Eldorado Gold Provides 2026 Guidance; Three-Year Outlook Targets 40% Gold Production Growth; Skouries Construction Update
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NEWS RELEASE
TSX: ELD NYSE: EGO February 19, 2026
Eldorado Gold Provides 2026 Guidance;
Three-Year Outlook Targets 40% Gold Production Growth;
Skouries Construction Update
(All dollar figures are in US dollars, unless otherwise stated)
VANCOUVER, BC - Eldorado Gold Corporation (“Eldorado” or “the Company”) today provides 2026 production and
cost guidance, together with a three-year production outlook that reflects the Company’s near-term growth profile and
step-change to a higher steady-state production level from 2027 onward. Consolidated 2026 cost guidance includes
the Company’s current operating mines: the Lamaque Complex, Kisladag, Efemcukuru and Olympias. Cost guidance
for Skouries is presented separately. First concentrate production at Skouries has been delayed by approximately
one quarter to early Q3 2026, with commercial production expected in Q4 2026. As Skouries advances through ramp-
up and reaches commercial production, the Company expects to provide updated consolidated cost guidance.
2026 Guidance Highlights
• Total gold production (1,2) of 490,000 to 590,000 ounces, representing an 11% increase from 2025 gold
production (assuming the mid-point of the range).
• Operations
o Gold production(2) of 430,000 to 490,000 ounces
o Total cash costs(2,3) of $1,220 to $1,420 per ounce sold
o All-in sustaining costs (“AISC”)(3) of $1,670 to $1,870 per ounce sold
o Growth capital(3) at operations of $375 to $405 million
o Sustaining capital(3) of $140 to $165 million
o Other growth capital (3) of approximately $6 5 million, consisting of $50 million towards GHG
mitigation projects and $15 million towards advancement of Perama Hill
• Skouries
o Gold production(1) of 60,000 to 100,000 ounces
o Copper production(1) of 20 to 40 million pounds
o AISC(3,4) of ($100) to $200 per ounce sold
o Construction project capital of $175 to $185 million (including an additional $50 million related to
the delay in first concentrate production)
o Accelerated operational capital of $80 to $90 million
o Post-commercial production growth capital(3,4) of $35 to $45 million
o Sustaining capital(3,4) of $20 to $35 million
• Exploration expenditures of $75 to $85 million, focused on resource conversion drilling at the Lamaque
Complex and Olympias, as well as resource growth and discovery programs in Canada, Turkiye and Greece.
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3-Year Outlook Highlights
The three-year outlook reflects a n exciting inflection to significant cash generation in the second half of 2026, with
Skouries transitioning into production. This positions the Company to unlock the full growth potential of the operation
in 2027 when Eldorado is expected to achieve a new steady-state production profile, representing approximately 40%
growth in gold production compared to 2025.
Year Gold Production (oz) Change vs 2025 Copper Production (lbs)
2026 490,000 – 590,000(1,2) ~11% increase 20 – 40 million(1)
2027 620,000 – 720,000 ~40% increase 50 – 70 million
2028 640,000 – 740,000 ~41% increase 50 – 80 million
“We are entering 2026 with exceptional momentum,” said George Burn s, Chief Executive Officer. “ While we have
experienced near-term adjustments to the Skouries schedule as we work through commissioning and ramp up, the
fundamentals of the project remain excellent and demonstrate a strong cash flow yielding operation for the next few
decades. Bringing Skouries online is an important milestone that fundamentally reshapes our cash generation,
production profile and cost structure. In addition, a cross our portfolio, we continue to advance key initiatives that
support a step change in growth, operational performance and long-term value creation.
At Kisladag, installation of a larger secondary crusher later this year is expected to unlock throughput debottlenecking
opportunities, while completion of the geometallurgical study will help inform future mining phases and evaluate the
potential benefits of additional HPGR screening. At Olympias, the expansion to 650 ktpa remains on track for
completion in the second half of the year, positioning the operation for higher production volumes and improved unit
costs as it enters its next phase. At the Lamaque Complex, development of Ormaque is accelerating as we transition
from bulk sample completion to full -scale mine development , supporting sustained production growth across the
complex.
