Eldorado Announces Strong Exploration Results of Multiple New High-Grade Zones in Canada and Greece and Increases 2026 Exploration Investment, Reinforcing Confidence in Discovery Strategy

The most recent news release (January 26, 2026) announces exceptional exploration results from the Lamaque Complex in Quebec and the Olympias/Stratoni areas in Greece, leading to a significant increase in the 2026 exploration budget. Key highlights include: - Discovery of multiple new high-grade zones at Lamaque (Ormaque SE, Ormaque West, Garnet Zone, Lamaque South extensions) with intercepts up to 338.66 g/t Au (capped). - New high-grade extensions at the Olympias polymetallic mine in Greece, with intercepts up to 45.25 g/t Au. - A new gold-copper skarn system identified at Stratoni in Greece. - 2026 planned exploration spending increased to $75-85 million from $51 million in 2025, with total planned drilling of 190,000-200,000 metres. - The company has commenced studies to expand throughput at the Sigma mill (Lamaque) from 2,500 tpd towards its fully permitted 5,000 tpd capacity.

This news is materially positive. For a company of Eldorado's scale (~500k oz Au annual production), the discovery of new, high-grade zones in close proximity to existing infrastructure represents high-value, capital-efficient organic growth. The commencement of studies to double mill capacity at Lamaque signals management's confidence in the resource base and its expansion potential, which could materially extend mine life and increase production. The substantial increase in the exploration budget (nearly 50%) is a strong commitment to this growth strategy and is funded by strong operational cash flow. While the results are early-stage (discovery, not yet resources), they de-risk future resource conversions and support the investment thesis of a pipeline of low-cost growth within the existing portfolio. The news reinforces and potentially accelerates the positive narrative established by recent operational updates, particularly the imminent production start at Skouries.

Eldorado Gold is a mid-tier gold producer with operations in Canada (Quebec), Turkiye, and Greece. It produced 488,268 oz Au in 2025, meeting the high end of its guidance. The company is on the cusp of a transformational growth phase with the imminent completion of its flagship Skouries project in Greece. - Skouries: A high-grade, large-scale copper-gold project under construction. As of Jan 20, 2026, overall project progress is 90%, with first concentrate production targeted for the end of Q1 2026 and commercial production in mid-2026. It is expected to produce 135,000-155,000 oz Au and 45-60 Mlbs Cu annually, significantly boosting cash flow and adding a copper stream. Total capital cost estimate is $1.06 billion (revised up in Feb 2025 due to labor market tightness). The project is fully funded. - Other Key Assets: Lamaque Complex (Canada, low-cost underground), Kisladag (Turkiye, heap leach), Efemcukuru (Turkiye, underground), and Olympias (Greece, polymetallic).