ELD.TO · 2022-02-24 12:00:00

Eldorado Gold Reports Strong 2021 Year-End and Fourth Quarter Financial and Operational Results; Meets 2021 Production and Cost Guidance; and Delivers on Key Organic Growth Projects

Production Results Financials

NEWS RELEASE

TSX: ELD NYSE: EGO February 24, 2022

Eldorado Gold Reports Strong 2021 Year-End and Fourth Quarter Financial

and Operational Results; Meets 2021 Production and Cost Guidance; and

Delivers on Key Organic Growth Projects

VANCOUVER, BC - Eldorado Gold Corporation, (“Eldorado” or “the Company”) today reports the Company’s

financial and operational results for the fourth quarter and year ended December 31, 2021. For further information

please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis filed on

SEDAR at www.sedar.com under the Company’s profile.

Q4 2021 and Full-Year Highlights

Operations

• Strong gold production at the upper end of the increased guidance range : 122,582 ounces in Q4

2021, and 475,850 ounces in 2021, driven by Kisladag and Lamaque.

• Cash operating costs (1) within 2021 guidance range : $571 per ounce sold in Q4 2021, and $626 per

ounce sold in 2021. A significant decrease in cash operating costs at Olympias in Q4 2021 was related to

higher average gold grades and higher by-product credits.

• All-in sustaining costs (1) within 2021 guidance range: $1,077 per ounce sold in Q4 2021, and $1,069

per ounce sold in 2021.

• Total capital expenditures: $82.1 million in Q4 2021, and $282.1 million in 2021. Growth capital (1) of

$130.4 million in 2021 was primarily focused at Kisladag and Lamaque.

• 2022 Outlook: We expect production in the first half of the year to be lower than in the second half due to

the ramp-up of the high-pressure grinding rolls ("HPGR") circuit at Kisladag, weather challenges in Turkey

and Greece, and the impact of the COVID-19 Omicron variant across our operations . We remain confident

that we will deliver within our 2022 production guidance range.

Financial

• Solid production drove strong cash flow from operating activities, before changes in non-cash

working capital(1): $116.7 million in Q4 2021, and $374.8 million in 2021.

• Free cash flow(1): $23.1 million in Q4 2021; and $62.4 million in 2021.

• Cash and cash equivalents: $481.3 million, as at December 31, 2021.

• Adjusted EBITDA(1): $126.1 million in Q4 2021, and $444.2 million in 2021.

• Net earnings (loss): $43.1 million loss or $0.24 loss per share in Q4 2021, and $10.8 million or $0.06 per

share in 2021. Net loss in Q4 2021 was driven by higher income tax expense related to the weakening of

the Turkish Lira in the quarter, unrealized foreign exchange gains, and impairment loss and asset write-

down related to the closure of Stratoni.

• Adjusted net earnings (1): $25.1 million or $0.14 per share in Q4 2021, and $119.3 million or $0.66 per

share in 2021. Adjusted net earnings in 2021 removes non-cash losses on foreign exchange due to the

translation of deferred tax balances, finance costs related to debt refinancing, and impairment losses and

asset write-downs related to the closure of Stratoni, including deferred tax expense resulting from the

closure.

(1) These measures are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS measures have been incorporated by

reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios'

in Eldorado's December 31, 2021 MD&A.

Growth

• Skouries Feasibility Study: In December 2021, Eldorado completed the Skouries Feasibility reflecting

robust economics of 19% after-tax Internal Rate of Return ("IRR") and $1.3 billion after-tax Net Present

Value ("NPV") (5%), based on long-term prices of $1,500 per ounce gold and $3.85 per pound copper.

• Successfully delivered on two key growth projects: In Q4 2021, the Triangle-Sigma decline at Lamaque

was completed on budget and on schedule, and the construction and wet-commissioning of the HPGR

circuit at Kisladag was completed on budget and, to a large extent, in line with schedule.

Corporate

• Amended Investment Agreement in Greece: In February 2021, the company entered into an amended

Investment Agreement with the Hellenic Republic to the govern the further development, construction and

operation of the Kassandra Mines and provide necessary investor protections to advance the next phase of

growth in Greece.

• Corporate Debt Refinancing: In Q3 2021, the Company completed a new $500 million Senior Notes

offering and amended its Senior Secured Credit Facility. Together they provide the Company greater

financial flexibility to pursue a broader range of financing alternatives for the development of Skouries and

the Kassandra Mines in Greece.

