Eldorado Gold Corporation【ELD】株式ニュース

Eldorado and Foran Combine to Create a Leading Gold and Copper ProducerFebruary 2, 2026 6:00 AM
PR Newswire (Canada)

Combination strengthens Eldorado's exceptional growth profilePro-Forma Company to generate sector-leading free cash flow and profit marginsLong-life assets with near-term organic expansion and scaleDiversifies portfolio with addition of a project of Canadian national importanceDan Myerson to join Board of Directors (All amounts expressed in U.S. dollars unless otherwise noted)VANCOUVER, BC, Feb. 2, 2026 /CNW/ - Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) ("Eldorado") and Foran Mining Corporation (TSX: FOM, OTCQX: FMCXF) ("Foran") are pleased to announce that they have entered into an agreement whereby Eldorado will acquire Foran to create a sector-leading gold-copper mining company with significant near-term growth, strong cash flow generation, long-life assets, and a diversified portfolio. This positions Eldorado to benefit from robust metal prices and rising demand for critical minerals. By bringing together two high-quality, fully financed development assets – Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada – which are both on budget and on schedule to achieve commercial production in mid-2026, the combined company will offer a clear and compelling re-rate opportunity. With a diversified asset base anchored in Canada and a peer-leading exploration pipeline, the combined company is designed to generate resilient, long-term cash flows capable of self-funding sustained growth.

