Eldorado Gold Announces Strong 2021 Preliminary Production of 475,912 oz; Announces Board and Management Appointments; and Provides Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO January 13, 2022
Eldorado Gold Announces Strong 2021 Preliminary Production of
475,912 oz; Announces Board and Management Appointments; and
Provides Conference Call Details
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to
announce fourth quarter 2021 preliminary gold production of 122,644 ounces, and full year 2021
preliminary production of 475,912 ounces. Annual gold production from the Company’s four
operating mines is at the upper end of the revised production guidance range of 460,000 to
480,000 ounces. Detailed production, by asset, is outlined in the table below.
Q4 2021 and Year-to-Date 2021 Preliminary Gold Production
Production (oz)
Mine Q4 2021 Q4 2020 Q3 2021
Kisladag 33,136 56,816 51,040
Lamaque 51,354 44,168 37,369
Efemcukuru 22,631 25,828 23,305
Olympias 15,523 11,408 13,745
Total Gold Production (oz) 122,644 138,220 125,459
Production (oz)
Mine Full Year 2021 Full Year 2020 2021 Guidance
Kisladag 174,365 226,475
Lamaque 153,201 144,141
Efemcukuru 92,707 99,835
Olympias 55,639 58,423
Total Gold Production (oz) 475,912 528,874 460,000 – 480,0001
1 Total Gold Production guidance revised in October 2021 from original 2021 guidance of 430,000 – 460,000
Canada
Strong fourth quarter gold production at Lamaque was mainly driven by higher than planned gold
grades in the C4 zone. The decline connecting the Sigma mill with the Triangle underground mine
was completed, on schedule and on budget, in December 2021. The decline will allow direct ore
and waste transportation from the Triangle mine to the mill thereby eliminating the re-handling of
ore.
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Turkey
Kisladag performed well in the fourth quarter with gold production inline with plan. Several
operational improvements , in advance of the high-pressure grinding rolls (“HPGR”) circuit
commissioning in the mine, crushing circuit, and leach pad in 2021 resulted in increased
throughput. Construction and wet commissioning of the HPGR was completed in December 2021.
The circuit is now ramping up to production and metallurgical specifications.
At Efemcukuru, gold production, throughput , and average gold grade were inline with
expectations.
The Company’s profits from mining operations in Turkey are taxed at the enacted rate and the
resulting current income tax expense can be further increased or reduced by other items. In the
fourth quarter, the Company expects the Turkish current income tax expense on mining profits,
at an enacted rate of 25%, to be further increased by $13-16 million. The expected increase is
primarily related to the significant weakening of the Lira in the quarter and the resulting generation
of taxable unrealized foreign e xchange gains. This was partly offset by a reduction from the
investment tax credit relating to Kisladag heap leach improvements.
Greece
Olympias performed well in the f ourth quarter, delivering the strongest quarter of the year, and
inline with guidance. Efficiency initiatives that started earlier in the year, coupled with positive
grade reconciliation versus the plan resulted in higher fourth quarter production to end the year.
Fourth quarter production at Olympias reflects some initiatives that were implemented in relation
to the t ransformation efforts at the Kassandra assets in Greece . As previously disclosed, the
Company is implementing a wide-ranging, sustained effort to optimize the Greek operations that
touches every part of the business, from employee education and training, to physical plant and
business systems upgrades. The Company continues to target efficiency and productivity
improvements at Olympias. The long-term benefits in safety, culture and productivity will result in
a safer and more efficient operation with the potential to deliver improved economic returns.
Board and Management Appointments
Eldorado also announced today the appointment of Carissa Browning to its Board of Directors
and the promotion of Graham Morrison to the role of Vice President, Corporate Development.