• Acquisition of QMX Gold: In April 2021, the Company acquired QMX Gold Corporation (TSX-V:QMX),

increasing our footprint in the Abitibi Greenstone Belt by 550% and adding a potential pipeline of organic

growth opportunities proximal to Lamaque.

• Sale of Tocantinzinho ("TZ"): In October 2021, the company sold its TZ project, in Brazil, to G Mining

Ventures Corp (TSX-V: GMIN). Under the term of the agreement, Eldorado received upfront cash

consideration of $20 million and 19.9% of GMIN shares, plus deferred cash consideration of $60 million

payable on the first anniversary of commercial production from TZ.

“2021 was a foundational year for Eldorado,” said George Burns, Eldorado’s Present and Chief Executive Officer. “I

am tremendously proud of the hard work and dedication of our global teams in delivering exceptional value for the

business and our stakeholders while maintaining a high degree of safety. Across our four operating mines, we

produced over 475,000 ounces of gold, which was at the top-end of our increased guidance range, and we

achieved cost guidance across the board,” added Burns.

“Furthermore, during the year, Eldorado delivered on several key milestones, including the completion of the

Skouries Feasibility Study on our development project in Greece; the completion of two key growth projects at

Kisladag, in Turkey, and Lamaque, in Canada; the sale of the Tocantinzinho project in Brazil, while also retaining

meaningful exposure to future value creation through our equity stake in G Mining Ventures Corp; the acquisition of

QMX Gold, which expands our footprint in the prolific Abitibi region; and executing on robust exploration programs

that support our organic growth.”

“As we look to 2022, we see three key value drivers for Eldorado. Starting with Quebec, earlier today we published

the results of the Lamaque Technical Study, which clearly demonstrates the future value of Ormaque and the

deeper Triangle zones and improves the NPV from the initial 2018 PFS tremendously. The strategic acquisition of

Lamaque in 2017 has allowed Eldorado to build a dominant presence in the Abitibi region, and we are looking

forward to operating in the region for years to come. Second, completion of the Skouries Feasibility Study is a

critical milestone and will allow the company to advance financing alternatives for the project. Lastly, in Turkey, work

continues at Kisladag to expand and optimize the mine. The north leach pad expansion is expected to be completed

mid-year, and we expect to realize benefits of increased recovery rates as a result of the recently commissioned

HPGR.”

Consolidated Financial and Operational Highlights

Summarized Annual Financial Results

Continuing operations (9) 2021 2020 2019

Revenue (1) $940.9 $1,026.7 $617.8

Gold revenue (1,2) $838.6 $938.3 $530.9

Gold produced (oz) (3) 475,850 528,874 395,331

Gold sold (oz) (1) 472,307 526,406 374,902

Average realized gold price ($/oz sold) (5) $1,775 $1,783 $1,416

Production costs 449.7 445.2 334.9

Cash operating costs ($/oz sold) (5) 626 560 608

Total cash costs ($/oz sold) (5) 715 649 645

All-in sustaining costs ($/oz sold) (5) 1,069 921 1,034

Net earnings for the period (4,5,7) 10.8 131.1 73.1

Net earnings per share – basic ($/share) (4,5,7) 0.06 0.77 0.46

Adjusted net earnings (4,5,6,7,8) 119.3 194.3 10.2

Adjusted net earnings per share ($/share) (4,5,6,7,8) 0.66 1.14 0.06

Cash flow from operating activities before changes in working capital (5,8) 374.8 438.5 186.5

Free cash flow (5,8) 62.4 268.7 3.0

Cash, cash equivalents and term deposits 481.3 511.0 181.0

(1) Excludes sales of inventory mined at Lamaque during the pre-commercial production period (Q2 2019).

(2) See Note 30 of our Consolidated Financial Statements for further details.

(3) Includes pre-commercial production at Lamaque (Q1 2019)

(4) Attributable to shareholders of the Company.

(5) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided in the MD&A

accompanying Eldorado’s financial statements filed from time to time on SEDAR at www.sedar.com.

(6) 2019 amounts have been adjusted to conform with 2021 and 2020 presentation by excluding adjustments relating to normal course gains on disposal of

assets ($7.4 million) and inventory write-downs ($2.5 million). Adjusted net earnings as originally presented in 2019 were $5.6 million ($0.04 per share).

