Eldorado Announces Strong Exploration Results of Multiple New High-Grade Zones in Canada and Greece and Increases 2026 Exploration Investment, Reinforcing Confidence in Discovery Strategy (All amounts expressed in U.S. dollars unless otherwise noted)
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NEWS RELEASE
TSX: ELD NYSE: EGO January 26, 2026
Eldorado Announces Strong Exploration Results of Multiple New High-Grade
Zones in Canada and Greece and Increases 2026 Exploration Investment,
Reinforcing Confidence in Discovery Strategy
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) (TSX: ELD; NYSE: EGO) is pleased
to announce the discovery of four new high-grade zones at the Lamaque Complex and the commencement of studies
aimed at unlocking a potential expansion. In addition, we have identified a new high -grade gold and silver zone, the
NW Zone, and high-grade extensions of the West Flats Zone at Olympias, as well as the discovery of a gold-copper
skarn system along the Stratoni Fault.
Highlights
• Lamaque Complex (Quebec) : Identification of new zones around the Ormaque deposit and extensions to
the historic Lamaque Mine(1,2):
o Ormaque South-East (“SE”) – A new high-grade flat-lying vein system to the south-east of Ormaque
stacked over a vertical extent of at least 500 metres (“m”), including:
▪ 13.5 m at 13.59 g/t Au (8.08 g/t Au capped) (LS-25-135A)
▪ 4.1 m at 15.65 g/t Au (12.26 g/t Au capped) (LS-25-135A)
o Ormaque West extension – Narrow high-grade flat-lying vein intercepts extending at least 300 metres
west of the Ormaque Mineral Resource, including:
▪ 1.0 m at 338.66 g/t Au (70.00 g/t Au capped) (LS-24-116)
▪ 1.2 m at 81.98 g/t Au (41.73 g/t Au capped) (LQ-25-026)
o Garnet Zone – Discovery of a gold -mineralized north -dipping shear zone on the north side of
Ormaque with distinct alteration characteristics, including:
▪ 5.0 m at 7.31 g/t Au (LS-24-121A)
▪ 1.7 m at 10.05 g/t Au (LS-25-131)
o Historic Lamaque Mine extensions – Southerly extensions to the historic Lamaque Mine (“Lamaque
South”) hosted within and adjacent to the West Plug and newly discovered South Plug, including:
▪ 4.2 m at 8.02 g/t Au (LQ-24-013A)
▪ 1.7 m at 34.77 g/t Au (25.41 g/t Au capped) (PV-23-063A)
• Greece:
o Olympias N orth West (“NW ”) Z one – A new high -grade zone located within 200 metres of mine
infrastructure, including:
▪ 7.55 m at 18.93 g/t Au, 123.15 g/t Ag, 3.17% Pb and 0.43% Zn (OLS-20)
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▪ 7.70 m at 10.33 g/t Au, 81.09 g/t Ag, 1.30% Pb and 2.94% Zn (OLS-23)
o Olympias West Flats – Underground expansion drilling in the West Flats area has intercepted thick
massive sulfides approximately 50-70 metres beyond the existing Mineral Resource, including:
▪ 23.4 m at 22.30 g/t Au, 331.19 g/t Ag, 11.74% Pb and 9.70% Zn (OL-1131)
▪ 9.75 m at 45.25 g/t Au, 270.04 g/t Ag, 10.30% Pb and 9.74% Zn (OL-1134)
o Stratoni Skarn – Newly discovered gold-copper mineralization, adjacent to previous mine operations,
including:
▪ 42.75 m at 0.83 g/t Au and 0.49% Cu, including 8.9 m at 1.76 g/t Au and 1.35% Cu (STSK003)
▪ 17.0 m at 0.68 g/t Au and 1.16% Cu (VTH009)
• Turkiye highlights include expansion of the regional licence portfolio including gold -rich volcanic -hosted
massive sulfide environment in the northeast Pontides, and in Central Anatolia targeting porphyry-epithermal
and orogenic deposits.
“Eldorado continues to generate exceptional results from our global exploration programs,” said George Burns, Chief
Executive Officer. “At the Lamaque Complex in Quebec, recent results confirm high -grade mineralization across
multiple deposits on the property, with Ormaque adding flexibility near existing infrastructure. These successes, along
with emerging targets on the wider Bourlamaque property highlight a compelling opportunity for low -risk, capital -
efficient organic growth, mine life extension, and sustained value creation within Eldorado’s portfolio. As a result of
recent exploration success and the potential for additional resources in close proximity to the Sigma mill, the Company
has commenced studies to expand throughput from its current capacity of approximately 2,500 tonnes per day (“tpd”)
towards its fully permitted capacity of 5,000 tpd.
