Eldorado Gold Provides Skouries Project Update; 2025 Detailed Company Production & Cost Guidance; Updated Three-Year Growth Profile; Conference Call Details
1
NEWS RELEASE
TSX: ELD NYSE: EGO February 5, 2025
Eldorado Gold Provides Skouries Project Update;
2025 Detailed Company Production & Cost Guidance;
Updated Three-Year Growth Profile; Conference Call Details
(All dollar figures are in US dollars, unless otherwise stated)
VANCOUVER, BC - Eldorado Gold Corporation (“Eldorado” or “the Company”) today provides an update on the
construction progress at its copper-gold Skouries Project (“Skouries” or the “Project”), detailed 2025 production and
cost guidance, and three-year production outlook.
As previously disclosed, labour market tightness in Greece, particularly pronounced in construction, has continued to
limit the availability of key construction personnel at Skouries, resulting in a slower ramp -up of the workforce and
delayed progress in certain areas of the Project. To address these constraints, Eldorado recently undertook, and has
now completed, a comprehensive bottom -up analysis to evaluate, and where possible , mitigate their impact on the
Project schedule and costs. This analysis included an optimization of the production plan, which is now expected to
provide earlier access to higher grade ore through early start-up of mining operations and to facilitate efficient process
plant commissioning.
First production at Skouries is now expected in the first quarter of 2026, followed by commercial production expected
in mid-2026. The revised Project capital cost estimate incorporates an increase of approximately $1 43 million or
15.5% over prior capital cost estimates, to a total of approximately $1.06 billion. In addition, the Company expects to
complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile
mining equipment (originally expected to be purchased post commercial production), resulting in $1 54 million of
accelerated operational capital prior to commercial production.
The revised schedule and cost estimates remain sensitive to a successful workforce ramp up, with a target of
maintaining approximately 1,300 workers on site through the peak of construction activities. The Company continues
to make progress, achieving a daily on-site total of approximately 1,150 workers at the end of January. The workforce
risk will remain after ramping up to the required personnel, as the Company continues integrating and managing
diverse skill sets (concrete, mechanical, electrical and control systems) needed to support the unfolding work fronts.
As of December 31, 2024, the Company has incurred approximately $512 million of capital expenditures at Skouries,
with approximately $7 05 million of remaining expenditures expected to achieve commercial production, including
accelerated operational capital.
The Company maintains a strong financial position, with approximately $ 857 million of cash and cash equivalents (1)
and total liquidity(2) of approximately $1.1 billion as of December 31, 2024. The project remains fully funded through
a combination of our balance sheet and remaining undrawn amounts under the Company’s Skouries Project finance
facility. Year-end liquidity has been further augmented by the divestment of our G Mining Ventures holding in January
2025 for proceeds of $155 million.
(1) Cash position reflects the Company’s cash balance and cash equivalents. Amounts are unaudited.
(2) Total liquidity includes the cash balance and availability on the senior secured facility. Amounts are unaudited.
2
“While we have revised the start-up and cost estimates, we remain confident in Skouries’ long-term value, highlighted
by an initial 20-year mine life that is expected to have a transformational impact on our production and cost s,” said
George Burns, President and CEO. “ Skouries will increase our operational scale and strengthen our foundation for
sustainable growth and long-term value. We continue to operate responsibly and sustainably and the Skouries Project
will continue to be a significant contributor to the Greek economy and local communities, with hundreds of jobs and
significant social investments for the people of the Aristotle Municipality.
“Our updated 2025 gold production guidance is expected to be between 460,000 and 500,000 ounces. This has been
lowered from our prior outlook provided in 2024 to reflect the change in initial production at Skouries from the third
quarter of 2025 to the first quarter of 2026. In addition, guidance at both Kisladag and Olympias has been lowered
compared to our prior 2025 guidance provided in 2024. At Kisladag, expected production has been impacted by longer
than planned leach cycles and lower grade stacked. At Olympias, production guidance has been impacted by a delay
in mill expansion commissioning to 650 ktpa and unscheduled maintenance of the gold concentrate filters.
“Our costs have increased due to wage pressures in Turkiye and Quebec and increased royalties across the global
portfolio due to the anticipated continuation of high er gold prices. In Turkiye, the increase is primarily the result of
inflation not currently being fully offset by the depreciation of the Lira against the US dollar. At the Lamaque Complex
the increase is primarily the result of wage pressure from a competitive labour market in Quebec and deepening of
the mine and lower grade in the top of Lower Triangle.”