With gold production expected to increase by approximately 40% in 2027, complemented by the addition of
meaningful copper production, Eldorado will enter a period of substantial free cash flow generation. Free cash flow
growth is driven by higher production volumes and improved margins with the addition of long-life, low-cost production
from Skouries, and is supported by a stable portfolio of high performing operations.”
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Detailed 2026 Production and Cost Guidance
2026 Guidance(5)
Lamaque
Complex Kisladag Efemcukuru(7) Olympias(7,8) Skouries
Project(9) Total(10)
Production Gold (000’ oz) 185 – 200(2) 105 – 130 70 – 80 70 – 80 60 – 100(1) 490 – 590(1,2)
Copper (M lb) 20 – 40(1) 20 – 40(1)
Silver (000’ oz) 1,550 – 1,750 1,550 – 1,750
Lead (000’ t) 15 – 18 15 – 18
Zinc (000’ t) 16 – 19 16 – 19
Tonnes Processed (millions) 0.95 – 1.00 12.5 – 13.5 0.53 – 0.55 0.51 – 0.54 2.0 – 3.5
Gold Grade (g/t) 6.0 – 6.5 0.5 – 0.6 4.5 – 5.0 7.5 – 8.0 1.0 – 1.2
Operations
Total Cash
Costs(3) ($/oz
sold)
790 – 990 1,830 – 2,080 1,680 – 1,880 1,030 – 1,230 1,220 – 1,420
All-in
Sustaining
Costs(3) ($/oz
sold)
1,160 – 1,360 2,100 – 2,350 2,010 – 2,210 1,370 – 1,570 1,670 – 1,870
Skouries All-in
Sustaining
Costs(3) ($/oz
sold)
(100) – 200 (100) – 200
Capital Expenditures ($ millions)
Operations
Sustaining(3) 70 – 80 25 – 30 20 – 25 25 – 30 140 – 165
Growth(3,6) 180 – 190 130 – 140 25 – 30 40 – 45 375 – 405
Skouries
Project Capital 175 – 185 175 – 185
Accelerated
Operational 80 – 90 80 – 90
Growth(3,11) 35 – 45 35 – 45
Sustaining(3,11) 20 – 35 20 – 35
Total gold production in 2026 is expected to be second-half weighted, with approximately 65% in H2 2026, driven by
the ramp -up of Skouries , the ramp -up at Olympias and the impact of mine waste stripping and grade profile at
Kisladag.
Total cash costs (3) in 2026 for the operations are expected to be between $ 1,220 and $1,420 per ounce sold and
AISC(3) for the operations of between $1,670 and $1,870 per ounce sold. The expected increase in 2026 costs is
driven by forecasted higher labour costs as a result of inflation (particularly in Turkiye), increased sustaining capital
and higher royalty expense, partially offset by higher by-product credits.
Exploration and evaluation expenditures are expected to be between $75 and $85 million in 2026, comprising $57 to
$65 million of expensed and capitalized sustaining exploration and $18 to $20 million of exploration included in growth
capital. General and administrative expenses are expected to be between $40 and $45 million in 202 6, and
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depreciation expense, excluding Skouries, is expected to be between $240 and $260 million. Skouries depreciation
expense is expected to be between $15 and $35 million.
CANADA
Lamaque Complex
For 2026, production guidance at the Lamaque Complex is expected to be between 185,000 and 200,000 ounces,
reflecting a wider range to account for the potential early start of Ormaque , contingent on receiving the operating
permit. In 2026, the focus remains on the development of Ormaque and further resource conversion drilling at both
Triangle and Ormaque.
