<SEC-DOCUMENT>0001137171-17-000034.txt : 20170330
<SEC-HEADER>0001137171-17-000034.hdr.sgml : 20170330
<ACCEPTANCE-DATETIME>20170330171025
ACCESSION NUMBER:		0001137171-17-000034
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170330
DATE AS OF CHANGE:		20170330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		17726774

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5
		BUSINESS PHONE:		(604) 687-4018

	MAIL ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO GOLD CORP                                      /FI
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>eldorado40f03302017.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; border: black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>FORM 40-F</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 89%; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"><B>o</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OR</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"><B>x</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp; </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the fiscal year ended December
31, 2016</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; border: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Commission file number: 001-31522</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 148px; width: 350px"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>ELDORADO
GOLD CORPORATION </B></FONT><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified
in its Charter)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CANADA</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Province or other jurisdiction of incorporation
or organization)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1040</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Primary Standard Industrial Classification Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>N/A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;&nbsp;
        </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 1188 &ndash; 550 Burrard Street</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vancouver, British Columbia, Canada V6C 2B5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(604) 687-4018</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Address and Telephone Number of Registrant&rsquo;s
        Principal Executive Offices)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CT Corporation System</B></P>
        <P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>11 Eighth
        Avenue, 13</B></FONT><B><FONT STYLE="font-size: 7pt">th</FONT><FONT STYLE="font-size: 10pt"> Floor</FONT></B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10011</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 894-8940</B></P></TD>
    <TD ROWSPAN="2" STYLE="width: 40%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Copies to:</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Kenneth G. Sam</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dorsey &amp; Whitney LLP</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1400 Wewatta Street, Suite 400</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Denver, Colorado 80202</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(303) 629-3400</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name, address (including zip code) and telephone number (including area code)&nbsp;&nbsp;of agent for service in the United States)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Securities registered or to be registered
pursuant to Section 12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 44%; font: 10pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 56%; font: 10pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Title of Each Class:</U></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Name of Each Exchange On Which Registered:</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common Shares, no par value</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NYSE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Securities registered or to be registered pursuant to Section
12(g) of the Act: <B>N/A</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act: <B>N/A </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">For annual reports, indicate by check mark the information
filed with this form:</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Annual Information Form </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Audited Annual Financial Statements </FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate the number of outstanding shares
of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: As at December
31, 2016,&nbsp;716,587,134<B> </B>common shares of the Registrant were issued and outstanding.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days. </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> No </FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________________________________________________________________________________________&#9;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> No</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Eldorado Gold Corporation (the &ldquo;Company&rdquo;
or the &ldquo;Registrant&rdquo;) is a Canadian issuer eligible to file its annual report pursuant to Section 13 of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), on Form 40-F pursuant to the multi-jurisdictional disclosure
system of the Exchange Act. The Company is a &ldquo;foreign private issuer&rdquo; as defined in Rule 3b-4 under the Exchange Act.
The equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act
pursuant to Rule 3a12-3 of the Exchange Act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This annual report on Form 40-F and
the exhibits attached hereto contain &ldquo;forward-looking statements&rdquo; within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Such forward looking statements concern the Company&rsquo;s anticipated results and developments
in the Company&rsquo;s operations in future periods, planned exploration and development of its properties, plans related to its
business and other matters that may occur in the future. These statements relate to analyses and other information that are based
on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Statements concerning reserves and mineral
resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the
mineralization that will be encountered if our properties are developed, and in the case of mineral reserves, such statements reflect
the conclusion based on certain assumptions that a mineral deposit can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events
or performance (often, but not always, using words or phrases such as &ldquo;expects&rdquo; or &ldquo;does not expect&rdquo;, &ldquo;is
expected&rdquo;, &ldquo;anticipates&rdquo; or &ldquo;does not anticipate&rdquo;, &ldquo;plans&rdquo;, &ldquo;estimates&rdquo; or
&ldquo;intends&rdquo;, or stating that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;,
&ldquo;might&rdquo; or &ldquo;will&rdquo; be taken, occur or be achieved) are not statements of historical fact and may be forward-looking
statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which
could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without
limitation:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">volatility of global and local economic
climate and geopolitical risk;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">title, permitting and licensing risks,
including the risks of obtaining and maintaining the validity and enforceability of necessary permits and licenses, the timing
of obtaining and renewing such permits and licenses, and risks of defective title to mineral property;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">gold and other metal price volatility
and the impact of any related hedging activities</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">development, mining and operational risk,
including timing, hazards and losses that are uninsured or uninsurable;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">risks of operating in foreign countries
in which we currently or may in the future conduct business, including controls, laws, regulations, changes in mining regimes or
governments, and political or economic developments; </FONT></LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">regulatory restrictions, including environmental
regulatory restrictions and liability, including actual costs of reclamation; </LI>

</UL>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"></TABLE>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">changes in law and regulatory requirements
or policies, including permitting, foreign investment, environmental, tax and health and safety laws and regulations;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">competition for mineral properties and
merger and acquisition targets;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">environmental risks, including use and
transport of regulated substances;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">infrastructure, water, energy, equipment
and other input availability and durability, and their cost and impact on capital and operating costs, exploration, development
and production schedules;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">community and non-governmental actions
and regulatory risks, including the possibility of a shutdown at any of our operations;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">perceptions of the local people about
foreign companies operating on their land;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">ability to maintain positive relationships
with the communities in which we operate and potential loss of reputation;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">subjectivity of estimating mineral reserves
and resources and the reliance on available data and assumptions and judgments used in interpretation of such data and depletion
of grades or quantities of mineral reserves;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical recoveries;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">speculative and uncertain nature of gold
and other mineral exploration;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">risks of not meeting production and cost
targets or estimates;</LI>

<LI STYLE="margin: 0; text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">the
loss of key employees and our ability to attract and retain qualified personnel;</FONT></LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">employee health and safety risks and
human rights;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">labour disputes, labour shortages and
risks associated with unionized labour;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">prices for energy inputs, labour, material
costs, supplies and services (including shipping) remaining consistent with expectations;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">risk associated with co-ownership (including
joint ventures);</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">impact on operations of compliance and
non-compliance with anti-corruption, anti-bribery and sanction laws;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">increased capital requirements and the
ability to obtain financing;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">currency exchange fluctuations and the
impact of any related hedging activities;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">risks associated with maintaining substantial
levels of indebtedness, including potential financial constraints on operations, interest rate risk and credit rating risk;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">the risks that the integration of acquired
businesses may take longer than expected, the anticipated benefits of the integration may be less than estimated or the costs of
acquisition may be higher than anticipated;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the impact of acquisitions, dispositions,
monetization, mergers, other business combinations or transactions, including effect of changes in our portfolio of projects on
our current and future operations, capital requirements, and financial condition and ability to complete such transactions;</LI>

</UL>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"></TABLE>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">litigation risks, including the uncertainties
inherent in current and future legal challenges we are, or may become, a party to;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">share capital dilution and share price
volatility;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">taxation, including change in tax laws
and interpretations of tax laws;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">financial reporting risks;</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">failure, security breaches or disruption
of our information technology systems; and</LI>

<LI STYLE="text-align: justify; margin: 0; font: 10pt/115% Times New Roman, Times, Serif">risks related to natural disasters and
climate change.</LI>

</UL>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This list is not exhaustive of the factors
that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking
statements are described further in the exhibits attached to this annual report on Form 40-F, including those described in the
Annual Information Form (&ldquo;AIF&rdquo;) of the Company filed as <U>Exhibit 99.1</U> to this annual report on Form 40-F and
incorporated by reference herein. Should one or more of these risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described in the forward-looking statements. Forward-looking statements
are made based on management&rsquo;s beliefs, estimates and opinions on the date the statements are made, and the Company undertakes
no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change,
except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTE TO UNITED STATES READERS -</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DIFFERENCES IN UNITED STATES AND CANADIAN
REPORTING PRACTICES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is permitted, under the
multi-jurisdictional disclosure system adopted by the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
to prepare this annual report on Form 40-F in accordance with Canadian disclosure requirements, which differ from those of the
United States. The Company has prepared its financial statements, which are filed as <U>Exhibit 99.2</U> to this annual report
on Form 40-F, in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;), as issued by the International
Accounting Standards Board and they are not comparable to financial statements of United States companies.</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RESOURCE AND RESERVE ESTIMATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s AIF filed as <U>Exhibit
99.1</U> to this annual report on Form 40-F and management&rsquo;s discussion and analysis for the fiscal year ended December 31,
2016 filed as <U>Exhibit 99.3</U> to this annual report on Form 40-F have been prepared in accordance with the requirements of
the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms &ldquo;mineral
reserve&rdquo;, &ldquo;proven mineral reserve&rdquo; and &ldquo;probable mineral reserve&rdquo; are Canadian mining terms as defined
in accordance with Canadian National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects (&ldquo;NI 43-101&rdquo;)
and the Canadian Institute of Mining, Metallurgy and Petroleum (the &ldquo;CIM&rdquo;) - <I>CIM Definition Standards on Mineral
Resources and Mineral Reserves</I>, adopted by the CIM Council, as amended. These definitions differ from the definitions in SEC
Industry Guide 7 under the United States&nbsp;Securities Act of 1993, as amended (the &ldquo;Securities Act&rdquo;). Under SEC
Industry Guide 7 standards, a &ldquo;final&rdquo; or &ldquo;bankable&rdquo; feasibility study is required to report reserves, the
three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental authority.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the terms &ldquo;mineral
resource&rdquo;, &ldquo;measured mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral
resource&rdquo; 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 are normally not permitted to be used 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.
&ldquo;Inferred mineral resources&rdquo; 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 rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists
or is economically or legally mineable. Disclosure of &ldquo;contained ounces&rdquo; in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute &ldquo;reserves&rdquo;
by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Accordingly, information contained in
this annual report and the documents incorporated by reference herein contain descriptions of our mineral deposits that may not
be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the
United States federal securities laws and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENCY</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless otherwise indicated, all dollar
amounts in this annual report on Form 40-F are in United States dollars. The exchange rate of Canadian dollars into United States
dollars, on December 31, 2016, based upon the noon rate of exchange as quoted by the Bank of Canada, was U.S.$1.00 = Cdn.$1.3427.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNUAL INFORMATION FORM</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s AIF for the fiscal year ended December
31, 2016 is filed as <U>Exhibit 99.1</U> to this annual report on Form 40-F, and is incorporated by reference herein.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AUDITED ANNUAL FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The audited consolidated financial statements
of the Company for the years ended December 31, 2016 and 2015, including the report of the independent auditor thereon, are filed
as <U>Exhibit 99.2</U> to this annual report on Form 40-F, and are incorporated by reference herein.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT&rsquo;S DISCUSSION AND
ANALYSIS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s management&rsquo;s discussion and analysis
for the year ended December 31, 2016 (&ldquo;MD&amp;A&rdquo;), is filed as <U>Exhibit 99.3</U> to this annual report on Form 40-F,
and is incorporated by reference herein.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TAX MATTERS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchasing, holding, or disposing of
the Company&rsquo;s securities may have tax consequences under the laws of the United States and Canada that are not described
in this annual report on Form 40-F.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONTROLS AND PROCEDURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Disclosure Controls and Procedures</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At the end of the period covered by
this annual report on Form 40-F for the fiscal year ended December 31, 2016, an evaluation was carried out under the supervision
of, and the with the participation of, the Company&rsquo;s management, including its Chief Executive Officer (&ldquo;CEO&rdquo;)
and Chief Financial Officer (&ldquo;CFO&rdquo;), of the effectiveness of the design and operation of the Company&rsquo;s disclosure
controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Company&rsquo;s CEO
and CFO have concluded that the disclosure controls and procedures were designed and effective to give reasonable assurance that
the information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded,
processed, summarized and reported, within the time periods specified in the SEC&rsquo;s rules and forms, and (ii) gathered and
reported to senior management, including its principal executive and principal financial officers, as appropriate to allow timely
decisions regarding public disclosure.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Management&rsquo;s Annual Report
on Internal Control over Financial Reporting</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Management is responsible for establishing
and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act. The Company&rsquo;s
management has employed a framework consistent with Exchange Act Rule 13a-15(c), to evaluate the Company&rsquo;s internal control
over financial reporting described below. A company&rsquo;s internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">A company&rsquo;s internal control over
financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the financial
statements. It should be noted that a control system, no matter how well conceived or operated, can only provide reasonable assurance,
not absolute assurance, that the objectives of the control system are met. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with policies and procedures may deteriorate.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Management, including the CEO and CFO,
is responsible for establishing and maintaining adequate internal control over financial reporting, and used the framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission (2013)(COSO) to evaluate the effectiveness of our controls
in 2016. Based on this evaluation, management concluded that our internal control over financial reporting was effective as at
December 31, 2016 and provided a reasonable assurance of the reliability of our financial reporting and preparation of financial
statements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is required to provide an
auditor&rsquo;s attestation report on its internal control over financial reporting as of December 31, 2016. In this annual report
on Form 40-F, the Company&rsquo;s independent registered auditor, KPMG LLP, states its opinion as to the effectiveness of the Company&rsquo;s
internal control over financial reporting as of December 31, 2016. KPMG LLP has audited the Company&rsquo;s financial statements
included in this annual report on Form 40-F and has issued an attestation report on
the Company&rsquo;s internal control over financial reporting.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Attestation Report of the Registered
Public Accounting Firm</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The attestation report of KPMG LLP on
the Company&rsquo;s internal control over financial reporting is included in the audited consolidated financial statements of the
Company for the years ended December 31, 2016 and 2015, which are filed as <U>Exhibit 99.2</U> and incorporated by reference in
this annual report on Form 40-F.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Changes in Internal Control over
Financial Reporting</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no changes in the Company&rsquo;s
internal control over financial reporting during its fiscal year ended December 31, 2016 that have materially affected, or are
reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. Management used appropriate
procedures to ensure internal controls were in place during and after the implementation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CORPORATE GOVERNANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Board of Directors
(the &ldquo;Board of Directors&rdquo;) is responsible for the Company&rsquo;s corporate governance and has a separately designated
standing Corporate Governance and Nominating Committee, established in accordance with Section 303A.04 of the NYSE Listed Company
Manual, and a Compensation Committee, established in accordance with Section 303A.05 of the NYSE Listed Company Manual. The Board
of Directors has determined that all the members of the Compensation Committee and the Corporate Governance and Nominating Committee
are independent, based on the criteria for independence prescribed by Section 303A.02 of the NYSE Listed Company Manual.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Compensation Committee</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Compensation of the Company&rsquo;s
CEO and all other executive officers is recommended to the Board of Directors for determination by the Compensation Committee.
The Company&rsquo;s Compensation Committee is comprised of Jonathan A. Rubenstein (chair), Robert R. Gilmore, Geoffrey A. Handley
and Steven P. Reid. The Compensation Committee is responsible for: assisting management in developing the Company&rsquo;s compensation
structure, including the compensation policies and compensation programs for the Company&rsquo;s directors and executives; reviewing
the results of the annual Say on Pay advisory vote when considering future executive and director compensation programs; determining
where there is a need to engage with shareholders on compensation and related matters and conduct such engagement in coordination
with Management, as appropriate; and assessing the performance of the Company&rsquo;s CEO every year and recommending the compensation
of the Company&rsquo;s CEO and the Company&rsquo;s other executive officers to the Board of Directors for review and approval.
The Compensation Committee conducts a thorough compensation review every year to assess: the competitiveness of the Company&rsquo;s
cash and stock-based compensation for the Company&rsquo;s directors and executives; whether overall executive compensation continues
to support the Company&rsquo;s goals of attracting, motivating and retaining executives with exceptional leadership and management
skills; and the overall compensation packages for the Company&rsquo;s senior executives and whether the components are applied
appropriately. The Compensation Committee also reviews and approves the terms of employment annually and evaluates the performance
of the CEO for the prior year. The Company&rsquo;s CEO cannot be present during the Compensation Committee&rsquo;s deliberations
or vote. The Company&rsquo;s Compensation Committee&rsquo;s Terms of Reference is available on the Company&rsquo;s website at www.eldoradogold.com.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Corporate Governance and Nominating
Committee</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Nominees for the election to the Board
of Directors are recommended by the Corporate Governance and Nominating Committee. The Corporate Governance and Nominating Committee
is comprised of Pamela M. Gibson (chair), George Albino, K. Ross Cory, Jonathan A. Rubenstein, and John Webster. The Corporate
Governance and Nominating Committee&rsquo;s responsibilities include: regularly reviewing the Company&rsquo;s corporate governance
policies and practices; monitoring the Company&rsquo;s risk management program; reviewing the size and composition of the Board
of Directors annually; facilitating the succession and nomination of directors to the Board of Directors; identifying new directors
and managing the Board of Directors&rsquo; nomination process, Board of Directors&rsquo; committee appointments and assessment
process; and evaluating the Board of Directors&rsquo; competencies and defining the skills and experience necessary for an effective
Board of Directors. The Company&rsquo;s Corporate Governance and Nominating Committee Terms of Reference is available on the
Company&rsquo;s website at <U>www.eldoradogold.com</U>.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Board of Directors
has a separately designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and
Section 303A.06 of the NYSE Listed Company Manual. The Company&rsquo;s Audit Committee is comprised of John Webster (chair), K.
Ross Cory, Michael A. Price and Robert R. Gilmore all of whom, in the opinion of the Company&rsquo;s Board of Directors, are independent
(as determined under Rule 10A-3 of the Exchange Act and Section 303A.02 of the NYSE Listed Company Manual). All four members of
the Audit Committee are financially literate, meaning they are able to read and understand the Company&rsquo;s financial statements
and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company&rsquo;s
financial statements. The Audit Committee meets the composition requirements set forth by Section 303A.07 of NYSE Listed Company
Manual.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The members of the Audit Committee do
not have fixed terms and are appointed and replaced from time to time by resolution of the Board of Directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee meets with the CEO
and the CFO of the Company and the Company&rsquo;s independent auditors to review and inquire into matters affecting financial
reporting, the system of internal accounting and financial controls, as well as audit procedures and audit plans. The Audit Committee
also recommends to the Board of Directors which independent registered public auditing firm should be appointed by the Company.
In addition, the Audit Committee reviews and recommends to the Board of Directors for approval the annual and interim financial
statements, the MD&amp;A, and undertakes other activities required by exchanges on which the Company&rsquo;s securities are listed
and by regulatory authorities to which the Company is held responsible.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The full text of the Audit Committee
Terms of Reference is attached as Schedule A to the Company&rsquo;s AIF, which is filed as <U>Exhibit 99.1</U> to this annual report
on Form 40-F.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Audit Committee Financial Expert</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Board of Directors
has determined that both Robert R. Gilmore and John Webster qualify as financial experts (as defined in Item 407(d)(5)(ii) of Regulation
S-K under the Exchange Act) and that each are independent (as determined under Exchange Act Rule 10A-3 and Section 303A.02 of the
NYSE Listed Company Manual).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PRE-APPROVAL OF AUDIT AND NON-AUDIT
SERVICES PROVIDED BY</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEPENDENT AUDITOR</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee pre-approves all
audit and non-audit services to be provided to the Company by its independent auditor. Non-audit services that are prohibited to
be provided to the Company by its independent auditors may not be pre-approved. In addition, prior to the granting of any pre-approval,
the Audit Committee must be satisfied that the performance of the services in question will not compromise the independence of
the independent auditor. Since the enactment of the Sarbanes-Oxley Act of 2002, all non-audit services performed by the Company&rsquo;s
auditor have been pre-approved by the Audit Committee of the Company. In 2005, the Company&rsquo;s Audit Committee determined that
non-audit services can only be provided by the Company&rsquo;s independent registered public auditing firm if it has been pre-approved
by the Audit Committee. Generally, these services are provided by other firms and management has established agreements with other
service providers for such non-audit services. All audit and non-audit fees paid to KPMG LLP, for the financial year ended December
31, 2016, were pre-approved by the Audit Committee and none were approved on the basis of the de minimis exemption set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES
&ndash; INDEPENDENT AUDITOR</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For fiscal years ended December 31,
2016 and 2015 KPMG LLP was the Company&rsquo;s appointed auditor. The aggregate fees billed by the Company&rsquo;s principal accountant
in each of the last two fiscal years for professional services rendered are as follows:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Financial Year Ending</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Audit Fees<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Audit Related Fees<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tax Fees<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>All Other Fees<SUP>(4)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">$1,188,736</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">$67,180</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">$1,452,783</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">$122,322</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0.5in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Total fees for audit services</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Majority of fees relate to French
translation</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Total fees for tax advice, tax planning
and tax compliance</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) The aggregate fees billed for products
and services other than as set out under the headings &ldquo;Audit Fees&rdquo;, &ldquo;Audit Related Fees&rdquo; and &ldquo;Tax
Fees&rdquo;.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OFF-BALANCE SHEET TRANSACTIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have any off-balance
sheet financing arrangements or relationships with unconsolidated special purpose entities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CODE OF ETHICS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has adopted a Code of Business
Conduct and Ethics (the &ldquo;Code&rdquo;) for all its directors, executive officers and employees, which is posted on the Company&rsquo;s
website, www.eldoradogold.com. The Code is also available to any person, without charge, by written request to the Company at its
principal executive office, located at Suite 1188 &ndash; 550, Burrard Street, Vancouver, British Columbia, Canada V6C 2B5. The
Code meets the requirements for a &ldquo;code of ethics&rdquo; within the meaning of that term in General Instruction 9(b) of the
Form 40-F.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All amendments to the Code, and all
waivers of the Code with respect to any of the officers covered by it, will be posted on the Company&rsquo;s website, www.eldoradogold.com
within five business days of the amendment or waiver and provided in print to any shareholder who requests them. During the fiscal
year ended December 31, 2016, the Company did not substantively amend, waive or implicitly waive any provision of the Code with
respect to any of the directors, executive officers or employees subject to it.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABULAR DISCLOSURE OF CONTRACTUAL
OBLIGATIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The required tabular disclosure is included
under the heading &ldquo;Capital Resources &ndash; Contractual Obligations&rdquo; in the Company&rsquo;s MD&amp;A for the fiscal
year ended December 31, 2016, filed as <U>Exhibit 99.3</U> to this annual report on Form 40-F and is incorporated herein by reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTICES PURSUANT TO REGULATION BTR</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no notices required by Rule
104 of Regulation BTR that the Company sent during the year ended December 31, 2016 concerning any equity security subject to a
blackout period under Rule 101 of Regulation BTR.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NYSE CORPORATE GOVERNANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s common shares are
listed on the NYSE. Section 303A.11 of the NYSE Listed Company Manual permits foreign private issuers to follow home country practices
in lieu of certain provisions of the NYSE Listed Company Manual. A foreign private issuer that follows home country practices in
lieu of certain provisions of the NYSE Listed Company Manual must disclose any significant ways in which its corporate governance
practices differ from those followed by domestic companies either on its website or in the annual report that it distributes to
shareholders in the United States. A description of the significant ways in which the Company&rsquo;s governance practices differ
from those followed by domestic companies pursuant to NYSE standards is set forth on the Company&rsquo;s website at www.eldoradogold.com.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company may from time-to-time
seek relief from NYSE corporate governance requirements on specific transactions under Section 303A.11 of the NYSE Listed Company
Manual, in which case, the Company shall make the disclosure of such transactions available on its website at www.eldoradogold.com.
Information contained on the Company&rsquo;s website is not part
of this annual report on Form 40-F.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MINE SAFETY DISCLOSURE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDERTAKING</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company undertakes to make available,
in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested
to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation
to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT TO SERVICE OF PROCESS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company filed an Appointment of Agent for
Service of Process and Undertaking on Form F-X with the SEC on March 30, 2012, which is hereby incorporated by reference, with
respect to the class of securities in relation to which the obligation to file this annual report on Form 40-F arises. Any change
to the name or address of the agent for service of process will be communicated promptly to the SEC by amendment to Form F-X referencing
the Company&rsquo;s file number.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Exchange Act, the Registrant
certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on
its behalf by the undersigned, thereto duly authorized.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELDORADO GOLD CORPORATION</B></FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 49%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 6%; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 45%; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">_<U>/s/ Paul Wright_</U>________________&#9;</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: -0.9pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paul N. Wright</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 30, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 16%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Annual Information</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 10pt; width: 84%; font-size: 11pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="aif.htm">Annual Information
Form of the Company for the year ended December 31, 2016</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.2.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="fins.htm">The following audited consolidated financial statements of the Company, are exhibits to and form a part of this Report</A>:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Independent Auditors&rsquo; Report of Registered Public Accounting Firm on the Consolidated Financial Statements</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated Balance Sheets as of December 31, 2016 and 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated Income Statements for the years ended December&nbsp;31, 2016 and 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated Statements of Comprehensive Income for the years ended December 31, 2016 and 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated Statements of Changes in Equity for the years ended December 31, 2016 and 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.3.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="mda.htm">Management&rsquo;s Discussion and Analysis for the year ended December 31, 2016</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certifications</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.4.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.5.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.6.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.7.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consents</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.8.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex998.htm">Consent of KPMG LLP</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.9.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex999.htm">Consent of Mr. Antony Francis, FIMMM</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.10.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex9910.htm">Consent of Mr. Colm Keogh,
     P.Eng., AMC Mining Consultants (Canada) Ltd.</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.11.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex9911.htm">Consent of Mr. Patrick Forward, FIMMM</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.12.</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex9912.htm">Consent of Mr. Rick Alexander,
     P.Eng.</a> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.13.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex9913.htm">Consent of Mr. Richard Miller,
     P.Eng. General Manager, Kisladag Mine, Eldorado Gold Corporation</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.14.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex9914.htm">Consent of Mr. Paul
     Skayman, FAusIMM Chief Operating Officer of Eldorado Gold Corporation</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.15.</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><a href="ex9915.htm">Consent of Mr. Stephen
     Juras, P. Geo. Director of Technical Services of Eldorado Gold Corporation</a></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">99.16</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">99.17</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">99.18</P></TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><a href="ex9916.htm">Consent of Mr. Douglas Jones, SME Registered
        Member</a></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><a href="ex9917.htm">Consent of Mr. John Nilsson,
        P.Eng.,
        Nilsson Mine Services Ltd.</a></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><a href="ex9918.htm">Consent of Mr. Peter<I> </I>Lewis,
        P.Geo.,
        Vice President, Exploration for Eldorado Gold Corporation</a></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#9;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 99.4</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">I, Paul N. Wright, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">I have reviewed this annual report on Form 40-F of Eldorado Gold
Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and
cash flows of the issuer as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The issuer&rsquo;s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the issuer&rsquo;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the issuer&rsquo;s internal
control over financial reporting that occurred during the period covered by the annual report that has materially affected, or
is reasonably likely to materially affect, the issuer&rsquo;s internal control over financial reporting; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The issuer&rsquo;s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the issuer&rsquo;s auditor and the audit committee
of the issuer&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&rsquo;s ability
to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other
employees who have a significant role in the issuer&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-bottom: 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 46%; padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Date:&nbsp;&nbsp;March 30, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><I>/s/ Paul Wright</I></P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">_____________________________________</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Paul N. Wright<BR>
        President and Chief Executive Officer</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">(Principal Executive Officer)</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 99.5</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">I, Fabiana Chubbs, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">I have reviewed this annual report on Form&nbsp;40-F of Eldorado
Gold Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and
cash flows of the issuer as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The issuer&rsquo;s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the issuer&rsquo;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the issuer&rsquo;s internal
control over financial reporting that occurred during the period covered by the annual report that has materially affected, or
is reasonably likely to materially affect, the issuer&rsquo;s internal control over financial reporting; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The issuer&rsquo;s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the issuer&rsquo;s auditor and the audit committee
of the issuer&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&rsquo;s ability
to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other
employees who have a significant role in the issuer&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 46%; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">Date:&nbsp;&nbsp;March 30, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="margin: 0">/s/ Fabiana Chubbs</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">_____________________________________</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Fabiana Chubbs<BR>
        Chief Financial Officer</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">(Principal Financial and Accounting Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 99.6</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATION PURSUANT TO</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">18 U.S.C. &sect;1350,</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">AS ADOPTED PURSUANT TO</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In connection with the Annual Report
of Eldorado Gold Corporation (the &ldquo;Company&rdquo;) on Form 40-F for the period ended December 31, 2016 as filed with the
Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Paul N. Wright, Chief Executive Officer of
the Company, certify, pursuant to 18 U.S.C. &sect;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#9;(1)&#9;The Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#9;(2)&#9;The information
contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">March 30, 2017&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Paul Wright</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul N.
Wright</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President
and Chief Executive Officer</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal
Executive Officer)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">A signed original of this written
statement required by Section 906 has been provided to Eldorado Gold Corporation and will be retained by Eldorado Gold Corporation
and furnished to the Securities and Exchange Commission or its staff upon request.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 99.7</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATION PURSUANT TO</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">18 U.S.C. &sect;1350,</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">AS ADOPTED PURSUANT TO</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In connection with the Annual Report
of Eldorado Gold Corporation (the &ldquo;Company&rdquo;) on Form 40-F for the period ended December 31, 2016 as filed with the
Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Fabiana Chubbs, Chief Financial Officer of
the Company, certify, pursuant to 18 U.S.C. &sect;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#9;(1)&#9;The Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#9;(2)&#9;The information
contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">March 30, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Fabiana Chubbs<FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"> </FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&#9;___________________________________</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabiana
Chubbs</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial
and Accounting Officer)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">A signed original of this written
statement required by Section 906 has been provided to Eldorado Gold Corporation and will be retained by Eldorado Gold Corporation
and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>aif.htm
<DESCRIPTION>ANNUAL INFORMATION FORM
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><IMG SRC="aif-image_007.jpg" ALT="" STYLE="height: 79.5pt; width: 185.25pt" width="612" height="272"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Eldorado Gold Corporation</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 13pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Annual information form</P>