Transaction OverviewEldorado and Foran have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which Eldorado will acquire all of the issued and outstanding common shares of Foran (the "Foran Common Shares"), including those Foran Common Shares to be issued on conversion of the non-voting shares of Foran (the "Foran Non-Voting Shares", and together with the Foran Common Shares, the "Foran Shares"), other than the Foran Shares already owned by Eldorado or its affiliates, by way of a court-approved plan of arrangement (the "Transaction"). Pursuant to the terms of the Arrangement Agreement, Foran shareholders will receive 0.1128 common shares of Eldorado (each whole share, an "Eldorado Share") and $0.01 in cash for each Foran Share held (the "Consideration"), representing an 8.0% premium to the 20-day volume-weighted average trading price ("VWAP") of the Foran Common Shares, based on the 20-day VWAP of the Eldorado Shares for the period ended January 30, 2026, and, following the recent increase in Foran's share price, represents a nil premium to the closing price of the Foran Common Shares on the Toronto Stock Exchange ("TSX") on January 30, 2026 implying an equity value for Foran of approximately C$3.8 billion. Upon completion of the Transaction, existing Eldorado and Foran shareholders will own approximately 76% and 24% of the combined company, respectively.Strategic Rationale: A New Global Gold-Copper LeaderPeer-leading near-term growth: Positioned to deliver a leading growth profile, underpinned by two fully financed development projects – Skouries and McIlvenna Bay advancing toward commercial production in mid-2026. Expected to produce approximately 900k gold equivalent ounces in 2027(1).Substantial EBITDA & free cash flow: Expected to generate approximately $2.1 billion of EBITDA(2) and $1.5 billion in free cash flow(3) in 2027. This robust long-term cash flow will fund growth initiatives, strengthen balance sheet, and support continued shareholder returns through dividend and share buyback programs, while maintaining financial flexibility through commodity cycles.Long-life, diversified asset base: Combined portfolio delivers balanced gold-copper exposure (~77% gold, ~15% copper, ~8% other metals) across attractive mining jurisdictions in Canada, Greece, and Türkiye, providing jurisdictional and commodity diversification.Significant exploration upside: Eldorado will continue to accelerate high-value organic growth opportunities. This includes advancing Foran's high-grade polymetallic Tesla zone as well as maximizing the exploration potential surrounding Eldorado's existing operating and development assets.Compelling re-rate opportunity: With increased scale and trading liquidity, near-term growth and enhanced Canadian exposure the combination will support a valuation re-rate opportunity.Sustainability-focused operations: Strong alignment across sustainability principles, carbon efficient practices, and a shared commitment to responsible mining will enable the combined company to focus on transparent sustainability performance and continued advancement in GHG emissions mitigation.Leadership CommentaryGeorge Burns, Chief Executive Officer of Eldorado commented "This combination creates a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts. It is supported by a portfolio of long-life assets, exceptional exploration upside, and meaningful exposure to critical minerals across a well-balanced, multi-jurisdictional portfolio. With Skouries and McIlvenna Bay scheduled to come online in 2026, the combined business is positioned for a step-change in production, cash flow, and global relevance. Increasing our exposure to Canada, through an asset in Saskatchewan, consistently recognized as one of the world's most attractive mining jurisdictions strengthens our portfolio. We're excited about the opportunity to contribute to the province's continued success. Strong cultural and sustainability alignment, together with operations in Canada, Greece, and Türkiye create a stronger, more resilient platform for decades to come."Steven Reid, Chair of the Board of Eldorado commented "The Board of Eldorado is pleased to welcome Dan Myerson to the Eldorado Board of Directors on completion of the transaction. Together, George and Dan will provide valuable continuity, operational experience and capital markets experience to the Board and Eldorado. During 2026 the Board will embark on a process specifically to advance its board succession program."Dan Myerson, Executive Chair and Chief Executive Officer of Foran said "This transaction gives McIlvenna Bay the scale and financial strength to fully realize its potential, including the ability to accelerate phased expansion opportunities over time. Coupled with Skouries, this positions Eldorado to advance two world-class assets into production in short order. Having advanced through the risk curve associated with development, the company is fast approaching an inflection point towards enhanced free cash flow and production growth. I look forward to being actively involved in supporting a compelling strategy that creates an unmatched opportunity for growth and scale. We share a belief that people are the most important asset, and that disciplined execution and a relentless focus on value creation are what enable durable, generational success."Government SupportThe Honourable Scott Moe, Premier of Saskatchewan, said, "This proposed transaction reinforces Saskatchewan's position as a leading destination for responsible resource development. McIlvenna Bay is a high-quality project that will deliver jobs, investment, and long-term economic benefits for the province. A combination with Eldorado would further strengthen the project's development pathway and underscore Canada's role in supplying critical minerals to both domestic and global markets."Canadian Headquarters and Economic BenefitsThe combined business will remain headquartered in Vancouver, British Columbia, under the Eldorado Gold name, and intends