In Greece, at Olympias, we are excited about drill results announced today that demonstrate a newly identified zone,
referred to as the NW zone, in close proximity to existing infrastructure at the Olympias Mine. With follow -up drilling
planned, we are enc ouraged by the early results, which continue to support the potential for value creation and
additional development options at the Kassandra Mines. Additionally, during 2025, we identified a new gold -copper
target, the Stratoni Skarn, which is located nearby to an historic mine, and within our permit boundaries.
In Turkiye, our team continued to build on its strong social license to operate, maintaining constructive relationships
with local communities, regulators, and stakeholders. During the year, we remained focused on expanding our
exploration footprint and ac hieved meaningful progress within established geologic districts that offer significant
exploration and development potential. We are encouraged by our continued success in the country and remain
committed to responsible, long-term growth in Turkiye.
Reflecting these compelling drill results across the portfolio, the Company’s 2026 exploration budget is increasing
and expected to be between $75 – $85 million.”
The new exploration results included in this news release are located outside the Mineral Resources disclosed in the
2025 Mineral Reserve and Mineral Resource (“MRMR”) Statement announced on November 26, 2025, unless
otherwise stated. Since Eldorado’s last exploration updates provided in 2023 the Company completed ~191,000
metres of resource conversion drilling over the two-year period (~105,000 metres in 2024 and ~86,000 metres during
2025). In parallel, ~261,000 of early -stage exploration drilling was completed over the two -year period (~11 6,000
metres in 2024, followed by ~145,000 metres in 2025).
Quebec, Canada
Eldorado is progressing multiple early- to advanced-stage exploration projects within the footprint of the Lam aque
Complex including Ormaque and Lamaque South (Figure 1 and Figure 2). Additionally, exploration activities are
focused on the broader Bourlamaque property (acquired through the acquisition of QMX Gold Corp. in 2021) ,
including drill testing of targets with potential to provide future feed for the Sigma Mill.
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Figure 1: Map showing the Lamaque / Bourlamaque mineral exploration license area and locations of projects and
historic mines referred to in this news release.
Figure 2: Geological m ap showing exploration target areas surrounding Ormaque -Parallel deposits and historic
Sigma-Lamaque mines. See Figure 3 for cross section A-A’ through Ormaque SE and the Garnet Zone target area,
Figure 4 for long section B-B’ through Ormaque to Ormaque W est target area, and Figure 5 for cross section C-C’
through Lamaque Mine and Lamaque South target area.
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Ormaque
Beyond the Mineral Resource increase reported in Eldorado’s 2025 MRMR statement, Eldorado has discovered two
extensions to the Ormaque deposit (Ormaque SE and Ormaque West) characterized by flat-lying veins, as well as a
newly recognized steeply-dipping zone (Garnet Zone), with a distinct alteration assemblage on the northern margin
of Ormaque. Collectively, given the close proximity to the Lamaque processing facilities, these mineralized zones
could provide potential for future feed. The Ormaque SE extension is characterized by stacked veins that have been
intercepted from approximately 400 to 900 metres below surface (Figure 3). This vein system is associated with a
zone of sub-vertical shear zones, porphyry dykes and the C-porphyry-volcanic contact, similar to the main Ormaque
deposit.
Highlights include the following intercepts:
LS-25-135A:
• 6.3 m at 6.78 g/t Au
• 13.5 m at 13.59 g/t Au (8.08 g/t Au capped)
• 8.3 m at 4.05 g/t Au
• 7.6 m at 9.68 g/t Au
• 4.1 m at 15.65 g/t Au (12.26 g/t Au capped)
• 3.3 m at 14.49 g/t Au
LS-25-139:
• 4.9 m at 8.95 g/t Au
• 5.3 m at 9.88 g/t Au (8.05 g/t Au capped)
• 3.0 m at 14.43 g/t Au
LS-24-122:
• 3.8 m at 6.66 g/t Au
• 6.2 m at 4.79 g/t Au
• 1.0 m at 13.96 g/t Au
Drilling in Ormaque West has intercepted several flat lying veins that extend 200 to 300 metres west of the main
Ormaque resource (Figure 4). Highlights include:
• 1.0 m at 338.66 g/t Au (70.00 g/t Au capped) (LS-24-116)
• 0.8 m at 47.86 g/t Au (LQ-24-014)
• 1.5 m at 21.20 g/t Au (LS-24-125)
• 1.0 m at 29.15 g/t Au (LQ-25-026)
• 1.2 m at 81.98 g/t Au (41.73 g/t Au capped) (LQ-25-026)
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Figure 3: Cross section through the Ormaque deposit showing the newly discovered Ormaque SE and Garnet Zones,
>10 g*m(3) intercepts outside the Ormaque resource , and highlighted drillhole intercepts. Section location illustrated
in Figure 2.