(7) 2020 and 2019 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant

and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements

(8) 2020 and 2019 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as

a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

(9) Amounts presented are from continuing operations only and exclude the Brazil Segment. See Note 7 of our Consolidated Financial Statements.

Summarized Quarterly Financial Results

2021 Continuing Operations(1) Q1 Q2 Q3 Q4 2021

Revenue $224.6 $233.2 $238.4 $244.6 $940.9

Gold revenue (2) $195.7 $209.5 $221.5 $212.0 $838.6

Gold produced (oz) 111,742 116,067 125,459 122,582 475,850

Gold sold (oz) 113,594 114,140 125,189 119,384 472,307

Average realized gold price ($/oz sold) (3) $1,723 $1,835 $1,769 $1,776 $1,775

Production costs 108.6 112.8 110.2 118.2 449.7

Cash operating cost ($/oz sold) (3,4) 641 645 646 571 626

Total cash cost ($/oz sold) (3,4) 687 746 743 681 715

All-in sustaining cost ($/oz sold) (3,4) 986 1,074 1,133 1,077 1,069

Net earnings (loss) (5,6) 14.3 31.0 8.5 (43.1) 10.8

Net earnings (loss) per share – basic ($/share) (5,6) 0.08 0.17 0.05 (0.24) 0.06

Adjusted net earnings (3,5,6) 25.2 29.1 39.9 25.1 119.3

Adjusted net earnings per share ($/share) (3,5,6) 0.14 0.16 0.22 0.14 0.66

Cash flow from operating activities before changes in working capital (3,7) 81.2 75.9 101.0 116.7 374.8

Free cash flow (3,7) 33.4 (23.7) 29.7 23.1 62.4

Cash, cash equivalents and term deposits 533.8 410.7 439.3 481.3 481.3

2020 Continuing Operations(1) Q1 Q2 Q3 Q4 2020

Revenue $204.7 $255.9 $287.6 $278.5 $1,026.7

Gold revenue (2) $185.4 $235.0 $264.3 $253.7 $938.3

Gold produced (oz) 115,950 137,782 136,922 138,220 528,874

Gold sold (oz) 116,219 134,960 137,704 137,523 526,406

Average realized gold price ($/oz sold) (3) $1,580 $1,726 $1,919 $1,845 $1,783

Production costs 101.4 109.5 117.4 117.0 445.2

Cash operating cost ($/oz sold) (3,4) 627 550 537 536 560

Total cash cost ($/oz sold) (3,4) 678 616 664 640 649

All-in sustaining cost ($/oz sold) (3,4) 952 859 918 959 921

Net earnings (5,6) 4.5 50.6 46.0 30.0 131.1

Net earnings per share – basic ($/share) (5,6) 0.03 0.30 0.26 0.17 0.77

Adjusted net earnings (3,5,6) 16.4 47.9 63.6 66.4 194.3

Adjusted net earnings per share ($/share) (3,5,6) 0.10 0.28 0.37 0.38 1.14

Cash flow from operating activities before changes in working capital (3,7) 74.0 117.3 135.1 112.1 438.5

Free cash flow (3,7) 9.6 81.1 114.7 63.4 268.7

Cash, cash equivalents and term deposits 363.6 440.3 504.4 511.0 511.0

(1) Amounts presented are from continuing operations only and exclude the Brazil Segment. See Note 7 of our Consolidated Financial Statements.

(2) See Note 30 of our Consolidated Financial Statements for further details.

(3) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided in the MD&A

accompanying Eldorado’s financial statements filed from time to time on SEDAR at www.sedar.com.

(4) By-product revenues are off-set against cash operating costs.

(5) Attributable to shareholders of the Company.

(6) 2020, Q1-Q2 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property,

plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

(7) 2020, Q1-Q2 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows

as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

Gold sales in 2021 totaled 472,307 ounces, a decrease of 10% from 526,406 ounces in 2020. The lower sales

volume in 2021 compared with the prior year primarily reflected a decrease of 51,033 ounces sold at Kisladag due

to planned lower average grade. There was also a decrease of 5,582 ounces sold at Efemcukuru due to a change

in the structure of concentrate sales contracts, a decrease of 6,608 ounces sold at Olympias due to lower

processing volumes, and an increase of 9,124 ounces sold at Lamaque due to increased tonnes mined and

processed. Gold sales were 119,384 ounces in Q4 2021, a decrease of 13% from 137,523 ounces in Q4 2020, due

in part to decreased production at Kisladag as a result of the HPGR commissioning.

