Eldorado Gold Delivers Gold Production of 520,293 Ounces in 2024, Above the Midpoint of Tightened Guidance, With Solid Fourth Quarter Preliminary Gold Production of 155,669 Ounces; Provides Skouries Construction Progress and Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO January 14, 2025
Eldorado Gold Delivers Gold Production of 520,293 Ounces in 2024, Above the Midpoint
of Tightened Guidance, With Solid Fourth Quarter Preliminary Gold Production of 155,669
Ounces; Provides Skouries Construction Progress and Conference Call Details
(All dollar figures are in US dollars, unless otherwise stated)
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) announces fourth quarter 2024
preliminary gold production of 155,669 ounces, and full year preliminary gold production of 520,293 ounces, delivering
7% annual production growth over 2023 . Fourth quarter production was very strong at the Lamaque Complex and
Kisladag, while Efemcukuru continued to deliver on expectations . Overall p roduction was well in line with the
Company’s guidance of a stronger second half in 2024. Full year preliminary production was above the midpoint of
the tightened guidance range of 505,000 to 530,000 ounces, as announced in the third quarter 202 4 results news
release. Detailed production, by asset, is outlined in the table below.
2024 Preliminary Gold Production
Mine
Gold Production (oz)
Q4 2024 Q3 2024 Q2 2024 Q1 2024
Lamaque Complex 63,742 43,106 47,391 42,299
Kisladag 56,483 41,084 38,990 37,523
Efemcukuru 19,451 19,794 22,397 18,501
Olympias 15,992 21,211 13,541 18,788
Total Gold Production (oz) 155,669 125,195 122,319 117,111
Mine
Gold Production (oz)
Full Year 2024 Full Year 2023
Lamaque Complex 196,538 177,069
Kisladag 174,080 154,849
Efemcukuru 80,143 86,088
Olympias 69,532 67,133
Total Gold Production (oz) 520,293 485,139
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Canada
Lamaque Complex
The Lamaque Complex delivered record gold production both in the fourth quarter and for the year . Since the
beginning of 2019 a total of approximately 959,000 ounces have been produced to the end of 2024 . We expect to
reach another milestone with the pour of our one millionth ounce in the first quarter of 2025. During the fourth quarter,
production increased 48% over the third quarter driven by higher ore grade and mill throughput. This included
processing of the Ormaque bulk sample that also met expectations of modelled grade.
Turkiye
Kisladag
At Kisladag, fourth quarter gold production increased 37% over the third quarter driven by the benefit of having two
Adsorption-Desorption-Recovery (ADR) facilities as well as increased draw down on the existing inventory. This was
coupled with steady performance in stacking and leaching aided by irrigation optimization activities that ha ve been
implemented. While this positive trend is expected to continue, we also expect, as in prior years, that the first quarter
of 2025 will be a lower production quarter as leach kinetics slow during the colder months, in addition, we will have a
planned 6-day HPGR roll change. Improvement is expected through subsequent quarters.
Efemcukuru
At Efemcukuru, fourth quarter gold production was in line with the third quarter and resulted in the mine delivering
another year of stable production. This is the 10 th consecutive year of Efemcukuru achieving annual production
guidance, demonstrating the site’s dedication to continuous improvement and performance.
Greece
Olympias
At Olympias, fourth quarter gold production was lower compared to the third quarter , mostly impacted by lower
throughput during the quarter related to plan ned equipment downtime and maintenance challenges related to filter
presses which negatively impacted the mill throughput.
Skouries – Slower than Planned Progress on Construction and Capital Spend at Year-End 2024
At Skouries, as of December 31st, 2024, the current phase 2 of the project was 60% complete, and the entire project
was 82% complete, when including the first phase of construction. D etailed engineering was substantially complete.
Capital spending was approximately $93 million in the fourth quarter of 2024, and approximately $320 million in 2024,
compared to our earlier guidance of between $350 and $380 million in 2024. In total, approximately $50 6 million of
capital has been invested since the restart of construction in 2023. Lower than expected spend in the fourth quarter
was primarily a result of delayed ramp up to the planned 1,300 site personnel, with approximately 1,050 personnel
on site at year -end. The challenge in ramping up personnel was the result of a tight construction labor market in
Greece, which has limited the availability of construction personnel.
We are evaluating the impact of these and other factors on the project schedule and capital cost. We expect to provide
a full project update, including an updated capital cost estimate and project schedule, in February 2025.
Q4 2024 & Full Year 2024 Financial and Operational Results Call Details
Eldorado will release its 2024 Year-End and Fourth Quarter Financial and Operational Results after the market closes
on Thursday, February 20, 2025, and will host a conference call on Friday, February 21, 2025, 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:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=dSeOP9wo
Conference Call Details Replay (available until March 28, 2025)
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Date: February 21, 2025 Vancouver: +1 412 317 0088
Time: 11:30 AM ET (8:30 AM PT) Toll Free: 1 855 669 9658
Dial in: +1 647 484 8814 Access code: 4253753
Toll free: 1 844 763 8274
Participants may elect to pre -register for the conference call via this link:
https://dpregister.com/sreg/10195094/fe1e08e6f4. Upon registration, participants will receive a calendar invitation by
email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect
directly to the conference. Registration will remain open until the end of the conference call.
