Progress continues on the construction of the crusher building structure. The concrete has advanced to the final elevation above the foundation with the final wall lifts advancing. The primary crusher is assembled in position and work is underway on cable tray and internal structural steel stairways and platforms. Conveyor foundations between the primary crusher and process plant, inclusive of the coarse ore stockpile are complete. The stockpile dome foundation is expected to be complete in November, and pre-assembly of the stockpile dome has commenced. Conveyor pre-assembly is advancing and conveyor support steel installation is underway. The first of the three reclaim feeders and associated chute work has been installed and pre-assembly continues on the remaining two reclaim feeders.

Construction of the three tailings thickeners progressed on plan during the quarter. Water testing of the first two thickeners has been completed, and piping installations have commenced as the pipe rack installations are completed. Work is advancing on the associated infrastructure with the pumphouse building piping and electrical work underway, and tank installations in the flocculant building. The thickeners secondary substation building is in the final interior finishing stage with electrical installations planned to start in Q4 2025.

The open pit mine has ramped up operations and at the end of Q3 2025 was operating with three (of four) crews. At the end of Q3 there was approximately 349,000 tonnes of open pit and underground ore on stockpile, containing approximately 9,800 oz of gold and 2.7 million pounds of copper. Grade control drilling covering 75% of the Phase 1 open pit has been completed. Operational readiness efforts are ongoing in Safety, Asset Management, Processing, and Supply Chain areas. Middle management for key positions in open pit mining and mobile maintenance have been recruited and onboarded with supervisory capacity bolstered in Q3 2025.

• A progress update video can be found here: https://youtu.be/waouAaGe0kY
• To view a time lapse of the filtered tailing plant installation, please visit: https://youtu.be/30VNjFdE7A8
• Photos of the construction progress at Skouries can be viewed and downloaded via this link:
  https://eldoradogold.getbynder.com/web/986401909b13dafe/q3-2025-skouries-project-progress/
  
  

Production costs increased to $164.1 million in Q3 2025 from $141.2 million in Q3 2024 and to $474.6 million in the nine months ended September 30, 2025 from $392.0 million in the nine months ended September 30, 2024. Increases in both periods were driven by increases in royalties, accounting for approximately 30% of the increase to production costs. The remainder relates primarily to rising labour costs in Turkiye where cost inflation continues to outpace the devaluation of local currency, as well as at Lamaque, where additional costs were incurred in labour and contractors due to the deepening of the production centre of the Triangle Mine, which results in increased haulage distance, equipment and personnel requirements.

Production costs include royalty expense, which increased to $28.8 million in Q3 2025 from $21.0 million in Q3 2024 and increased to $79.6 million in the nine months ended September 30, 2025 from $53.0 million in the nine months ended September 30, 2024. In Turkiye, royalties are calculated on revenue less certain costs associated with ore haulage, mineral processing and related depreciation, on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. Effective July 24, 2025, amendments to Turkish Mining Law were enacted, which included changes to the base rate table for state royalties on gold metal sales. The price-linked sliding scale of royalty rates has broadened with increasing rate bands, with the highest band at a maximum gold price of $5,101/oz, an expansion from the previous maximum of $2,101/oz. In Greece, royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and the EUR/USD exchange rate.

Eldorado reported net earnings attributable to shareholders from continuing operations of $56.5 million ($0.28 earnings per share) in Q3 2025 compared to net earnings of $101.1 million ($0.49 earnings per share) in Q3 2024 and net earnings of $267.5 million ($1.31 earnings per share) in the nine months ended September 30, 2025 compared to net earnings of $192.7 million ($0.95 earnings per share) in the nine months ended September 30, 2024. The decrease in net earnings in the three months ended was primarily due to a one-time $60.0 million gain on deferred consideration recognized in Q3 2024, despite higher earnings from operations. The increase in net earnings in the nine months ended is due to higher earnings from operations from higher average realized gold prices, partially offset by higher production costs. Earnings from both periods in 2025 were lowered by losses on derivative instruments.

Adjusted net earnings⁵ was $82.3 million ($0.41 adjusted earnings per share) in Q3 2025 compared to adjusted net earnings of $71.0 million ($0.35 adjusted earnings per share) in Q3 2024. Adjustments in Q3 2025 include a $22.2 million unrealized loss on derivative instruments, primarily from gold commodity swaps related to the Term Facility and a $3.7 million loss on foreign exchange due to the translation of deferred tax balances. Adjustments of non-recurring items in Q3 2024, among other things, included a $50.1 million gain on deferred consideration net of tax, and $33.1 million unrealized loss on derivative instruments.

Adjusted net earnings⁵ was $228.8 million ($1.12 adjusted earnings per share) in the nine months ended September 30, 2025 compared to adjusted net earnings of $192.9 million ($0.95 adjusted earnings per share) in the nine months ended September 30, 2024. Adjustments of non-recurring items in the nine months ended 2025, among other things, include a $73.5 million recovery on one-time recognition of a deferred tax asset, a $66.8 million unrealized loss on derivative instruments, and a $22.6 million gain on foreign exchange due to the translation of deferred tax balances. Adjustments of non-recurring items in the nine months ended 2024, among other things, included a $50.1 million gain on deferred consideration net of tax, and $61.9 million unrealized loss on derivative instruments.

