Page 1

eldorado gold NEWS RELEASE TSX : ELD NYSE : EGO VANCOUVER , BC - Eldorado Gold Reports Q3 2021 Financial and Operational Results October 28 , 2021 Eldorado Gold Corporation ( " Eldorado ” or “ the Company " ) today reports the Company's financial and operational results for the third quarter of 2021 . • Quarterly production exceeds expectations ; increasing full year 2021 annual guidance : Gold production totalled 125,459 ounces in Q3 2021 , a decrease of 8 % from Q3 2020 production of 136,922 ounces driven by a planned shift to lower - grade ore at Kisladag . Gold production in the quarter increased 8 % over Q2 2021. As a result of strong production in the first nine months of 2021 , primarily due to operational improvements at Kisladag , Eldorado is increasing its 2021 annual production guidance by approximately 6 % to 460,000-480,000 ounces of gold . Free cash flow ( 4 ) : Free cash flow from continuing operations of $ 29.7 million in Q3 2021 decreased from free cash flow from continuing operations of $ 114.7 million in Q3 2020 ( 2,3 ) primarily as a result of planned lower production , lower gold prices and planned increased growth and sustaining capital spending . An increase from negative free cash flow of $ 23.7 million in Q2 2021 ( 2,3 ) was primarily due to free cash flow being negatively impacted in the second quarter by the timing of tax and annual royalty payments . We expect free cash flow generation to continue in Q4 2021 . All - in sustaining costs ( 4 ) : Q3 2021 all - in sustaining costs of $ 1,133 per ounce of gold sold in the quarter increased from Q3 2020 ( $ 918 per ounce sold ) as a result of planned lower production in the quarter , higher cash operating costs per ounce and increased sustaining capital expenditure . All - in sustaining costs per ounce of gold sold increased in the quarter from Q2 2021 ( $ 1,074 per ounce sold ) as a result of increased sustaining capital expenditure . We are maintaining our 2021 annual guidance with all - in - sustaining costs of $ 920 - $ 1,150 per ounce sold . Net earnings and adjusted net earnings attributable to shareholders ( 4 ) : Net earnings from continuing operations attributable to shareholders of the Company in Q3 2021 were $ 8.5 million , or $ 0.05 per share ( Q3 2020 : net earnings of $ 46.0 million or $ 0.26 per share , Q2 2021 : net earnings of $ 31.0 million or $ 0.17 per share ) ( 1,3 ) . Adjusted net earnings attributable to shareholders of the Company from continuing operations in Q3 2021 were $ 39.9 million , or $ 0.22 per share ( Q3 2020 : adjusted net earnings of $ 63.6 million or $ 0.37 earnings per share , Q2 2021 : adjusted net earnings of $ 29.1 million or $ 0.16 per share ) ( 1,3 ) . Material adjustments in Q3 2021 included $ 31.1 million of finance costs relating to the Company's debt refinancing in the quarter . EBITDA : Q3 2021 EBITDA from continuing operations was $ 106.6 million ( Q3 2020 : $ 161.0 million , Q2 2021 : $ 106.9 million ) ( 3 ) and Q3 2021 adjusted EBITDA from continuing operations ( 4 ) was $ 108.1 million ( Q3 2020 : $ 164.5 million , Q2 2021 : $ 101.7 million ) ( ³ ) . Capital spending : Capital expenditures totalled $ 64.4 million in Q3 2021 ( Q3 2020 : $ 50.4 million , Q2 2021 : $ 71.6 million ) ( 3 ) , reflecting a planned increase 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 . At Kisladag , $ 17.7 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 in progress and expected to complete in November 2021 . 1