Eldorado Gold Provides 2026 Guidance; Three-Year Outlook Targets 40% Gold Production Growth; Skouries Construction Update

2026-02-19

TSX - Toronto Stock Exchange · Gold · Silver · Lead · Zinc · Copper · Canada

(All dollar figures are in US dollars, unless otherwise stated)

VANCOUVER, British Columbia, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) (TSX: ELD) (NYSE: EGO) today provides 2026 production and cost guidance, together with a three-year production outlook that reflects the Company’s near-term growth profile and step-change to a higher steady-state production level from 2027 onward. Consolidated 2026 cost guidance includes the Company’s current operating mines: the Lamaque Complex, Kisladag, Efemcukuru and Olympias. Cost guidance for Skouries is presented separately. First concentrate production at Skouries has been delayed by approximately one quarter to early Q3 2026, with commercial production expected in Q4 2026. As Skouries advances through ramp-up and reaches commercial production, the Company expects to provide updated consolidated cost guidance.

2026 Guidance Highlights

Total gold production(1,2)of 490,000 to 590,000 ounces, representing an 11% increase from 2025 gold production (assuming the mid-point of the range). Operations Gold production(2)of 430,000 to 490,000 ounces Total cash costs(2,3)of $1,220 to $1,420 per ounce sold All-in sustaining costs (“AISC”)(3)of $1,670 to $1,870 per ounce sold Growth capital(3) at operations of $375 to $405 million Sustainingcapital(3) of $140 to $165 million Other growthcapital(3) of approximately $65 million, consisting of $50 million towards GHG mitigation projects and $15 million towards advancement of Perama Hill

Skouries Gold production(1)of 60,000 to 100,000 ounces Copper production(1)of 20 to 40 million pounds AISC(3,4)of ($100) to $200 per ounce sold Construction project capitalof $175 to $185 million (including an additional $50 million related to the delay in first concentrate production) Accelerated operational capitalof $80 to $90 million Post-commercial production growth capital(3,4)of $35 to $45 million Sustaining capital(3,4)of $20 to $35 million

Exploration expenditures of $75 to $85 million, focused on resource conversion drilling at the Lamaque Complex and Olympias, as well as resource growth and discovery programs in Canada, Turkiye and Greece.

3-Year Outlook Highlights

The three-year outlook reflects an exciting inflection to significant cash generation in the second half of 2026, with Skouries transitioning into production. This positions the Company to unlock the full growth potential of the operation in 2027 when Eldorado is expected to achieve a new steady-state production profile, representing approximately 40% growth in gold production compared to 2025.

“We are entering 2026 with exceptional momentum,” said George Burns, Chief Executive Officer. “While we have experienced near-term adjustments to the Skouries schedule as we work through commissioning and ramp up, the fundamentals of the project remain excellent and demonstrate a strong cash flow yielding operation for the next few decades. Bringing Skouries online is an important milestone that fundamentally reshapes our cash generation, production profile and cost structure. In addition, across our portfolio, we continue to advance key initiatives that support a step change in growth, operational performance and long-term value creation.

At Kisladag, installation of a larger secondary crusher later this year is expected to unlock throughput debottlenecking opportunities, while completion of the geometallurgical study will help inform future mining phases and evaluate the potential benefits of additional HPGR screening. At Olympias, the expansion to 650 ktpa remains on track for completion in the second half of the year, positioning the operation for higher production volumes and improved unit costs as it enters its next phase. At the Lamaque Complex, development of Ormaque is accelerating as we transition from bulk sample completion to full-scale mine development, supporting sustained production growth across the complex.

With gold production expected to increase by approximately 40% in 2027, complemented by the addition of meaningful copper production, Eldorado will enter a period of substantial free cash flow generation. Free cash flow growth is driven by higher production volumes and improved margins with the addition of long-life, low-cost production from Skouries, and is supported by a stable portfolio of high performing operations.”