<P STYLE="font: 13pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">for the year ended December 31, 2016</P>

<P STYLE="font: 13pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>March 30, 2017</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">ELD (TSX) &#9;EGO (NYSE)</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>About this annual information form</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Throughout this annual information
form (AIF), references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;, &ldquo;Eldorado&rdquo; &ldquo;and the &ldquo;Company&rdquo;
mean Eldorado Gold Corporation and its subsidiaries. References to &ldquo;Eldorado Gold&rdquo; mean Eldorado Gold Corporation only.
References to &ldquo;this year&rdquo; means 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For all other defined technical
and other terms, please refer to our Glossary section on page 143.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All dollar amounts are in United
States dollars unless stated otherwise.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Except as otherwise noted, the
information in this AIF is as of December 31, 2016. We prepare the financial statements referred to in the AIF in accordance with
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, and file the AIF
with appropriate regulatory authorities in Canada and the United States. Information on our website is not part of this AIF, or
incorporated by reference. Filings on SEDAR are also not part of this AIF or incorporated by reference, except as specifically
stated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">You can find more information about
Eldorado Gold, including information about executive and director compensation, principal holders of our securities, and securities
authorized for issue under equity compensation plans (such as our incentive stock option plan and performance share unit plan),
in our most recent management proxy circular and on SEDAR (www.sedar.com) under the name Eldorado Gold Corporation. For additional
financial information, you should also read our audited consolidated financial statements (2016 FS) and management&rsquo;s discussion
and analysis (MD&amp;A) for the year ended December 31, 2016. These are filed under our name on SEDAR (www.sedar.com), or you can
ask us for a copy by writing to:</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">Corporate Secretary<BR>
1188 &ndash; 550 Burrard Street<BR>
Vancouver, BC V6C 2B5</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>What&rsquo;s Inside</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>About Eldorado</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Key milestones in our recent history</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>About our business</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>13</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Corporate Social Responibility</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>20</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Material Proerties</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>28</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>28</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>36</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>43</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Skouries</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>52</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Other
    Operating Mines and Projects</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>59</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Stratoni</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>59</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Tocantinzinho</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>61</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Perama Hill</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>64</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Certej</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>66</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Sapes</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>70</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 0.5in; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Vila Nova</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>71</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Mineral reserves and resources</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>72</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Risk factors in our business</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>82</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Investor information</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>118</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Governance</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>123</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Audit Committee Terms of Reference</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>134</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>Glossary</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif"><B>142</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-looking information and risks </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This document includes statements
and information about what we expect to happen in the future. When we discuss our strategy; plans; outlook; future financial and
operating performance; price of gold and other commodities; cash flow; cash costs; targets; production and expenditures; our mineral
reserve and resource estimates; our proposed mine development; exploration and acquisitions; our expectation as to future performance
at our mines; or other events and developments that have not yet happened, we are making statements considered to be <I>forward-looking
information</I> or <I>forward-looking statements</I> under Canadian and United States securities laws. We refer to them in this
AIF as <I>forward-looking information.</I></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">Key things to understand about the forward-looking information
in this AIF:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It typically includes words and phrases about the future, such as plan, expect, forecast, intend,
anticipate, believe, estimate, budget, continue, projected, scheduled, may, could, would, might, will, as well as the negative
of or variations of these words and phrases.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It is provided to help you understand our current views and can change significantly; it may not
be appropriate for other purposes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It is based on a number of assumptions, estimates and opinions that may prove to be incorrect<I>,
</I>including things like the geopolitical, economic, permitting and legal environments in which we operate, the future price of
gold and other commodities, currency exchange rates, anticipated costs and spending, production, mineral reserves and resources
and metallurgical recoveries, impact of acquisitions, dispositions, suspensions, or delays on our business, and our ability to
achieve our goals.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It is inherently subject to known and unknown risks, uncertainties and other factors. Actual results
and events may be significantly different from what we currently expect due to the risks detailed on pages 82 to 117 of this AIF,
which includes a discussion of material and other risks that could cause actual results to differ significantly from our current
expectations and risks associated with our business, including the risks listed below:</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">volatility of global and local economic climate
and geopolitical risks; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">title, permitting and licensing risks, including
the risks of obtaining and maintaining the validity and enforceability of necessary permits and licenses, the timing of obtaining
and renewing such permits and licenses, and risks of defective title to mineral property; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold and other metal price volatility and
the impact of any related hedging activities</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">development, mining and operational risks,
including timing, hazards and losses that are uninsured or uninsurable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">risks of operating in foreign countries in which we currently or may in the future conduct business,
including controls, laws, regulations, changes in mining regimes or governments, and political or economic developments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">regulatory restrictions, including environmental regulatory restrictions and liability, including
actual costs of reclamation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes in law and regulatory requirements
or policies</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">, including permitting, foreign investment, environmental,
tax and health and safety laws and regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">competition for mineral properties and merger
and acquisition targets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">environmental risks, including use and transport
of regulated substances;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">infrastructure, water, energy, equipment and other input availability and durability, and their
cost and impact on capital and operating costs, exploration, development and production schedules;</TD></TR></TABLE>




<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">community and non-governmental actions and
regulatory risks, including the possibility of a shutdown at any of our operations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">perceptions of the local people about foreign
companies operating on their land;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ability to maintain positive relationships
with the communities in which</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> we operate and potential </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss
of reputation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">subjectivity of estimating mineral reserves
and resources and the reliance on available data and assumptions and judgments used in interpretation of such data and depletion
of grades or quantities of mineral reserves;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical recoveries; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">speculative and uncertain nature of gold
and other mineral exploration;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">risks of not meeting production and cost
targets or estimates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the loss of key employees and our ability to attract and retain qualified personnel;</FONT></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employee health and safety risks and human
rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">labour disputes, labour shortages and risks
associated with unionized labour</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">prices for energy inputs, labour, material
costs, supplies and services (including shipping) remaining consistent with expectations; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif">risk associated with co-ownership (including
joint ventures);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">impact on operations of compliance and non-compliance
with anti-corruption, anti-bribery and sanction laws;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">increased capital requirements and the ability
to obtain financing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">currency exchange fluctuations and the impact
of any related hedging activities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">risks associated with maintaining substantial
levels of indebtedness, including potential financial constraints on operations, interest rate risk and credit rating risk;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the risks that the integration of acquired
businesses may take longer than expected, the anticipated benefits of the integration may be less than estimated or the costs of
acquisition may be higher than anticipated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the impact of acquisitions, dispositions, monetization, mergers, other business combinations or
transactions, including effect of changes in our portfolio of projects on our current and future operations, capital requirements,
and financial condition and ability to complete such transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">litigation risks, including the uncertainties
inherent in current and future legal challenges we are, or may become, a party to;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">share capital dilution and share price volatility;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">taxation, including change in tax laws and
interpretations of tax laws;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">financial reporting risks</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">failure, security breaches or disruption
of our information technology systems; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">risks related to natural disasters and climate
change.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The reader is directed to the discussion
set out under the heading &ldquo;Risk factors in our business&rdquo; for a full discussion of these risks and uncertainties.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although we believe that the expectations
reflected in the forward-looking information contained herein are reasonable and we have attempted to identify important factors
that could cause actual results to differ materially from those contained in the forward-looking information, there may be other
factors that cause actual results to differ materially from those which are anticipated, estimated or intended.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Forward-looking information is
not a guarantee of future performance and actual results and future events could materially differ from those anticipated in such
statements and information.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We will not necessarily update
this information unless we are required to do so by applicable securities laws.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All forward-looking information
in this AIF is qualified by these cautionary statements.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Reporting mineral reserves and resources</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There are material differences
between the standards and terms used for reporting mineral reserves and resources in Canada and the US. While the terms <I>mineral
resource</I>, <I>measured mineral</I> <I>resource</I>, <I>indicated mineral resource</I> and <I>inferred mineral resource</I> are
defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), and the CIM Definition Standards on Mineral Resources
and Mineral Reserves adopted by the CIM Council, and must be disclosed according to Canadian securities regulations, the US Securities
and Exchange Commission (SEC) does not recognize them under SEC Industry Guide 7 and they are not normally permitted to be used
in reports and registration statements filed with the SEC.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Investors should not assume that:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">any or all of a <I>measured, indicated or inferred mineral resource</I> will ever be upgraded to
a higher category or to mineral reserves; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">any or all of an <I>indicated</I> or <I>inferred mineral resource </I>exists or is economically
feasible to mine.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mineral resources which are not mineral
reserves do not have demonstrated economic viability.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the securities regulations adopted
by the Canadian Securities Administrators (CSA), estimates of inferred mineral resources generally cannot be used as the basis
of feasibility or prefeasibility studies.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Information about our mineral deposits
may not be comparable to similar information made public by US domestic mining companies, including information prepared according
to SEC Industry Guide 7.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Production outlook, guidance and estimates are forward-looking
information</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">We made certain assumptions when
the outlooks, guidance and estimates in this document were developed and actual results and events may be significantly different
from what we currently expect due to the risks associated with our business.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Assumptions:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">future events;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">political, economic, competitive and regulatory conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">geopolitical climate</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">financial market conditions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">future business decisions,</TD></TR></TABLE>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition, except as otherwise noted, we have assumed a continuation of our existing business operations as they currently exist
as of the date of this AIF</FONT>.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">Assumptions are difficult to predict
and many are beyond our control and as a result actual events and results may vary significantly from what we expect.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Risks:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">global and local economic and political conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">pricing and cost factors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">unanticipated events, changes or delays in current development plans, execution of development
plans, future operating results, financial conditions or other aspects of our business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">unfavourable legal, regulatory or policy developments.</TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 8.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These and other risks could cause
actual events and results to vary significantly from what we expect Please see Forward-looking information and risks on page 2
and Risk factors in our business on pages 82 to 117 for a more comprehensive listing of risk factors.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>About Eldorado</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Eldorado owns and operates mines
around the world, primarily gold mines but also a silver-lead-zinc mine and an iron ore mine. Its activities involve all facets
of the mining industry, including exploration, discovery, acquisition, financing, development, production and reclamation. Our
business is currently focused in Brazil, Greece, Romania, Serbia and Turkey. Eldorado Gold is governed by the Canada Business Corporations
Act (CBCA) and is based in Vancouver, BC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Each operation has its own general
manager and operates as a decentralized business unit within the Company. We manage exploration properties, merger and acquisition
strategies, corporate financing, global tax planning, regulatory compliance, commodity price and currency risk management programs,
investor relations, engineering for capital projects and general corporate matters centrally, at our head office in Vancouver.
Our risk management program is developed by senior management and monitored by the board of directors.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Properties as of March 30, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating gold mines </B></FONT></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Other
    Operating Mines and Projects</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Kisladag, in Turkey (100%)</FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Efemcukuru, in Turkey (100%)</FONT></P>
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Stratoni, in Greece (95%), silver-lead-zinc mine, </FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Skouries, in Greece (95%) development project, </FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Perama Hill, in Greece (100%) development project, currently on care
        and maintenance status</FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Olympias, in Greece (95%) development project</FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Certej, in Romania (80.5%) development project</FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tocantinzinho, in Brazil (100%) development project</FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Sapes, in Greece (100%)  exploration project, currently on care
        and         maintenance status</FONT></P>
        <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Vila Nova, in Brazil (100%), iron ore mine, currently on care and maintenance
        status</FONT></P>
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Kisladag, Efemcukuru, Olympias, and
Skouries, are material properties for the purposes of NI 43-101. The term Kassandra Mines is used throughout this AIF to reference
the Olympias and Skouries projects together and the Stratoni mine. Stratoni mine consists of Mavres Petres, which is still being
mined, and Madem Lakkos, which was mined out previously.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Head office</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Eldorado Gold Corporation</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Suite 1188 &ndash; 550 Burrard Street<BR>
Vancouver, British Columbia, V6C 2B5</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Telephone: &nbsp;604.687.4018<BR>
Facsimile: &nbsp;&#9;604.687.4026</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Website: &#9;&nbsp;&nbsp;&nbsp;www.eldoradogold.com</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Registered office</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Suite 2900 &ndash; 550 Burrard Street<BR>
Vancouver, British Columbia V6C 0A3</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Other offices</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Turkey</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>&nbsp;Greece</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Romania</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Netherlands</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>China</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Serbia</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ankara</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Usak</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Izmir</FONT></P>
        <P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Canakkale</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Belo Horizonte</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Macapa</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">&nbsp;</P>
        <P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.1pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Athens&#9;</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Alexandropoulos</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Stratoni</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Sapes</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Deva</FONT></P>
        <P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.1pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Amsterdam</FONT></P>
        <P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 8.1pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Beijing*</FONT></P>
        <P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 0 39.3pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-left: 8.1pt; text-indent: -8.1pt; font-size: 11pt; line-height: 107%"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Belgrade</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">* We anticipate the closure of our China, Beijing office
in 2017.</P>



