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NEWS RELEASE TSX : ELD NYSE : EGO Eldorado Gold Reports Q2 2021 Financial and Operational Results eldorado gold July 29 , 2021 VANCOUVER , BC - Eldorado Gold Corporation ( " Eldorado " or " the Company " ) today reports the Company's financial and operational results for the second quarter of 2021 . • • • • • Quarterly production in line with expectations ; full year 2021 annual guidance : Gold production totalled 116,066 ounces in Q2 2021 , a decrease of 16 % from Q2 2020 production of 137,782 ounces and a 4 % increase over Q1 2021 , driven by a planned shift to lower - grade ore at Kisladag . Eldorado is maintaining its 2021 annual production guidance of 430,000-460,000 ounces of gold at an all - in sustaining cost of $ 920-1,150 per ounce sold . All - in sustaining costs : Q2 2021 all - in sustaining costs of $ 1,074 per ounce of gold sold in the quarter increased from Q2 2020 ( $ 859 per ounce sold ) as a result of lower production in the quarter and increased from Q1 2021 ( $ 986 per ounce sold ) primarily as a result of AISC in that quarter benefiting from a reversal of accrued royalty expense . Net loss and adjusted net earnings attributable to shareholders : Net loss attributable to shareholders of the Company in Q2 2021 was $ 55.7 million , or $ 0.31 loss per share ( Q2 2020 : $ 49.1 million or $ 0.29 earnings per share , Q1 2021 : $ 11.9 million or $ 0.07 earnings per share ) ( ¹ ) . Adjusted net earnings attributable to shareholders of the Company in Q2 2021 were $ 29.3 million , or $ 0.16 earnings per share ( Q2 2020 : $ 47.2 million or $ 0.28 earnings per share , Q1 2021 : $ 24.6 million or $ 0.14 earnings per share ) ( 1 ) . EBITDA : Q2 2021 EBITDA was $ 7.6 million ( Q2 2020 : $ 131.8 million Q2 2020 $ 105.3 million ) and Q2 2021 adjusted EBITDA was $ 101.9 million ( Q2 2020 : $ 135.8 million , Q2 2020 : $ 108.0 million ) . Material adjustments in Q2 2021 included a $ 99.5 million ( $ 89.5 million net of deferred tax ) impairment of the Tocantinzinho project , a non - core gold asset , as a result of a plan to consider selling the project . Free cash flow : Negative free cash flow of $ 36.6 million in Q2 2021 decreased from free cash flow of $ 63.4 million in Q2 2020 as a result of higher capital spend and lower sales . A decrease from free cash flow of $ 24.6 million in Q1 2021 was primarily due to increased growth capital spending , increased tax payments and the timing of royalty and interest payments . We expect free cash flow generation to improve in the second half of 2021 . Financial position : Debt repayments in Q2 2021 included $ 50 million on the Company's revolving credit facility and $ 22 million on the Company's term loan . At June 30 , 2021 , the Company had $ 410.7 million of cash , cash equivalents and term deposits and approximately $ 150 million available under its revolving credit facility . Capital spending : Capital expenditures totalled $ 72.5 million in Q2 2021 ( Q2 2020 : $ 37.1 million , Q1 2021 : $ 64.9 million ) , reflecting a planned increased in growth capital spending and following reduced spending in the prior year due to the novel coronavirus ( " COVID - 19 " ) pandemic . Capital allocation is following a rigorous process to ensure discipline and control at all operations . о At Kisladag , $ 29.4 million investment in the quarter related to waste stripping , construction of the north leach pad to support the mine life extension and installation of a high - pressure grinding roll ( " HPGR " ) circuit , which is expected to improve heap leach recovery with commissioning now scheduled to initiate at the start of Q4 2021 . 1