to expand and accelerate levels of investment in Canadian exploration and development activities. Alongside the Lamaque Complex in Quebec, McIlvenna Bay will become another cornerstone Canadian asset within the portfolio, supporting sustained employment and long-term economic contributions in Saskatchewan and Canada. The economic and critical mineral significance of McIlvenna Bay has also been recognized by the Government of Canada, being among the first projects referred for consideration to the new Major Projects Office as a project of national interest.Transaction Approvals and TimingThe Transaction will be completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and is expected to close in Q2 2026.The Transaction will require approval of at least: (i) two-thirds of the votes cast by the holders of Foran Common Shares and Foran Non-Voting Shares, voting together as a single class, (ii) two-thirds of the votes cast by the holders of Foran Common Shares, Foran Non-Voting Shares, Foran stock options, Foran restricted share units and Foran deferred share units, voting together as a single class; (iii) if applicable, a simple majority of the votes cast by the holders of Foran Common Shares, voting as a separate class, excluding those votes attached to Foran Common Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"); and (iv) if applicable, a simple majority of the votes cast by the holders of Foran Non-Voting Shares, voting as a separate class, excluding those votes attached to Foran Non-Voting Shares held by persons required to be excluded pursuant to MI 61-101, in each case, at a special meeting of Foran securityholders expected to be held on or before April 14, 2026. Each of the directors and senior officers of Foran who collectively own 4% of the Foran Common Shares have entered into a voting and support agreement with Eldorado, pursuant to which, subject to the terms and conditions set forth therein, they will vote their securities held, as applicable, in favour of the Transaction.Issuance of the Consideration in connection with the Transaction will require approval of a simple majority of the votes cast by the holders of Eldorado Shares at a special meeting of Eldorado shareholders expected to be held on or before April 14, 2026. Each of the directors and senior officers of Eldorado, who collectively own approximately 0.3% of the Eldorado Shares, has entered into a voting and support agreement with Foran pursuant to which, subject to the terms and conditions set forth therein, they will vote their securities held in favour of the Transaction.In addition to securityholder and court approvals, the closing of the Transaction is subject to certain regulatory approvals (including the approvals of the TSX, NYSE and the Competition Bureau) and the satisfaction of other closing conditions customary for a transaction of this nature. The Arrangement Agreement includes customary deal protections, including a non-solicitation covenant on the part of Foran, the right of Eldorado to match any superior proposal for Foran. Each party is entitled to a break fee upon the occurrence of certain customary circumstances.Subject to the satisfaction or waiver by the parties of all necessary closing conditions, including the receipt of all required approvals, the parties anticipate completion of the Transaction in Q2 2026. Following completion of the Transaction, Foran shares will be delisted from the TSX and the OTCQX, and Foran will cease to be a reporting issuer under Canadian securities laws. Full details of the Transaction will also be included in the meeting materials of Eldorado and Foran, which are expected to be mailed to Eldorado shareholders and Foran securityholders by mid-March 2026 and will also be available under Eldorado's SEDAR+ profile and on EDGAR and Foran's SEDAR+ profile. None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.Board of Directors' RecommendationsThe Board of Directors of both Foran and Eldorado have unanimously approved the Transaction. Each board also appointed a special committee of independent directors to consider and make a recommendation in respect to the Transaction, and both special committees unanimously recommended that their respective Board of Directors approve the Transaction.Advisors and CounselBMO Capital Markets is acting as financial advisor to Eldorado. RBC Capital Markets provided an independent fairness opinion to the Eldorado special committee. Blake, Cassels & Graydon LLP is acting as legal advisor to Eldorado and Fasken Martineau DuMoulin LLP is acting as legal advisor to the Eldorado special committee.Morgan Stanley Canada Limited, National Bank Capital Markets and Mills Dunlop Capital Partners are acting as financial advisors to Foran. Stifel Nicolaus Canada Inc. provided an independent fairness opinion and is acting as financial advisor to the Foran special committee. McCarthy Tétrault LLP is acting as legal advisor to Foran.Conference CallEldorado and Foran will host a joint conference call to discuss the Transaction on February 2, 2026, at 8:00 AM ET (5:00 AM PT). The joint conference call will be hosted by George Burns and Christian Milau, Chief Executive Officer and President of Eldorado, respectively, joined by Dan Myerson, Executive Chairman and CEO of Foran.The call will be webcast and the accompanying presentation can be accessed at Eldorado Gold's website at www.eldoradogold.com and Foran's website www.foranmining.com. The webcast can also be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=5QMUgyhh.Conference Call Details
Date: February 2, 2026
Time: 8:00 AM ET (5:00 AM PT)
Dial in: +1 647 846 2782
Toll free: 1 833 752 3325 Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10206382/10339022f08. Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.A telephone replay of the call will be available through March 16, 2026. The webcast will be archived for three-months, and available via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=5QMUgyhh. Replay (available until March 16, 2026)
