Eldorado Gold Corporation

who remain energized and focused on delivering safe operating results. We faced several challenges at the start of the year that impacted our operating and financial results. In the first quarter, we produced over 93,200 ounces of gold. During January and February, all operations were impacted by higher than anticipated absenteeism related to the surge of COVID-19 cases. We were also impacted by a government mandated power outage in Turkey and severe weather in both Turkey and Greece. Despite these challenges, we are seeing a recovery at our operations. As we mentioned on our last conference call in February, we expect first half production to be lower than second half production and we maintain our 2022 production guidance range of 460 to 490,000 ounces. Joe will speak to the operations in more detail later in the call. As we've noted in previous quarters, we continue to face inflationary pressure similar to the wider market, which has been intensified by the Russian-Ukraine crisis. Principal cost increases are in electricity, fuel, and reagents. We continue to monitor our supply chains to ensure our sites have the necessary equipment and supplies to safely operate. We have not experienced any significant disruptions related to availability of supplies. We also continue to monitor our concentrate shipments, including redirecting shipments as required. We have not experienced any disruptions with respect to refining of dore or fulfillment of concentrate shipments. In the first quarter, we continue to see inflation in Turkey. However, cost increases dominated in local currency, primary labor, were mostly offset by the continued weakening of the Turkish lira. In the Abitibi region of Quebec, increased activity in the mining sector has impacted the availability of contractors and labor. This year, we have completed two-year collective bargaining agreements with our labor unions in both Turkey and Greece. In Greece, we strengthened our relationship with our labor partners by incorporating technology and flexibility into our labor agreements, which helps us to move forward with our productivity and efficiency agenda. These labor agreements are instrumental in allowing us to focus on delivering safe operating results. During the quarter, we progressed at scurries, with activity focused on finishing steel erection and enclosing of the mill building. commencement of basic engineering, continued preservation of site facilities and equipment. Our scurries financing discussions continue to advance. We are evaluating all available options, including joint venture equity partners, project and debt financing through EU and Greek lenders, as well as the EU recovery and resilience fund and metal streams. Our focus in selecting a financing package will continue to be driven by value optimization and de-risking for the future. Following financing and board approval, we expect to restart full construction at Scurries in the second half of 2022. Finally, I would like to highlight a sustainability reporting milestone for the quarter. In March, we published our second responsible gold mining principles report, providing independent assurance that the year two requirements have been achieved with an impressive level of conformance against the principles demonstrated ahead of the 2023 deadline. We continue to work towards full conformance with the RGMPs across four operating minds to produce our year three report, which will summarize this achievement forthcoming in 2023. I'll stop there and turn things over to Phil for a review of our financial results.

Thank you George. Good morning everyone. Slide 5 provides a summary of our Q1 2022 financial results. As a result of the operational challenges and lower production this quarter, our Q1 cash operating costs was $835 per ounce sold. And all the sustaining costs were $1347 per ounce sold. Free cash flow in the first quarter was a negative 26.8 million. In Q2, We expect cash flow to be impacted by the timing of annual royalty payments in Turkey and Greece and the timing of capital spend. Eldorado reported a Q1 2022 net loss attributable to shareholders of $317 million or a loss of $1.74 per share. After adjusting for one-time non-recurring items, including a $365 million non-cash impairment of certège, our non-core asset in Romania, and a $20 million non-cash write-down of decommissioned equipment at Kissadag, among other things, the Q1 adjusted net loss was $19 million, or a loss of $0.10 per share. Q1 cash operating costs and all its sustaining costs were higher in the quarter due to operational challenges that resulted in lower gold ounces produced and sold. We are seeing higher prices in the quarter for diesel, electricity and reagents. Yet total direct operating costs, primarily mining, processing and related costs on a US dollar basis. We're slightly lower in Q1 2022 compared to the previous quarter, due in part to the weakening Turkish lira. Despite higher tons placed on pad at Kissaday in Q1 2022, compared to Q4 2021. In light of these significant increases in prices for electricity, fuel, reagents and other consumables required for our operations, we are closely monitoring the impact on expected full year direct operating costs and will provide an update next quarter. Capital expenditures were $61 million in Q1, of which $25 million was related to sustaining capital, including underground development, processing upgrades and equipment replacements and rebuilds, and $32 million was related to growth capital, including waste stripping and construction of the north leach pad at Kissaday. We are actively reviewing our growth and sustaining capital expenditures given inflationary pressures and volatility. We are practicing sound capital discipline by focusing on non-discretionary capital required to maintain production, asset integrity, and our license to operate. Income tax expense was $5.1 million in Q1, comprised of $16 million current tax expense, partially offset by $10 million deferred tax recovery. The current tax expense related to $4 million in dividend withholding tax, $5 million in investment tax credits received related to the Kisadek heap leach improvements, Quebec mining duties, and corporate tax and operations in Turkey. In Q1, Turkey announced a reduction in the 2022 corporate tax rate from 23% to 22% and reduction in the 2023 corporate tax rate from 20% to 19%. The deferred tax recovery of 10 million in Q1 was primarily related to the deferred tax impact of the impairment on the Sirtej project, partially offset by the impact of further weakening of local currencies. At quarter end, we had unrestricted cash, cash equivalents and term deposits of $435 million. Our net leverage ratio is at 0.31 times as of March 31st, compared to 0.89 times at the end of Q1 2020. This reflects a much improved credit profile for the company over the last two years. With that, I will now turn it over to Joe to go through the operational highlights.