Total revenue was $940.9 million in 2021, a decrease of 8% from total revenue of $1,026.7 million in 2020. Total

revenue was $244.6 million in Q4 2021 , a decrease of 12% from total revenue of $278.5 million in Q4 2020.

Decreases in both periods were primarily due to lower sales volumes combined with lower average realized gold

prices.

Cash operating costs in 2021 averaged $626 per ounce sold, an increase from $560 per ounce sold in 2020. In Q4

2021, cash operating costs averaged $571 per ounce sold, an increase from $536 per ounce sold in Q4 2020.

Increases in both periods were primarily due to lower grade ore mined and processed at Kisladag, resulting in fewer

ounces produced and sold. These increases were partly offset by a reduction in cash operating costs per ounce

sold at Olympias, and to a lesser extent Efemcukuru . A significant decrease in cash operating costs per ounce sold

at Olympias in Q4 2021 was primarily a result of higher average gold grades, combined with higher silver and base

metal sales, which reduce cash operating costs as by-product credits.

Net earnings attributable to shareholders from continuing operations were $10.8 million ($0.06 per share) in 2021,

compared to $131.1 million ($0.77 per share) in 2020 and net loss was $43.1 million ($0.24 per share) in Q4 2021,

compared to $30.0 million ($0.17 per share) in Q4 2020. Decreases in both periods reflect lower production and

sales volumes, lower average realized gold prices, higher finance costs related to the debt refinancing, and higher

income tax expense.

Adjusted net earnings were $119.3 million ($0.66 per share) in 2021, compared to $194.3 million ($1.14 per share)

in 2020. Adjusted net earnings in 2021 removes, among other things, a $54.6 million loss on foreign exchange due

to translation of deferred tax balance, $31.1 million of finance costs related to debt refinancing, and $30.8 million of

impairment losses and asset write-downs related to the closure of Stratoni, including deferred tax expense resulting

from the closure.

Lower sales volumes in 2021, combined with a lower gold price, resulted in EBITDA of $423.5 million, including

$103.8 million in Q4 2021. Adjusted EBITDA (1) of $444.2 million in 2021 and $126.1 million in Q4 2021 exclude,

among other things, $17.4 million of impairment losses and asset write-downs related to the closure of Stratoni.