Vancouver: +1 412 317 0088
Toll Free: 1 855 669 9658
Access code: 4437397 About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Greece and Türkiye. Eldorado 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).About Foran
Foran is a near-term critical minerals producer, committed to supporting a greener future and empowering communities while creating value for our stakeholders. The McIlvenna Bay project is located within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to development and exploration activities of Foran, and hosts the McIlvenna Bay Deposit and Tesla Zone.The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay Property sits just 65 km West of Flin Flon, Manitoba, and is part of the world-class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 km.(1) Gold equivalent ounces (GEO): Based on public disclosure assuming street consensus analyst prices of US$3,965/oz Au, US$47.54/ oz Ag, US$5.02/lb Cu and US$1.26/lb Zn in 2027.(2) EBITDA calculated as revenue based on public disclosure less cash operating costs based on street consensus analyst estimates as per S&P CapIQ.(3) Based on street consensus estimates as per FactSet, calculated as operating cash flow less capex.Cautionary Note about Forward-looking Statements and InformationCertain of the statements made and information provided in this news 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 "anticipates", "believes", "budget", "continue", "deliver" "estimates", "expects", "forecasts", "generate" "guidance", "intends", "plans", "projected" or "scheduled" 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: Eldorado and Foran's intent to complete the Transaction and specifically Eldorado's intent to acquire all the outstanding Foran Shares; the consummation and timing of the Transaction; approval of the Transaction by Eldorado shareholders and Foran securityholders; satisfaction and timing of the closing conditions of the Transaction, including timing, receipt and anticipated effects of court, regulatory and other consents and approvals; management's views on the positive impacts of the proposed Transaction and the strategic rationale for the Transaction; management's belief that the combined entity is a re-rate opportunity; views on the life of assets; expectations of benefits from metal prices and demand for critical minerals; management's view of the exploration potential of the combined entity; the combined company's focus on its commitment to transparent performance and GHG mitigation; management's belief that the combined company will be capable of organically funding sustained growth; expected weightings of the combined portfolio; expectations that Skouries and McIlvenna Bay projects are on track and on budget and will enter into production in 2026; expected production and free cash flow of the combined entity in 2027; economic benefits for the Province of Saskatchewan and Canada; intent to advance GHG emission mitigations; expected additions and changes to the Eldorado Board and a future Board succession process; expected outcomes of voting support agreements; the expected percentage of the combined company that would be owned by former Foran shareholders; expected shareholder meeting and associated mailing dates; the location of headquarters of the combined company; management's estimate of a closing date; and generally, Eldorado's strategy, plans, goals and priorities.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 Eldorado and the combined company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.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, for Eldorado and the combined company, assumptions concerning: timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold, copper and other commodities; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to effectively use invested capital and unlock potential expansion opportunities across the 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 Eldorado operates in. The information contained in footnotes 1 and 2 of this release are key assumptions to the forward-looking metrics to which they relate.In addition, except where otherwise stated, Eldorado and Foran have assumed completion of the Transaction on the contemplated timeline and, except where otherwise stated, 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: receipt of approval from Eldorado shareholders and Foran securityholders, and the required court, regulatory and other consent and approvals to complete the Transaction; the potential of a third party making a superior proposal to the Transaction and the possibility that the Arrangement Agreement could be terminated as a result of a superior proposal; 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 combined 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 Eldorado's most recent Annual Information Form & Form 40-F and Foran's most recent Annual Information Form. The reader is directed to carefully review the detailed risk discussion in Eldorado's most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR and in Foran's most recent Annual Information Form filed on SEDAR+, which discussions provide a fuller understanding of the risks and uncertainties that affect Eldorado's and Foran's respective businesses and operations.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, neither Eldorado nor Foran expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of Eldorado's and Foran's businesses contained in their respective reports filed with the securities regulatory authorities in Canada and the U.S., as applicable.Qualified PersonExcept as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and verifying the technical data disclosed in this document relating to our operating mines and development projects.Non-IFRS MeasuresFor the definition of non-IFRS financial measures and reconciliation to directly comparable IFRS financial measures, please refer back to Eldorado's most recent MD&A published as part of its Q3 2025 results.