Total cash costs and all -in sustaining costs per ounce sold are expected to increase primarily due to higher direct
operating costs associated with the deepening of the Triangle mine. Additionally, increases are expected as a result
of increased labour costs, reagents and consumables to support the Ormaque ramp-up. Costs will also be impacted
by a weaker foreign exchange rate and increased royalties reflecting the continued high gold prices.
Sustaining capital expenditures for 2026 are expected to range between $70 and $80 million, lower than in 2025 due
to the reclassification of ramp development at Triangle to growth capital. Sustaining expenditures include continued
development at Triangle, delineation drilling, major equipment replacement, and refurbishment and work on the Sigma
tailing storage facility.
Growth capital for 2026 is expected to range between $180 and $190 million, and primarily covers development,
infrastructure and the fleet for Ormaque; construction of the paste plant ; capital development for the Triangle ramp;
construction of the North Basin, and the purchase of additional battery electric vehicles (BEVs) for the Triangle mine.
TURKIYE
Kisladag
In 2026, production guidance at Kisladag is expected between 105,000 and 130,000 ounces. The higher metal price
environment has opened up significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity
to move from a $1,700 to a $2 ,100 pit shell, which is expected to open up the western area of the pit and support
resource expansion. To facilitate this opportunity and assist in resolving ongoing geotechnical challenges in the open
pit, we expect to increase waste stripping in 2026 by 6 to 8 million tonnes. The mine optimization plan is expected to
be beneficial in the long-term by improved balancing of ore and waste movement and supporting consistent year-
over-year performance.
The focus during 2026 is also on advancing key growth initiatives. A larger secondary crusher, ordered in 2025 , is
scheduled for delivery and installation by Q4 2026 and is expected to facilitate operational debottlenecking and reduce
wear on the HPGR. The geometallurgical study to characterize future mining phases and evaluate the potential
benefits of additional screening for the HPGR is on track for completion in the first half of 2026 . The two large
agglomeration drums, ordered in January, are expected to be delivered and installed in 2027 . These upgrades are
anticipated to enhance permeability, improve leach kinetics and shorten the leach cycle time , unlocking additional
value.
Total cash costs and all-in sustaining costs per ounce sold are expected to be impacted by inflation not currently being
fully offset by the depreciation of the Lira against the US dollar , and increased royalties due to the anticipated
continuation of high gold prices.
Planned 2026, sustaining capital of between $25 and $30 million primarily includes capitalized overhaul, inter-lifts
within the North Heap Leach Pad and geometallurgical drilling. Planned 202 6 growth capital of between $130 and
$140 million includes the continuation of the capitalized waste stripping campaign , the whole ore agglomeration
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construction, the phased expansion of the North Heap Leach Pad , and expansion of the carbon in leach (CIC)
capacity.
Efemcukuru
In 2026, production guidance of 70,000 to 80,000 ounces is similar to the previously guided range. Total cash costs
and all-in sustaining costs per ounce sold are expected to be negatively impacted by increased labour costs and
electricity costs. Higher labour costs are expected as a result of inflation not currently being fully offset by the
depreciation of the Lira against the US dollar , in addition to increase in hiring for Kokarpinar development . Higher
costs are also expected as a result of increased royalties due to the anticipated continuation of high gold prices .
Planned sustaining capital expenditures of between $20 and $25 million for 2026 includes underground development
and equipment purchases. The planned growth capital of between $25 and $30 million for 202 6 is expected to be
primarily focused on development and infrastructure for expansion of the Kokarpinar vein system including portal
construction and development of the Bati vein systems. Additionally, it is expected that the mine will transition to self-
performance for capital development activities.
GREECE
Olympias
In 202 6, production guidance of 70,000 to 80,000 ounces at Olympias is an increase in production from 2025 ,
reflecting the commissioning and ramp -up of the 650 ktpa plant in the second half of the year . However, some
engineering delays have slightly reduced the 2026 guidance from the previously guided range. Operational focus will
be to execute the plan , while closely manag ing feed blends to balance mineral load and paste dilution which can
impact performance of the flotation circuit.
