Eldorado Announces 2024 Detailed Production & Cost Guidance; Provides Four-Year Growth Profile
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NEWS RELEASE
TSX: ELD NYSE: EGO February 22, 2024
Eldorado Announces 2024 Detailed Production & Cost Guidance;
Provides Four-Year Growth Profile
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or the “Company”) provides detailed 2024 production
and cost guidance and four-year production outlook. All financial figures stated within this release are in U.S. dollars
unless otherwise stated.
2024 Guidance Highlights
• Gold production of 505,000 to 55 5,000 ounces, representing a 9% increase from 2023 gold production
(assuming the mid-point of the range).
• Total cash costs(1) of $840 to $940 per ounce sold.
• All-in sustaining costs(1) (“AISC”) of $1,190 to $1,290 per ounce sold.
• Growth capital(1) of $497 to $569 million, including $375 to $425 million towards the advancement of the
Skouries project.
• Sustaining capital(1) of $135 to $160 million.
• Exploration expenditures of $27 to $30 million, focused on resource conversion drilling at the Lamaque
Complex and Efemcukuru, resource growth and discovery programs in Quebec, Turkiye and Greece.
(1) These financial measures are non-IFRS financial measures. Certain additional disclosures for non-IFRS financial measures and ratios
have been incorporated by reference, and additional detail can be found at the end of this press release and in the section ‘Non-IFRS
and Other Financial Measures and Ratios’ of Eldorado’s December 31, 2023 MD&A.
“We have a lot of momentum as we step into 2024,” said George Burns, Eldorado ’s President and Chief Executive
Officer. “A number of key initiatives were completed last year that set up our operations for long -term efficient, safe
and growing production. At Olympias , we made t remendous progress , positioning it to deliver increased metal
production and lower costs as we push development in the Flats zone . At Kisladag , we continue to optimize the
agglomeration circuit to maintain consistent permeability as the material is stacked on the pads. It’s also an exciting
year at Lamaque , as we will advance the Ormaque deposit through the mining and processing of a bulk sample
leading to an expected inaugural reserve late this year.”
“In addition, we made significant headway on our Skouries project as we ramped up into full construction. This year
we expect to make substantial progress as we finalize the remaining contracts, advance construction of the major
earth works including haul roads, the Integrated Extractive Waste Management Facility, water management facilities,
and the crusher and filter buildings. We also expect work to continue to advance on the underground with a focus on
lateral development and associated services for the year to setup mining of two test stopes in 2025 .”
“Our four -year production guidance is designed to provide an outlook as to how we see our current operations
performing and the impact of the ramp-up of Skouries production in 2026 through 2027. Next year, to move in-line
with peer companies, we will transition to providing three-year production guidance by mine,” added Burns.
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2024 Guidance
Lamaque
Complex Kisladag Efemcukuru(3) Olympias(3,4) Skouries
Project Total 2023
Actual
Gold Production
(000’ oz)
175 – 190 180 – 195 75 – 85 75 – 85 505 – 555 485
Silver Production
(000’ oz)
1,500 – 1,700 1,500 – 1,700 1,382
Lead Production
(000’ t)
13 – 16 13 – 16 12
Zinc Production
(000’ t)
12 – 15 12 – 15 14
Tonnes Processed
(millions)
0.87 – 0.91 13.2 – 13.7 0.53 – 0.55 0.48 – 0.51
Gold Grade
(g/t)
6.3 – 6.8 0.7 – 0.8 5.0 – 5.5 8.0 – 9.0
Total Cash Costs(1)
($/oz sold)
700 – 800 820 – 920 1,080 – 1,180 980 – 1,080 840 – 940(5) 850
All-in Sustaining Costs(1)
($/oz sold)
1,180 – 1,280 890 – 990 1,290 – 1,390 1,280 – 1,380 1,190 – 1,290(5) 1,220
Capital Expenditures
($ millions)
Sustaining Capital(1) 85 – 95 10 – 15 12 – 17 28 – 33 135 – 160 136
Growth Capital(1,2) 17 – 22 85 – 95 6 – 9 14 – 18 375 – 425 497 – 569 275
Sustaining and Growth
Capital(1,2) ($ millions)
102 – 117 95 – 110 18 – 26 42 – 51 375 – 425 632 – 729 411
(1) These financial measures are non-IFRS financial measures. Certain additional disclosures for non-IFRS financial measures and ratios
have been incorporated by reference and additional detail can be found at the end of this press release and in the section ‘N on-IFRS
and Other Financial Measures and Ratios’ of Eldorado’s December 31, 2023 MD&A.