SOURCE Foran Mining Corporation

Original: Eldorado and Foran Combine to Create a Leading Gold and Copper Producer

Eldorado Gold Releases Updated Reserve and Resource Statement
T.ELD |
VANCOUVER, British Columbia, Nov. 15, 2019 (GLOBE NEWSWIRE) --

Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Reserve and Resource estimates as of September 30, 2019.

Highlights

Total Proven and Probable Reserves of 384 million tonnes at 1.32 grams per tonne gold containing 16.4 million ounces.1
Measured and Indicated Resources and Inferred Resources at Lamaque increased by 191,000 ounces of gold and 198,000 ounces of gold, respectively, while Proven and Probable Reserves increased by 19,000 ounces of gold.
Inferred Resources at the combined Perama Hill and Perama South projects increased by 758,000 ounces of gold.
Proven and Probable Reserves for Kisladag will be further updated in Q1 2020 concurrent with the completion of metallurgical testwork and an updated Kisladag mineral reserve (to be described in a new NI 43-101 Technical Report).
Reserves and Resources Update

The Company’s Proven and Probable gold Reserves totalled 16.4 million ounces as of September 30, 2019, compared to 16.9 million ounces as of September 30, 2018.

Thousand Ounces
Proven and Probable in-situ gold ounces as of September 30, 2018 16,937
Mined ounces including mining depletion during 20192 -468
Discovered ounces and converted resources during 2019 169
Decrease due to engineering and metallurgy -279
Proven and probable in-situ gold ounces as of September 30, 2019 16,359

The complete mineral Reserve and Resource data can be found at the end of this release and includes the data for tonnes, grades and ounces.

The three percent decrease in Proven and Probable Reserve ounces was primarily attributable to processed production. At Lamaque, the last twelve months included successful construction, commissioning and two quarters of solid operating results that have now been supplemented with an increase in Reserve ounces. The reduction at Efemcukuru was due to updated geotechnical information which required a more dilutive mining method. This affected the economics of some previously designed stopes, removing them from this year's reserves. Olympias also experienced a minor reduction, the result of mined production and readjustment of dilution assumptions in some parts of the orebody. The Perama South resource increase resulted from an updated interpretation of the hosting geology and mineralized horizon. Perama Hill and Perama South Reserve and Resource data is now presented separately, whereas it was previously shown on a combined basis.

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1 A gold price of $1,250 per ounce was used in the reserve estimates.
2 Mined ounces declared here are processed ounces.

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).

Eldorado Gold Mineral Reserves, as of September 30, 2019

Project Proven Mineral Reserves
Probable Mineral Reserves Total Proven and Probable
Gold Tonnes Au In-situ Au Tonnes Au In-situ Au Tonnes Au In-situ Au
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 1,690 6.62 360 1,931 5.18 322 3,621 5.86 682
Kisladag 107,694 0.80 2,770 5,357 0.59 102 113,051 0.79 2,872
Lamaque 484 7.32 114 3,607 7.40 858 4,091 7.39 972
Olympias 2,601 9.19 769 10,324 6.47 2,148 12,925 7.02 2,917
Perama Hill 3,120 4.02 403 6,590 2.63 557 9,710 3.08 960
Skouries 75,804 0.87 2,132 81,862 0.62 1,641 157,666 0.74 3,773
Tocantinzinho 17,007 1.52 831 21,898 1.35 950 38,905 1.42 1,781

TOTAL GOLD 231,188 1.18 8,793 153,069 1.54 7,566 384,257 1.32 16,359
Silver Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 2,601 133 11,122 10,324 115 38,171 12,925 119 49,293
Perama Hill 3,120 4 401 6,590 5 1,059 9,710 5 1,460
Stratoni 0 0 0 768 154 3,803 768 154 3,803
TOTAL SILVER 28,509 20 18,527 39,182 41 51,584 67,691 32 70,111
Copper Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779
TOTAL COPPER 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779
Lead Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,601 4.3 112 10,324 4.0 413 12,925 4.1 525
Stratoni 0 0.0 0 768 6.0 46 768 6.0 46
TOTAL LEAD 2,601 4.3 112 11,092 4.1 459 13,693 4.2 571
Zinc Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,601 5.1 133 10,324 5.3 547 12,925 5.3 680
Stratoni 0 0.0 0 768 8.4 65 768 8.4 65
TOTAL ZINC 2,601 5.1 133 11,092 5.5 612 13,693 5.4 745