The site’s focus will also remain on driving sustainable improvements and long-term success through the continuation
of the comprehensive site rejuvenation program. This includes modernizing and optimizing the process plant and
surrounding infrastructure, as well as implementing a targeted leadership and skill development program to strengthen
capabilities across all levels of the organization
Total cash costs and all-in sustaining costs per ounce sold are expected to be positively impacted by increased metal
production and improved payability contracts. Continued quarter to quarter variability in AISC and total cash costs are
expected due to by-product credits from timing of by-product concentrate shipments.
Planned 2026 sustaining capital expenditures of between $25 and $30 million include underground mine development
and management of the Kokkinolakas tailings management facility. Planned 2026 growth capital of $40 to $45 million
is primarily focused around the mill expansion to support the ramp-up to 650 ktpa , capitalized development and a
resource conversion drilling program.
Skouries
First concentrate production is slightly delayed and is now expected in early Q3 2026 and commercial production in
Q4 2026. The delay is estimated to have an approximately $50 million impact on the construction capital.
The slight delay to first concentrate and commercial production timing is due to:
(i) The need to replace cyclone feed pump variable speed drive capacitors in the process plant main mill
discharge cyclone feed, which experienced moisture damage during storage . Temporary replacement
equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3
2026.
(ii) Power line connection delays have resulted from a slower than expected approval of the detailed
engineering, and delayed the ramp -up of the subcontractor. Prior to commissioning final electrical
regulatory authority approval requires completion of inspection and energization protocols .
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The project team is actively implementing mitigation measures across all work areas to minimize the impact to the
schedule and cost, and to support a safe and orderly start -up. Skouries is a multi-decade project that is projected to
deliver positive cashflow and value from the second half of 2026 onwards.
Three-Year Outlook Overview:
Eldorado’s strategy is focused on delivering consistent, low -risk production from long -life assets while driving a
step-change in cash flow generation through disciplined growth, underpinned by the commencement of commercial
production at Skouries in 2026 and the ad dition of copper , a critical metal, as a high -margin, value -enhancing
contributor to the existing portfolio.
Highlights:
• Gold production of between 640,000 and 740,000 ounces by 2028, resulting in growth of 41% over the three-
year period compared to 2025 production.
• Continued focus on exploration to unlock the outstanding potential for new resources within the existing
mineral tenure of our mine sites and near-mine property portfolio, supporting the generation and drill testing
of new targets for organic discovery, and assessment of new opportunities in Eldorado’s core jurisdictions.
2026(1,2) 2027 2028 2025 Actual
Gold Production (000’ oz)
Lamaque Complex 185 – 200(2) 190 – 210 190 – 210 187
Kisladag 105 – 130 140 – 160 140 – 160 169
Efemcukuru 70 – 80 65 – 80 65 – 80 72
Olympias 70 – 80 75 – 90 75 – 90 60
Skouries 60 – 100(1) 150 – 180 170 – 200
Total Gold Production 490 – 590 620 – 720 640 – 740 488
Copper Production (Mlbs)
Total Copper Production
Skouries 20 – 40 50 – 70 50 – 80
Silver Production (000’ oz)
Total Silver Production
Olympias 1,550 – 1,750 1,700 – 1,900 1,450 – 1,650 1,083
Lead Production (kt)
Total Lead Production
Olympias 15 – 18 17 – 20 14 – 17 10
Zinc Production (t)
Total Zinc Production
Olympias 16 – 19 19 – 22 17 – 20 10
Footnotes
(1) Production includes pre-commercial production and commercial production from Skouries which is expected in Q4 2026.
(2) Includes production anticipated from Ormaque, dependent on permitting.
(3) 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 news release and in the section ‘ Non-IFRS and Other
Financial Measures and Ratios’ of Eldorado’s December 31, 2025 MD&A.
(4) Skouries AISC, growth capital and sustaining capital post commercial production.
(5) Guidance provided is for existing Eldorado Gold assets only.