(2) Includes capitalized exploration at Lamaque and Efemcukuru.
(3) Payable metal produced.
(4) Olympias by-product grades: Silver: 120-130 g/t; Zinc: 4.2-4.7%; Lead: 3.8-4.3%.
(5) Totals may not add based on the averaging of costs.
Gold production in 2024 is expected to be between 505,000 to 555,000 ounces, a 9% increase from 2023 gold
production (based on the mid-point of the range ). The increase in gold production is primarily driven by higher
expected production at Kisladag as a result of the upgraded materials handling systems and the recently
commissioned North Heap Leach Pad. In addition, we expect an increase at Olympias following the underground
infrastructure upgrades completed in mid-2023 and productivity improvements that ramped-up during 2023. Similar
to prior years, quarter-to-quarter gold production in 2024 is expected to fluctuate, with higher production expected in
the second half due to the impact of winter conditions at Kisladag and ore grade variability across the portfolio.
Total cash costs and all-in sustaining costs (“AISC”) are expected to be relatively stable compared to 2023, with
average total cash costs(1) in 2024 expected to be between $840 to $940 per ounce sold and an average AISC (1) of
$1,190 to $ 1,290 per ounce sold. The expected 2024 costs, relative to 202 3 cost performance , are driven by
forecasted lower unit costs for fuel and other key consumables, and slightly offset by higher labour costs in some
areas.
Exploration and evaluation expenses are expected to be $27 to $30 million in 2024, with 65% expensed, and 35%
capitalized. General and administrative expenses are expected to be $35 to $38 million in 2024, and depreciation
expense expected to range from $280 to $290 million.
(1) Total cash cost per ounce sold and AISC per ounce sold are non-IFRS financial measures. Certain additional disclosures for non-IFRS
financial measures and ratios have been incorporated by reference, and additional detail can be found at the end of this pres s release
and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ of Eldorado’s December 31, 2023, MD&A.
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OPERATING MINES:
CANADA
Lamaque Complex
In 2024, production guidance of 175,000 to 190,000 ounces at the Lamaque Complex is consistent with the previously
guided range of 180,000 to 190,000 ounces. The range has been widened slightly to reflect an updated mine plan
that supports mine sequencing optionality and optimization as we move lower in the deposit. In 2024 , the focus
remains on resource conversion drilling at Ormaque, the completion of a bulk sample and a pre-feasibility study with
the expectation of declaring an inaugural reserve at the end of the year.
Total cash costs and all-in sustaining costs per ounce sold are expected to be slightly higher compared to 2023, as a
result of an increase in the use of consumables (fuel, cyanide, explosives) and increased labour costs.
Sustaining capital expenditures of $85 to $95 million for 2024 are expected to include significant underground mine
development and resource conversion drilling at the Triangle deposit. Expected growth capital of $17 to $22 million
for 2024 includes non-sustaining exploration expenditures for resource conversion and resource expansion drilling at
the Ormaque deposit, tailings management, and electric underground trucks.
TURKIYE
Kisladag
In 2024, production guidance of 180,000 to 195,000 ounces at Kisladag is slightly lower than the previously guided
range of 195,000 to 205,000 ounces, primarily due to the inventory build-up within the ore stacked in the leach facility,
following the residual impacts of the high precipitation event in 2023. We continue to optimize our on -belt
agglomeration and stacking processes to improve quality and consistency of stacked ore, along with focused activities
to enhance inventory drawdown.
Gold production in 2024 is expected to increase 21% from 2023 production, driven by higher ore grades, higher
tonnage resulting from the upgraded materials handling circuit, and inventory drawdown. The recently commissioned
North Heap Leach Pad and increased irrigation rates contribute to improved leach kinetics. Additional efficiencies will
be realized with the completion and commissioning of the north adsorption-desorption and recovery plant in the
second half of 2024.
Total cash costs and all -in sustaining costs per ounce sold are expected to be slightly higher, when compared to
2023, driven primarily by higher mining rates and increased labour costs. Consumption of fuel, explosives, cement,
and cyanide are also expected to increase, impacting absolute costs.