Detailed 2026 Production and Cost Guidance

| 2026 Guidance(5) | | | | | | | | | | | Lamaque Complex | Kisladag | Efemcukuru(7) | Olympias(7,8) | Skouries Project(9) | Total(10) | | Production | Gold (000’ oz) | 185 – 200(2) | 105 – 130 | 70 – 80 | 70 – 80 | 60 – 100(1) | 490 – 590(1,2) | | Copper (M lb) | | | | | 20 – 40(1) | 20 – 40(1) | | | Silver (000’ oz) | | | | 1,550 – 1,750 | | 1,550 – 1,750 | | | Lead (000’ t) | | | | 15 – 18 | | 15 – 18 | | | Zinc (000’ t) | | | | 16 – 19 | | 16 – 19 | | | Tonnes Processed (millions) | 0.95 – 1.00 | 12.5 – 13.5 | 0.53 – 0.55 | 0.51 – 0.54 | 2.0 – 3.5 | | | | Gold Grade_(g/t)_ | 6.0 – 6.5 | 0.5 – 0.6 | 4.5 – 5.0 | 7.5 – 8.0 | 1.0 – 1.2 | | | | Operations | Total Cash Costs(3)_($/oz sold)_ | 790 – 990 | 1,830 – 2,080 | 1,680 – 1,880 | 1,030 – 1,230 | | 1,220 – 1,420 | | All-in Sustaining Costs(3)_($/oz sold)_ | 1,160 – 1,360 | 2,100 – 2,350 | 2,010 – 2,210 | 1,370 – 1,570 | | 1,670 – 1,870 | | | Skouries | All-in Sustaining Costs(3)_($/oz sold)_ | | | | | (100) – 200 | (100) – 200 | | Capital Expenditures ($ millions) | | | | | | | | | Operations | Sustaining(3) | 70 – 80 | 25 – 30 | 20 – 25 | 25 – 30 | | 140 – 165 | | Growth(3,6) | 180 – 190 | 130 – 140 | 25 – 30 | 40 – 45 | | 375 – 405 | | | Skouries | Project Capital | | | | | 175 – 185 | 175 – 185 | | Accelerated Operational | | | | | 80 – 90 | 80 – 90 | | | Growth(3,11) | | | | | 35 – 45 | 35 – 45 | | | Sustaining(3,11) | | | | | 20 – 35 | 20 – 35 | |

Total gold production in 2026 is expected to be second-half weighted, with approximately 65% in H2 2026, driven by the ramp-up of Skouries, the ramp-up at Olympias and the impact of mine waste stripping and grade profile at Kisladag.

Total cash costs(3)in 2026 for the operations are expected to be between $1,220 and $1,420 per ounce sold and AISC(3)for the operations of between $1,670 and $1,870 per ounce sold. The expected increase in 2026 costs is driven by forecasted higher labour costs as a result of inflation (particularly in Turkiye), increased sustaining capital and higher royalty expense, partially offset by higher by-product credits.

Exploration and evaluation expenditures are expected to be between $75 and $85 million in 2026, comprising $57 to $65 million of expensed and capitalized sustaining exploration and $18 to $20 million of exploration included in growth capital. General and administrative expenses are expected to be between $40 and $45 million in 2026, and depreciation expense, excluding Skouries, is expected to be between $240 and $260 million. Skouries depreciation expense is expected to be between $15 and $35 million.

CANADA

Lamaque Complex For 2026, production guidance at the Lamaque Complex is expected to be between 185,000 and 200,000 ounces, reflecting a wider range to account for the potential early start of Ormaque, contingent on receiving the operating permit. In 2026, the focus remains on the development of Ormaque and further resource conversion drilling at both Triangle and Ormaque.

Total cash costs and all-in sustaining costs per ounce sold are expected to increase primarily due to higher direct operating costs associated with the deepening of the Triangle mine. Additionally, increases are expected as a result of increased labour costs, reagents and consumables to support the Ormaque ramp-up. Costs will also be impacted by a weaker foreign exchange rate and increased royalties reflecting the continued high gold prices.

Sustaining capital expenditures for 2026 are expected to range between $70 and $80 million, lower than in 2025 due to the reclassification of ramp development at Triangle to growth capital. Sustaining expenditures include continued development at Triangle, delineation drilling, major equipment replacement, and refurbishment and work on the Sigma tailing storage facility.

Growth capital for 2026 is expected to range between $180 and $190 million, and primarily covers development, infrastructure and the fleet for Ormaque; construction of the paste plant; capital development for the Triangle ramp; construction of the North Basin, and the purchase of additional battery electric vehicles (BEVs) for the Triangle mine.

TURKIYE

Kisladag In 2026, production guidance at Kisladag is expected between 105,000 and 130,000 ounces. The higher metal price environment has opened up significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity to move from a $1,700 to a $2,100 pit shell, which is expected to open up the western area of the pit and support resource expansion. To facilitate this opportunity and assist in resolving ongoing geotechnical challenges in the open pit, we expect to increase waste stripping in 2026 by 6 to 8 million tonnes. The mine optimization plan is expected to be beneficial in the long-term by improved balancing of ore and waste movement and supporting consistent year-over-year performance.