<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Our
corporate structure is illustrated in the chart below (other than those subsidiaries permitted to be excluded under Section 3.2
of 51-102F2).</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;<IMG SRC="aif-image_006.jpg" ALT="" STYLE="width: 668px; height: 849px" width="1118" height="1003"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Subsidiaries</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">We abbreviate and refer to our subsidiaries as follows:</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Brazauro Recursos Minerais S.A. (Brazauro)</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Deva Gold S.A. (Deva Gold)</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Hellas Gold S.A. (Hellas Gold)</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">SG Resources B.V. (SG)</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Thracean Gold Mining S.A. (Thracean)</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Thrace Minerals S.A. (Thrace Minerals)</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Tuprag Metal Madencilik Sanayi ve Ticaret AS (Tuprag)</P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Key milestones in our recent history</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #BFBFBF">
    <TD STYLE="vertical-align: bottom; width: 36%; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; line-height: 107%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>2014 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; line-height: 107%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 31%; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 12pt; line-height: 107%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">completed the acquisition of Glory Resources, which held the Sapes
        project in Greece </FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">announced acquisition by CDH Investments of an indirect 20% interest
        in the Eastern Dragon Project, China</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">published a Preliminary Feasibility Study on Certej project in Romania</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">received the EIA expansion permit to expand Kisladag mine production</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">placed Vila Nova iron ore project in Brazil on care and maintenance
        at the end of the year due to low iron ore prices</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt">&nbsp;</P></TD>
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">published the Feasibility Study on Certej Project, Romania</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">published the Feasibility Study on Tocantinzinho Project, Brazil</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">received the Project Permit Approval for the Eastern Dragon Project,
        China</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">amended Stratoni silver stream agreement with Silver Wheaton</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 9pt; text-indent: -9pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">suspended operations at Kassandra Mines for 6 weeks due to permitting
        issues with the government</FONT></P></TD>
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">completed the sale of the 4 Chinese mineral assets to China National
        Gold and a subsidiary of Yintai Resources for a combined value of approximately $900M. </FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">suspended operations at Skouries based on the action of the MOE in
        January 2016. Restarted the operations in March 2016</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">reconfigured pit design at Kisladag and decided to indefinitely defer
        expansion.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>2017</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Commissioning
of Olympias Phase II commenced in Q1 of 2017</FONT>.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>2016 </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>China </I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">On April 26,
2016, the Company announced that it had reached an agreement to sell its 82 percent interest in Jinfeng (CNG operations) to a wholly-owned
subsidiary of China National Gold Group (&ldquo;CNG&rdquo;) for $300M in cash, subject to certain closing adjustments. The sale
was completed on September 6, 2016. In addition to the sale of Jinfeng, on May 16, 2016 Eldorado announced it had reached an agreement
to sell its respective interest in White Mountain, Tanjianshan and Eastern Dragon (The Yintai operations) to an affiliate of Yintai
Resources Co. Ltd. (&ldquo;Yintai&rdquo;) for $600M in cash, subject to certain closing adjustments. The sale was completed on
November 22, 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">The results from
operations for our China business have, together with restated comparatives, been presented as discontinued operations within the
Consolidated Income Statements and the Consolidated Statements of Cash Flows. The discontinued operations include the results of
Jinfeng up to September 6, 2016 and of White Mountain, Tanjianshan and Eastern Dragon up to November 22, 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Greece</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">In early 2016, we made significant
changes to our investment plans in Greece. In order to complete the construction and development of the Kassandra Mines we require
the approval of various routine permits and licenses from a number of government agencies, predominantly under the direction of
the Ministry of Energy and Environment (MOE).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">As a result of routine permits
being delayed, we suspended construction and development activities at Skouries. Subsequently, we received the building permit
for the Skouries processing plant. Activity at Skouries started up again on May 09, 2016. Skouries construction continues and is
on track for a start-up date in 2019.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">On March 22, 2016, the Company
was granted the installation permit in order to complete construction of the metallurgical plant required for Phase II of Olympias.
At year end, Olympias Phase II was well advanced and commissioning commenced in Q1 of 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>2015 </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">In 2015, we published the feasibility
study on the Certej project in Romania and on the Tocantinzinho project in Brazil.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">In addition, we amended the Stratoni
silver stream agreement with Silver Wheaton and suspended operations at the Kassandra Mines for six weeks due to permitting issues
with the government.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>2014 </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Acquisition of Glory Resources Limited</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On October 30, 2013, we announced the
acquisition of Glory Resources Limited (Glory). Pursuant to a friendly takeover bid, which closed on February 21, 2014, we completed
compulsory acquisition procedures on March 14, 2014 to acquire the remaining securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Glory takeover bid and
compulsory acquisition, we:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; acquired all of the issued and
outstanding shares of Glory not held by us; and</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; paid $A 0.17 cash for each Glory
share.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The acquisition gives us 100% ownership
in Sapes, a gold and copper property. During 2015, the Greek Company holding the Sapes property was internally reorganized within
Eldorado and Glory has been dissolved.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Partnering with CDH Investments on
Eastern Dragon Development Project</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During 2014, we sold a 21.05% interest
in Sino Gold Tenya (HK) Ltd. (which owned an indirect 95% interest in the Eastern Dragon development project) to CDH Investments
(&ldquo;CDH&rdquo;), a leading Chinese private equity firm, for cash consideration of US$40M. This transaction reduced our ownership
of the Eastern Dragon development project to 75%, with CDH owning 20% and the local Chinese partner holding 5%.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We completed the sale of all of
our remaining 78.95% interest in Sino Gold Tenya (HK) Ltd. to an affiliate of Yintai Resources Co. Ltd. on November 22, 2016. At
the same time, CDH sold its interest in Sino Gold Tenya (HK) Ltd. to an affiliate of Yintai and consequently, CDH&rsquo;s rights
against Eldorado Gold were extinguished.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Other Property Information</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2014, we published a preliminary feasibility
study on Certej project in Romania, received the EIA expansion permit to expand Kisladag mine production and placed Vila Nova Iron
Ore project in Brazil on care and maintenance at the end of the year due to low iron ore prices.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>China</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">In 2014, the Company announced that it was evaluating
the merits of a potential listing of its China assets on the Hong Kong Stock Exchange. Subsequent to that announcement, the Company
was approached by a number of China based mining companies with an interest in acquiring some or all of the assets. See &lsquo;Disposition
of China Operations&rsquo; on page 11.&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Corporate</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Senior Credit Facility </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On October 12, 2011, we entered into
a $280M revolving credit facility maturing October 12, 2015, with a syndicate of lenders. The credit facility (Amended Facility)
was amended and restated as of November 23, 2012, and subsequently amended by the first amendment made April 30, 2013 and a second
amendment made August 25, 2015. The principal amount of the Amended Facility was increased by $95M to $375M and the maturity was
extended from October 12, 2015 to November 23, 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On June 10, 2016, we amended and restated
the Amended Facility (Senior Credit Facility) to $250M with the option to increase by an additional $100M through an accordion
feature. The maturity date was also extended to June 13, 2020. The Senior Credit Facility is secured by the shares of S.G. Resources
and Tuprag, our indirect wholly-owned subsidiaries, which hold our assets in Turkey.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Senior Credit Facility contains
covenants that restrict, among other things, the ability of Eldorado Gold and its material subsidiaries to incur unsecured indebtedness
exceeding&nbsp;$150M, incur certain permitted unsecured indebtedness exceeding $850M (inclusive of the Indenture) provided certain
conditions are met, incur certain permitted secured indebtedness exceeding $200M provided certain conditions are met. The Senior
Credit Facility also contains restrictions for making distributions in certain circumstances, selling material assets (other than
the China assets that were disposed of in 2016) and conducting business other than that which relates to the mining industry. Significant
financial covenants include a maximum Net Debt to EBITDA of 3.5:1 and a minimum EBITDA to Interest of 3:1. We were in compliance
with these covenants at December 31, 2016</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11pt 0 0; text-align: justify">Loan interest is set at the Canadian
Prime Rate, Base Rate or LIBOR Rate, in each case plus the applicable margin, which margin is dependent on the net leverage ratio
as defined.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">The Senior Credit Facility is
intended to be used for growth opportunities and for general corporate purposes<B>. </B>No amounts were drawn down under the Senior
Credit Facility as at December 31, 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Management</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 16, 2016, we announced that
Paul Wright intends to retire as President and Chief Executive Officer and George Burns has been named as his successor effective
as of the date of the annual shareholder meeting of Eldorado Gold on April 27,2017. George Burns is also expected to be nominated
as a director to the board at that shareholder meeting. Paul Wright is expected to continue as a member of the Eldorado Gold board,
in the vice-chair position and Mr. Robert Gilmore is expected to continue to serve on the board as chairman.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Recent property acquisitions, dispositions
and reorganizations</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following discussion is a summary of
our recent significant acquisitions and dispositions since January 1, 2014.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><I>Disposition of China Operations</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">On September 6, 2016, we completed
the sale of our 82 percent interest in the CNG operations to a wholly-owned subsidiary of CNG. On November 22, 2016, we completed
the sale of our respective interest in the Yintai operations to an affiliate of Yintai. As a result of such dispositions, we no
longer have any business operations in China.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The transaction between Sino Gold
Mining Pty Limited (&ldquo;<B>Sino Gold</B>&rdquo;), a wholly owned subsidiary of the Company, as seller, and China National Gold
Group Hong Kong Limited, &nbsp;a wholly owned subsidiary of CNG, as buyer, of all of the outstanding shares of Sino Mining Guizhou
Pty Ltd. and indirectly, all of the Company's interest in the CNG Operations<FONT STYLE="color: #1F497D">,</FONT>
for a price of US$300M (subject to certain closing adjustments) in cash and on terms and conditions generally customary for such
transactions, closed September 6, 2016 and has fully completed, including all finalization of closing adjustments.&nbsp;</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The transaction between Sino Gold,
as seller<FONT STYLE="color: #1F497D">,</FONT> and Shanghai Shengwei Mining Investment Co., Ltd., a wholly owned subsidiary of
Yintai Resources Co., Ltd., as buyer, of all of the shares held by Sino Gold in each of&nbsp;Sino Gold BMZ Limited, TJS Limited&nbsp;and
Sino Gold Tenya (HK) Limited and indirectly, all of the Company's respective interests in the White Mountain and Tanjianshan mines
and the Eastern Dragon development project<FONT STYLE="color: #1F497D">,</FONT> for a price of US$600M (subject to certain closing
adjustments) in cash and on terms and conditions generally customary for such transactions, closed November 22, 2016. Finalization
of certain closing adjustments remains outstanding.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">See our prior AIFs for information on significant acquisitions
prior to January 1, 2016.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Material Reorganization</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">From time to time, we may reorganize
our business, including winding up non-material subsidiaries, and transferring ownership of subsidiaries from one subsidiary to
another. The sale of our interests in the CNG Operations and the Yintai Operations in 2016 resulted in the disposition of 11 subsidiaries.
See page 8 for our current corporate chart.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;&nbsp;</P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>About our business</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Eldorado is one of the world&rsquo;s
lowest cost gold producers, with relatively young mines, robust margins and a strong balance sheet. Our international expertise
in mining, finance and project development places us in a strong position to grow in value and deliver strong returns for our shareholders
as we create and pursue new opportunities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are focused on building a successful
and profitable, intermediate gold Company. Our strategy is to actively manage our portfolio of properties, including pursuing growth
opportunities by discovering deposits through grassroots exploration and acquiring advanced exploration, development or low-cost
production assets with a focus on the regions where we already have a presence.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">From time to time, we may evaluate
and re-align our business objectives, including considering suspension or delay of projects or disposition of assets.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Our success to date stems from a
commitment to the following four strategic priorities.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>1. Quality Assets</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Our business is based on a portfolio
of long-life, low-cost assets in prospective jurisdictions. The quality of our asset base allows us to achieve long-term growth
with high margins, enhancing our ability to generate free cash flows and earnings per share.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>2. Operational Excellence</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We invest in new technologies and
training our people in order to increase productivity, reduce risk and operate to guidance year-on-year.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>3. Capital Discipline</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Capital discipline underpins every
business decision we make. We consider all competing uses of cash and prioritize capital for sustaining our operations and developing
our key projects.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Our balance sheet strength is a key
competitive advantage, as it positions us to develop our assets, take advantage of opportunities and withstand market pressures.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>4. Accountability</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We are committed to doing business
honestly, respecting our neighbours, minimizing our environmental impacts and keeping our people safe. Operating this way is essential
to the sustainability of our business.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Industry factors that affect our
results</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Gold market and price</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Gold is used mainly for product
fabrication and investment. It is traded on international markets. The London AM price fixing for gold on December 30, 2016 was
US$1159.10 per ounce.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Foreign currency exposure</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All of our revenues from gold sales
are denominated in US dollars, while the majority of our operating costs are denominated in the local currencies of the countries
we operate in. We monitor the economic environment, including foreign exchange rates, in these countries on an ongoing basis.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The table below shows the foreign
exchange losses recorded in the last three financial years:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>As at December 31*,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2,708,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2015 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$15,044,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 8pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7,176,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">*
</FONT><FONT STYLE="font-size: 9pt">Losses from previous years were restated to exclude discontinued operations.</FONT><FONT STYLE="font-size: 10pt">
</FONT></P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Hedging</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We monitor and consider the use
of a variety of hedging techniques to mitigate the impact of downturns in the various metals and currency markets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of the date of this AIF, we
do not have any material long-term metal or currency hedges. Our future hedging activities will depend on an ongoing assessment
of the metals markets, our hedging strategy, financing restrictions and other factors.<BR CLEAR="ALL">
</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">An overview of our business</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">Below we describe each stage
of the mining life cycle and the role of our dedicated teams at each phase.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>Exploration</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Eldorado&rsquo;s exploration and
        corporate development teams actively look for new potential assets within our focus jurisdictions and in new regions. They assess
        early and advanced stage exploration projects and conduct near-mine and grassroots exploration programs with the primary goal of
        adding value through discovery in order to increase our resources and reserves. Our exploration programs are focused primarily
        in the countries in which we operate; Brazil, Greece, Romania, Serbia and Turkey.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">During grassroots exploration, our
        Exploration teams visit prospective areas to conduct geological surveys and sampling, often partnering with other companies to
        benefit from their local knowledge and experience. If results indicate a possible mineralized deposit, we drill exploration holes
        to determine whether economically viable concentrations of metals may exist.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 7.65pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Evaluation and Development</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">During the evaluation and development
        stage, our engineering, technical services and metallurgy teams conduct feasibility studies to determine:</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The optimal mining methods and mineral recovery processes for each
        project,</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The required infrastructure,</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The best placement and design of facilities, based on thorough impact
        and mitigation assessments, and</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The required mine monitoring, closure and reclamation plans.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">These studies give us a picture of
        the capital costs required for development and the longer-term economics of the project. We are then able to decide if a capital
        investment makes economic sense, in order to make a construction decision.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 7.65pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Construction</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Once the project EIA and other relevant
        permits are approved by the government authorities, and we have received board approval to proceed, our capital projects team can
        begin construction. Explicit requirements described in each EIA guide our activities and help us manage any social and environmental
        risks</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">This construction phase requires
        the greatest input of capital and resources over a project&rsquo;s life cycle, and through this phase, we can add significant value
        to local economies through local job growth and procurement.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 7.65pt 2pt 0"><B>Mining and Processing </B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">During production, our operations
        team and site personnel are responsible for mining and extracting ore from our underground mines (Efemcukuru, Stratoni) and open
        pit mines (Kisladag). The ore is processed at site to produce a concentrate or dor&eacute;. Any leftover materials generated by
        our mining activities, which typically includes topsoil, waste rock and tailings, are either placed on-site in engineered facilities
        for storage and treatment, or reused elsewhere on-site as part of construction activities, rehabilitation, or as underground backfill.
        Rigorous environmental monitoring &ndash; to test air, water and soil quality, and noise, blast vibration and dust levels &ndash;
        enables us to comply with environmental regulations and our operating licenses and permits.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Reclamation, Care and Maintenance, and Closure</B></FONT></TD>
    <TD STYLE="width: 77%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Restoring the land so it is compatible
        with the surrounding landscape is a priority for us and our communities. How we conduct our rehabilitation in one jurisdiction
        impacts how we are welcome in another. Therefore, prior to and throughout a mine&rsquo;s operation, our operations teams develop
        and continuously enhance plans for the mine&rsquo;s future closure in order to:</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Protect public health and safety,</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Eliminate environmental damage,</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Return the land to its original condition, or an acceptable and productive
        alternative, and</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Provide for long-term social and economic benefits.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>Refining and Sales</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">We produce gold, silver, lead and
        zinc. Our in-country marketing teams are responsible for finding downstream refineries and establishing long-term working relationships
        and purchase agreements. These agreements outline the terms and conditions of payment for our products, and specify parameters
        and penalties for the quantity, quality and chemical composition of our dor&eacute; and concentrate.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">The gold dor&eacute; produced at
        Kisladag is refined to market delivery standards at gold refineries in Turkey and sold at the spot price on the Istanbul Gold Exchange.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 9pt 2pt 0; text-align: justify">Contracts are also in place
        for the sale of concentrates from Greece and Turkey. These include gold concentrates from Efemcukuru and Olympias as well as lead/silver
        and zinc concentrates from Stratoni and Olympias in Greece. These concentrates are sold under contract and are paid for at prevailing
        spot prices for the contained metals.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 9pt 2pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as otherwise noted, Paul Skayman,
FAusIMM, our Chief Operating Officer, is the Qualified Person under NI 43-101 responsible for preparing or supervising the preparation
of, or approving the scientific or technical information contained in this AIF for all the properties described here and for verifying
the technical data disclosed in this document relating to Kisladag, Efemcukuru, Olympias and Skouries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Production and costs</P>






