Eldorado Gold Reports Q1 2019 Financial and Operational Results

VANCOUVER, May 02, 2019 - Eldorado Gold Corp. (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the first quarter of 2019.

• Q1 2019 production on plan and reiterating 2019 guidance: Gold production totaled 82,977 ounces in Q1 2019 (Q1 2018: 89,374 ounces) including 19,678 ounces of pre-commercial production from Lamaque. Q1 2019 gold production was on plan and the Company is reiterating its full year production and cost guidance. Despite lower than expected sales volumes during the quarter (see Efemcukuru shipment delays below), gold sales are expected to exceed production during the second quarter and rebalance throughout the remainder of the year.
  
• Commercial production declared at Lamaque: The Company achieved commercial production at Lamaque on March 31, 2019. Lamaque produced 19,678 ounces of pre-commercial production gold in Q1 2019 and is expected to meet production guidance of 100,000–110,000 ounces (including pre-commercial production gold) in 2019. Production at Lamaque is expected to increase to 125,000–135,000 ounces of gold in 2020 and 2021.
  
• Resumption of mining, crushing and placing of ore at Kisladag: The Company announced on April 2, 2019 that mining, crushing and placing of ore on the Kisladag heap leach pad had resumed on April 1, 2019. Further testwork is underway to determine the effects of 250 day leach cycles on recoveries related to the deeper material in the Kisladag open pit, the results of which are expected in late 2019 or early 2020.
  
• Efemcukuru shipment delays: Gold sales at Efemcukuru were lower than expected in Q1 2019 due to a contract dispute with a customer, combined with delays in port shipments as a result of inclement weather. The Company has entered into contracts with alternate customers. Delayed shipments of concentrate (totaling approximately 20,000 ounces) in the first quarter have been partially completed in April, with the remainder expected to be completed throughout Q2 and Q3 of 2019. The shipment delays resulted in lower than expected total revenue in Q1 2019 of $80.0 million (Q1 2018: $131.9 million).
  
• Cash costs higher due to lower sales volumes: Q1 2019 cash operating costs were $625 per ounce sold (Q1 2018: $571) and all-in sustaining costs (“AISC”) were $1,132 per ounce sold (Q1 2018: $878) with lower sales volumes impacting cash operating costs and AISC further impacted by lower sustaining capital expenditures. As noted above, sales volumes in the quarter were impacted by the timing of concentrate shipments at Efemcukuru.
  
• Continued financial liquidity: At the end of Q1 2019 the Company had $227.5 million in cash, cash equivalents and term deposits. The Company also currently has access to $250 million in an undrawn line of credit.

Eldorado’s President and CEO, George Burns, stated: “We achieved two major milestones already this year with the resumption of full operations at Kisladag and the start of commercial operations at Lamaque. It was another solid operating quarter with production ramping up at Lamaque and steady operating performance at Kisladag, Efemcukuru and Olympias. The Company is reaffirming its production and cost guidance and expects to generate significant free cash flow over the next several quarters."

Consolidated Financial and Operational Highlights

1. Excludes sales of inventory produced at Lamaque during the pre-commercial production period.
2. By-product revenues are off-set against cash operating costs.
3. Attributable to shareholders of the Company.
4. These measures are non-IFRS measures. See "Non-IFRS Measures" for additional information.

Gold sales of 43,074 ounces decreased from 86,587 ounces in the first quarter of 2018 due to delays of Efemcukuru concentrate shipments resulting from a contract dispute with a customer, combined with inclement port weather. Sales at Kisladag also continued to be impacted by lower production following the suspension of new ore being stacked on the heap leach pad. These decreases were partially offset by increased sales from Olympias. The delayed shipments at Efemcukuru (totaling approximately 20,000 ounces) in the first quarter have been partially completed in April, with the remainder expected to be completed throughout Q2 and Q3 of 2019. Mining, crushing and stacking ore on the Kisladag heap leach pad resumed on April 1, 2019.

Total revenues decreased to $80.0 million from $131.9 million in the first quarter of 2018 as a result of lower sales volumes, and to a lesser extent, a lower average realized gold price of $1,265 per ounce compared to $1,333 per ounce in the first quarter of 2018.

An increase in average operating cash cost per ounce sold to $625 from $571 in the first quarter of 2018 reflected lower sales volumes at Efemcukuru and increased production costs at Olympias, partially offset by lower production costs at Kisladag as a result of suspending mining operations. Mine standby costs of $8.0 million increased from $2.7 million in the first quarter of 2018 due to the suspension of Kisladag mining and crushing operations in April 2018.