The focus during 2026 is also on advancing key growth initiatives. A larger secondary crusher, ordered in 2025, is scheduled for delivery and installation by Q4 2026 and is expected to facilitate operational debottlenecking and reduce wear on the HPGR. The geometallurgical study to characterize future mining phases and evaluate the potential benefits of additional screening for the HPGR is on track for completion in the first half of 2026. The two large agglomeration drums, ordered in January, are expected to be delivered and installed in 2027. These upgrades are anticipated to enhance permeability, improve leach kinetics and shorten the leach cycle time, unlocking additional value.

Total cash costs and all-in sustaining costs per ounce sold are expected to be impacted by inflation not currently being fully offset by the depreciation of the Lira against the US dollar, and increased royalties due to the anticipated continuation of high gold prices.

Planned 2026, sustaining capital of between $25 and $30 million primarily includes capitalized overhaul, inter-lifts within the North Heap Leach Pad and geometallurgical drilling. Planned 2026 growth capital of between $130 and $140 million includes the continuation of the capitalized waste stripping campaign, the whole ore agglomeration construction, the phased expansion of the North Heap Leach Pad, and expansion of the carbon in leach (CIC) capacity.

Efemcukuru In 2026, production guidance of 70,000 to 80,000 ounces is similar to the previously guided range. Total cash costs and all-in sustaining costs per ounce sold are expected to be negatively impacted by increased labour costs and electricity costs. Higher labour costs are expected as a result of inflation not currently being fully offset by the depreciation of the Lira against the US dollar, in addition to increase in hiring for Kokarpinar development. Higher costs are also expected as a result of increased royalties due to the anticipated continuation of high gold prices.

Planned sustaining capital expenditures of between $20 and $25 million for 2026 includes underground development and equipment purchases. The planned growth capital of between $25 and $30 million for 2026 is expected to be primarily focused on development and infrastructure for expansion of the Kokarpinar vein system including portal construction and development of the Bati vein systems. Additionally, it is expected that the mine will transition to self-performance for capital development activities.

GREECE

Olympias In 2026, production guidance of 70,000 to 80,000 ounces at Olympias is an increase in production from 2025, reflecting the commissioning and ramp-up of the 650 ktpa plant in the second half of the year. However, some engineering delays have slightly reduced the 2026 guidance from the previously guided range. Operational focus will be to execute the plan, while closely managing feed blends to balance mineral load and paste dilution which can impact performance of the flotation circuit.

The site’s focus will also remain on driving sustainable improvements and long-term success through the continuation of the comprehensive site rejuvenation program. This includes modernizing and optimizing the process plant and surrounding infrastructure, as well as implementing a targeted leadership and skill development program to strengthen capabilities across all levels of the organization

Total cash costs and all-in sustaining costs per ounce sold are expected to be positively impacted by increased metal production and improved payability contracts. Continued quarter to quarter variability in AISC and total cash costs are expected due to by-product credits from timing of by-product concentrate shipments.

Planned 2026 sustaining capital expenditures of between $25 and $30 million include underground mine development and management of the Kokkinolakas tailings management facility. Planned 2026 growth capital of $40 to $45 million is primarily focused around the mill expansion to support the ramp-up to 650 ktpa, capitalized development and a resource conversion drilling program.

Skouries First concentrate production is slightly delayed and is now expected in early Q3 2026 and commercial production in Q4 2026. The delay is estimated to have an approximately $50 million impact on the construction capital.

The slight delay to first concentrate and commercial production timing is due to:

| (i) | The need to replace cyclone feed pump variable speed drive capacitors in the process plant main mill discharge cyclone feed, which experienced moisture damage during storage. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. | | (ii) | Power line connection delays have resulted from a slower than expected approval of the detailed engineering, and delayed the ramp-up of the subcontractor. Prior to commissioning final electrical regulatory authority approval requires completion of inspection and energization protocols. |

The project team is actively implementing mitigation measures across all work areas to minimize the impact to the schedule and cost, and to support a safe and orderly start-up. Skouries is a multi-decade project that is projected to deliver positive cashflow and value from the second half of 2026 onwards.

Three-Year Outlook Overview:

Eldorado’s strategy is focused on delivering consistent, low-risk production from long-life assets while driving a step-change in cash flow generation through disciplined growth, underpinned by the commencement of commercial production at Skouries in 2026 and the addition of copper, a critical metal, as a high-margin, value-enhancing contributor to the existing portfolio.