<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD ROWSPAN="2" STYLE="width: 23%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Change</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>First quarter</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Second quarter</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Third quarter</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Fourth quarter</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced (including gold from tailings retreatment at Olympias)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">486,025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">723,532</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-237,507</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">140,989</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">124,110</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">117,782</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">103,144</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">579</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">552</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">603</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">607</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">566</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">531</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">621</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">606</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">658</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">650</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">607</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">554</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">All in sustaining cost ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">900</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">842</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">58</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">886</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">933</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">890</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">880</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Realized price ($ per ounce sold)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,253</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,168</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">85</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,198</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,270</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,211</FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>CONTINUING OPERATIONS:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">211,161</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">281,280</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-70,119</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">52,376</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">49,924</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">49,270</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59,591</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes to pad </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,565,254</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,146,685</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-2,581,431</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,046,896</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,256,279</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,345,162</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,916,917</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grade (grams per tonne)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.81</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.91</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.74</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">474</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">543</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-69</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">536</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">479</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">425</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">456</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">488</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">558</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-70</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">552</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">497</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">441</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">465</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">98,364</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">100,482</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-2118</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,516</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23,406</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24,229</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23,213</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">476,528</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">454,863</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,665</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">116,487</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">120,044</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">116,182</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">123,815</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grade (grams per tonne)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.82</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-0.42</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.96</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.95</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.39</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">514</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">521</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">478</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">509</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">554</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">512</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">530</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">540</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">521</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">578</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">522</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced from tailings retreatment</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,774</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,396</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-13,622</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,774</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tailings retreated (tonnes) </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87,350</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">589,675</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-502,325</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87,350</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grade (grams per tonne)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.47</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.99</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.48</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.47</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Stratoni</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead/zinc concentrate tonnes sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42,655</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">46,502</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-3,847</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,608</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,252</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,667</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11,128</FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>DISCONTINUED OPERATIONS:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tanjianshan</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">49,266</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">97,563</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-48,297</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,053</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,900</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,401</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,912</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">869,964</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,060,176</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-190,212</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">268,615</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">272,673</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">207,439</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">121,237</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grade (grams per tonne)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.14</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-1.24</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.84</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.95</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">819</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">346</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">852</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">797</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">785</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">970</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">646</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">324</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,083</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">963</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">909</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">892</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Jinfeng</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">68,195</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">149,655</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-81,460</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,935</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22,353</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,907</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">766,697</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,303,863</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-537,166</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">305,484</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">262,101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">199,112</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grade (grams per tonne)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-0.81</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.22</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.55</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">705</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">587</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">118</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">726</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">736</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">639</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">791</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">669</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">122</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">807</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">821</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">733</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>White Mountain</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold ounces produced </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56,265</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">78,156</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-21,891</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,527</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,975</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,428</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">717,145</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">849,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-132,190</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">206,090</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">198,994</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">216,783</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">95,278</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grade (grams per tonne)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.78</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-0.52</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.54</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.47</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.99</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">731</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">653</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">78</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">582</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">824</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">811</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">759</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">773</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">691</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">82</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">620</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">867</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">851</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">813</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
</TABLE>