Operations Update and Outlook

Gold Operations

3 months ended December 31, 12 months ended December 31,

2021 2020 2021 2020 2022 Outlook

Total

Ounces produced 122,582 138,220 475,850 528,874 460,000 – 490,000

Ounces sold 119,384 137,523 472,307 526,406 n/a

Production costs $118.2 $117.0 $449.7 $445.2 n/a

Cash operating costs ($/oz sold) (1) $571 $536 $626 $560 $640 – 690

All-in sustaining costs ($/oz sold) (1) $1,077 $959 $1,069 $921 $1,075 – 1,175

Sustaining capital expenditures (1) $33.8 $29.0 $113.1 $92.4 $118 – 138

Kisladag

Ounces produced 33,136 56,816 174,365 226,475 145,000 – 155,000

Ounces sold 33,269 55,807 175,862 226,895 n/a

Production costs $28.8 $34.1 $122.6 $129.3 n/a

Cash operating costs ($/oz sold) (1) $737 $447 $583 $451 $690 – 740

All-in sustaining costs ($/oz sold) (1) $977 $732 $797 $664 n/a

Sustaining capital expenditures (1) $4.0 $6.5 $18.6 $20.1 $14 – 19

Lamaque

Ounces produced 51,354 44,168 153,201 144,141 165,000 – 175,000

Ounces sold 50,257 44,990 151,393 142,269 n/a

Production costs $26.7 $24.0 $99.0 $78.3 n/a

Cash operating costs ($/oz sold) (1) $482 $503 $616 $522 $620 – 670

All-in sustaining costs ($/oz sold) (1) $815 $789 $1,017 $827 n/a

Sustaining capital expenditures (1) $13.4 $9.8 $47.3 $32.9 $55 – 60

Efemcukuru

Ounces produced 22,631 25,828 92,707 99,835 85,000 – 90,000

Ounces sold 21,797 24,956 92,758 98,340 n/a

Production costs $18.1 $17.4 $67.2 $72.6 n/a

Cash operating costs ($/oz sold) (1) $606 $493 $551 $556 $600 – 650

All-in sustaining costs ($/oz sold) (1) $1,104 $989 $901 $918 n/a

Sustaining capital expenditures (1) $6.4 $7.3 $18.0 $19.1 $15 – 20

Olympias

Ounces produced 15,461 11,408 55,577 58,423 65,000 – 75,000

Ounces sold 14,061 11,770 52,294 58,902 n/a

Production costs $28.1 $27.6 $113.4 $113.4 n/a

Cash operating costs ($/oz sold) (1) $441 $1,166 $930 $1,078 $650 – 700

All-in sustaining costs ($/oz sold) (1) $1,467 $1,768 $1,715 $1,541 n/a

Sustaining capital expenditures (1) $10.1 $5.5 $29.1 $20.2 $34 – 39

(1) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided in the MD&A

accompanying Eldorado’s financial statements filed from time to time on SEDAR at www.sedar.com.

Kisladag

Kisladag produced 174,365 ounces of gold in 2021, a decrease of 23% from 226,475 ounces in 2020. The decrease

was the result of a planned shift to lower-grade ore through 2021 as compared to 2020. As expected, average grade

declined in 2021 to 0.75 grams per tonne, as compared to an average grade of 1.00 grams per tonne in 2020, and

is expected to remain at reduced levels in 2022. Tonnes placed on the heap leach pad were reduced in Q4 2021 by

the commissioning of the HPGR circuit during the quarter. The lower tonnage placed on the heap leach pad in Q4

2021 is expected to reduce gold production in Q1 2022 . Construction and wet commissioning of the HPGR circuit

was completed in December, and we are now ramping up production and metallurgical adjustments. To date, the

HPGR circuit performance is meeting our expectations and our team continues to balance ore agglomeration and

tonnes placed with leach kinetics to obtain optimal performance.

Cash operating costs per ounce sold increased to $583 in 2021 from $451 in 2020 and was primarily due to lower

production and sales as a result of the lower average grade of ore placed on the leach pad throughout 2021. Cash

operating costs per ounce sold increased to $737 in Q4 2021 from $447 in Q4 2020 primarily as a result of lower

production in the quarter.

AISC per ounce sold increased to $797 in 2021 from $664 in 2020 and to $977 in Q4 2021 from $732 in Q4 2020.

Increases in both periods were primarily due to higher cash operating costs per ounce sold, partly offset by lower

sustaining capital expenditure. Sustaining capital expenditure(1) of $18.6 million in 2021, including $4.0 million in Q4

2021, related primarily to mine equipment overhauls and process infrastructure upgrades.

Growth capital expenditures were $89.9 million in 2021, including $19.0 million in Q4 2021. Growth capital in 2021

included construction of the HPGR circuit, waste stripping to support the mine life extension and construction of the

first phase of the north heap leach pad, which is expected to be available for stacking in mid-2022.

Lamaque

Lamaque produced 153,201 ounces of gold in 2021, a 6% increase from 144,141 ounces in 2020. The increase in

gold production reflects higher throughput throughout the year, which offset planned lower grades. Average grade

was 6.54 grams per tonne in 2021 and benefited from mining higher-grade stopes in Q4 2021 resulting in average

grade of 9.16 grams per tonne in the quarter. Tonnes processed in the year increased 17% from 2020 as a result of

increased underground development and the ability to process higher volumes, a result from ongoing successful

debottlenecking of the mill. Production of 51,354 ounces of gold in Q4 2021 increased 16% from 44,168 ounces in

Q4 2020 primarily due to higher grade and recovery rates.

Cash operating costs per ounce sold increased to $616 in 2021 from $522 in 2020 and primarily reflect the planned

shift to lower-grade ore. Cash operating costs decreased in the quarter to $482 in Q4 2021 from $503 in Q4 2020

as a result of higher average grade and increased processing volumes.

AISC per ounce sold increased to $1,017 in 2021 from $827 in 2020 and to $815 in Q4 2021 from $789 in Q4 2020

with increases in both periods reflecting higher sustaining capital expenditure. Sustaining capital expenditure of

$47.3 million in 2021, including $13.4 million in Q4 2021 , related primarily to underground development and

underground infrastructure improvements.

Growth capital expenditure totalled $35.2 million in 2021, including $9.1 million in Q4 2021, and primarily related to

the development of the underground decline from the Sigma mill to the Triangle mine, which was completed in Q4

2021. The decline is expected to reduce operating costs, reduce greenhouse gas emissions, and provide access for

underground drill platforms for Ormaque, Plug 4, and other exploration targets in the prospective corridor between

the Triangle mine and the Sigma mill.