Planned 2024 sustaining capital of $10 to $15 million is primarily related to equipment overhauls and processing
improvements. Planned 2024 growth capital of $85 to $95 million includes the continuation of the waste stripping
campaign, the phased expansion of the North Heap Leach Pad, and the n orth adsorption-desorption and recovery
plant construction.
Efemcukuru
In 2024, production guidance of 75,000 to 85,000 ounces is unchanged from the previously guided range. Total cash
costs and all -in sustaining costs per ounce sold are expected to be higher, when compared to 2023, and reflect
increases in labour costs, and consumable costs.
Planned sustaining capital expenditures of $1 2 to $1 7 million for 202 4 include underground development and
equipment overhauls . Planned growth capital of $6 to $9 million for 2024 is expected to be primarily based on
development and infrastructure for expansion of the mining area towards the Kokarpinar and Bati vein systems.
An updated technical report will be filed at the end of Q1 2024.
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GREECE
Olympias
In 2024, production guidance of 75,000 to 85,000 ounces at Olympias increased 14% from the previously guided
range of 65,000 to 75,000 ounces, primarily driven by the results of productivity initiatives implemented over the past
few years, including increased ventilation capacity, bulk emulsion explosives, and productivity improvements at the
mine and the mill.
Total cash costs and all-in sustaining costs per ounce sold are expected to be lower compared to 2023, supported by
increased production and throughput and higher by-product credits for silver, lead and zinc production and lower costs
for certain consumables. Continued quarter to quarter variability in AISC and total cash costs due to by-product credits
from timing on by-product concentrate shipments is expected.
Planned 202 4 sustaining capital expenditures of $ 28 to $3 3 million include underground mine development and
management of the Kokkinolakas tailings management facility. Planned 202 4 growth capital of $14 to $18 million is
primarily focused around mill expansion to support ramp-up to 650 ktpa and upgrading of ancillary facilities.
An updated technical report will be filed at the end of Q1 2024.
GROWTH CAPITAL INVESTMENTS:
Skouries
Project spending at Skouries in 2024 of between $375 and $425 million will be focused on advancing the construction
of the major earthworks structures including the haul roads, Integrated Extractive Waste Management Facility
(“IEWMF”) construction, low-grade stockpile, water management, process facilities, crusher building and filter
building. In addition, work will focus on underground development to support test stope mining in 2025 . Mechanical,
piping and electrical installations will also progress in all process and infrastructure areas.
On the critical path is the filter plant building, which continues to advance, with the piling work having commenced. In
Q2 2024, it is expected that the filter building contract will be awarded which will include the building structure,
assembly of equipment within the building , comprising air compressors, conveyors, filter presses and other ancillary
equipment, in addition to the piping and electrical work. The filter press plates arrived on site in Q1 2024 with the
frames for supporting the filter press plates fabricated and expected to ship in Q2 2024. Preassembly is expected to
start in Q2 2024.
Work for the mill / flotation building is in progress with commissioning work on overhead cranes, installation of
construction lighting and scaffolding, and the commencement of structural steel work. Mobilization for the process
plant mechanical, piping and electrical work will start in Q1 2024.
By the end of 2024, we expect to have completed the IEWMF coffer dam and significantly advanced the IEWMF
earthworks, water management facilities, process plant and filter plants.
The first phase of underground development continues to advance the West Decline and access to the test stopes
with a local contractor. The second underground development contract proposals are in the final evaluation stage ,
awarding of the contract is planned for the end of Q 2 2024. This contract includes the test stope work as well as
additional development and services work to support the development of the underground mine. We expect to
complete approximately 2,200 metres of underground development in 2024.
The time we invested in diligently negotiating the key project contracts has increased our execution confidence with
a modest effect on the production schedule. First production is now expected in Q3 2025 from prior guidance of mid-
2025. We expect a steep ramp up curve over the second half of 2025 and remain on track for commercial production
at the end of 2025. With a back end weighted ramp -up curve we expect to produce a lower amount of high -quality
copper-gold concentrate in 2024. This has resulted in a lowered gold production range to between 50,000 to 60,000
ounces from prior guidance of 80,000 to 90,000 ounces. We also expect to produce between 15 to 20 million pounds
of copper in 2025. We are assessing our plans with the goal of increasing our 2026 gold and copper production profile
at Skouries.