<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><SUP>*Production totals include
both continuing and discontinued operations. For more information on our discontinued operations (Tanjianshan, Jinfeng and White
Mountain), please see our prior AIF.</SUP></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We calculate cash operating costs according
to the Gold Institute standard.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total cash cost is cash operating costs plus
royalties, and production taxes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash operating costs and total cash cost
and all-in sustaining costs are non-IFRS measures. See page 11 of the MD&amp;A for more information.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All-in sustaining cash costs are calculated
by taking total cash costs and adding sustaining capital expenditure, corporate administrative expenses, exploration and evaluation
costs, and reclamation cost accretion. Eldorado Gold began reporting All-in sustaining costs in 2014.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">How we measure our costs</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The following are non-IFRS measures,
which we believe provide a better indication of our cash flow from operations and may be meaningful in evaluating our past performance
or future prospects. It is not meant to be a substitute for cash flow from operations (or operating activities), which we calculate
according to IFRS.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 10pt 0 6pt; text-align: justify">Since there is no standard method
for calculating non-IFRS measures, they are not a reliable way to compare us against other companies. Non-IFRS measures should
be used with other performance measures prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Costs are calculated using the standard
developed by the Gold Institute, a worldwide association of suppliers of gold and gold products including leading North American
gold producers.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Gold Institute stopped operating
in 2002, but its standard is still widely used in North America to report cash costs of production. Adoption of the standard is
voluntary, so you may not be able to compare the costs reported here to those reported by other companies.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 2pt; text-align: justify"><I>Cash operating costs (C1)</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Cash operating costs include the
costs of operating the site, including mining, processing and administration. They do not include royalties and production taxes,
amortization, reclamation costs, financing costs or capital development (initial and sustaining) or exploration costs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cash operating costs are divided by ounces
sold to arrive at cash operating cost per ounce of production.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Total cash cost </I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Total cash cost is cash operating costs,
plus royalties and production taxes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>All-in sustaining cash cost</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">All-in sustaining cash costs
are calculated by taking total cash costs and adding sustaining capital expenditures, corporate administrative expenses,
exploration and evaluation costs, and reclamation cost accretion. Sustaining capital expenditures are defined as those
expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at our projects
and certain expenditures at our operating sites which are deemed expansionary in nature. Certain other cash expenditures,
including tax payments, dividends and financing costs are also not included. The Company believes that this measure
represents the total costs of producing gold from current operations, and provides the Company and other stakeholders of the
Company with additional information of the Company&rsquo;s operational performance and ability to generate cash flows. The
Company reports this measure on a gold ounces sold basis.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>&nbsp;</I>&nbsp;</P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Corporate Social Responsibility</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For us, being a responsible corporate
citizen means making a positive impact in the areas we operate by protecting the environment, providing a safe workplace for our
employees and contractors, and investing in infrastructure, economic development, health and education in the communities where
we operate so that we can enhance the lives of those who work and live there beyond the life of the mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Over the past two decades, we have
operated mines in Mexico, Brazil, Turkey, Greece and China. We continue to grow our operations in Turkey and Greece, and maintain
progress towards developing our existing projects in Brazil and Romania. We are also exploring in Serbia. We are proud of our record
of implementing industry best practices that minimize environmental impacts while maximizing long-term social and economic benefits.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Our Workforce</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">At the end of 2016, we employed
4,872 employees directly and through contractors worldwide, with the majority of employees residing in local communities near our
operations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We have permanent employees and
contractors in eight countries. We also engage a number of contractors to work on specific projects. The table below shows the
number of personnel working at our operations by country at December 31, 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Employees</B></FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Contractors</B></FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,270</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">658</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,928</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">90</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">146</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Greece</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,093</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,321</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,414</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Canada</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">47</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Romania</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">251</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">321</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Barbados</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Serbia</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Netherlands</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,729</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,143</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,872</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The reduction in our personnel
from the end of 2015 results largely from the disposition of our Chinese assets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The majority of our employees are
unionized with employment terms and conditions negotiated through collective bargaining agreements. In 2016, we renewed each of
our agreements in Greece, Turkey, Romania and Brazil. The only significant change was to our underground workforce agreement in
Greece, and the adoption of a 24 hour by 7 day continuous underground working schedule. Our agreements in Greece, Romania and Brazil
will each be renegotiated prior to December 31, 2017, while our agreement in Turkey is valid until December 31, 2018.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Generally, we believe we have good
relations with both our unionized and non-unionized employees and are committed to resolving employee relations matters promptly
and to mutually beneficial outcomes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Operating Responsibly</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-weight: normal">The
&quot;About our Business&quot; section of this AIF describes each stage of the mining life cycle, from exploration through to mine
closure. Below we provide a brief overview of some of the additional activities we undertake as part of being a responsible operator
and respectful neighbour.</FONT></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Exploration</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">During exploration, while we conduct
geological surveys, drilling and sampling to determine the existence and location of an ore deposit, we first engage directly with
local communities. Through this interaction, we seek to understand their social and environmental concerns and consider these as
part of mine development plans. We also assess community needs so that we can plan future initiatives and investments. During exploration,
we also conduct environmental baseline studies as part of our mine impact assessments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Evaluation and Development</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">During the evaluation and development
stage, we complete feasibility studies that outline the economics, optimal mining methods and mineral recovery processes for the
project, including environmental and closure considerations. We conduct extensive environmental testing and studies to establish
baseline data and characteristics for air, water, soil and biodiversity. All this information becomes part of an EIA (also known
as an Environmental Impact Study) that must be completed and approved by the relevant government authorities before a project can
be developed. Sustainability criteria are built into the EIA, and throughout the environmental permitting process we engage and
consult with local communities, businesses and government to obtain input and commentary. This research and dialogue helps Eldorado
develop innovative solutions for the social and environmental challenges of our projects, including, but not limited to, dust and
air emissions, water and energy use, noise and waste. Infrastructure development initiatives &ndash; such as initiatives for improving
roads, building sewage systems and drilling water wells &ndash; may also commence, subject to both project and local community
needs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Construction</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We make it a priority to hire local
residents. We also train and instruct all employees and contractors in the best environmental, health and safety practices, procedures
and controls. Based on dialogue with local communities and businesses, we identify gaps in skills and capacity, provide on-the-job
training and, where possible, work with local technical schools and universities to enhance their mining-specific and trades programs
so that local residents can enhance their prospects of employment with us.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Mining and processing</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All of our mining operations are
required to comply with the more stringent of local or international environmental standards. We implement the practices described
in our applicable EIA/EIS and permits to mitigate known potential environmental impacts throughout the entire mine life.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Beyond adherence to our permits
and licenses, we add value during the production phase through a commitment to local employment and procurement, operational excellence,
local investment, and community engagement. New equipment and technologies, continuous improvement projects, low accident rates,
a commitment to environmental stewardship and effective controls and procedures combine to deliver productivity benefits. Frequent
consultation with local communities and businesses helps us identify where we can create new opportunities for sustainable economic
development within the framework of our ethics and ABC policies.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Consultation
with local communities continues throughout the mining and processing cycle. As part of our commitment to protecting the environment,
we maintain extensive environmental monitoring programs, the results of which are shared with relevant government agencies, independent
government and academic groups. We also regularly audit our operations to determine whether each site is within environmental limits.
We monitor air, water (surface and ground) and soil quality, as well as noise, blast vibration and dust levels both on the mine
site and surrounding areas.</FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 10pt">We are sensitive to the potential
effects of our operations on local communities and have robust programs to mitigate any such effects. We also implement programs
to preserve biodiversity at and near our operations. All types of mine waste, including hazardous wastes, are stored and disposed
of with consideration for their potential environmental impacts. </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Water use is strictly controlled
across all of our sites to reduce overall water consumption, and we recycle as much water as is possible. Process tailings are
discharged into specially constructed storage facilities, which are lined if required, and
water from tailings is recycled through the process or, if being discharged, treated and tested to meet regulated limits before
release. Measures are also in place to safeguard our tailings storage areas in the case of heavier than usual rainfall.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We employ 4,872 employees and contractors
worldwide, the majority of whom are from the local communities near our operations. Less than 1% of our employees across the Company,
including our operations and projects, are expatriates. We pay locally competitive salaries and benefits to our employees and contractors.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">To provide a healthy and safe work
environment, our workforce is trained on a regular and ongoing basis. These training programs are designed to minimize accidents
and occupational illnesses.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Since the life of any mine is limited,
we encourage and work with local communities to create new opportunities for long-term economic development. For example, we have
supported the creation of local companies such as a vineyard management company at Efemcukuru, a plant nursery business at Olympias,
and transport services companies at both Kisladag and Efemcukuru. This ultimately benefits local communities and helps to provide
opportunity for all local people, including those not directly associated with mining operations, beyond the life of the mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Reclamation, Care and Maintenance
and Closure</I></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Prior
to and throughout a mine's operation, we conduct research to establish best practices for mine reclamation and closure. Whenever
possible, remediation and reclamation will begin in parallel with other work being carried out across the mine. For example, at
Kisladag, cover systems for capping the leach pad and rock dumps have been designed and are implemented as work is completed on
those areas.</FONT><B> </B><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Topsoil removed from mining and construction areas
is stored for later use in all reclamation activities. We also investigate different plants, shrubs and tree species suitable for
local propagation in studies that are typically done in onsite greenhouses.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Sometimes it is necessary to place
a mine site under care and maintenance, whereby we temporarily close the site when there is the potential to recommence operations
at a later date. This may occur when a mine is considered temporarily unviable (e.g. current economic conditions or resource prices).
During care and maintenance, such as at Eldorado&rsquo;s Vila Nova mine, production is stopped but the site is managed so that
it remains in a safe and stable condition. Environmental risks such as mine tailings and hazardous materials storage continue to
be managed, while idle plant and machinery is maintained. Care and maintenance does not reduce our environmental or safety requirements.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Once a mine site is permanently
closed, we conduct further environmental monitoring and reclamation activities, as required by the mine&rsquo;s EIA and mine licenses,
so that the environment can successfully transition to a productive ecosystem.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">All of Eldorado&rsquo;s mine closure
plans address:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Decommissioning &ndash; dismantling mine
infrastructure such as facilities and buildings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reclamation &ndash; revegetating disturbed
areas</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ongoing monitoring &ndash; long-term monitoring
of environmental parameters</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Closure costs &ndash; regularly reviewing
and updating closure plan costs, and making financial provisions</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Health and Safety</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The return of our people to their home
safely every day is paramount to us. We are committed to the highest health and safety standards, strictly adhere to the most stringent
safety regulations and have systems in place to promote a culture of safety.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal"><I>2016 Safety Performance</I></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We work to maintain a good safety record
by investing in environmental, health and safety training at our operations, and measure our results by tracking the numbers of
LTIs and the LTIFR at each of our sites. In order to reduce or eliminate LTI&rsquo;s we continue to train our workers and stress
the importance of safety at our operations as one of our core
values. We hold contractors working for Eldorado to the same high standards as our employees and all our safety reporting herein
combines employees and contractors.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The table below shows our LTI performance for 2016 for
employees and contractors of Eldorado.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 29%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">M hours worked&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">LTI&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 2pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: right">LTIFR</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Turkey</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Kisladag</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.50</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Efemcukuru</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.55</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>China*</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tanjianshan</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.47</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Jinfeng</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.65</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">White Mountain</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.98</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Eastern Dragon</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Vila Nova</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.08</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tocantinzinho</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Greece</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Stratoni</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.89</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Olympias</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Skouries</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Perama Hill&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Romania</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Certej</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.51</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exploration</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Exploration</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.42</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13.90</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.93</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0">* In 2016, Eldorado completed the sale of its Chinese assets.
The reported man-hours worked, LTIs and LTIFR reflects each assets&rsquo; safety performance until their respective date of sale.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We had an overall LTIFR of 0.93 this
year, a 10% decrease from 2015 and which compares favourably with industry benchmarks in Canada, USA and Australia. This is the
fifth consecutive year that we achieved a reduction to our overall LTIFR. Vila Nova, Tocantinzinho, Certej and Perama Hill all
completed 2016 without any lost-time incidents, while Eldorado&rsquo;s previously owned Tanjianshan, White Mountain, and Eastern
Dragon sites were also LTI-free through 2016 and at the time of their sale on November 22, 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We were deeply saddened to have had a
fatal accident on February 29, 2016 at our Stratoni mine in Greece. Our internal investigation has resulted in findings that we
acted upon immediately, in order to reduce the likelihood of a similar accident occurring again.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal"><I>Health and Safety Policy</I></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2016, Eldorado updated its Health
and Safety Policy. The health and safety of our employees and local stakeholders is a key priority of Eldorado. We are committed
to providing our employees with both a safe working environment and the skills necessary to perform their tasks in a safe manner.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">To achieve these goals, Eldorado
commits to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Promote safety as a core value within all
levels of the organization.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Comply fully with all applicable health and
safety laws, regulations and international best practices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Promote a health and safety culture where
all employees and contractors understand and take responsibility for their own safety and that of their fellow workers, and actively
take part in training and recognize the importance of proactive measures to guarantee a safe working environment. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Provide adequate safety resources, such as
protective equipment, job training and information to all employees so that the risks associated with any task are understood and
mitigated.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foster a culture of transparency so that
concerns are recognized and addressed, and maintain ongoing communication among our global sites so that staff are aware of incidents
and up to date on best practices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Require all of our contractors, suppliers,
and partners to conform to our Health and Safety Policy in their business activities while on our site, and encourage them to implement
those policies within their own business practices. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Utilize effective safety management systems
and risk assessment tools at all mine sites so that health and safety goals can be set and results measured, evaluated and reported.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Provide an adequate safety budget throughout
the project life cycle so that employees work under safe conditions at all times.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Provide emergency response programs at each
mine site, with ongoing response training for employees that is specific to their roles, as well as emergency response teams made
up of employees who have received additional training in emergency protocols, procedures and equipment. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Make our Health and Safety Policy accessible
to all employees, contractors, stakeholders, business partners and interested parties to Eldorado Gold. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This Policy is translated into
each of our local languages and posted on notice boards at all of our operations. A full copy of the Health and Safety Policy is
available on our website (www.eldoradogold.com).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Eldorado Gold also has a Sustainability
Committee comprising selected members of the Board of Directors. Their task is to oversee and monitor the environmental, health,
safety, community relations, security and other sustainability policies, practices, programs and performance of the Company.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal"><I>Safety Management Systems</I></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As part of our commitment to a safe workplace,
we align our safety management systems with best practice frameworks. OHSAS 18001 is a leading framework for occupational health
and safety management systems. Efemcukuru achieved OHSAS certification in July 2013 and was recertified in the second quarter of
2016. Kisladag achieved certification in December 2015. The Kassandra Mines achieved certification in January 2011 and again in
January 2014. All of the sites mentioned have passed their annual OHSAS surveillance audits as required to maintain certification.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Kassandra Mines also achieved certification
in Q4 2016 to the ISO 39001 road traffic safety management systems framework. The objective of ISO 39001 is to reduce death and
serious injuries related to road traffic incidents that are within the mines&rsquo; influence.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For further information on our safety
initiatives please visit the &lsquo;Responsibility&rsquo; section of our website.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Environmental </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All of our projects and operations
are expected to comply with local and international environmental standards. We implement best practices described in our EIA&rsquo;s/EIS&rsquo;
and feasibility studies to maintain compliance.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal"><I>Environmental Policy</I></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2016, Eldorado Gold updated its Environmental
Policy, which states that the Company is committed to minimizing our impact and protecting all aspects of the natural environment
of the areas in which we work. The Environmental Policy also applies to all contractors working on or for any of our projects or
mines. This is a core value of Eldorado Gold and applies to all elements of the mining cycle including exploration, development,
operation and closure.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">To address this standard of protection,
Eldorado Gold and its subsidiaries will strive to:</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Prioritize environmental protection during
all mine life cycle stages through conformance with all applicable environmental laws and regulations, frameworks to which we subscribe
and international best practices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Provide the necessary training, equipment
and systems to our employees and contractors so that we can operate in a manner that both protects the environment and efficiently
uses resources, and encourage our suppliers to uphold our environmental standards in their own business practices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Engage with local communities, relevant government
agencies and other stakeholders to align environmental priorities and communicate our environmental performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Design, develop and operate facilities in
an environmentally sound manner, protecting water sources and using water efficiently. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reduce overall water use, recycle and reuse
water wherever possible, and discharge any excess water according to regulations and water quality standards.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Regularly identify, evaluate and manage the
potential environmental impact of our projects from inception through closure.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Promote the efficient use of energy and identify
future opportunities to utilize energy efficient practices with the goal of reducing our absolute carbon footprint.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Establish and manage reclamation and closure
plans throughout the life cycle of each of our mine sites, including mines that are on care and maintenance, while encouraging
early reclamation of facilities and budgeting for related costs. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">This Environmental Policy is translated
into each of our local languages and posted on notice boards at all of our operations. A full copy of the Policy is available in
English on Eldorado&rsquo;s website (www.eldoradogold.com). Eldorado&rsquo;s Sustainability Committee reviews performance and works
closely with Eldorado&rsquo;s management team to monitor adherence to the Environmental Policy.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Eldorado&rsquo;s properties are routinely
inspected by government and regulatory staff along with local community representatives to determine that the properties are in
compliance with applicable laws and regulations as well as the Company&rsquo;s Environmental Policy and standards. Eldorado also
has closure plans for all of its operations. These closure plans assist us to properly estimate the key activities and costs associated
with implementing the required closure provisions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Environmental Management Systems</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">ISO 14001 is an international standard
for best practice in environmental management systems. Kisladag was certified on October 23, 2012 and re-certified in May 2015.
Efemcukuru was certified in July 2013 and recertified in Q2 2016. Our Greek operations under our subsidiary, Hellas Gold, were
certified in September 2014 for all activities (exploration, construction, mining, beneficiation and waste management) and will
seek recertification in Q2 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>International Cyanide Management
Code (Cyanide Code)</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Cyanide Code is an industry
voluntary program for gold mining companies. It focuses exclusively on the safe management of cyanide including cyanide present
in mill tailings and leach solutions. Companies that adopt the Cyanide Code must have their mining operations that use cyanide
to recover gold audited by an independent third party to determine the status of Cyanide Code implementation. Those operations
that meet the Cyanide Code requirements can be certified. A unique trademark symbol can then be utilized by the certified operation.
Audit results are publically available on the International Cyanide Management Institute&rsquo;s website to inform stakeholders
of the status of cyanide management practices at the certified operation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The objective of the Cyanide Code
is to improve the management of cyanide used in gold mining and assist in the protection of human health and the reduction of environmental
impacts. Eldorado Gold became a signatory to the Cyanide Code in 2012 and requires all our cyanide suppliers and transporters join
us in becoming signatories.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Kisladag, currently the only Eldorado
mine that uses cyanide to recover gold, received Cyanide Code certification in December 2013 and completed its recertification
audit in May 2016. For further information on the Cyanide Code, please see https://www.cyanidecode.org/</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Human Rights</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">Eldorado is committed to
supporting the protection of international human rights through best practices in all of our business activities. While governments
have the primary responsibility for protecting and upholding the human rights of their citizens, Eldorado recognizes its responsibility
to respect human rights at all of its operations. In addition, we recognize that we have an opportunity to promote human rights
where we can make a positive contribution.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Human Rights Policy</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">In 2016, Eldorado implemented
a Human Rights Policy. The policy is not intended to supersede local laws, but rather to support host governments in the protection
of human rights and prevention of human rights abuses. </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">To achieve these goals, Eldorado
commits to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Uphold and respect human rights as defined
in the International Bill of Human Rights and the International Labour Organization&rsquo;s Declaration on Fundamental Principles
and Rights at Work.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Respect the rights of employees, contractors,
workers in our supply chain, local community members and other stakeholders who may be impacted by our business activities. We
expect our business partners, including contractors and suppliers, to share this commitment to rights, including those in regard
to working conditions, freedom of association, collective bargaining, maximum working hours, minimum wages, equal opportunity and
freedom from discrimination.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Support the elimination of all forms of child,
forcibly indentured and compulsory labour.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Have grievance mechanisms in place, or under
implementation, at our sites of operation to receive and respond to human rights concerns from any stakeholder in a neutral manner.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Not discriminate against any individual on
the basis of race, sex, religion, age, social status, sexual orientation or any other arbitrary characteristic unrelated to the
individual&rsquo;s job performance. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Upholding the Voluntary Principles on Security
and Human Rights, as well as local laws in the jurisdictions in which we operate, whenever we engage private security forces. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Respect the rights of indigenous and local
communities living near our sites of operation and engage all relevant stakeholders and take appropriate measures to respect their
rights. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Strive for continuous improvement in upholding
and respecting human rights through ongoing dialogue with a range of internal and external stakeholders. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Continually review and evaluate changing
human rights conditions in the jurisdictions in which we operate and update our guiding principles to reflect this.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Our Human Rights Policy is used to
inform internal procedures, training and reporting structures, and is overseen by our Sustainability Committee of the Board.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">This Policy is translated into each
of our local languages and posted on notice boards at all of our operations. A full copy of the Human Rights Policy is available
in English on our website (www.eldoradogold.com).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>Sustainability Reporting</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Year in Review Report</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">As part of our continued move to
enhance corporate responsibility disclosure and transparency, Eldorado Gold has published an annual sustainability report (&ldquo;Year
in Review&rdquo; report) since 2012. The Year in Review Report complies with the Global Reporting Initiative&rsquo;s fourth-generation
Sustainability Reporting Guidelines (together, the &ldquo;GRI G4 Guidelines&rdquo;). The GRI G4 Guidelines are a generally accepted
framework for reporting an organization&rsquo;s economic, environmental and social performance. The GRI G4 Guidelines contain general
and sector-specific content for reporting an organization&rsquo;s sustainability performance.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">A copy of our most recent Year in
Review Report is available under the &lsquo;Responsibility&rsquo; section of our website.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>CDP</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The CDP (formerly Carbon Disclosure
Project) is an independent not-for-profit organization aiming to create a lasting relationship between shareholders and corporations
regarding the implications for shareholder value and commercial operations presented by climate change. Eldorado Gold submitted
its first Climate Change report in 2012 and continues to report on an annual basis in response to CDP&rsquo;s Climate Change and
Water surveys. The data initially presented formed the baseline for future reports.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Conflict-Free Gold Reporting</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Conflict-Free Gold Standard (&ldquo;CFGS&rdquo;)
was published by the World Gold Council in October 2012, following an extensive consultation process involving governments, civil
society, external auditors and supply chain participants. The CFGS creates a framework for assurance that gold is not contributing
to conflict, or contributing to human rights abuses, and helps to put into operation the OECD&rsquo;s Due Diligence Guidance for
Responsible Supply Chains for Minerals from Conflict-Affected and High-Risk Areas. Since inception of the CFGS, Eldorado has annually
published a Conflict-Free Gold Report that summarizes how the Company conforms to the requirements.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The latest Conflict-Free Gold Report
is available under the &lsquo;Responsibility&rsquo; section of our website.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>United Nations Global Compact</I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">On 29 July 2016, Eldorado Gold was
accepted to join United Nations Global Compact (&ldquo;UNGC&rdquo;). The UNGC is a United Nations initiative to encourage businesses
worldwide to adopt sustainable and socially responsible policies, and to report on their implementation. Joining the UNGC demonstrates
our support of the UNGC&rsquo;s Ten Principles and Sustainable Development Goals. As part of our commitment, we are reviewing how
Eldorado&rsquo;s business operations are aligned to the Principles of the UN Global Compact, and beginning in 2017, we will communicate
on our efforts to implement these in Eldorado&rsquo;s Year in Review Report.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B><U>MATERIAL PROPERTIES</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Kisladag </B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Material property under NI 43-101</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.75in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 68%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 27pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Usak Province, Turkey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.75in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27pt 3pt 0">100%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 3.75pt 3pt 0">through Tuprag, an indirect wholly-owned subsidiary
        of Eldorado Gold</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.75in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 27pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.75in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 27pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">gold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.75in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">In situ gold as of December 31, 2016*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27pt 3pt 0">proven and probable mineral reserves: 5.27M ounces
        Au at 0.75 g/t</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27pt 3pt 0">measured and indicated mineral resources: 9.47M
        ounces Au at 0.62 g/t</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 0">inferred mineral resources: 4.16M ounces Au at 0.45
        g/t.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 12.6pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Average annual production**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 27pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">190,000 ounces average over remaining life of mine (&ldquo;LOM&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 8.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 27pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">17 years, based on mining of 13Mtpa </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Employees </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 27pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,102 (including 339 contractors)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">*</FONT><FONT STYLE="font-size: 12pt">
</FONT><FONT STYLE="font-size: 9pt">Mineral reserves are included in the total of mineral resources.</FONT></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>History </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1997</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 4.5pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Identified ore body and began in-depth exploration.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2003</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Completed the feasibility study
        in March.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Kisladag EIA submitted.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Received environmental positive
        certificate.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Increased the mineral reserves
        and resources in March and September.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2004</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Received approvals for construction
        and the zoning plan in April.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Updated the feasibility study
        in May.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Received the construction permit
        in September and began site activities.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2005</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 4.5pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Began construction.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2006</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Poured the first dor&eacute;
        in May.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Began commercial production in
        July.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2007</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 3pt 0; text-align: justify">Completed Phase II (increase
        to 10Mtpa) plant construction.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Commercial production interrupted
        in August.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2008</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 4.5pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Resumed commercial production in March.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2009</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 4.5pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Completed expansion of Phase II leach pad and installed large carbon columns in ADR plant.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Received approval of supplementary
        EIA for the expansion of mining to 12.5Mtpa and completed Phase III expansion.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Announced the intention to expand
        the process circuit to handle 25Mtpa of crushed ore plus an additional capacity averaging about 8Mtpa ROM ore.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Applied for a supplemental EIA
        to increase yearly ore extraction to 35Mtpa of ore. Announced the deferral of the plans to upgrade the treatment capacity from
        12.5Mtpa to 25Mtpa crushed and 8Mtpa ROM ore.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Audited and confirmed as compliant
        with the Cyanide Code.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Received approval of supplementary
        EIA for the expansion of the operation to 35Mtpa.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Announced revised expansion of
        the operation to 20Mtpa.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Announced the deferral of the
        expansion project due to corporate cash flow considerations; expansion was expected at the time within the next three years.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Completed redesign of south rock
        dump to extend operating life.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Replaced main overland conveyor
        increasing workable leach pad area and placement rate for stacking ore.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Constructed surface water storage
        dam in conjunction with state water authorities.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Completed crushing optimization
        project for Phase III circuit.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Completed Phase V leach pad expansion.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Installed two additional carbon
        in column lines to the ADR.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 4.5pt 0 0; text-align: justify">Reconfigured pit design and decided
        to indefinitely defer expansion.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Licenses, permits, royalties and taxes</B></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">We have the required licenses and permits to support
our current mining operations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Surface rights</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Operating license, IR 7302,
        covers 15,717 ha, expires May 10, 2032. The area is at approximate Latitude 29&deg; 9&rsquo; N and Longitude 38&deg;29&rsquo; E.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">The license can be extended
        if production is still ongoing at the end of the license period.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Under Turkish law, we have
        the right to explore and develop mineral resources in the license area as long as we continue to pay fees and taxes.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Tuprag has acquired the necessary
        surface rights to operate the mine at the 12.5Mtpa production rate or an expanded rate if required. Tuprag is now working on extending
        the surface rights with the receipt of the supplementary EIA to increase the LOM.</P></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">The Kisladag EIA was submitted
        to the Ministry of Environment and Urbanization in January 2003, and the environmental positive certificate was issued in June
        of that year. A supplementary Kisladag EIA to increase mine ore production to 12.5Mtpa was subsequently approved in June 2011.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">The Kisladag EIA identified
        several socio-economic effects of mine development, and identified measures that can be used to avoid or minimize potential environmental
        impacts.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">An additional addendum to the
        Kisladag EIA was prepared and submitted in 2013 and approved in June 2014. This Kisladag EIA covers the Phase IV expansion allowing
        maximum total mine ore production of 35Mtpa.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Applications have been made
        to expand the permitted operation area to accommodate 2014 EIA boundary and the results are pending.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Please see the technical report,
        dated March, 2010 for more information on permitting. (See &ldquo;Business &ndash; Description of mineral properties - Material
        properties &ndash; Kisladag &ndash; Technical report&rdquo;)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Royalties and Taxes</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0">Based on current Turkish legislation, an annual
        royalty is paid to the Government of Turkey, calculated on the basis of a maximum of 4% of the sale price of the Au produced during
        the year, less some costs associated with the cost of ore haulage, mineral processing and administration, with such percentage
        being subject to a sliding scale adjustment based on Au prices. At current budgeted Au price of $1,150, a 2% royalty is in effect.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0">The corporate income tax rate applicable to profits
        of Kisladag is currently 20%.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Costs and revenue</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2017 &ndash; Forecast<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Production</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">211,161</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">230,000 &ndash; 245,000<SUP>3</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Cash Operating Cost per ounce</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">&nbsp;$474</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$500 to 550</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Sustaining Capital<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$39.8M</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$45M</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT><FONT STYLE="font-size: 8pt">
We made certain assumptions when these forecasts were developed and actual results and events may be significantly different from
what we currently expect due to the risks associated with our business. Please see &ldquo;Cautionary statement regarding forward-looking
statements&rdquo; and &ldquo;Risk factors in our business&rdquo; for a comprehensive listing of risk factors.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>2 </SUP></FONT><FONT STYLE="font-size: 8pt">See
&ldquo;Business&mdash;How we measure our costs&rdquo; for information on how sustaining capital is calculated.</FONT></P>

<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><SUP>3</SUP> in 2017 Kisladag is
expected to place 13.1 million tonnes of ore on the leach pad at a grade of 0.94 grams per tonne gold.</P>

<P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0">Cash operating cost consists of mining, process and site general
and administrative (&ldquo;G&amp;A&rdquo;) costs. The following table outlines these costs for 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 61%; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9.9pt 0 0; text-align: right">2016 Actual costs</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9.9pt 0 0; text-align: right">(per tonne treated)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Mining</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 2.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Process</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 3.74</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">G&amp;A</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 1.17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Other*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;$(0.95)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 6.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 107%"><FONT STYLE="font: 8pt/108% Arial, Helvetica, Sans-Serif">* Other includes items that are not included directly in any of the other lines but are included in the cash operating costs. This includes items such as transport and refining, inventory change and any other metal credits. </FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/108% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Unit operating costs are expected
to increase marginally in 2017 mainly due to reduced ore tonnage reflected by the discontinuing of stacking low grade run-of-mine
ore, increased hauling costs as the pit deepens and slightly higher operating waste strip ratio, however this also being offset
slightly by favourable change in exchange rates and higher ore grade.</P>