Skouries Cost Variance
The revised cost estimates reflect a mid-2026 commercial production date with variances allocated to either Project
Capital or Accelerated Operational Capital.
Table 1. Skouries Project –Cost Estimates ($Millions)
Category
Previous Revised Incurred Remaining
Estimate Estimate (Dec-31-24) (Dec-31-24)
Project Capital 920 1,063 505 558
Accelerated Operational
Capital 0 154 7 147
Total Capital and Cost 920 1,217 512 705
Project Capital
The Project Capital cost variance relates primarily to:
• Indirect Costs : Certain fixed monthly costs, such as those associated with the owner's team, EPCM,
insurance, and general administration, will be incurred over an extended construction period.
• Quantity of Materials: Higher expected quantities of materials such as concrete, steel, and piping, identified
during completion of detailed engineering in compliance with Greek engineering standards.
• Other: Escalation in the unit rates from the construction contractors and other items.
Table 2. Project Capital – Variance from Previous Estimate ($Millions)
Category Variance
Indirect Costs 86
Materials 36
Other 21
Total Variance 143
3
Accelerated Operational Capital
The Company has reviewed and optimized the open pit and underground mine start -up and production plans. With
commercial production now expected in mid-2026, the Company expects to incur additional mining costs through to
commercial production of approximately $154 million. These accelerated operational capital costs reflect the following:
• Pre-Commercial Mining: The Company continues to progress the operationalization of mining activities and
expects to complete additional pre-commercial production mining in both the open pit and underground mines
ahead of commercial production. This will provide better continuity of our mining teams and faster access to
higher-grade ore, enabling the mill to process higher -quality material during 2026. This plan is expected to
deliver gold and copper production volumes in 2026 in line with prior guidance.
• Open Pit: Trade-off studies for the open pit mine support a faster transition from contract mining to an owner-
operated model. This has accelerated the purchase of higher capacity mobile mining equipment, including
five Cat 777 haul trucks and three additional load ing units. The combination of these larger 100 -tonne haul
trucks versus the 20-tonne haul truck fleet being required for construction of civil works and switching to an
owner-operated model is expected to increase overall efficiency and lower life of mine unit costs. The studies
also support transitioning from a two-phase to a four-phase open pit, accelerating access to higher grade ore
while optimizing waste stripping.
• Underground: Underground development is progressing well with a leading European contractor, which is
also deploying a multi-year training program to develop the local workforce and enhance large-stope mining
capability. The longer period of underground mining prior to commercial production provides additional time
to complete the required development metres, which, combined with the completion of test stoping , derisks
overall production plans. As previously guided, test stoping is expected to be completed within 2025.
Table 3. Accelerated Operational Capital ($Millions)
Category Estimate
Mining Equipment 47
Mining & Mobile Maintenance 67
Other 40
Total Variance 154
Project Status
As of December 31, 2024, phase 2 of the Project was 60% complete. D etailed engineering and procurement were
substantially complete.
4
2025 Production and Cost Guidance
2025 Guidance
Lamaque
Complex Kisladag Efemcukuru(3) Olympias(3,4) Skouries
Project Total
Gold Production
(000’ oz)
170 – 180 160 – 170 70 – 80 60 – 70 460 – 500
Silver Production
(000’ oz)
1,300 – 1,500 1,300 – 1,500
Lead Production
(000’ t)
12 – 15 12 – 15
Zinc Production
(000’ t)
12 – 15 12 – 15
Tonnes Processed
(millions) 0.95 – 1.00 13.20 – 13.60 0.53 – 0.55 0.50 – 0.52
Gold Grade
(g/t) 5.50 – 6.20 0.65 – 0.75 4.80 – 5.30 7.50 – 8.50
Total Cash Costs(1)
($/oz sold)
790 – 890 1,020 – 1,120 1,300 – 1,400 1,020 – 1,120 980 – 1,080(5)
All-in Sustaining Costs(1)
($/oz sold)
1,290 – 1,390 1,200 – 1,300 1,560 – 1,660 1,280 – 1,380 1,370 – 1,470(5)
Capital Expenditures
($ millions)
Sustaining Capital(1) 85 – 95 25 – 30 15 – 20 20 – 25 145 – 170
Operations - Growth
Capital(1,2)
70 – 75 115 – 125 15 – 20 45 – 50 245 - 270
Operations -
Sustaining and Growth
Capital(1,2)
155 – 170 140 – 155 30 – 40 65 – 75 390 – 440
Skouries -
Construction Project
Capital(1)
400 – 450 400 - 450
Skouries - Accelerated
Operational Capital(1) 80 – 100 80 - 100
(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 in the section titled ‘Non-IFRS and Other
Financial Measures and Ratios.’