Tax expense of $6.0 million in the quarter reflected earnings at Kisladag, partially offset by deferred tax recoveries. This, combined with lower earnings from mine operations, resulted in a net loss attributable to shareholders of $27.0 million in the quarter ($0.17 loss per share) as compared to net earnings attributable to shareholders in the first quarter of 2018 of $8.7 million ($0.05 per share).

Adjusted net loss was $17.9 million ($0.11 per share) in the quarter, compared to adjusted net earnings of $14.0 million ($0.09 per share) in Q1 2018, also a reflection of lower revenues from lower production and sales, primarily driven by the delayed shipments from Efemcukuru.

Gold Operations

1. Includes pre-commercial production at Lamaque.
2. Excludes sales of inventory produced at Lamaque during the pre-commercial production period.
3. Kisladag resumed mining, crushing and placing ore on the heap leach pad on April 1, 2019. This activity had been suspended since April 2018.
4. Efemcukuru unit costs were impacted by lower ounces sold resulting from delayed shipments in Q1 2019. The delayed shipments represent a timing issue and are expected to be remedied in the following quarters as shipments are completed in Q2 and Q3 2019.
5. Includes pre-commercial sales at Olympias (Q1 2018).
6. These measures are non-IFRS measures. See "Non-IFRS Measures" for additional information.

Gold production of 82,977 ounces was below last year’s first quarter production of 89,374 ounces due to the suspension of new ore being stacked on the Kisladag heap leach pad. This decrease was partially offset by increased production from Efemcukuru and the inclusion of 19,678 ounces from Lamaque during the pre-commercial production period.

Corporate

Management changes that occurred during the quarter included:

• Jason Cho was promoted to Executive Vice President, Chief Strategy Officer
• Shane Williams assuming the role of Senior Vice President, Capital Projects and Greece & Quebec Operations
• Cara Allaway joined the Company as Vice President, Finance
• Andor Lips assuming the role of Vice President, European Strategy and Corporate Sustainability
• Krista Muhr, Senior Vice President, External Affairs and Sustainability, departed the Company

Conference Call

A conference call to discuss the details of the Company’s Q1 2019 results will be held by senior management on Friday, May 3, 2019 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/eldoradogold20190503.html

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia, and Brazil. 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).

Contacts

Investor Relations

Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166 peter.lekich@eldoradogold.com

Media

Louise Burgess, Director Communications & Government Relations
604.687.4018 or 1.888.353.8166 louiseb@eldoradogold.com

Non-IFRS Measures

Certain non-IFRS measures are included in this press release, including average realized gold price per ounce sold, cash operating costs and cash operating cost per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining cost ("AISC") and AISC per ounce sold, adjusted net earnings/(loss), adjusted net earnings/(loss) per share, working capital, cash flow from operations before changes in non-cash working capital and sustaining capital. Please see the March 31, 2019 MD&A for explanations and discussion of these non-IFRS measures. The Company believes that these measures, in addition to conventional measures 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 measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward-looking statements or 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 "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our guidance and outlook, including expected production, cost guidance and recoveries of gold, including higher heap leach recoveries at Kisladag, expected sales and revenue recognition of delayed Efemcukuru concentrate, favourable economics for our heap leaching plan and the ability to extend heap leach mine life at Kisladag through further metallurgical tests on deeper material, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, including expectations around generating significant free cash flow and debt retirement, expected metallurgical recoveries, gold price and global concentrate outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines and schedules and results of litigation and arbitration proceedings.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

We have made certain assumptions about the forward-looking statements and information, including assumptions about the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs and expenses; production, mineral reserves and resources and metallurgical recoveries, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

Even though our management believes that the assumptions made and the 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.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: results of further testwork, recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks, foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's 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 filed on SEDAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

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.

Financial Information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and is not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR under our Company name. The reader is directed to carefully review such document for a full understanding of the financial information summarized herein.

Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Paul Skayman, FAusIMM, Chief Operating Officer for Eldorado Gold Corp., and a "qualified person" under NI 43-101.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated mineral resource” and “inferred mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “measured mineral resource”, “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource” used herein are Canadian mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Industry Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

While the terms “mineral resource”, “measured mineral resource,” “indicated mineral resource”, and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings.

Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar information made public by US companies subject to the reporting and disclosure requirements under US federal securities laws and the rules and regulations thereunder.

Supplementary cash flow information (note 8)