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The estimated capital to complete construction has increased 9% to $920 million from $845 million as detailed in our
2023 Year-End and Fourth Quarter Financial and Operational Results.
2024 EXPLORATION OUTLOOK
Eldorado Gold’s exploration activities in 2024 are focused on the regions in which we operate: Canada, Turkiye and
Greece, and includes in-mine resource conversion and expansion drilling, drill testing a range of near-mine and early-
stage targets, as well as generating new targets and projects through generative initiatives. Global exploration
expenditures planned for 2024 are $27 to $30 million, with an additional $8 to $10 million of non-sustaining exploration
expenditures to support Ormaque resource conversion and expansion drilling at the Lamaque Complex and
conversion and expansion drilling at the Kokarpinar vein at Efemcukuru. Across the portfolio, approximately 196,000
metres of drilling are planned, and includes approximately 43,000 metres of resource conversion and extension drilling
at Lamaque Operations (Triangle), Efemcukuru (Kestanebeleni) and Olympias planned as capitalised sustaining,
~63,000 metres of resource conversion and extension drilling at Lamaque Operations (Ormaque) and Efemcukuru
(Kokarpinar) planned as capitalised growth budget. In addition, over 90,000 metres of drilling are planned to test early
stage targets across the portfolio and are expensed.
CANADA
Lamaque Complex and Near Mine Exploration
Triangle Mine: Resource expansion and resource conversion drilling at the Triangle Mine will focus on the C6 and C7
zones with approximately 26,000 metres planned. A new exploration drive and drill platform at the 785 level will enable
shorter holes and improved angles for resource conversion purposes.
Ormaque Deposit: The 2024 exploration program at Ormaque is expected to include approximately 35,000 metres of
underground resource conversion drilling within existing inferred resources. This drilling will continue to test the upper
two-thirds of the deposit for further conversion from inferred to indicated resource (down to lens E100). In addition,
approximately 18,000 metres of surface drilling testing step -outs to the east of and below the known deposit is
planned.
Sigma-Lamaque early-stage targets: Approximately 13,000 metres of underground exploration drilling planned from
platforms along the Sigma -Triangle decline, testing multiple conceptual targets and step -outs from previous high -
grade drill intercepts in the Sigma -Lamaque-Ormaque area . In addition, approximately 19,000 metres of surface
drilling is planned to test targets in the same area but away from the decline . The drilling will target high -grade vein
systems similar in geological setting and mineralization style to those historically mined at both Sigma and Lamaque,
including testing new conceptual targets that have been developed in recent years.
Val d’Or exploration : We are advancing multiple early to advanced -stage exploration targets in the Val-d’Or district
that are expected to provide opportunities for resource growth for the Lamaque Complex. Over 30,000 metres of
drilling is planned on targets that include:
Bourlamaque early-stage targets: Approximately 5,000 metres of surface drilling is planned to test various early-stage
targets mainly within the Bourlamaque Batholith , which have been defined by a combination of historical drilling
results, geophysical anomalies, till geochemistry, and geological mapping. The drilling is expected to target high-
grade vein systems similar in geological setting and mineralization style to those historically mined at the Beaufor
mine and the mines in the Herbin area.
Uniacke-Perestroika: The Uniake -Perestroika properties, located approximately 45 kilometres northeast of the
Lamaque Complex, are being explored under an option agreement with Val d’Or Mining. Approximately 6,500 metres
of drilling are planned to test a target that has been developed in the Héva-Cadillac area.
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Abitibi Exploration
Eldorado Gold’s early-stage exploration in Canada is currently focused on generating and test ing target areas within
the greater Abitibi region that offer opportunities for standalone development outside of the Lamaque Complex area.
The Company’s current exploration portfolio includes the Montgolfier project located along the Harricana -Turgeon
greenstone belt to the east of the Casa Berardi mine, and a group of licenses in the Kirkland Lake belt currently being
explored under an option agreement with the license holder Val -d’Or Mining Corp. At Montgolfier, a staged diamond
drill program of up to 8,000 metres is currently underway, testing for the bedrock source of highly anomalous gold-in-
till anomalies identified in a previous sonic drilling program, elevated concentrations of gold intercepted in the 2023
initial drill testing program , as well as integrated lithological structural and geophysical targets. The Kirkland Lake
licenses are at the target definition stage, and targeting reviews are underway to assess if targets are appropriate for
drill testing in 2024, where approximately 3,500 metres have been planned.