Kisladag produced 37,184 ounces of gold in Q3 2025, a 9% decrease from 41,084 ounces in Q3 2024. The decrease was primarily due to less tonnes placed on the pad and lower grades stacked during prior periods in 2025 compared to 2024, as well as the placement of ore on a test pad for the whole ore agglomeration project in the quarter. Lower tonnes were mined in Q3 2025 compared to Q3 2024 primarily due to lower than planned equipment availability and short-term resequencing of the mine plan. Combined with lower grades of 0.70 grams per tonne in Q3 2025 from 0.86 grams per tonne in Q3 2024, this resulted in lower recoverable ounces stacked in the quarter.

Production costs increased to $50.1 million in Q3 2025 from $37.3 million in Q3 2024, primarily due to higher royalty expense from higher average realized gold prices, increased royalty rates effective in Q3 2025, rising labour costs and costs of local services which were mainly driven by inflation exceeding the devaluation of local currency. Higher production costs combined with lower ounces sold resulted in total cash costs per ounce increasing to $1,309 in Q3 2025 from $899 in Q3 2024.

Sustaining capital expenditures were $7.3 million in Q3 2025 and $16.0 million in the nine months ended September 30, 2025, which primarily included equipment rebuilds and heap leach pad interlifts. Growth capital investment of $27.1 million and $70.1 million in the three and nine months ended September 30, 2025 was primarily for waste stripping and associated equipment costs to support mine life and continued construction of the second phase of the North Heap Leach Pad.

Following a comprehensive technical and economic assessment, with a focus on capital discipline, whole ore agglomeration was decoupled from additional screening for the high pressure grinding rolls ("HPGR"). This allows for the full implementation of the whole ore agglomeration circuit, which is being advanced. The investment is expected to be approximately $35 million, and is expected to enhance permeability, improve kinetics, and shorten the leach cycle. Procurement of long-lead items is scheduled to begin in Q4 2025, with installation of the agglomeration drums targeted for 2027.

Sustaining capital expenditures of $19.2 million in Q3 2025 and $67.3 million in the nine months ended September 30, 2025 primarily included underground development, delineation drilling, equipment rebuilds and expenditure on mobile equipment. Growth capital investment of $18.5 million in Q3 2025 and $47.5 million in the nine months ended September 30, 2025 was primarily related to the Ormaque development, construction of the north basin water management structure, procurement of the paste plant, as well as resource conversion drilling.

Production costs increased to $32.3 million in Q3 2025 from $26.4 million in Q3 2024, primarily due to higher royalty expense as a result of higher gold price and increased royalty rates in Turkiye effective in Q3 2025. Higher direct operating costs, including labour, were driven by inflation exceeding the devaluation of local currency. The increase in production costs resulted in an increase in total cash costs per ounce sold to $1,522 in Q3 2025 from $1,325 in Q3 2024.

Olympias produced 13,597 ounces of gold in Q3 2025, a decrease from 21,211 ounces in Q3 2024 , driven by lower tonnes milled and lower gold grades. As a result of flotation circuit stability issues earlier in the year, the paste backfill blend was modified to eliminate viscosity modifiers in the backfilled stopes. While plant operations recovered substantially in early Q2, affected stockpiled ore continued to be processed in Q3, and ongoing efforts to minimize negative impacts in the processing circuit were challenged by continued process water chemistry issues, which negatively impacted metal recovery in the quarter. Mitigation measures remain in place; however modest negative impacts on metal recovery may continue to persist as material is processed from affected backfill stopes and affected stockpiles.

Production costs increased to $45.8 million in Q3 2025 from $44.7 million in Q3 2024. While fewer ounces were produced, costs were higher this quarter than Q3 2024 primarily due to the strengthened Euro as well as higher royalties as a result of higher gold prices. These impacts were partially offset by realized gains on Euro foreign currency collar hedges. In addition to higher production costs, lower by-product credits from lower base metal sales resulted in total cash costs per ounce sold increasing to $1,869 in Q3 2025 from $1,210 in Q3 2024.

The mill expansion to 650ktpa (from 500ktpa currently) continued to progress with progressive commissioning and ramp up expected in the second half of 2026.
For further information on the Company's operating results for the third quarter of 2025, please see the Company's MD&A filed on SEDAR+ at www.sedarplus.com under the Company's profile.

A conference call to discuss the details of the Company's Third Quarter 2025 Results will be held by senior management on Friday, October 31, 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=qOUEmw8O

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).

Certain non-IFRS financial measures and ratios are included in this news release, including total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, free cash flow, free cash flow excluding Skouries, and cash flow from operating activities before changes in working capital.