(2) Includes capitalized exploration at the Lamaque Complex and Efemcukuru.
(3) Payable metal produced.
(4) Olympias by-product grades: Silver: 90 – 120 g/t; Zinc: 4.0 – 4.5%; Lead: 3.5 – 4.0%.
(5) Totals may not add based on the averaging of costs.
Gold production in 2025 is expected to be between 460,000 and 500,000 ounces which reflects the following:
• First production from Skouries in 2026 rather than 2025.
• At Kisladag, expected production has been impacted by longer than planned leach cycles and lower grade
stacked.
• At Olympias, expected production has been impacted by a delay in mill expansion commissioning to 650ktpa,
and unscheduled maintenance of the gold concentrate filters.
Similar to prior years, quarter -to-quarter gold production in 202 5 is expected to fluctuate with higher production
expected in the second half as a result of ore grade variability across the portfolio and the impact of winter conditions
at Kisladag.
Total cash costs(1) in 2025 are expected to be between $9 80 and $1,080 per ounce sold and an average AISC (1) of
$1,370 to $1,470 per ounce sold. The expected increase in 2025 costs is driven by forecasted higher labour costs as
a result of inflation particularly in Turkiye, as well as lower production, increased sustaining capital and higher royalty
expense, partially offset by higher by-product credits.
5
(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 pre ss release and in the section
‘Non-IFRS and Other Financial Measures and Ratios.’
Exploration and evaluation expenditures are expected to be between $29 and $32 million in 2025, with 88% expensed,
and 12% capitalized. General and administrative expenses are expected to be between $35 and $38 million in 2025,
and depreciation expense is expected to be between $250 and $270 million.
OPERATING MINES:
CANADA
Lamaque Complex
In 202 5, production guidance of 170,000 to 180,000 ounces at the Lamaque Complex is unchanged from the
previously guided range. In 2025, the focus remains on further resource conversion drilling at Triangle and Ormaque
and the completion of a second bulk sample.
Total cash costs and all-in sustaining costs per ounce sold are expected to increase as a result of the deepening of
the mine and lower grade in the top of Lower Triangle , in addition to increased labour costs as a result of wage
pressures due to the tight labour market in Quebec and increased royalties due to the anticipated continuation of
higher gold prices.
Sustaining capital expenditures of between $85 and $95 million for 202 5 are expected to include significant
underground mine development and resource conversion drilling at the Triangle deposit , as we target the C8 zone.
Expected growth capital of between $70 and $75 million for 2025 primarily includes development and infrastructure
to access the Ormaque deposit, construction of the North Basin, a new water basin that is expected to extend the life
of the Sigma tailings storage facility and construction of the paste plant.
TURKIYE
Kisladag
In 2025, production guidance of 160,000 to 170,000 ounces at Kisladag is slightly lower than the previously guided
range of 175,000 to 185,000 ounces, primarily due to lower grade as a result of recent mine plan optimization adjusting
to avoid an area of local cultural significance. Also, as previously disclosed in the third quarter of 2024, the Company
has incorporated the longer leach cycle and coarse ore particle performance in its guidance. The Company continues
to focus on irrigation optimization efforts , which have demonstrated positive results on gold inventory reduction ,
partially offsetting the longer leach cycle. In addition, an engineering study is underway to confirm optimal recovery,
leach kinetics and process throughput and is expected to be completed in mid-2025.
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 2025 sustaining capital of between $25 and $30 million includes the increased total material that is expected
to be moved (+2.6Mt) as the Company transitions from Phase 4 to Phase 5 and begin pre -stripping of Phase 6,
resulting in h igher demand from the mobile fleet and related equipment overhauls. Planned 2025 growth capital of
between $115 and $125 million includes the continuation of the capitalized waste stripping campaign and the phased
expansion of the North Heap Leach Pad, in addition to capital for the engineering study and long lead items.