Additionally, the Company plans to release guidance for 2025 and an updated three-year outlook, in conjunction with
the 2024 full-year results on Thursday, February 20, 2025.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye,
Canada and Greece. 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 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. Often, these forward-looking statements and forward-looking information can be identified
by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”,
“guidance”, “intends”, “plans”, “projected” or “schedu led” 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: preliminary gold production for 4Q and full year 2024, both on a consolidated basis and
by mine; expectations to pour the one millionth ounce at the Lamaque Complex and the timing thereof; expected
production trends at Kisladag overall and specific expectations for production in Q1 2025; a planned HPGR roll change
at Kisladag and the expected impact thereof; plans to provide a full Skouries project update including the contents
and timing thereof, and generally our strategy, plans and goals and priorities. 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.
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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 assumptions concerning: timing, cost and results o f our construction and development activities,
improvements and exploration; the future price of gold and other commodities; exchange rates; anticipated values,
costs, expenses and working capital requirements; production and metallurgical recoveries; mine ral reserves and
resources; our ability to unlock the potential of our brownfield property 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, essential 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 effectiveness, 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 l egal climate that we operate in (including shipping delays, shipping
price increases, or impacts on the global energy market).
With respect to the Skouries project, we have made additional assumptions about the ramp up of construction
personnel on site; labour productivity, rates and expected hours; capital spend rates; our ability to obtain and maintain
all required approvals and permits in a timely manner, both overall and specifically, in relation to equipment, people
mobility and power; expected scope of project management frameworks; the timeliness of shipping for important or
critical items; our ability to continue to access our project funding and remain in compliance with all covenants and
contractual commitments in relation thereto; comple tion of required archaeological investigations, the future price of
gold, copper and other commodities; inflation rates; the broader community engagement and social climate in respect
of the Skouries project; and generally, our ability to continue to execute our plans relating to Skouries on the existing
project timeline and consistent with the current planned project scope.
Even though our management believes that the assumptions made and the 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. With
respect to the upcoming Skouries update discussed in this news release, there can be no assurance that the
information contained in the update (whether with respect to the updated capital cost estimate, project schedules or
other information in respect of the project) will be accurate or will not require further updates in the future.
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, u ncertainties and other factors include, among others: risks relating to our operations in
foreign jurisdictions; development risks at Skouries and other development projects; community relations and social
license; liquidity and financing risks; climate change; inflation risk; environmental matters including existing or potential
environmental hazards; production and processing, including throughput, recovery and product quality;
geometallurgical variability; waste disposal including a spill, failure or mat erial flow from a tailings facility causing
damage to the environment or surrounding communities; geotechnical and hydrogeological conditions or failures; the
global economic environment; risks relating to any pandemic, epidemic, endemic or similar public health threats;
reliance on a limited number of smelters and off -takers; labour (including in relation to employee/union relations, the
Greek transformation, employee misconduct, key personnel, skilled workforce, expatriates, and contractors);
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 change in credit ratings); government
regulation; the Sarbanes -Oxley Act; commodity price risk; mineral tenure; permits; risks relating to environmental
sustainability and governance practices and performance; financial reporting (including relating to the carrying value
of our assets and changes in reporting standards); non-governmental organizations; corruption, bribery and sanctions;
information and operational technology systems; litigation and contracts; estimation of mineral reserves and mineral
resources; different standards used to prepare and report mineral reserves an d mineral resources; credit risk; price
volatility, volume fluctuations and dilution risk in respect of our shares; actions of activist shareholders; reliance on
infrastructure, commodities and consumables (including power and water); currency risk; intere st rate risk; tax
matters; dividends; reclamation and long -term obligations; acquisitions, including integration risks, and dispositions;
regulated substances; necessary equipment; co-ownership of our properties; the unavailability of insurance; conflicts
of interest; compliance with privacy legislation; reputational issues; competition as well as those risk factors discussed
in the sections titled “Forward -looking information and risks” and “Risk factors in our business” in our most recent
Annual Information Form & Form 40 -F. The reader is directed to carefully review the detailed risk d iscussion in our
most recent Annual Information Form & Form 40 -F filed on SEDAR and EDGAR under our Company name, which
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discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that
affect our 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 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 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 and you are
referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities
regulatory authorities in Canada and the U.S.
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 conta ined in this news release and verifying the technical 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 Lamaque Complex.
Data verification was completed through a site by site internal control process which confirmed ounces produced to
internal reporting systems.