TURKIYE
2024 exploration in Turkiye is focused on resource expansion and resource conversion drilling at Efemcukuru and
advancing several early-stage projects in highly prospective priority regions throughout Turkiye.
Efemcukuru
During 2024, approximately 10,000 metres of resource conversion and expansion drilling is planned at the Kokarpinar
South vein system and approximately 8,000 metres are planned for the South Ore and North Ore Shoots at the
Kestanebeleni vein system. Approximately 23,000 metres of drilling is also to test earlier stage targets in the West
Vein area, with the main focus on the Volcan and Huseyinburnu vein systems. Geologic mapping and geophysical
surveys are also planned as part of assessing the wider exploration potential on existing licenses.
Early-Stage Exploration
We continue to explore regions of Turkiye that offer strong exploration potential for resource exploration and
development. Current programs are focused in the Artvin (Hod Maden) district and along the Izmir -Ankara Suture
Zone, w here approximately 12,500 metres of drilling are planned for 2024 to test early -stage targets. Project
generation activities and early -stage project work within the Central Anatolian Crystalline Complex are also being
conducted with a Turkish joint venture partner.
GREECE
Exploration activities in Greece in 2024 are focused in supporting drill program execution at the Olympias mine and
at the Skouries project, in addition to undertaking basic field activities to define targets for future drill testing across
our exploration licenses.
Olympias
Approximately 9,000 metres of surface drilling is planned to test for extensions to known mineralization in the East,
West (Flats) and North Zones at Olympias.
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Four-Year Outlook Overview:
• Gold production of 675,000 to 735,000 ounces by 2027, resulting in growth of 45% over the four-year period
from 2023 production and a compound annual growth rate of over 9%.
• Continued strong commitment to exploration to unlock the outstanding potential of the Company’s
brownfields property portfolio and identifying and developing new opportunities in Eldorado’s focus
jurisdictions.
• Skouries first production in Q3 2025, with commercial production by the end of 2025.
2024 2025 (2) 2026 2027 2023 Actual
Gold Production (000’ oz)
Lamaque Complex 175 – 190(1) 170 – 180 180 – 200 180 – 200 177
Kisladag 180 – 195 175 – 185 150 – 165 165 – 175 155
Efemcukuru 75 – 85 70 – 80 75 – 85 60 – 70 86
Olympias 75 – 85 80 – 90 80 – 90 75 – 85 67
Skouries 50 – 60(2) 145 – 155 195 – 205
Total Gold
Production (000 oz) 505 – 555 545 – 595 630 – 695 675 – 735 485
Copper Production (Mlbs)
Skouries 15 – 20 50 – 60 60 - 80
Total Copper
Production (Mlbs) 15 – 20 50 – 60 60 - 80
(1) Includes production ounces from the bulk sample process at Ormaque.
(2) Includes expected pre-commercial production from Skouries. First production at Skouries is expected in mid-2025, followed by a ramp-
up and commercial production by the end of 2025.
2024 Assumptions and Sensitivities
Commodity and Currency Price
Assumptions
Gold ($/oz) $1,900
Silver ($/oz) $23.50
Lead ($/mt) $2,050
Zinc ($/mt) $2,600
USD : CDN 1 : 1.33
EUR : USD 1 : 1.10
USD : TRY (Q1) 1 : 30.00
USD : TRY (Q2) 1 : 33.00
USD : TRY (Q3 & Q4) 1 : 35.00
Sensitivities 2024 Change Operating Sites Local
Currency Exposure AISC ($/oz sold)
Gold Price $1,900 $100
USD : CDN 1 : 1.33 $0.05 90% ~$15/oz
EUR : USD 1 : 1.10 $0.05 90% ~$13/oz
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Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM , Executive Vice President, Technical Services and Operations, is
the Qualified Person under NI 43 -101 responsible for preparing and supervising the preparation of the scientific or
technical information contained in this news release and verifying the tec hnical data disclosed in this document
relating to our operating mines and development projects.
Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the
qualified person as defined in NI 43 -101 responsible for, and has verified and approved, the scientific and technical
data contained in this news release for the Quebec projects.
Data is verified through the internal reviews of Life of Mine Plans on a site-by-site basis which confirms the expected
production outputs along with the expected revenue and cost distribution.
About Eldorado Gold
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, an d 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).
Contacts
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Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
Media
Chad Pederson, Director, Communications
236 885 6251 or 1 888 353 8166