<P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0">Sustaining capital costs for 2017 is estimated at $45M, which
is higher than 2016 spending of $39.8M. Capital spending for 2017 is expected to consist mainly of capitalized waste, equipment
overhauls and some leach pad construction.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Kisladag is in a rural area in west-central
Turkey, between the cities of Izmir (180km to the west on the Aegean coast) and Ankara (the capital city, 350km to the northeast).
The site is 35km southwest of the city of Usak (population approximately 196,000) near the village of Gumuskol. Kisladag sits approximately
1,000m above sea level in gently rolling hills.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A 5.3km access road connects the
site to the highway between Ulubey and Esme. Employees are primarily from the region. Supplies, services and employees access the
site primarily from the city of Usak. The site is serviced by a water well field consisting of five water wells with a 13km water
pipeline, and a 25km power transmission line. Contact water from the site is treated to a discharge quality standard and used for
various site purposes including processing. We also have the ability to discharge this treated water if the site water balance
requires this.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Climate</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">The area has a temperate climate.
The average annual rainfall of 493mm occurs mostly during the winter months. The operating season covers a full twelve months.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 2pt; text-align: justify"><I>Geological setting</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Kisladag is a porphyry gold deposit
that formed beneath a coeval Miocene volcanic complex. At least four latite intrusive phases are recognised in the deposit, all
of which are extensively altered. Alteration consists of a potassic core with potassium-feldspar, biotite, quartz and locally magnetite,
outwardly overprinted by illite, kaolinite, quartz, and tourmaline. Remnants of a quartz-alunite lithocap are found near surface.
The mineralized intrusions at Kisladag are enclosed within volcanic and volcaniclastic strata that overlie basement schist and
gneiss of the Menderes Massif Core Complex. These strata dip outward from the deposit core, and display rapid facies changes from
massive lavas and coarse poorly stratified units proximal to the porphyry centre, to finer well-stratified volcaniclastic strata
that inter-finger with lacustrine sedimentary rocks in surrounding sedimentary basins.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There has been relatively little
structural modification to the deposit and surrounding tertiary rocks. Lithologic contacts are primarily intrusive or depositional,
with no documented major fault offsets. The deposit and adjacent rocks do, however, contain a high density of joints and low-displacement
brittle fractures. Most of these are only a few metres to a few tens of metres in length, and have negligible displacement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Exploration and development</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Tuprag discovered the Kisladag deposit
in the late 1980&rsquo;s during a regional grassroots exploration program focusing on Late Cretaceous to Tertiary volcanic centres
in western Turkey. It selected the prospect area on the basis of Landsat-5 images that had been processed to enhance areas of clay
and iron alteration, followed by regional stream sediment and soil sampling programs. Preliminary soil sampling programs identified
a broad 50 ppb gold anomaly within a poorly exposed area now known to directly overlie the porphyry deposit. Early exploration
of the deposit area included excavation of trenches to better characterize the soil anomaly, and ground geophysical surveys including
IP-resistivity, magnetic and radiometric surveys.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Recent exploration work was limited
to a regional airborne geophysical survey that included the Kisladag property as part of the survey grid. No new targets were identified
within the license area.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Subsequent to commercial start up in
2006, Kisladag successfully increased its mineral reserves through various exploration campaigns. This contributed to the decisions
to increase the crushing capacity from an initial 5Mtpa to 10Mtpa and subsequently to 12.5Mtpa. In 2011, the Phase IV expansion
to the crushing circuit of 25Mtpa with additional run of mine leaching capacity of 8Mtpa was announced. In 2013, we announced the
deferral of the Phase IV expansion as described above. We have subsequently upgraded the truck and shovel fleet to take advantage
of the operating cost difference between diesel and electric power costs. In June 2014 we received EIA approval for the expansion
of the open pit mine production to a maximum of 35Mtpa. In July 2014 we announced a revised Phase IV expansion that is expected
to improve the crushing circuit to 20Mtpa. This work was deferred at the end of 2014 due to corporate cash flow considerations.
Due to our long-term outlook for gold, we have reconfigured the pit design and decided to indefinitely defer the completion of
the Kisladag expansion; eliminating the considerable sustaining capital that would have been required. We do note, however, that
at higher long-term gold prices, Phase IV does provide a return that is in line with our corporate hurdle rate, and that at higher
gold prices the project could deliver meaningful value to the Company. The indefinite deferral of Phase IV does not preclude our
pursuing the project should circumstances make it more favorable</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">During 2016, we optimized the Phase
III crushing circuit expansion. This was originally designed as a partially open circuit system where some material was crushed
and placed on the leach pad without further screening. Crush size was determined to be important so the circuit was modified so
that everything was screened prior to placement on the leach pad.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Mineralization</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Gold mineralization at Kisladag
occurs within zones of sulphide and quartz stockworks, and disseminated to fracture controlled sulphides. Pyrite is the dominant
sulphide mineral, averaging around 3% to 5% in the primary mineralized zone, with trace amounts of molybdenum, zinc, lead and copper.
Highest gold grades occur, in multiphase quartz sulphide stockworks and zones of mottled to pervasive silicification.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Oxidation extends to a depth of
30 to 80m on the southern side of the deposit, and 20 to 50m on the northern side of the deposit. Limonite and goethite are the
most abundant oxide minerals. There is no significant supergene enrichment within the oxidized zone.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Drilling </I></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Drilling was undertaken at Kisladag
in numerous campaigns since 1997 and continues today. Approximately 155,000m of diamond drilling and 42,500m of reverse circulation
drilling have been completed. Earlier programs focused on exploration drilling followed by resource delineation efforts (upgrading
Inferred mineral resources).&nbsp; Recent work, concluded in 2016, comprised infill work that targeted our indicated mineral resources
/ probable mineral reserves within the final design pit shape in order to convert them to measured mineral resources / proven mineral
reserves.&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Project geologists systematically
collected geological and geotechnical data from the core (mostly HQ size), and photographed all core (wet) before sampling. Specific
gravity measurements were obtained approximately every five metres. The entire length of each core was cut in half with a diamond
saw. One half was submitted for assay and one half retained for reference on-site. Core recovery in the mineralized units was excellent,
usually between 95% and 100%.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Sampling and analysis</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Core samples are prepared at our
preparation facility in Canakkale in northwestern Turkey by inserting a SRM, a duplicate and a blank sample into the sample stream
at every eighth sample.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All samples prior to 2015 were
shipped to ALS in North Vancouver, Canada. Since the start of 2015, all samples have been shipped to the ACME laboratory in Ankara,
Turkey. In both cases, the samples are assayed for gold by 30g fire assay with an atomic absorption finish, and for other elements
using fusion digestion and ICP analysis.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A review of the entire drill-hole
database since production started in 2006 has been done, and checked against the original assay certificates and survey data. Any
discrepancies have been corrected and incorporated into our resource database. The mined portions of the resource model have been
reconciled to production and agreement was excellent.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In our opinion, the Kisladag deposit
assay database is accurate and precise enough to estimate resources.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Technical report</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The information about Kisladag in this
AIF is partly derived from the scientific and technical data in the Kisladag technical report: <I>Technical Report for Kisladag
Gold Mine, Turkey</I>.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Qualified persons: Stephen Juras,
Ph.D., P.Geo., Richard Miller, P.Eng., and Paul Skayman, MAusIMM, all of Eldorado.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The report is dated March 15, 2010,
and effective January 2010. It is available under Eldorado Gold&rsquo;s name on SEDAR and EDGAR.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Kisladag is a large tonnage, low grade
operation. The ore is amenable to heap leach and, while recoveries are lower than they would be if conventional CIL was used, this
is the most economic method for treatment of the ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Ore is extracted via open pit mining
methods using standard drill and blast, truck and shovel mining process. The current truck and shovel fleet is all owner operated
and consists of 150 tonne and 240 tonne trucks along with suitably matched diesel and electric hydraulic face shovels, wheel loaders
and drill rigs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mining, crushing and processing
activities operate 24 hours a day, seven days a week.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Ore is processed in a standard
heap leach facility as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All ore is fed into a conventional three-stage
crushing and screening plant for size reduction down to 80% passing 6.3mm. Although there have been periods as recently as 2016
where lower grade ore was blasted fine and hauled to the leach pad as run of mine, the plan for 2017 and onwards is to crush all
ore.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Crushed ore is stacked on the leach pad through
transport via overland conveying and stacking with a radial stacker in 10m high lifts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The heap leach pad has a two-part liner system
consisting of a layer of compacted low permeability clay soil or geosynthetic clay liner, and a 2mm thick polyethylene membrane
liner textured both sides for stability toe areas, and for regular areas non-textured or in some cases single sided textured linear
low density polyethylene synthetic liner. HDPE liner is also used where the membrane will be subjected to sunlight for an extended
period. The current permitted stack height is 120m increased from 60m as a result of the 2014 EIA addendum.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.5pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ore is leached with diluted cyanide solution
applied by drip emitters with gold recovery in a conventional carbon adsorption facility ADR plant using a standard Zadra process
including pressure stripping, electrowinning and smelting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The final product is a gold dor&eacute;
bar which sees further processing to 99.95% purity in domestic refineries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Unit costs for mining are expected
to increase as the pit deepens. Over time the waste rock dumps and leach pads will be located further away and reach higher elevations,
which will further increase ore and waste transportation costs. We expect the unit cost for processing and annual cost for mine
support to mostly remain constant for the rest of the mine life, except in response to changes in costs that affect the <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">entire
gold mining industry, such as the cost of fuel and reagents, the cost of labour, currency exchange rates and inflation</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>.
</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The grade will also rise and fall compared to the mineral reserve
grade based on where we are within the mining cycle. Consequently, ounces produced in a given time period will vary based on head
grade and cash operating costs per ounce and will generally vary inversely with the number of ounces produced. </P>


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<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Geopolitical Climate in Turkey</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">For more information on Geopolitical Climate in Turkey, see
page 90 of our &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Litigation</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Environmental Impact Assessment Litigation</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Litigation by certain third parties
was brought against the Turkish Ministry of the Environment and Urban Planning (former Ministry of Environment and Forests) in
April 2004 in the Manisa Administrative Court. The parties were seeking to cancel the EIA for Kisladag on the basis of alleged
threats to the environment and deficiencies in the EIA. Tuprag was accepted as a co-defendant in the cases alongside the defendant
ministry. In 2007, a lower administrative court ruled in Tuprag&rsquo;s favour. The plaintiff appealed that decision and on July
19, 2007, the Sixth Department of the Council of State ordered the mine to be shut down pending a decision on the case. We shut
the mining operations down on August 18, 2007, except for activities approved by the Turkish authorities related to sound environmental
practices. The mine remained closed for the rest of that year. On February 6, 2008, the Sixth Department of the Council of State,
decided that the expert reports prepared for the Lower Administrative Court were not sufficient to make either a positive or negative
decision on the merits of the case, and referred the matter for rehearing before the Lower Administrative Court. The matter was
then referred to the Lower Administrative Court, which named an expert panel to review the EIA and prepare a report. The temporary
injunction automatically expired with this decision and Tuprag obtained the necessary permits from the Turkish government authorities
and on March 6, 2008, the Kisladag Mine reopened and resumed production.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 6pt; text-align: justify">On October 13, 2010, the Lower
Administrative Court issued a decision in the case that was unanimously in favour of the project. The plaintiff appealed the decision
to the Council of State, where the file was reviewed. On December 7, 2011, the Council of State issued its decision in favour of
the project. The plaintiff appealed to the court to reconsider its decision. On November 13, 2013, the Council of State rejected
the final appeal of the plaintiffs and the case was closed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Supplemental EIA Litigation (for increasing
production from 10Mtpa to 12.5Mtpa)</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On September 12, 2011, certain
third parties filed litigation against the revised EIA issued by the Ministry of Environment and Urban Planning to increase production
to 12.5Mtpa. The case is being heard by the 1st Manisa Administrative Court. Tuprag was accepted as a co-defendant next to the
Ministry of Environment and Urban Planning. A request for an immediate injunction by the plaintiffs was rejected by the court and
the appeal of this decision was also rejected by the District Appeals Court. The court appointed a panel of five experts to evaluate
the EIA. The experts submitted their report to the court which concludes that the EIA is accurate and appropriate. The court ruled
unanimously in favor of the EIA and rejected the petition of the plaintiffs to cancel the EIA on December 28, 2015. The plaintiffs
appealed the decision to the Council of State with a request for an injunction and cancelation of the Administrative Court decision
on March 21, 2016. The Council of State rejected the injunction request on May 26, 2016 and December 27, 2016 confirmed the decision
of the 1st Manisa Administrative Court in favor of the EIA, with no right of appeal by the plaintiffs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Second Supplemental EIA Litigation
(for increasing production from 12.5Mtpa to 35Mtpa)</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On June 12, 2015 certain third
parties filed litigation against the Second Supplemental EIA issued by the Ministry of Environment and Urban Planning that would
allow expansion of production from 12.5 Mt of ore per annum to 35 Mt of ore per annum. The case is being heard by the Manisa Second
Administrative Court. Tuprag was accepted as a co-defendant in the case alongside the defendant Ministry of Environment and Urban
Planning. The court appointed a panel of five experts to evaluate the EIA and the experts have submitted to the court their report
which concludes that the EIA is accurate and appropriate.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On November 3, 2016, the court
unanimously ruled in favor of the EIA and rejected the petition of the plaintiffs to cancel the EIA. On January 30, 2017 the Council
of State received a petition of appeal from the Plaintiffs for an immediate injunction of the decision of the Manisa Second Administrative
Court and a cancellation of the decision. The Council of State will review the petition and subsequently review the file for a
decision on the essence.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are confident in both the methodology
of the Kisladag 35Mtpa EIA and Tuprag&rsquo;s compliance with all procedural steps taken to obtain the Environmental Positive Certificate.
We believe that we will successfully defend this litigation. If we do not succeed, our ability to operate Kisladag at a production
rate of greater than 12.5 Mt of ore per year may be affected, which may adversely affect our production and revenue.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition to the litigation brought
against Tuprag described in this section entitled &ldquo;Litigation&rdquo;, Tuprag is, from time to time, subject to and involved
in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including
pertaining to licenses, permits, supplies, services, employment and tax.&nbsp; Eldorado Gold and Tuprag cannot reasonably predict
the likelihood or outcome of these actions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For further description of all
of our risks, see section entitled &ldquo;Risk factors in our business&rdquo;.</P>


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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Efemcukuru</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Material property under NI 43-101</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 68%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; padding-left: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Izmir Province, Turkey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 7.75pt">100%</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 7.75pt">through Tuprag, an indirect wholly-owned subsidiary
        of Eldorado Gold</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; padding-left: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">underground</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; padding-left: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">gold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">In situ gold as of December 31, 2016*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.4in 3pt 7.75pt">proven and probable mineral reserves: 0.93M
        ounces Au at 7.57 g/t.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 7.75pt">measured and indicated mineral resources: 1.20M
        ounces Au at 8.30 g/t</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 7.75pt">inferred mineral resources: 0.81M ounces Au at
        4.94 g/t.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Average annual production**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; padding-left: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">95,000 ounces </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; padding-left: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">&nbsp;9 years, based on&nbsp;&nbsp;2016 proven and probable mineral reserves</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; padding-left: 7.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">766 (including 319 contractors)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">*</FONT><FONT STYLE="font-size: 12pt">
</FONT><FONT STYLE="font-size: 9pt">Mineral reserves are included in the total of mineral resources.</FONT></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>History </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1992</FONT></TD>
    <TD STYLE="width: 70%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Discovered the deposit while carrying out reconnaissance work in western Turkey.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1997</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Completed drilling program of the north, middle and south ore shoots, delineating the resource and hydrogeologically testing the vein structure and the hanging wall and footwall rocks.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2004</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Completed EIA study.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2005</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Received positive EIA certificate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2007</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Released a positive feasibility study in August based on underground mining, milling the ore on-site and treating the gold concentrate at Kisladag prepared by Wardrop Engineering Inc. (&ldquo;Wardrop&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2008</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">Wardrop completed positive feasibility
        study update in August.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Construction of the mine commenced.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2009</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt 4pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Construction continued throughout 2009.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In June the mining and processing
        operations started.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In December commercial production
        started and treatment of the -Efemcukuru concentrate commenced at the Kisladag concentrate treatment plant (KCTP).</P></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2012</FONT></TD>
    <TD STYLE="width: 70%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In September 2012, the KCTP was taken
        out of operation pending modifications to the circuit.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">Commercial sales of concentrate to
        third parties began in November 2012.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">Completed addendum to EIA increasing
        production capacity to a maximum of 600,000 metric tonnes per year.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">The Kisladag concentrate treatment
        plant is decommissioned.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Mine throughput increased to 435 ktpa. north ore shoot (&ldquo;NOS&rdquo;) capital development and associated infrastructure completed.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Commenced mining ore from the NOS.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Process throughput increased to 472 ktpa.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Kestane Beleni exploration drift completed
        for potential resource conversion.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Licenses,
permits, royalties and taxes</B></FONT><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">We have the required licenses
and permits to support our current mining operations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Surface rights</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0">Operating license, IR 5419, covers 2,262 ha and
        is centred around approximate latitude 26&ordm;59&rsquo; N and 38&ordm;18&rsquo; E.<BR>
        The license can be extended if production is ongoing at the end of the license period. IR 5419 expires on August 19, 2033.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9.9pt 4pt 0; text-align: justify">Under Turkish law, we have the
        right to explore and develop mineral resources in the license area as long as we continue to pay fees and taxes. The necessary
        surface rights have been obtained to operate the mine.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">The EIA was submitted to the
        Ministry of Environment and Urbanization in 2005, and the environmental positive certificate was issued in September of that year.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Subsequent to completion of
        the EIA, a revision was approved in December 2012, allowing for a larger disturbance footprint and an increased mining production
        rate of 600,000 tonnes per annum. Following a court decision in 2015, a second revision was made to the EIA and approved for the
        same tonnage in October 2015.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Royalties and Taxes</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">Based on current Turkish legislation,
        an annual royalty is paid to the Government of Turkey, calculated on the basis of a maximum of 4% of the sale price of the Au produced
        during the year, less some costs associated with the cost of ore haulage, mineral processing and administration, with such percentage
        being subject to a sliding scale adjustment based on Au prices. At current budgeted Au price of $1,150, a 2% royalty is in effect.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 4pt 0; text-align: justify">The corporate income tax rate
        applicable to profits of Efemcukuru is currently 20%.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;&nbsp;</B></P>


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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Costs and revenue</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2017 &ndash; Forecast<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Production</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">&nbsp;98,364 oz</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">&nbsp;95,000-105,000 oz<SUP>3</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Cash Operating Cost per ounce</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$514</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$525-575</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Sustaining Capital<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$23.5M</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$25.0M</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT><FONT STYLE="font-size: 8pt">
We made certain assumptions when these forecasts were developed and actual results and events may be significantly different from
what we currently expect due to the risks associated with our business. Please see &ldquo;Cautionary statement regarding forward-looking
statements&rdquo; and &ldquo;Risk factors&rdquo; for a comprehensive listing of risk factors in our business.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>2 </SUP></FONT><FONT STYLE="font-size: 8pt">See
&ldquo;Business&mdash;How we measure our costs&rdquo; for information on how sustaining capital is calculated.</FONT></P>

<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><SUP>3 </SUP>In 2017 Efemcukuru
is expected to mine and process over 450,000 tonnes of ore at an average grade of 7.3 grams per tonne gold.</P>