Efemcukuru
In 2025, production guidance of 70,000 to 80,000 ounces is unchanged from 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, and increased royalties due to the anticipated continuation of high gold
prices.
6
Planned sustaining capital expenditures of between $15 and $20 million for 2025 includes underground development
and equipment purchases. The planned growth capital of between $15 and $20 million for 202 5 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 , foll owing the additional two-year mine life extension
announced in December 2024.
GREECE
Olympias
In 2025, production guidance of 60,000 to 70,000 ounces at Olympias is expected to be lower than the prior guidance
due a delay in mill expansion commissioning to 650ktpa and unscheduled maintenance of the gold concentrate filters.
Total cash costs and all-in sustaining costs per ounce sold are expected to be positively impacted by increased by -
product metal sales partially offset by increased royalties due to the anticipated continuation of high gold prices .
Continued quarter to quarter variability in AISC and total cash costs is expected due to by-product credits from timing
of by-product concentrate shipments.
Planned 2025 sustaining capital expenditures of between $20 and $25 million include underground mine development
and management of the Kokkinolakas tailings management facility. Planned 2025 growth capital of $45 to $50 million
is primarily focused around the mill expansion to support the ramp-up to 650 ktpa , capitalized development and a
resource conversion drilling program.
Three-Year Outlook Overview:
• Gold production of between 660,000 and 720,000 ounces by 2027, resulting in growth of 33% over the three-
year period compared to 2024 production.
o Delivering consistent safe production from robust long-life assets.
o Unlocking mineral value across the portfolio through expansion and development.
o Skouries commercial production in mid-2026.
o Addition of copper, a critical mineral to the portfolio.
• Continued focus on exploration to unlock the outstanding potential of the Company’s brownfield property
portfolio and to the identification and development of new opportunities in Eldorado’s focus jurisdictions.
2025 2026 (2) 2027 2024 Actual
Gold Production (000’ oz)
Lamaque Complex 170 – 180(1) 180 – 190 175 – 185 197
Kisladag 160 – 170 135 – 145 165 – 175 174
Efemcukuru 70 – 80 75 – 85 70 – 80 80
Olympias 60 – 70 80 – 90 80 – 90 70
Skouries 135 – 155(2) 170 – 190
Total Gold Production 460 – 500 605 – 665 660 – 720 520
Copper Production (Mlbs)
Total Copper Production
Skouries 45 – 60 60 – 80
Silver Production (000’ oz)
Total Silver Production
Olympias 1,300 – 1,500 1,550 – 1,750 1,750 – 1,950
Lead Production (t)
Total Lead Production
Olympias 12,000 – 15,000 15,000 – 18,000 17,000 – 20,000
7
Zinc Production (t)
Total Zinc Production
Olympias 12,000 – 15,000 18,000 – 21,000 19,000 – 22,000
(1) Includes expected production ounces from the second bulk sample process at Ormaque.
(2) Includes expected pre-commercial production from Skouries. Skouries’ commercial production is expected in mid-2026.
2025 Assumptions and Sensitivities
Commodity and Currency Price
Assumptions
Gold ($/oz) 2,300
Silver ($/oz) 28.00
Lead ($/mt) 2,050
Zinc ($/mt) 2,700
USD : CDN 1 : 1.33
EUR : USD 1 : 1.05
USD : TRY (Q1) 1 : 35.00
USD : TRY (Q2) 1 : 37.00
USD : TRY (Q3) 1 : 39.00
USD : TRY (Q4) 1 : 41.00
Sensitivities 2025 Change Operating Sites Local
Currency Exposure AISC ($/oz sold)
Gold Price $2,300 $100 ~8
USD : CDN 1 : 1.33 $0.05 90% ~20
EUR : USD 1 : 1.05 $0.05 95% ~15
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.
8
Conference Call
Senior management will host a conference call to discuss the details of the Company’s Skouries Project Update and
Guidance on Thursday, February 6, 2025 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed
at Eldorado’s website: www.eldoradogold.com or via this link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=hXu5PtUk
Participants may elect to pre -register for the conference call via this link:
https://dpregister.com/sreg/10196352/fe619f1800. 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.
Conference Call Details Replay (available until March 20, 2025)
Date: Thursday, February 6, 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: 1502892
Toll free: 1 844 763 8274
About Eldorado
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, 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 co nsidered in isolation or as a substitute for measures or ratios of performance prepared in