Eldorado Gold Mineral Resources, as of September 30, 2019

Project Measured Resources
Indicated Resources
Total Measured and Indicated Inferred Resources
Gold Tonnes Au In-situ Au Tonnes Au In-situ Au Tonnes Au In-situ Au Tonnes Au In-situ Au
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492
Certej 27,518 1.80 1,592 62,463 1.23 2,472 89,981 1.40 4,064 12,228 0.96 376
Efemcukuru 2,390 8.06 619 2,016 6.64 430 4,406 7.41 1,049 3,647 6.31 740
Kisladag 357,106 0.63 7,233 92,740 0.47 1,401 449,846 0.60 8,634 290,460 0.45 4,202
Lamaque 469 9.46 143 5,294 8.24 1,402 5,763 8.34 1,545 8,998 7.01 2,028
Olympias 2,702 10.93 950 11,779 7.52 2,848 14,481 8.16 3,798 3,720 7.98 954
Perama Hill 3,126 4.10 412 10,164 3.00 980 13,290 3.26 1,392 3,374 2.20 239
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 25,324 1.32 1,073
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 10,542 5.70 1,932
Sapes 0 0.00 0 2,423 6.08 474 2,423 6.08 474 1,011 10.65 346
Skouries 100,018 0.79 2,534 189,263 0.47 2,867 289,281 0.58 5,401 170,136 0.31 1,680
Tocantinzinho 17,530 1.51 851 31,202 1.26 1,264 48,732 1.35 2,115 2,395 0.90 69

TOTAL GOLD 510,859 0.87 14,334 407,344 1.08 14,138 918,203 0.96 28,472 912,835 0.69 20,131
Silver Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 27,518 9 7,768 62,463 9 17,833 89,981 9 25,601 12,228 3 1,364
Olympias 2,702 156 13,552 11,779 134 50,746 14,481 138 64,298 3,720 137 16,385
Perama Hill 3,126 4 402 10,164 8 2,516 13,290 7 2,918 3,374 4 477
Piavitsa 0 0 0 0 0 0 0 0 0 10,542 57 19,156
Stratoni 0 0 0 807 185 4,800 807 185 4,800 1,563 169 8,493
TOTAL SILVER 33,346 20 21,722 85,213 28 75,895 118,559 26 97,617 31,427 45 45,875
Copper Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686
Skouries 100,018 0.48 484 189,263 0.40 758 289,281 0.43 1,242 170,136 0.34 578
TOTAL COPPER 100,018 0.48 484 189,263 0.40 758 289,281 0.43 1,242 551,136 0.23 1,264
Lead Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,702 5.0 135 11,779 4.6 542 14,481 4.7 677 3,720 3.9 145
Stratoni 0 0.0 0 807 7.2 58 807 7.2 58 1,563 6.6 103
TOTAL LEAD 2,702 5.0 135 12,586 4.8 600 15,288 4.8 735 5,283 4.7 248
Zinc Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,702 6.0 162 11,779 6.2 730 14,481 6.2 892 3,720 4.0 149
Stratoni 0 0.0 0 807 10.1 82 807 10.1 82 1,563 9.6 150
TOTAL ZINC 2,702 6.0 162 12,586 6.5 812 15,288 6.4 974 5,283 5.7 299

Notes on Mineral Resources and Reserves

Mineral reserves and mineral resources are as of September 30, 2019.
Mineral reserves are included in the mineral resources.
The mineral reserves and mineral resources are disclosed on a total project basis.
Mineral Reserve Notes

1. Long Term Metal Price Assumptions

Gold price: $1,250/oz
Silver price: $16.00/oz (for Stratoni it was $11.42/oz Ag as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.)
Copper price: $2.75/lb
Lead price: $2,000/t
Zinc price: $2,400/t
2. Skouries

The open pit design is based on permit limits, not metal prices, therefore insensitive to a falling or rising metal price environment. The underground designs were based on a Cu price of $3.00/lb. The change in the Cu price to $2.75/lb has no impact to the underground portion of the mineral reserves developed at that time given that the margin on the lowest value ore has been demonstrated to remain positive against the backdrop of updated operating costs. Nevertheless, it is recognized that at the lower Cu price, approximately 11 Mt of the mineral reserves have marginal value, and a further decrease in metal prices would render these uneconomic. The impact would not be felt until the latter part of the project’s long minelife as the lower grade resources are located on the periphery of the orebody and at depth. Furthermore, the loss of these resources would not change the design philosophy or placement of long-term underground infrastructure, the result would be simply a shorter minelife.

3. Cut-off Grades

Kisladag: $12.25 NSR ; Efemcukuru: 3.00 g/t Au; Lamaque: 3.50 g/t Au; Perama: 0.80 g/t Au; Tocantinzinho: 0.365 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground); Olympias: $133 NSR (drift and fill), $116 NSR (long hole stoping); Stratoni: 13.5% Zn Equivalent grade (=Zn%+Pb%*1.06+Ag%*113.5); Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).