<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/108% Arial, Helvetica, Sans-Serif; margin: 0">Cash operating cost consists of mining, process and site G&amp;A
costs. The following table outlines these costs for 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 61%; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">2016 Actual costs</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 1.6pt 0 0; text-align: right">(per tonne treated)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Mining</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 36.56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Process</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 32.11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">G&amp;A</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 25.15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Other*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 13.71</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">$ 107.53</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 107%"><FONT STYLE="font: 8pt/108% Arial, Helvetica, Sans-Serif">* Other includes items that are not included directly in any of the other lines but are included in cash operating costs. This includes items such as transport and refining, inventory change and any other metal credits. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/108% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Operating costs are expected to
be similar in 2017 to those in 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Sustaining capital costs for 2017
are estimated at $25M, which is in line with 2016 spending of $23.5M. Capital spending for 2017 is expected to consist mainly of
capitalized underground development, underground infrastructure upgrades, waste rock dump construction and tailings dam works.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Efemcukuru is in Izmir Province near
the coast of western Turkey, about 30km by paved road from the city centre of Izmir, the provincial capital. The site is centered
approximately 1.5km northeast of the village of Efemcukuru (population approximately 640). It sits approximately 580 to 720m above
sea level in hilly terrain. Vegetation is a mixture of mature and newly planted second growth pine trees with sparse undergrowth
covering the hillsides.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Economic activity in the area is
a mixture of subsistence farming and grazing. We mainly access supplies and services from the city of Izmir. Several paved roads
connect the project with other local population centres.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Employees are primarily drawn from
the local region.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Power is provided by a dedicated
transmission line from the Urla substation approximately 23km away. Mine infrastructure includes administration buildings, a concentrator,
a filtration plant; tailings and waste rock impound areas.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Initial plans called for concentrate
to be treated at Kisladag through a dedicated treatment plant. The treatment plant was subsequently decommissioned and all concentrate
is now being sold to third parties.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>Climate</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The area has hot and humid summers
and warm and rainy winters with limited snowfall. Temperatures range between 30&ordm;C in summer and -15&ordm;C in winter with
an annual average temperature of approximately 17&ordm;C. Average annual precipitation is 720mm. The operating season lasts a full
12 months.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Geological setting</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Efemcukuru is an intermediate sulfidation
epithermal gold deposit hosted within Upper Cretaceous phyllite and schist at the western end of the Izmir-Ankara Suture Zone in
SW Turkey. The host rocks are locally silicified to hornfels and are cut by moderately east to northeast-dipping faults that are
exploited by rhyolite dykes and epithermal veins.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Exploration and development</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Exploration by Tuprag began in 1992,
when Company geologists recognized the exploration potential of the area while conducting reconnaissance work in western Turkey.
Between 1992 and 1996, Tuprag conducted ground magnetic surveys, rock chip and soil sampling, geological mapping and a 6,000m diamond
drilling program focusing primarily on the Kestane Beleni vein. This work identified high-grade gold mineralization in three separate
zones: the south ore shoot, the middle ore shoot and the NOS.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Infill drilling in 1997 and 1998
provided an initial resource estimate for the south and middle ore shoots, and a prefeasibility study was completed in 1999. Additional
drilling programs from 2006 to 2010 with step-outs to deeper levels and along strike significantly increased the resource estimate
and provided a base for calculating a resource estimate for the NOS. Drilling in 2011 and 2012 focused on a new zone along strike
from the NOS, referred to as the northwest extension, on down-dip extensions to the south ore shoot, and on the nearby Kokarpinar
vein.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Kokarpinar vein is parallel
to and east of the Kestane Beleni vein. We have drilled widely spaced exploration holes and obtained potentially economic grades
from both surface samples and drillhole intercepts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Soil and rock chip geochemical
survey programs have been carried out as well as detailed geological mapping. The soil geochemistry surveys have identified several
zones with multi-element anomalies. These anomalies are especially strong over the Kestane Beleni vein and the central part of
the Kokarpinar vein.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2014 and 2015, soil sampling
was extended to cover the area west of the Kestane Beleni vein. New vein targets hosted in phyllite were identified in the Karabag
and Dedebag areas as a result of this work. The veins are particularly anomalous in silver. Exploration drilling programs in 2016
focused on extensions of mineralization on the Kokarpinar vein. A total of 5,400m were drilled at these targets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Mineralization&#9;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Two major veins host mineralization,
Kestane Beleni and Kokarpinar, with the former containing the current reserves and majority of the current resources. Vein mineralogy
is variable but primarily consists of quartz, rhodonite (commonly replaced by rhodochrosite), adularia, and sulfide assemblages
of pyrite, galena, chalcopyrite, and sphalerite. Crustiform-colloform textures characterize the veins in addition to multi-stage
breccia&rsquo;s that were likely the result of shallow-level boiling. Most of the gold is very fine (3 to 30 microns), occurring
as free grains in quartz and carbonate, and as inclusions in sulphide minerals. Lower grade mineralized stockworks occur peripheral
to the ore shoots, and are most strongly developed in hangingwall rocks. Both veins strike northwesterly (320&deg;-340&deg;), dip
60&deg;E to 70&deg;E, and can be traced on surface for over a kilometre. The veins commonly have faults with post-mineral movement
along either hangingwall or footwall contacts, or within the veins themselves. The Kestane Beleni vein&rsquo;s three ore shoots
(south, middle and north) differ slightly in strike and dip orientation, but the vein and the fault zone is continuous between
them.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Drilling</I><B> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Drilling campaigns were conducted
between 1992 and 1997, and from 2006 to 2016. To date, 310 core holes have been drilled totaling 127,400m, and 234 reverse-circulation
holes totaling 31,500m. All diamond drilling was done with wire line core rigs of mostly HQ size (63.5mm). Drillers placed the
core into wooden core boxes. Each box held approximately 4m of core.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Sampling and analysis</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Geological and geotechnical data
was collected from the core, and the core was photographed (wet) before sampling. Core recovery in the mineralized units was very
good. The core library is kept in storage facilities near the site.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A five foot or ten foot single
tube core barrel is used to collect samples. Sample intervals from 0.1m to 1.6m were selected by the geologist and marked in the
core boxes. Individual samples were then cut using a diamond rock saw. After initial crushing, each sample was split to approximately
1kg, and then pulverized and split again into two 200 g pulps. One of these was shipped to the analytical laboratory and the other,
with the approximately 1kg of reject material, was put into storage.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The core samples were prepared
at our preparation facility in Canakkale in northwestern Turkey by inserting a SRM, a duplicate and a blank sample into the sample
stream at every eighth sample. Pulp samples were shipped to ALS Chemex Analytical Laboratory. These were assayed for gold by 30
g fire assay with an atomic absorption finish (with a gravimetric finish re-assay for samples returning initial values greater
than 10 g/t), and for other elements using fusion digestion and ICP analysis.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The database used to estimate the
annual mineral resources is regularly checked against the original source data. Survey and assay data are checked for discrepancies
and corrected before entering them into the resource database. Newer data entered directly into the database are periodically compared
to original electronic certificates (assays), downhole measurements and collar survey data. In our opinion, the Efemcukuru deposit
assay database is accurate and precise enough to estimate resources.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Technical report</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The information about Efemcukuru in this
AIF is partly based on the scientific and technical data in the Efemcukuru technical report: <I>Technical Report on the Efemcukuru
Project</I>.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="background-color: white">Qualified
persons: Stephen Juras, Ph.D., P.Geo., and Rick Alexander, P.Eng, both of Eldorado. T</FONT>he report is dated September 17, 2007,
effective August 1, 2007, and is available under Eldorado Gold&rsquo;s name on SEDAR and EDGAR.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Efemcukuru is a high grade underground
deposit with the gold occurring as free gold closely associated with sulphides. The ore is mined using conventional mechanized
cut and fill along with some opportunity for longhole mining methods.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The ore is processed through milling
and gravity circuits followed by flotation to produce a flotation concentrate and a gravity concentrate. As part of our operating
agreement between 2011-2012, we were transporting the flotation concentrate to the Kisladag Concentrate Treatment Plant (KCTP),
where it was treated in a dedicated cyanide leach plant. The gravity concentrate was refined to dor&eacute; on-site. In late 2012
and 2013, the flotation concentrate was sold under contract to the spot market while the KCTP was under review to improve gold
recoveries. A decision was taken late in 2013 to decommission the KCTP and continue to sell the concentrate under contract to third
parties.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The flotation tailings are filtered
and either placed back underground as paste fill or placed in a lined dry stack tailings facility.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">During 2016, Efemcukuru mined 476,000
tonnes of ore at 7.37 g/t gold and treated 477,000 tonnes of ore and recovered 103,000 ounces of gold in concentrate and gravity
dor&eacute;.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2016, 99,743 payable ounces
of gold from concentrate and the gravity dor&eacute; combined were sold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Geopolitical Climate in Turkey</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">For more information on Geopolitical Climate in Turkey, see
page 90 of our &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Litigation</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Mineral license litigation:</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On December 3, 2004, certain third
parties filed litigation against the Ministry of Energy and Natural Resources. The parties were seeking to cancel the mineral license
for Efemcukuru on the basis of an alleged threat to the water quality in the local catchment area. Tuprag was accepted as a co-defendant
in the cases alongside the defendant ministry.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Turkey&rsquo;s Lower Administrative
Court issued a negative decision, delaying the start of mining activities at Efemcukuru in December 2004. The Council of State
overturned the decision in December 2005, referred the case back to the Lower Administrative Court, and our mining license was
re-issued.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Lower Administrative Court
formed a new expert committee to review the case. The majority of experts were in favour of the project and on June 15, 2007, the
court ruled unanimously in favour of the project.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The decision was appealed to the
Council of State, and the decision was overturned on March 31, 2008. Tuprag appealed this decision. On March 10, 2009, the appeal
was refused, and the case referred back to the Lower Administrative Court. The lower court formed a new expert committee to review
the case and on June 2, 2011, the Court unanimously ruled in favour of the project. On April 30, 2013, the 8<SUP>th</SUP> department
Council of State confirmed the ruling of the Lower Administrative Court. The plaintiffs exercised their right to appeal to the
8<SUP>th</SUP> department of the Council of State to reconsider its decision. On November 28, 2013, the 8<SUP>th</SUP> department
of the Council of State re-confirmed its decision in favour of the validity of the license and the case was closed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Environmental Impact Assessment and
Environment Certificate Litigation:</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On January 26, 2009, the High Administrative
Court delivered a positive decision in Tuprag&rsquo;s favour in a case brought by certain third parties seeking to cancel the EIA
for Efemcukuru issued by the Ministry of Environment and Urban Planning (former Ministry of Environment and Forests). The unsuccessful
litigants appealed this decision to the Council of State requesting that its decision be reconsidered. On November 12, 2013, the
14<SUP>th</SUP> Department of the Council of State re-confirmed its decision in favour of the project and the case was closed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On April 24, 2013, certain parties
filed litigation against the Environmental Certificate for Efemcukuru issued in December 2012 by the Ministry of Environment and
Urban Planning for the expansion of the mine from 250 Ktpa to 600 Ktpa. The case was heard by the 1<SUP>st</SUP> Administrative
Court in Izmir. A request for an immediate injunction was rejected by the court and the appeal of this decision was rejected by
the Izmir District Appeals Court. Tuprag was accepted as a co-defendant next to the Ministry of Environment and Urban Planning.
The court formed an expert committee to review the revised Environmental Certificate. On April 16, 2015, the court made a negative
decision in the case based on comments in the expert report.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Ministry of Environment and
Urban Planning together with Tuprag as co-defendant appealed the decision to the 14<SUP>th</SUP> Department of the Council of State
in Ankara with a petition for an immediate injunction of the Izmir Administrative Court decision and a cancellation of the decision.
In addition, Tuprag applied to and received on November 17, 2015 from the Ministry of Environment and Urban Planning a revised
600 Ktpa EIA taking into consideration comments in the decision of the 1<SUP>st</SUP> Administrative Court.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On February 26, 2016 the Council
of State overturned the April 16, 2015 decision of the Izmir Administrative Court and sent the file back to the Izmir Court for
reconsideration. The cancellation decision of the Council of State re-instated the first 600 Ktpa EIA and Efemcukuru continues
to operate under these conditions. The Izmir Administrative Court has accepted the decision of the Council of State and is in the
process of forming a new committee of experts to review the first 600 Ktpa EIA file.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On December 15, 2015, certain third
parties filed litigation against the revised 600 Ktpa EIA issued on November 17, 2015, seeking to cancel the EIA. The cases were
heard at the 6<SUP>th</SUP> Administrative Court of Izmir and Tuprag was accepted as a co-defendant next to the Ministry of Environment
and Urban Planning.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In May, 2016, the 6<SUP>th</SUP>
Administrative Court of Izmir canceled the revised EIA on the basis of the February 26, 2016 decision of the Council of State to
overturn the April 16, 2015 Izmir First Administrative Court decision. The court reasoned that two EIA&rsquo;s cannot be in place
at the same time and that the conditions for the revision no longer existed following the overturn of the Izmir&rsquo;s First Administrative
Court decision by the Council of State.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Operation Permit litigation:</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On September 7, 2012, certain parties
filed litigation against the Izmir Province Special Administration, seeking to cancel the Operation Permit for Efemcukuru on the
basis that the Efemcukuru Mining License and the Environmental Positive Opinion are unlawful. Tuprag has become a co-defendant
in this case. On September 20, 2013 the 3<SUP>rd</SUP> Administrative Court of Izmir rejected the claims of the defendants and
ruled in favor of the validity of the Operation Permit. The plaintiffs exercised their right to appeal this decision to the Council
of State in Ankara. On June 23, 2014, the decision of 3<SUP>rd</SUP> Administrative Court of Izmir was upheld by the 8<SUP>th</SUP>
Department of the Council of State. The unsuccessful litigants exercised their right to appeal to the Council of State requesting
that it reconsider its decision. On April 14, 2015 the 17<SUP>th</SUP> Department of the Council of State re-confirmed the decision
in favor of the Operation Permit and the case was effectively closed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Environmental License Litigation:</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">On September 28, 2012, certain
third parties filed litigation against the Environmental License issued by the Ministry of Environment and Urban Planning. The
case was heard by the 4<SUP>th</SUP> Administrative Court of Izmir. On the July 17, 2014 the 4<SUP>th</SUP> Administrative Court
of Izmir rejected the claims of the plaintiffs and ruled in favour of the Environmental License&rsquo;s validity. The plaintiffs
appealed the decision to the 14<SUP>th</SUP> Department of the Council of State in Ankara. On April 21, 2015 the 14<SUP>th</SUP>
Department of the Council of State ruled in favor of the Environmental License. The Plaintiffs exercised their right to ask the
court to reconsider its&rsquo; decision and on December 23, 2015, the Council of State rejected the final appeal of the plaintiffs
and the case was closed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We believe that we will successfully
defend any outstanding litigation. If we do not succeed, our ability to operate Efemcukuru may be adversely affected, which may
adversely affect our production and revenue.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition to the litigation brought
against Tuprag described in this section entitled &ldquo;Litigation&rdquo;, Tuprag is, from time to time, subject to and involved
in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including
pertaining to licenses, permits, supplies, services, employment and tax.&nbsp; Eldorado Gold and Tuprag cannot reasonably predict
the likelihood or outcome of these actions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For further description of all
of our risks, see section entitled &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Olympias </B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Material property under NI 43-101</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Halkidiki Peninsula, northern Greece</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">Hellas Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">95% shares issued to an indirectly
        owned subsidiary of Eldorado Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">5% shares issued to Aktor
        Enterprises Limited (&ldquo;Aktor&rdquo;)</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">The co-ownership of Hellas
        Gold is governed by a shareholders&rsquo; agreement</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">underground</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">gold, silver, lead, zinc</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0">In situ metals as of December 31, 2016*</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27.05pt 3pt 0; text-align: justify">proven and probable mineral
        reserves: 4.07M ounces Au at 7.87 g/t; 66.3M ounces Ag at 128 g/t; 693,000 tonnes Pb at 4.3%; 921,000 tonnes Zn at 5.7%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27.05pt 3pt 0; text-align: justify">measured and indicated mineral
        resources: underground 4.36M ounces Au at 8.97 g/t; 70.7M ounces Ag at 146 g/t; 742,000 tonnes Pb at 4.9%; 983,000 tonnes Zn at
        6.5%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27.05pt 3pt 0; text-align: justify">inferred mineral resources:
        1.06M ounces Au at 8.34 g/t, 15.1M ounces Ag at 118 g/t, 153,000 tonnes at 3.9% Pb, 171,000 tonnes Zn at 4.3%.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0">Average annual production metals**</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27.05pt 0 0; text-align: justify">underground mine production
        - Phase II; up to 430,000 tonnes per annum, 68,000 ounces Au, 950,000 ounces Ag, 13,000 tonnes Pb &amp; 14,000 tonnes Zn</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 27.05pt 0 0; text-align: justify">underground mine expansion
        &ndash; Phase III; 900,000 tonnes per annum, 178,000 ounces Au, 2.7M ounces Ag, 33,000 tonnes Pb, 48,000 tonnes Zn</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">25 years, based on 2016 mineral reserve estimate, and dependent on timing of conversion from Phase II to Phase III</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,235 (including 764 contractors)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><BR CLEAR="ALL">
<FONT STYLE="font-size: 9pt">*</FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 9pt">Mineral reserves are included
in the total of mineral resources.</FONT></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>History</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
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    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">historic times</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Bulk of ores at Olympias above water table were extracted by 300 BC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1933</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Shaft sunk to 74m depth with some drifting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1954</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Owners commenced exploration; thin, discontinuous sulphide lenses encountered (and many ancient workings).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1965-66</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Further drilling intersected 10m of lead-zinc mineralization 20m below the 1933 shaft.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1970</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ownership transferred to Hellenic Fertilizer Company; ramp was started and production commenced in West orebody.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1974-84</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mine was developed to mine lead and zinc. Shaft was sunk to the -312m level; high grade mineralization of East orebody intersected; highly profitable mining using sub-level caving; eventual transition to less profitable drift-and-fill mining due to excessive dilution, ground subsidence and water problems.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1991</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Hellenic Fertilizer Company went into receivership; mine continued production under subsidy from Greek government.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1995</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ownership transferred to TVX Gold Inc. (&ldquo;TVX&rdquo;); production suspended to allow for drilling to define resources.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1998-99 </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">TVX completed drilling campaign (760 holes, 91,319m) and issued mineral resource estimation; initial feasibility study completed.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2004</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Aktor acquired mining concessions holding
        317km<SUP>2</SUP> including the Olympias and Skouries deposits together with Stratoni (the Kassandra Mines) through its subsidiary
        Hellas Gold.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Hellas Gold acquisition of the Kassandra
        Mines was ratified by parliament and passed into law in January 2004 (National Law no. 3220/2004).</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">European Goldfields acquired its initial
        ownership percentage interest in Hellas Gold from Aktor through its wholly owned subsidiary European Goldfields Mining (Netherlands)
        B.V.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2007</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">European Goldfields increased share ownership of Hellas Gold to 95% (with 5% held by Aktor).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">EIS approved by Greek government.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2012</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eldorado acquired the project via the
        acquisition of European Goldfields.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Commenced tailings re-treatment and rehabilitation
        of the underground mine.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Development of Phase II design to handle
        underground ore at a throughput of 400,000 tpa to produce lead/silver, zinc and gold concentrate.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Scoping level analysis of Phase III.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Suspended operations at the Kassandra
        Mines for 6 weeks due to permitting issues with the government.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Completion of Phase I tails reprocessing
        and retool plant to begin Phase II processing of new ore from underground. Continuation of new development in the underground.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Initial scoping study of Phase III commenced
        in 2016.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B></B></P>

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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Licenses, permits, royalties and taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: rgb(127,127,127) 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Surface rights</FONT></TD>
    <TD STYLE="width: 83%; border-top: rgb(127,127,127) 1pt solid; padding-right: 0.3in; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%; text-indent: 0.9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Two mining concessions (F13, F14) covering 49.7km<SUP>2</SUP>, granted until March 6, 2026; can be extended twice for durations of 25 years each.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The MOE formally approved
        the EIS submitted by Hellas Gold for the three mine sites of Hellas Gold in what is known as the Kassandra Mines and involves an
        area of 26,400 ha, in northeastern Halkidiki (Macedonia Region). This covered the continued operation of Stratoni and for the development
        of Olympias and Skouries, thus completing the official approval process for the EIS.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The EIS covering Olympias,
        Skouries and Stratoni mine was submitted by Hellas Gold in August 2010 and was approved in July 2011. This EIS covers all environmental
        matters pertaining to the project.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">For production to commence,
        the MOE require the submission of a technical study. This was submitted and in early 2012, the technical study was approved by
        the MOE.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">An installation permit is
        required to complete the works around the process plant for Phase II to commence. This was applied for during December 2015 and
        was issued on March 22, 2016.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Accumulating environmental
        impact is anticipated only in the Kokkinolakas brownfield area where the new Olympias concentrator and tailings disposal facility
        will be constructed. The remainder of the infrastructure components are distant from each other and therefore there will not be
        any significant accumulating impact on the morphology of the area under study.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">No significant impact is expected
        either quantitatively or in quality on the water in the immediate mining and processing areas or those areas within the immediate
        regional water system. Olympias has been designed such that any leakage can be managed and controlled. The overall impacts are
        assessed as moderately positive due to the rehabilitation of the old tailings ponds and permanent restoration of the valley site
        when the main Olympias processing operations move to the Kokkinolakas Valley.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Hellas Gold has provided a
        &euro;50M Letter of Guarantee to the MOE of Greece as security for the due and proper performance of rehabilitation works in relation
        to the mining and metallurgical facilities of the Kassandra Mines project and the removal, cleaning and rehabilitation of the all
        the old disturbed areas from the historic mining activity in the wider area of the project.&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">For further information on
        the Company&rsquo;s investment plans in Greece, see &ldquo;Business&mdash;2016.&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0">Royalties and taxes</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $1,200
        / oz Au, $16 / oz Ag, $2,000 / tonne Pb and $2,000 / tonne Zn, Hellas Gold would pay a royalty of approximately 1.5% on Au revenues,
        1.5% on Ag revenues, 1.0% on Pb revenues and 1.0% on Zn revenues.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The corporate income tax rate
        for Greek companies is currently 29%.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Costs and revenue</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">For the period of tailings retreatment, production is
defined as non-commercial.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2017 &ndash; Forecast<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Production</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2,774 ounces</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">40,000 - 50,000<SUP>2, 5</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Cash Operating Cost per ounce</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">n/a </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">250-450<SUP>3</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Sustaining Capital<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9.9pt; text-align: right; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT><FONT STYLE="font-size: 8pt">
We made certain assumptions when these forecasts were developed and actual results and events may be significantly different from
what we currently expect due to the risks associated with our business. Please see &ldquo;Cautionary statement regarding forward-looking
statements&rdquo; and &ldquo;Risk factors in our business&rdquo; for a comprehensive listing of risk factors.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>2 </SUP></FONT><FONT STYLE="font-size: 8pt">Includes
pre-commercial production of ~10k oz.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>3 </SUP></FONT><FONT STYLE="font-size: 8pt">Range
due to variability of by-product credits; commercial ounces only.</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt"><SUP>4 </SUP></FONT><FONT STYLE="font-size: 8pt">See
&ldquo;Business&mdash;How we measure our costs&rdquo; for information on how sustaining capital is calculated.</FONT></P>

