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eldorado gold NEWS RELEASE TSX : ELD NYSE : EGO April 29 , 2021 Eldorado Gold Reports Q1 2021 Financial and Operational Results VANCOUVER , BC - Eldorado Gold Corporation ( " Eldorado ” or “ the Company " ) today reports the Company's financial and operational results for the first quarter of 2021 . First Quarter 2021 and Subsequent Period Highlights • • • • • • • Q1 2021 production on plan and in line with 2021 annual guidance : Gold production totalled 111,742 ounces in Q1 2021 , in - line with 2021 annual guidance and a decrease of 4 % from Q1 2020 production of 115,950 ounces . Eldorado is maintaining its annual guidance of 430,000 - 460,000 ounces of gold at an all - in sustaining cost of $ 920- $ 1,150 per ounce sold . Amended Investment Agreement ratified : In March 2021 , our Amended Investment Agreement ( " Agreement " ) with the Hellenic Republic was ratified by the Greek parliament and published in the Greek Government Gazette , officially becoming law . The Agreement provides a mutually beneficial and modernized legal and financial framework to allow for investment in the Skouries project and the Olympias and Stratoni mines . Approval for use of dry stack tailings at Skouries : In April 2021 , the Greek Ministry of Energy and Environment approved a modification to the Kassandra Mines Environmental Impact Assessment ( " EIA " ) to allow for the use of dry stack tailings disposal at the Skouries project , which is expected to provide a number of environmental benefits . Planned increase in unit costs due to lower grades : Q1 2021 cash operating costs of $ 641 per ounce sold ( Q1 2020 : $ 627 ) and all - in sustaining costs ( " AISC " ) of $ 986 per ounce sold ( Q1 2020 : $ 952 ) were both negatively impacted by planned lower grades at Kisladag and Lamaque . Continued free cash flow : Net cash from operating activities of $ 90.9 million in Q1 2021 ( Q1 2020 : $ 53.3 million ) benefited from a higher average realized gold price . Free cash flow of $ 24.6 million in Q1 2021 ( Q1 2020 : $ 7.2 million ) also benefited from timing of capital expenditure . Continued strong financial liquidity : The Company currently has $ 533.8 million of cash , cash equivalents and term deposits and $ 99.6 million available under its revolving credit facility . Increased EBITDA : Q1 2021 EBITDA was $ 105.3 million ( Q1 2020 : $ 84.7 million ) and Q1 2021 adjusted EBITDA was $ 108.0 million ( Q1 2020 : $ 90.0 million ) . Adjustments in both periods included , among other things , share based compensation and losses on asset disposals . Net earnings and adjusted net earnings attributable to shareholders : Q1 2021 net earnings attributable to shareholders of the Company was $ 8.3 million or $ 0.05 per share ( Q1 2020 : net loss attributable to shareholders of the Company of $ 4.9 million , or $ 0.03 loss per share ) . Adjusted net earnings attributable to shareholders of the Company in Q1 2021 was $ 21.0 million , or $ 0.12 per share ( Q1 2020 : $ 12.5 million , or $ 0.08 per share ) . 1