Carissa Browning was appointed to the Board of Directors in January 2022. Ms. Browning is a
Corporate Commercial Lawyer at EnerNext Partners and previously served as legal counsel for
BC Hydro and TransAlta Corporation. She has broad industry experience in electricity and
renewable energy, technology, fintech and commodity trading; and advises on matters relating to
corporate governance, market regulation and sustainability. Ms. Browning currently sits on the
Board of Women + Power and formerly served on the boards of Energy Efficiency Alberta, TAMA
Transmission and Circle for Aboriginal Relations (CFAR). She h olds a BA and LLB from the
University of Calgary and regularly contributes her thought leadership and reflections on the
importance of diverse representation, reconciliation and her views as an Indigenous woman.
Graham Morrison was promoted to the role of Vice President, Corporate Development in October
2021 and will oversee the Corporate Development function and support the execution of
Eldorado’s business strategy . Mr. Morrison has 15 years of mining experience and joined
Eldorado in 2011, initially as a Business Development Analyst and has progressively taken on
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greater responsibility within the company, having most recently held the role of Senior Director,
Corporate Development. Before joining Eldorado, Graham worked in equity research at Raymond
James Ltd with a focus on mid -cap gold producers and developers. Graham has a BA from
Dalhousie University and an MSc, Mineral Economics from Western Australia School of Mines
and is a CFA Charterholder.
Q4 2021 Financial and Operational Results Call Details
Eldorado will release its 2021 year end and fourth quarter Financial and Operational Results after
the market closes on Thursday, February 24, 2022 and will host a conference call on Friday,
February 25, 2022 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed
at Eldorado Gold’s website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20220225.html
Conference Call Details Replay (available until April 1, 2022)
Date: February 25, 2022 Vancouver: +1 604 638 9010
Time: 11:30 AM ET (8:30 AM PT) Toll Free: 1 800 319 6413
Dial in: +1 604 638 5340 Access code: 8299
Toll free: 1 800 319 4610
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 (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.363.8166
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press 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. Of ten,
these forward-looking statements and forward-looking information can be identified by the use of w ords such as "plans", "expects",
"is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believ es" 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: our prelimi nary fourth quarter 2021 and annual gold production, the Company’s 2021 annual guidance, including at our
individual mine production; benefits of the completion of the decline at Lamaque, and the improvements at Kisladag expected tax
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expense in Turkey; the optimization of Greek operations, including the benefits and risks thereof; our expectation as to our future
financial and operating performance, including expectations around generating free cash flow; working capital requirements; d ebt
repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade
and quality; gold price outlook and the global concentrate market; risk factors affecting our business; our strategy, plans a nd goals,
including our proposed exploration, development, construction, permitting and operating plans and priorities and related time lines;
and schedules and results of litigation and arbitration proceedings. Forward -looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may
cause the actual results, performance or achievements of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward -looking statements and information, including assumptions about: our
preliminary gold production and our guidance, benefits of the completion of the decline at Lamaque, and the improvements at Kisladag;
the tax expense in Turkey, how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of
the COVID-19 pandemic; timing and cost of construction and exploration; the geopolitical, economic, permitting and legal climate that
we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated cos ts,
expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of
acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. In particular, excep t where
otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the
time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statemen ts 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.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in forward -looking statements or information. These risks,
uncertainties and other factors include, among others: inability to meet production guidance, inability to achieve the expected benefits
of the decline between Triangle mill and the Triangle underground mine or the improvements at Kisladag; inability to assess income
tax expense in Turkey; global ou tbreaks of infectious diseases, including COVID -19; timing and cost of construction, and the
associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral
tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global
concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, pr operties
and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine
plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign invest ment;
regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated
production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; curr ency
fluctuations; community and non -governmental organization actions; speculative nature of gold exploration; dilution; share price
volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties,
as well as those risk factors discussed in the sections titled “Forward -Looking Statements” and "Risk factors in our business" in the
Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion
in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated
by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’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.
There can b e 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 the
forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward -looking
statements and information continually as conditions change.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon
Hille, FAusIMM and VP Technical Services for the Company, and a "qualified person" under NI 43-101.