4. Qualified Persons

Richard Miller, P.Eng., Director, Mine Engineering (Open Pit) for the Company, is responsible for the Skouries (open pit), Kisladag and Perama mineral reserves;

John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej and Tocantinzinho mineral reserves;

Colm Keogh, P.Eng., Operations Manager, Olympias for the Company, is responsible for the Efemcukuru, Olympias, Stratoni, Skouries (underground) and Lamaque mineral reserves.
Mineral Resource Notes

1. Cut-off Grades

Kisladag: 0.30 g/t Au for M+I, 0.35 g/t for Inferred; Efemcukuru: 2.5 g/t Au; Lamaque: 2.5 g/t Au; Perama and Perama South: 0.5 g/t Au; Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au; Skouries: 0.20 g/t Au Equivalent grade (open pit), 0.60 g/t Au Equivalent grade (underground) (=Au g/t + 1.6*Cu%); Olympias: $50 NSR; Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Stratoni: resources are geologically constrained to massive sulfide material based on the sharpness of the mineralized contacts and the high grade nature of the mineralization

2. Qualified Persons

Ertan Uludag, P.Geo, Resource Geologist for the Company, is responsible for the Efemcukuru, Olympias and Stratoni mineral resources;
Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for the Lamaque, Kisladag, Certej, Skouries, Perama, Piavitsa and Bolcana mineral resources;
Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company, is responsible for the Sapes mineral resources;
Rafael Jaude Gradim, P. Geo., Manager, Corporate Development - Technical Evaluations for the Company, is responsible for the Tocantinzinho mineral resources;
Sean McKinley, P.Geo., Senior Geologist for the Company, is responsible for the Perama South resources.
Note Regarding Mineral Reserve and Mineral Resources:
All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and NI 43-101. Additional information on the mineral properties mentioned in this news release that are considered to be material mineral properties to the Company are contained in Eldorado’s annual information form for the year ended December 31, 2017 and the following technical reports for each of those properties, all of which are available under the Company's profile at www.sedar.com:

Technical report entitled "Technical Report, Kisladag Milling Project, Turkey” with an effective date of March 16, 2018.
Technical report entitled "Technical Report on the Efemçukuru Project” dated September 17, 2007 with an effective date of August 1, 2007.
Technical report entitled “Technical Report on the Olympias Project, Au Pb Zn Ag Deposit, Northern Greece” dated July 14, 2011 with an effective date of July 14, 2011.
Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.
Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” an effective date of March 21, 2018.
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 mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, including future cash flow, estimated all-in sustaining costs and cash operating costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules and proposed share consolidation.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, 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 mineral reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; exchange rates; anticipated costs and expenses; production, 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: geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and other metals; results of test work; revised guidance; 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; mining operational and development risk; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; risks related to the impact of the acquisition and integration of Integra on the Company’s operations; 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 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 U.S.

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.

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 the Company, and a "qualified person" under NI 43-101.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
Technical disclosure regarding the Company’s properties included herein (the “Technical Disclosure”) has not been prepared in accordance with the requirements of U.S. securities laws. Without limiting the foregoing, the Technical Disclosure uses terms that comply with reporting standards in Canada and certain estimates are made in accordance 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. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the Technical Disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ significantly from the requirements of SEC Industry Guide 7, and resource information contained in the Technical Disclosure may not be comparable to similar information disclosed by U.S. companies.

The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and U.S. companies have historically not been permitted to disclose mineral resources of any category in reports and registration statements filed with the SEC.

Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained ounces” in a resource is permitted disclosure under Canadian securities laws, however the SEC Industry Guide 7 historically only permitted issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained in the Technical Disclosure may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of U.S. federal securities laws and the rules and regulations thereunder that disclose mineral reserves and mineral resources in accordance with SEC Industry Guide 7.

Contact

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

Media
Louise Burgess, Director Communications and Government Relations
604.601.6679 or 1.888.363.8166
louiseb@eldoradogold.com

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November 15, 2019 - 3:45 AM PST
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