Highlights:

Gold production of between 640,000 and 740,000 ounces by 2028, resulting in growth of 41% over the three-year period compared to 2025 production. Continued focus on exploration to unlock the outstanding potential for new resources within the existing mineral tenure of our mine sites and near-mine property portfolio, supporting the generation and drill testing of new targets for organic discovery, and assessment of new opportunities in Eldorado’s core jurisdictions.

| | 2026(1,2) | 2027 | 2028 | 2025 Actual | | Gold Production_(000’ oz)_ | | | | | | Lamaque Complex | 185 – 200(2) | 190 – 210 | 190 – 210 | 187 | | Kisladag | 105 – 130 | 140 – 160 | 140 – 160 | 169 | | Efemcukuru | 70 – 80 | 65 – 80 | 65 – 80 | 72 | | Olympias | 70 – 80 | 75 – 90 | 75 – 90 | 60 | | Skouries | 60 – 100(1) | 150 – 180 | 170 – 200 | | | Total Gold Production | 490 – 590 | 620 – 720 | 640 – 740 | 488 | | Copper Production (Mlbs) | | | | | | Total Copper Production_ Skouries_ | 20 – 40 | 50 – 70 | 50 – 80 | | | Silver Production (000’ oz) | | | | | | Total Silver Production Olympias | 1,550 – 1,750 | 1,700 – 1,900 | 1,450 – 1,650 | 1,083 | | Lead Production (kt) | | | | | | Total Lead Production Olympias | 15 – 18 | 17 – 20 | 14 – 17 | 10 | | Zinc Production (t) | | | | | | Total Zinc Production Olympias | 16 – 19 | 19 – 22 | 17 – 20 | 10 |

| Footnotes | | | (1) | Production includes pre-commercial production and commercial production from Skouries which is expected in Q4 2026. | | (2) | Includes production anticipated from Ormaque, dependent on permitting. | | (3) | These financial measures are non-IFRS financial measures. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference, and additional detail can be found at the end of this news release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ of Eldorado’s December 31, 2025 MD&A. | | (4) | Skouries AISC, growth capital and sustaining capital post commercial production. | | (5) | Guidance provided is for existing Eldorado Gold assets only. | | (6) | Includes capitalized exploration at the Lamaque Complex, Efemcukuru, and Olympias. | | (7) | Payable metal produced. | | (8) | Olympias by-product grades: Silver: 100 – 130 g/t; Zinc: 4.6 – 5.1%; Lead: 3.8 – 4.3%. | | (9) | Skouries Copper grades: 0.5 – 0.7%. | | (10) | Totals may not add based on the averaging of costs. | | (11) | Skouries Growth and Sustaining Capital following commercial production (expected in Q4). |

2026 Assumptions and Sensitivities

| Commodity and Currency Price Assumptions | | | Gold ($/oz) | 4,000 | | Silver ($/oz) | 45.00 | | Copper ($/lb) | 5.00 | | Lead ($/mt) | 2,050 | | Zinc ($/mt) | 2,600 | | USD : CDN | 1 : 1.33 | | EUR : USD | 1 : 1.17 | | USD : TRY | 1 : 46.00 |

| (1) | EUR / USD expected to be 1:1.15 in H1 and 1:1.20 in H2 2026. | | (2) | USD / TRY expected to be 1:43 in Q1, 1:45 in Q2, 1:47 in Q3, and 1:49 in Q4 2026 | | | |

| Sensitivities | 2026 | Change | Operating Sites Local Currency Exposure | Operating Sites AISC ($/oz sold) | | Gold Price | $4,000 | $500 | | ~$60 | | USD / CDN | 1 : 1.33 | 0.05 | 90% | ~$20 | | EUR / USD | 1 : 1.175 | 0.05 | 85% | ~$15 |

Hedges

Based on the Company’s current assumptions underlying its 2026 cost estimates, approximately 50% of the total Canadian dollar operating expense exposure for 2026 is hedged (providing protection against adverse exchange rate movement below an average floor of USD/CDN 1.30 while allowing participation in exchange rate movement up to an average of USD/CDN 1.41), and approximately 50% of the total Euro exposure for Olympias operating expense for 2026 is hedged (providing protection against adverse exchange rate movements above an average floor of EUR/USD 1.25, while allowing participation in exchange rate movements down to an average of EUR/USD 1.15).

Current hedging positions are not factored into 2026 or future guidance.

Qualified Person

Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed in this document relating to our operating mines and development projects.

Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the Qualified Person as defined in National Instrument 43-101 responsible for, and has verified and approved, the scientific and technical data contained in this news release for the Quebec projects.

Data is verified through the internal reviews of life of mine plans on a site-by-site basis which confirms the expected production outputs along with the expected revenue and cost distribution.