Efemcukuru

Efemcukuru produced 92,707 payable ounces of gold in 2021, a 7% decrease from 99,835 payable ounces in 2020.

The decrease reflects lower average grade in 2021, combined with reduced effective rates for payable ounces to

reflect the structure of concentrate sales contracts in 2021. The majority of sales contracts in 2021 had reduced

effective rates for payable ounces that were offset by the elimination of treatment charges and other deductions

blended in the reduced effective rate for those contracts.

(1) These measures are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS measures have been incorporated by

reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and

Ratios' in Eldorado's December 31, 2021 MD&A.

Cash operating costs per ounce sold improved slightly to $551 in 2021, from $556 in 2020 and reflected lower

selling costs due to the change in structure of concentrate sales contracts, as well as lower costs resulting from the

weakening of the Turkish Lira during 2021. Cash operating costs per ounce sold increased to $606 in Q4 2021 from

$493 in Q4 2020 primarily due to processing lower grade ore.

AISC per ounce sold improved to $901 in 2021 from $918 in 2020 reflecting lower cash operating costs per ounce

sold and lower sustaining capital expenditure. AISC per ounce sold increased to $1,104 in Q4 2021 from $989 in Q4

2020 reflecting the increase in cash operating costs per ounce sold.

Sustaining capital expenditure of $18.0 million in 2021, including $6.4 million in Q4 2021 , related primarily to

underground development and equipment rebuilds and replacements.

Olympias

Olympias produced 55,577 ounces of gold in 2021, a 5% decrease from 58,423 ounces in 2020 and reflecting lower

processing volumes as a result of lower mining rates. Gold production of 15,461 ounces in Q4 2021 increased from

11,408 in Q4 2020 as a result of higher grade ore processed in the quarter, despite lower processing volumes.

Lead, silver and zinc production were also higher in Q4 2021 as compared to Q4 2020, reflecting higher average

grades. Operations at Olympias continued to be negatively affected in 2021 by low productivity as the Company

progresses through transformation efforts at its Kassandra mines, targeting efficiency and productivity

improvements. These efficiency initiatives, coupled with positive grade reconciliation, resulted in higher fourth

quarter production at Olympias to end the year. Discussions with stakeholders are ongoing and are expected to lead

to sustainable improvement.

Cash operating costs per ounce sold decreased to $930 in 2021 from $1,078 in 2020 and to $441 in Q4 2021 from

$1,166 in Q4 2020. Decreases in both periods were the result of higher base metal revenue, which reduces cash

operating costs as by-product credits. The significant decrease in cash operating costs per ounce sold in Q4 2021

is the result of a higher proportion of silver and base metal revenue in the quarter, combined with higher gold

production due to the higher average gold grade.

AISC per ounce sold increased to $1,715 in 2021 from $1,541 in 2020 as a result of increased sustaining capital

expenditure, which was partly offset by lower cash operating costs per ounce sold. AISC per ounce sold decreased

to $1,467 in Q4 2021 from $1,768 in Q4 2020 as a result of lower cash operating costs per ounce sold in the

quarter, partly offset by higher sustaining capital expenditure.

Sustaining capital expenditure increased to $29.1 million in 2021 from $20.2 million in 2020 and to $10.1 million in

Q4 2021 from $5.5 million in Q4 2020. Spending in both periods primarily included underground development,

tailings facility construction and underground infrastructure improvements. Growth capital expenditure of $5.3 million

in 2021 included processing upgrades.

For further information on the Company’s operating results for the year-end and fourth quarter of 2021, please see

the Company’s Management’s Discussion and Analysis filed on SEDAR at www.sedar.com under the Company’s

profile.

Conference Call

A conference call to discuss the details of the Company’s Fourth Quarter and Year-End 2021 Results and the

Lamaque Technical Study will be held by senior management on Friday, February 25, 2022 at 8:30 AM PT (11:30

AM ET). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via

this link: http://services.choruscall.ca/links/eldoradogold20220225.html

Conference Call Details Replay (available until April 1, 2022)

Date: February 25, 2022 Toronto: +1 604.638.9010

Time: 8:30 am PT (11:30 am ET) Toll Free: +1 800.319.6413

Dial in: +1 604.638.5340 Access code: 8299

Toll free: +1 800.319.4610

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