sustainability, and governance practices and performance; corruption, bribery, and sanctions;
employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends;
tariffs and other trade barriers; and thos e risk factors discussed in Eldorado’s most recent Annual Information Form
& Form 40-F. The reader is directed to carefully review the detailed risk discussion in Eldorado’s most recent Annual
Information Form & Form 40-F filed on SEDAR+ and EDGAR which discussion provides a fuller understanding of the
risks and uncertainties that affect Eldorado’s business and operations.
The inclusion of forward -looking statements and information is designed to help you understand management’s
current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
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There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, you should not place
undue reliance on t he forward -looking statements or information contained herein. Except as required by law,
Eldorado does not expect to update forward-looking statements and information continually as conditions change and
you are referred to the full discussion of Eldorado’s business contained in its respective reports filed with the securities
regulatory authorities in Canada and the U.S., as applicable.
Non-IFRS Measures
This news release contains certain forward-looking non-IFRS financial measures, including earnings before interest,
taxes, depreciation and amortization (“EBITDA”) and free cash flow. The historical non‑IFRS financial measures that
are equivalent to such forward‑looking non‑IFRS financial measures, and the most directly comparable IFRS financial
measures, together with reconciliations between such measures and explanations of their composition, are disclosed
in the section entitled “Non ‑IFRS and Other Finan cial Measures and Ratios” in the annual management discussion
and analysis of Eldorado for the financial year ended December 31, 2025, which is available under Eldorado’s profile
on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov and which section in incorporated by reference in
this new release.