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Figure 4: Long section (see Figure 2 for location) through the Ormaque deposit showing >10 g*m intercepts outside
the Ormaque resource and highlighted drillhole intercepts. Flat -lying vein intercepts extend 200 to 300 m etres west
beyond the Ormaque resource. The inset also provides a level plan view of flat-lying vein E210 added to the Inferred
Mineral Resource category in Eldorado’s 2025 MRMR statement, and the location of intercepts beyond this, the most
westerly extent of the resource to date.
Drilling to the north of Ormaque at the C -porphyry-volcanic contact intercepted a north -dipping shear zone
characterized by distinct garnet-bearing alteration (Garnet Zone). These results are now interpreted to be geologically
associated with three intercepts previously reported (December 2023 news release; 4.0 m at 9.81 g/t Au in drillhole
LS-23-098, March 2023 news release; 5.5 m at 4.79 g/t Au in drillhole LS-22-088, and September 2021 news release;
6.15 m at 4.12 g/t Au in LS-21-055). Highlights include the following (Figure 3):
• 5.0 m at 7.31 g/t Au (LS-24-121A)
• 1.7 m at 10.05 g/t Au (LS-25-131)
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Lamaque South
Drilling at Lamaque South has targeted southerly extensions of historic veins that were exploited in the Main Plug at
the historic Lamaque Mine. Specifically, Veins 13 and 39 have been intersected to the south of the historic Lamaque
Mine in the West Plug and in the newly discovered South Plug (Figure 5). Highlights include:
• 3.6 m at 9.13 g/t Au, Vein 39 (LQ-25-025)
• 4.2 m at 8.02 g/t Au, Vein 39 (LQ-24-013A)
• 2.0 m at 14.78 g/t Au, Vein 13 (LQ-24-002)
• 1.7 m at 34.77 g/t Au (25.41 g/t Au capped), Vein 13 (PV-23-063A)
Figure 5: Cross section through the Lamaque South target area and historic Lamaque and Sigma Mines. The figure
shows drill holes with >10 g*m intercepts and highlighted drillhole intercepts. Section location illustrated in Figure 2.
Quebec 2026 Exploration Program
Drilling activities have been enhanced through geoscience practices beyond fundamental geology, including
application of core scanning technologies, geomechanical modelling, and active engagement with academic research
partners and graduate students . More broadly, Eldorado has advanced re -interpretation of the regional geological
architecture to identify features controlling mineralisation and prioritise new gold and base metal targets in the region.
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The combination of geoscience insights and meaningful investment for drilling is enabling exploration to deliver results
for the next generation of discovery in this mineral-rich terrane.
During 2026, approximately 80,000 to 90,000 metres of drilling is planned across the Lamaque-Bourlamaque property.
Drilling will continue to test lateral and depth extensions of Ormaque, with approximately 18,000 metres planned. A
further 30,000 m etres of drilling will target expansion of Lamaque South and nearby opportunities. Underground
exploration drilling, between 4,000 to 6,000 metres is planned to test targets more readily accessible from the Sigma
– Triangle decline.
In the adjoining Bourlamaque property, geological reinterpretation and remodelling has generated targets that will be
followed up during 2026 with approximately 32,000 to 34,000 metres of drilling planned. This includes targeting depth
extensions to the new resource at Bonnefond ( as announced November 26, 2025 ) for assessing underground
development potential. Similarly at the historic Bevcon and Aurbel mines, drilling will test newly modelled extensions
as well as adjacent new targets. The Company’s exploration strategy focuses on areas adjacent to historic mines and
new target generation at the Bourlamaque property, with the objective of discovering additional underground
resources to provide future potential feed for the Sigma Mill and drive long -term value. Geoscience tools and
technologies will continue to be selectively applied and embedded to support prediction and detection workflows and
resource characterization to ensure value-driven spend in drilling.
Greece
In the Kassandra mining district, exploration drilling in 2025 was focused on the Olympias mine, where approximately
17,500 metres were completed. In addition, a gold-copper target, the Stratoni Skarn, was identified, located along the
Stratoni Fault corridor which also hosts the historic Madem Lakkos and Mavres Petres Mines as well as the Piavitsa
deposit (Figure 6). Approximately 10,500 metres of drilling were completed at the Stratoni Skarn target in 2025.
Figure 6: Map showing the Kassandra mining district licence area and locations of projects referred to in this news
release.