Thanks, Phil, and good morning, everyone. I'll start with an important health and safety highlight from our operations. In the first quarter, we improved our total recordable injury frequency rate year over year from 8.1 to 4.7. Our focus on leading indicators such as leadership engagements and risk assessments is building a sustainable safety culture. Also, I would like to congratulate the Lamarck team for achieving three and a half years without a lost time injury. Moving to our operating results, we produced 93,209 ounces of gold in the first quarter with cash operating costs of $835 per ounce sold. Slide eight looks at our operations in more detail. Starting in Turkey, Kisladad's production in the first quarter was 29,779 ounces and cash operating costs were $861 per ounce sold. Gold production during the quarter was lower than planned as a result of COVID-related absenteeism, severe weather, and a government-mandated power outage. Lower production was also related to the reduction of tons placed on the heat bleach pad in Q4 during the commissioning of the high-pressure grinding roll circuit. The severe weather and breathing temperatures in Q1 led to lower tons stacked on the bleach pad, which is expected to negatively impact gold production in Q2. We anticipate production at Kisladad to be weighted to the second half of the year and maintain full-year production guidance. We continue to balance agglomeration and throughput with leach kinetics to obtain optimal performance. So far, the performance of the HPGR circuit is meeting our expectations, and we are seeing recovery rates as expected. At FM2 Group, first quarter gold production was 21,057 ounces at cash operating costs, of $648 per ounce sold. Gold production, throughput, and average gold grade at FM2Crew were in line with expectations. The operations were minimally impacted by COVID absenteeism during the quarter, and FM2Crew continues to be a high-performing asset with solid results. Current exploration at FM2Crew is focused on the co-carpenter and body vein systems, Resource expansion drilling at Coe Carpenter South has indicated a high-grade footwall splay to the principal vein and has potential for further resource expansion through step-out drilling. Moving to our Canadian operations, first quarter gold production at Lamoc was 33,377 ounces and cash operating costs were $763 per ounce sold. At Lamoc, reduced workforce due to COVID early in the quarter delayed the underground development of high-grade soaps, which led to lower-than-planned gold grades. Mine development progressed, and planned gold grade and tonnage were achieved in March. Full-year gold production at Lamoc is expected to be in line with guidance. In late March, we released exploration results, which included new step-out drilling at the Ormoc deposit that identified extensions to the known mineralized zones, both laterally and at depth. The ORMAC deposit has now been extended to a depth of about 800 meters from surface and remains open in multiple directions. With the Triangle Sigma decline completed, we are focused on an exploration drift and resource conversion drilling at ORMAC, which is expected to commence this quarter. Finally, let's move to Greece. At Olympias, first quarter gold production was 8,996 ounces and cash operating costs were $1,449 per ounce sold. In the early part of the quarter, gold production at Olympias was impacted by COVID absenteeism, power outages related to severe weather in the region. Operations resumed mining to plan and achieve planned tonnage and grade from the mine in March. Plant throughput in the second quarter is expected to be impacted by planned processing tie-ins to improve water treatment plant efficiency and capacity. Recent approval of an extended surface ore stockpile will allow mine improvements to continue as the water treatment plant upgrades are implemented. As a result, we expect production at Olympias to be weighted to the second half of 2022. Underground resource expansion drilling at Olympus Olympus has identified a new mineralized lens representing the western extension of the flat zone, which remains open to both the South and the West. Further step out drilling is planned for the second half of 2022. I'll stop there and turn it back to George for closing remarks.