Eldorado Gold Announces €680 Million Project Financing and Board Approval for the Skouries Project

VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Hellas Gold Single Member S.A. (“Hellas”) has entered into a €680 million project financing facility (the “Term Facility”) for the development of the Skouries Project in Northern Greece (“Skouries” or the “Project”) with National Bank of Greece S.A. (“National Bank of Greece”) and Piraeus Bank S.A. (“Piraeus Bank”) as lead arrangers. Consistent with the Company’s previous disclosure, the Term Facility will provide 80% of the expected future funding required to complete the Project, which is approximately half-built. The Term Facility is non-recourse to Eldorado and the collateral securing the Term Facility covers the Skouries Project and the Hellas operating assets. The remaining 20% of Project funding is expected to be fully covered by Eldorado’s existing cash and future cash flow from operations. Until such further equity is fully invested, Eldorado’s investment undertaking for the Project will be fully backstopped by a letter of credit from the Company’s Revolving Credit Facility. Drawdown on the Term Facility is subject to customary closing conditions. The Company expects such conditions to be satisfied and the initial drawdown to occur in the first quarter of 2023.

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