(6) Includes capitalized exploration at the Lamaque Complex, Efemcukuru, and Olympias.
(7) Payable metal produced.
(8) Olympias by-product grades: Silver: 100 – 130 g/t; Zinc: 4.6 – 5.1%; Lead: 3.8 – 4.3%.
(9) Skouries Copper grades: 0.5 - 0.7%.
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(10) Totals may not add based on the averaging of costs.
(11) Skouries Growth and Sustaining Capital following commercial production (expected in Q4).
2026 Assumptions and Sensitivities
Commodity and Currency Price
Assumptions
Gold ($/oz) 4,000
Silver ($/oz) 45.00
Copper ($/lb) 5.00
Lead ($/mt) 2,050
Zinc ($/mt) 2,600
USD : CDN 1 : 1.33
EUR : USD 1 : 1.17
USD : TRY 1 : 46.00
(1) EUR / USD expected to be 1:1.15 in H1 and 1:1.20 in H2 2026.
(2) USD / TRY expected to be 1:43 in Q1, 1:45 in Q2, 1:47 in Q3, and 1:49 in Q4 2026
Sensitivities 2026 Change Operating Sites Local
Currency Exposure
Operating Sites AISC
($/oz sold)
Gold Price $4,000 $500 ~$60
USD / CDN 1 : 1.33 0.05 90% ~$20
EUR / USD 1 : 1.175 0.05 85% ~$15
Hedges
Based on the Company’s current assumptions underlying its 2026 cost estimates, approximately 50% of the total
Canadian dollar operating expense exposure for 2026 is hedged (providing protection against adverse exchange rate
movement below an average floor of USD/CDN 1.30 while allowing participation in exchange rate movement up to
an average of USD/CDN 1.41), and approximately 50% of the total Euro exposure for Olympias operating expense
for 2026 is hedged (providing protection against adverse exchange rate movements above an average floor of
EUR/USD 1.25, while allowing participation in exchange rate movements down to an average of EUR/USD 1.15).
Current hedging positions are not factored into 2026 or future guidance.
Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is
the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of
the scientific or technical information contained in this news release and for 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 N ational Instrument 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.
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About Eldorado
Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Greece
and Turkiye. 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
Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS financial measures and ratios are included in this news release, including total cash costs, all -in
sustaining cost ("AISC"), growth capital costs, and sustaining capital costs. The Company believes that these
measures and ratios, in addition to conventional measures and ratios prepared in accordance with Internation al
Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance
of the Company. The non-IFRS and other financial measures and ratios are intended to provide additional information
and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in
accordance with IFRS. These measures and ratios do not have any standardized meaning p rescribed under IFRS,
and therefore may not be comparable to other issuers.
With respect to the non-IFRS measures disclosed in this news release, the Company defines them as follows:
Total Cash Costs
We define total cash costs following the recommendations of the Gold Institute Production Cost Standard. The
production cost standard developed by the Gold Institute remains the generally accepted standard of reporting total
cash costs of production by gold mining companies. Total cash costs include direct operating costs (including mining,
processing and administration), refining and selling costs (including treatment, refining and transportation charges
and other concentrate deductions), and royalty payme nts, but exclude depreciation and amortization, share based
payments expenses and reclamation costs. Revenue from sales of by-products including silver, lead and zinc reduce
total cash costs.
All-In Sustaining Costs (AISC)
We define AISC based on the definition set out by the World Gold Council, including the updated guidance note dated
November 14, 2018. We define AISC as the sum of total cash costs (as defined above), sustaining capital expenditure
relating to current operations (including capitalized stripping and underground mine development), sustaining leases
(cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized
evaluation costs), reclamation cost accret ion and amortization related to current gold operations and corporate and
allocated general and administrative expenses. Corporate and allocated general and administrative expenses include
general and administrative expenses, share -based payments and defin ed benefit pension plan expense. Corporate
and allocated general and administrative expenses do not include non -cash depreciation. As this measure seeks to