Please see the September 30, 2025 MD&A for explanations and discussion of these non-IFRS and other financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International 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 prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these and other financial measures and ratios have been incorporated by reference and can be found in the section 'Non-IFRS and Other Financial Measures and Ratios' in the September 30, 2025 MD&A available on SEDAR+ at www.sedarplus.com and on the Company's website under the 'Investors' section.

Certain of the statements made and information provided in this news release are forward-looking statements or forward-looking 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", "budgets", "committed", "continue", "estimates", "expects", "focus", "forecasts", "foresee", "forward", "future", "goal", "guidance", "intends", "opportunity", "outlook", "plans", "potential", "schedule", "strategy", "target", "underway", "working" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "can", "could", "likely", "may", "might", "will" or "would" be taken, occur or be achieved.
Forward-looking statements and forward-looking information contained in this news release includes, but is not limited to, statements or information with respect to: 2025 production and cost outlook, including annual production guidance and expected production performance in the second half of the year (for various properties), expected total cash costs per ounce sold, all-in sustaining costs per ounce sold, operations growth capital, sustaining capital, and exploration expenditures; management's views on achieving guidance; management's commitment to returning capital to shareholders; with respect to the Skouries Project; the timing of first production, expected mine life and average annual gold and copper production; timing of commercial production and expected 2026 gold and copper production; expected 2025 project capital spend and accelerated operational capital spend; specific activities and milestones anticipated to occur with respect to construction, development, engineering, procurement and operational readiness; with respect to Kisladag, the decision to proceed with and expected benefits of the whole ore agglomeration project and the timing thereof, expectations for extending mine life and construction of the second phase of the North Heap Leach Pad, timing of the expansion of the secondary crusher circuit, expected timing of results from the geometallurgical study; with respect to the Lamaque Complex, expected development at Ormaque; with respect to Efemcukuru, underground development at Kokarpinar and development at Bati; with respect to Olympias, expectations for the mill expansion and anticipated timing thereof, management's views with respect to impacts on future metal recovery and the underlying causes related thereto; and expected benefits of a site rejuvenation and leadership and skills development; non-IFRS financial measures and ratios; expected metallurgical recoveries and gold price outlook; and generally our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules.

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 of 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; mineral 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 legal climate that we operate in.

More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability and our contractors' ability to recruit and retain labour resources within the required timeline; labour productivity, rates, and expected hours; inflation rates; the expected scope of project management frameworks; our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope (including our anticipated progress regarding the Integrated Extractive Waste Management Facility ("IEWMF") and two underground test stopes); the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries Project.

In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and 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.

Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: development risks at Skouries and other development projects; risks relating to our operations in foreign jurisdictions; risks related to production and processing; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; environmental matters; geotechnical and hydrogeological conditions or failures; waste disposal; mineral tenure; permits; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; 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 changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company's profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic environment; labour (including in relation to employee/union relations, the Greek transformation, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); commodity price risk; default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers; and those risk factors discussed in our 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 & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect our business and operations.

With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production, and further increase to the costs of the Skouries Project. The specific risks, certainties and other factors include, among others: increase the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability, and the ability of our construction contractors to recruit the required number of personnel (both skilled and unskilled) with required skills within the required timelines, and to manage changes to workforce numbers through the construction of the Skouries Project; our ability to recruit personnel having the requisite skills, experience, and ability to work on site; our ability to increase productivity by adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to third-party contractors, including reduced control over aspects of the Company's operations, and/or the ability of contractors to perform at required levels and according to baseline schedules ; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, waste management facilities, and embankments; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations due to protests, non-routine regulatory inspections, road conditions, or labour unrest; unexpected inclement weather and climate events, including short and long duration rainfall and floods; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project; and timely receipt of necessary permits and authorizations. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR:USD exchange rate.

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 United States.

This news release contains information that may constitute future-orientated financial information or financial outlook information (collectively, "FOFI") about Eldorado's prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Eldorado's actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Eldorado has included FOFI in order to provide readers with a more complete perspective on Eldorado's future operations and management's current expectations relating to Eldorado's future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this news release. Unless required by applicable laws, Eldorado does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.

The Company's mineral reserve and mineral resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias, Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes, Certej, and Ormaque, are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic U.S. companies. The reader may not be able to compare the mineral reserve and mineral resources information in this news release with similar information made public by domestic U.S. companies. The reader should not assume that:

• the mineral reserves defined in this news release qualify as reserves under SEC standards
• the measured and indicated mineral resources in this news release will ever be converted to reserves; and
• the inferred mineral resources in this news release are economically mineable, or will ever be upgraded to a higher category.
  

The Company most recently completed its Mineral Reserves and Mineral Resources annual review process with an effective date of September 30, 2024, a summary of which was published on December 11, 2024. In addition, the Company filed the following Amended Technical Report on SEDAR+ and EDGAR in Q1 2025: Amended Technical Report titled "Technical Report, Lamaque Complex, Quebec, Canada" with an effective date of December 31, 2024. The updated Technical Report does not contain any material changes to the Mineral Resources and Mineral Reserves previously published on December 11, 2024.