<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><SUP>5 </SUP>In 2017, Olympias is budgeted to process
267,000 tonnes of ore at grades of 9.6 grams per tonne gold, 3.4% lead, 3.4% zinc and 105 grams per tonne silver.</P>

<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Olympias is located in the Halkidiki
peninsula, of the Central Macedonia Province in Northern Greece. Olympias is within a group of granted mining and exploration concessions
covering 317km<SUP>2</SUP>, approximately 100km east of Thessaloniki. The area is centred on coordinates 474000E and 4488000N of
the Hellenic Geodetic Reference System HGRS &lsquo;80, Ellipsoid GRS80 (approximately Latitude 40&deg; 36&rsquo; E and Longitude
23&deg;50&rsquo; N). It is readily accessible by road; the road network in the area is among the best in Northern Greece and a
major highway has been constructed extending east from Thessaloniki to 15km north of the property. Olympias lies 9km north-northwest
of the Stratoni port and loading facility, on a paved road along the coast.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The area is wooded with oak, beech
and pine being the principal species, while inland there are vineyards and farmlands. The main farming products are grapes, honey
and olives.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><I>Climate</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Halkidiki Peninsula climate
is generally mild with limited rainfall. Over 300 days or around 3,000 hours of sunshine are recorded on average annually. Average
temperatures fluctuate little during the year. The lowest temperatures occur during December to February ranging between 3.5&deg;C
to 19&deg;C, while highest temperatures occur during summer months and range between 23&deg;C and 34&deg;C. Temperatures below
0&deg;C are limited to the mountainous areas. Operations can continue year round.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Geological setting</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Olympias is a gold-rich polymetallic
carbonate replacement deposit hosted in strongly deformed metamorphic rocks of the Paleozoic Kerdylia Formation of the Serbo-Macedonian
Massif in northeastern Greece. The host rocks consist of biotite gneiss and schist interlayered with marble horizons, irregular
pegmatite lenses and aplite. The marble horizons host the ore zones at the Olympias deposit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Exploration and development</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Hellenic Fertilizer Company carried
out extensive programs of surface and underground drilling in order to define orebody dimensions and to explore the area around
them. Partial logs are available for this work but none of the original cores are preserved in labelled boxes, none of the holes
were surveyed and no assays, certifiable or otherwise have been found. It is believed that ore was identified solely by visual
assessment of the core. Where available, the partial logs of this work have been entered into the database for the purposes of
guiding exploration work and for use in the modelling of major geological units.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">After 1996, TVX conducted an intense
program of drilling as detailed in the Drilling section, below. By February 1999, TVX had completed a drill program comprising
760 holes totalling 91,300m. A mineral resource estimation was completed in June 1998 and used in a feasibility study completed
by Aker Kvaerner, now Jacobs Engineering. No further exploration has been carried out. Key areas of the orebody have had the interpolation
checked and the overall geostatistical parameters have been checked. In 2013 Eldorado conducted a drill core relogging campaign
of existing core (664 holes totalling 88,000m) to improve the understanding and interpretation of the geology models. These updated
models were used as the basis to create a new resource model for the deposit. This work also identified numerous exploration targets
for future underground drilling programs in and around the current known ore lenses.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Mineralization</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Olympias deposit comprises
multiple massive sulphide lenses which together extend in a north northeast direction for over 1.5km. The deposit plunges 30&deg;
to 35&deg; to the southwest, and individual lenses have an average thickness of 12m. Two main end-member ore types are recognised;
a base metal-rich ore type and a high arsenic-silica, high gold ore type. The latter typically occurs in the core of the ore lenses
and is dominated by grey arsenian pyrite and arsenopyrite and subordinate galena and sphalerite with quartz-rich gangue. Gold grades
are typically &gt;10 to 30 g/t in this ore type. The base metal-rich ore is characterized by variable pyrite, galena and sphalerite
with lesser arsenian pyrite and arsenopyrite, and calcite-rich
gangue. Gold grades are commonly in the range of 2 to 10 g/t. Both ore types locally contain spectacular bladed to dendritic arsenian
pyrite and arsenopyrite with massive base metal sulphides.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Drilling</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Only those holes drilled by TVX
since 1996 were utilised for mineral resource estimation purposes as there is no means of validating those drilled by earlier operators.
TVX drilled some 760 holes totalling 91,319m.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The orebodies at Olympias were
drilled on a nominal 25m to 45m spacing and the deposit is open down dip and along strike to the west. The drill orientation with
respect to ore was variable since most of the holes were drilled in fans from mine infrastructure close to the orebody. Angles
to the strike and dip of the orebody range from perpendicular, where drill widths represent true widths, to as low as 30&deg; where
drill widths can represent twice the true widths. All drilling in the current mineral resource was conducted by TVX and the logs
to these drill holes and the sample quality control have been validated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Sampling and<B> </B>analysis</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">After the core was brought from
the underground or the surface drilling rig, geological and geotechnical logging was completed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The sampling interval through the
ore zone was 1m, except when lithological changes occurred. The sampling interval was adjusted so that different rock types were
sampled separately. In general, 5m to 10m of waste into the hanging wall and footwall was sampled using two metres regular intervals
and analysis of fully sampled cores has shown that this was sufficient to verify any low grade mineralization in the country rocks
around the main zones. 13,500 samples were taken over the 1,500m strike of the orebody. No factors were found to have affected
the accuracy of the sampling and they have been found to be representative.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">After geological and geotechnical
logging, samples were defined as described above and the core was split longitudinally by diamond saw. Samples were then placed
in labelled plastic bags and sent to the Stratoni Laboratory in Greece for sample preparation. The remaining half core was stored
in a core shed until 2002 and was then containerised. These containers were kept locked on-site until the 2013 re-logging program.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All samples were routinely assayed
for gold, silver, lead, zinc and arsenic. Initially, SGS Laboratories in Carcassonne, France were used for gold assays, while the
remaining elements were determined at the Stratoni Laboratory. The Stratoni Laboratory was used for primary assays for data up
to 2003 which includes all data relating to Olympias. This procedure was followed for the first 2,000 in-fill samples. Approximately
12% of these were sent to Chemex Laboratories in Canada to be assayed for all five elements as part of the quality control procedure.
The laboratories used fire assay with AAS finish on 50g samples for gold determination. AAS was used for the base metals. Gold
showed satisfactory results but silver and lead determined at the Stratoni Laboratory showed high negative bias compared to Chemex
Laboratories while zinc and arsenic results showed no bias. It was decided to keep the SGS Laboratory gold assays for the first
2,000 samples but to re-assay all ore samples for silver, lead, zinc and arsenic at Chemex Laboratories and use Chemex Laboratories
for the remainder of the project.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Subsequently, 9% of pulps were
submitted on a routine basis to the ALS-Geolab laboratory in Santiago, Chile for check assaying. Statistical analysis of check
assays for zinc and arsenic were within acceptable standards. Gold assays varied by 2% with Chemex Laboratories providing the more
conservative assay results. Some 4% of the coarse rejects were submitted under a different name to the Stratoni sample preparation
facility and, following homogenisation, were split using a Jones splitter and a 400gm sample pulverised and split into two. The
results from the coarse reject re-assays indicated that the Stratoni sample preparation facility was operated in accordance with
high procedural standards.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Hellas Gold core re-logging
campaign also served as a verification program due to the visual nature of the sulphide mineralization. No critical discrepancies
were uncovered when assay data were compared to visual percent sulphide minerals for the re-logged drill holes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Environment</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Olympias project is covered by an
EIS that includes the three mine sites of Hellas Gold known as the Kassandra Mines, involving an area of 26,400 ha, in northeastern
Halkidiki (Macedonia Region).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The MOE of Greece formally approved the
EIS for the Mining and Metallurgical Installations of the overall Kassandra Mines project, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Continuation of operations at the Mavres
Petres deposit of the Stratoni mine;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Development, mining, and processing of ore
at Olympias Mine;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Metallurgical treatment of concentrate of
Olympias and Skouries mines in the Stratoni valley;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reclamation of the Olympias valley by extracting
ore from Olympias through a tunnel to the metallurgical plant in the Stratoni valley;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Development of the Skouries asset; mining
facilities, new beneficiation plant and tailings facilities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Expansion of the port facilities at Stratoni
in service of the above projects&rsquo; operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ENVECO S.A., Environmental Protection,
Management and Economy S.A., under Hellas Gold&rsquo;s management, has authored the full EIS which was prepared in accordance with
the legislation, standards and directives required by the Greek and European Community legislation in force, and principally:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Law 1650/86 - &lsquo;The Protection of the
Environment from Projects and Activities&rsquo;, as amended by Law 3010/2002; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Law 998/79 (OGG 289/29-12-1979) on the Protection
of forests and in general forested areas of the Country; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Law 3220/18.01.2004 (OGG 15A/2004) on the
validation of the Kassandra Mines transfer to Hellas Gold.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The EIS was submitted by Hellas Gold
in August 2010 and was approved in July 2011. This EIS covers all environmental matters for the Kassandra Mines.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For production to commence, the Greek
mining legislation requires the submission of a technical study for each of Skouries, Olympias and Stratoni mines. These were submitted
and in early 2012, the technical studies were approved by the Greek MOE.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Technical report</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The information on Olympias in this AIF
is partly based on the scientific and technical data in the Olympias technical report prepared for European Goldfields: <I>Technical
Report on the Olympias Project, Au Pb Zn Ag </I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Deposit, Northern Greece. </I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Qualified persons: Patrick Forward,
FIMMM, and Antony Francis, FIMMM, both of whom were employed by European Goldfields at the time the report was filed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The report is dated July 14, 2011
and is available on SEDAR at and EDGAR under the name Eldorado Gold Yukon Corp. (formerly European Goldfields Limited and now Eldorado
Gold (BC) Corp.).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Olympias is a previously producing gold-lead-zinc-silver
mine on care and maintenance from 1995 through 2010 and has since been in re-development. Hellas Gold has a phased approach to
developing the Olympias project. The then-existing Olympias process plant was refurbished in Q4 2012 to process the previously
produced and stored tailings. This gold concentrate was sold from then until Q1 2016 as a non-commercial product. During this period
Hellas Gold has refurbished and extended the existing underground infrastructure;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 10pt">&bull;</TD><TD STYLE="text-align: justify">Phase II involves the processing of ore from Olympias underground, through the same process plant
at Olympias reconfigured to produce lead / silver, zinc and gold concentrates. Operations are expected to commence early in 2017;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 10pt">&bull;</TD><TD STYLE="text-align: justify">Phase III involves a production ramp-up on completion of the underground connection to a new surface
concentrator plant at a brownfield site in the nearby Stratoni Valley.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify">As part of the phased approach,
Hellas Gold had rehabilitated the existing concentrator plant to treat the existing tailings at potentially up to 1Mtpa and commissioning
of the plant began late in the second quarter of 2012, and continued operating through the first quarter 2016. The underground
workings have been refurbished and developed and ROM ore will be processed at the Olympias concentrator during Phase II. Ore production
in Phase II is expected to reach 400 ktpa producing three concentrates for lead-silver, zinc and gold, respectively. The Phase
III project will see production increased to 900 ktpa on completion of an 8.5km decline (the Stratoni-Olympias Decline) linking
the underground workings at Olympias to a new concentrator to be built in the Stratoni Valley.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In Phase II, the crushed ore will
be transferred to the fine ore bin ahead of the ball mill. The ore will be ground and then sized in the hydro-cyclones. The overflow
from the hydro-cyclones will be directed to the flotation circuit. The flotation section will produce three concentrates, firstly
lead/silver, secondly zinc, and thirdly the gold bearing pyrite/arsenopyrite concentrate. Separation of the minerals into the three
concentrates is achieved through a combination of pH control and conventional reagents for the depression and activation of the
various mineral species. There may be no long-term surface disposal requirement in the Kokkinolakas valley as all tailings will
be used in a paste fill for backfilling underground voids created by production activities.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The facilities at Olympias include
a water treatment plant. To the best of our knowledge there is minimal risk associated with the concentrator process as the Olympias
plant has operated successfully for many years, producing concentrates within the set metallurgical parameters. The recovery of
the lead, silver, zinc and gold to their respective concentrates will be in the range of 90% for gold and zinc based on more recent
metallurgical test work. Recoveries around 85% for lead and 80% for silver are also anticipated. Previous mining at Olympias was
focused in the West Orebody. The proposed mine plan will complete the extraction of mineral reserves remaining in this area, but
mainly mine the fully explored down dip extension to the west orebody and the unexploited east orebody. There are 17.3 Mt of proven
and probable underground mineral reserves remaining at Olympias, which will support the proposed mining rate of approximately 900
ktpa in the later phase. The chosen mining method is drift and fill based on the geotechnical conditions, environmental requirements
and it was the method previously used in the mine and is currently used at our nearby Stratoni operation. It is seen as a lower
risk method, given the Company&rsquo;s experience in using it, and better enables achievement of no subsidence due to the use of
cemented backfill.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 107%">The
Phase III metallurgical plant is currently permitted as a flash smelting metallurgical process. However, with changes to underlying
conditions and development of new technologies these plans may change</FONT> <FONT STYLE="font-size: 9pt">and these changes may
require discussion with regulators and government. <FONT STYLE="line-height: 107%">When Phase III will come into production is
uncertain, but is currently projected to be no earlier than 2022.</FONT></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Geopolitical Climate in Greece</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For more information on Geopolitical
Climate in Greece, see page 90 of our &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Hellas Gold Litigation</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The litigation below affects all
of the Kassandra Mines.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>European Commission proceedings</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In December 2008, the European
Commission initiated an investigation into alleged state aid by Greece in favour of Hellas Gold based on an anonymous complaint
by an individual. The complaint alleged that in 2003 Hellas Gold received state
aid from Greece in respect of non-payment of real estate transfer taxes and legal fees and in respect of the price paid for the
former assets of TVX.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The investigation was in respect
to the Greek state&rsquo;s compliance with its treaty obligations regarding European Union (&ldquo;EU&rdquo;) competition policy.
Hellas Gold itself was not under investigation and its title to the assets it acquired was not under question and is not jeopardised
by any ruling respecting this investigation. The underlying premise was that state aid can be (but is not always) incompatible
with the EU competition policy.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A decision of the European Commission
of February 23, 2011 concluded that the sale of the mining assets and licenses in 2003 by the Greek state to Hellas Gold was carried
out below its real market value and, therefore, involved indirect subsidies in breach of EU state aid rules. The subsidy was calculated
by the European Commission at &euro;14M. The European Commission also asserts that Hellas Gold did not pay transaction taxes amounting
to &euro;1.34M; and on that basis alleges that the total amount to be recovered from Hellas Gold to the Greek state is &euro;15.3M,
plus interest.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Based on the legal, economic and
factual elements relied upon by the European Commission in making its finding of state aid in favor of Hellas Gold, the Greek state
and Hellas Gold have each sought to contest the decision on the basis that it is flawed and does not accurately reflect the entire
circumstances and issues surrounding the December 2003 acquisition. Hellas Gold filed a lawsuit against the European Commission
on May 20, 2011 with serial number T-262/11(the Greek state filed its own lawsuit against the European Commission on April 28,
2011 with serial number T-233/11). Proceedings in the General Court of the European Court of Justice have been started and the
hearing of the case took place on January 28, 2015. On December 9, 2015 the General Court of the European Court of Justice issued
its decision which rejected both lawsuits filed by Hellas Gold and the Greek State challenging the fine imposed by the European
Commission. Hellas Gold has filed an appeal before the European Court of Justice against that decision on February 18, 2016. All
preliminary proceedings have been completed both by Hellas Gold and the European Commission, and the European Court of Justice
is considering the matter, without a further hearing, and is expected to issue a decision during 2017. On March 9, 2017 the European
Court of Justice issued its decision rejecting the appeal filed by Hellas Gold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Related to the above proceedings,
in the third quarter of 2012, the Ministry of Environment, Energy and Climate Change initiated the process to recover a penalty
plus interest, in an aggregate sum of &euro;21.4M, from Hellas Gold, as required under the EU regulations. As entitled under Greek
tax law, Hellas Gold has filed a petition with the Ministry of Finance to pay the penalty and interest in monthly instalments while
awaiting the appeal judgement. The application was approved in November 2012 and Hellas Gold has since paid the total amount.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>EIS litigation</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In November 2011, third parties
initiated three lawsuits against the MOE and four other ministries before Greece&rsquo;s Supreme Court (the &ldquo;CoS&rdquo;)
on matters related to environmental protection, seeking cancellation of the EIS approval granted to Hellas Gold in July 2011. The
plaintiffs, the MOE and the other ministries, Hellas Gold and various other interested parties submitted legal briefs to the CoS
and a court hearing was held in early June 2012. Hellas Gold had advocated that this litigation was without merit. On April 17,
2013 the CoS issued its milestone decision No 1492/2013 on the one lawsuit, in which it determined and accepted the legality and
validity of the EIS and rejected the appeal in its entirety.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On February 17, 2015 and February
18, 2015 respectively, the CoS issued two decisions, No 549/2015 and No 551/2015, which again rejected two earlier lawsuits and
confirmed the validity of the EIS.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On August 19, 2015, the MOE revoked
the technical study backing the EIS and Hellas Gold was forced to stop construction and operations at all sites and suspend its
employees from work. An injunction filed with the CoS against this order by Hellas Gold and its Unions was heard on September 15,
2015. On October 2, 2015 after the CoS had heard the full case filed by Hellas Gold against the MOE, the CoS temporarily revoked
the August 19, 2015 decision of the MOE and all work resumed on October 6, 2015. The final decision from the CoS (217/2016) was
issued on January 20, 2016 which held that the revocation of the technical permits for Olympias and Skouries by the MOE in August
2015, was null and void and that the permits are now irrevocably legal.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In April 2015, the MOE returned
the technical files submitted by Hellas Gold for the metallurgy plant in Kokkinolakas valley and the new flotation plant in Olympias
and refused to grant approval. Hellas Gold immediately filed lawsuits against the MOE decision, and the CoS issued decisions 3191/2015
and 221/2016 which held illegal MOE&rsquo;s return of the technical files. The CoS has remanded both cases back to MOE to comply
with the judgments and issue the permits.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On July 5, 2016 the MOE returned for
correction and resubmission a technical study to Hellas Gold pertaining to the planned metallurgical plant for treating Olympias
and Skouries concentrates at Madem Lakkos in the Stratoni Valley. On September 9, 2016 a repeal of the July 5 return was requested
from MOE. On November 2, 2016 the MOE affirmed the earlier return of the related permit. On December 28, 2016 Hellas Gold filed
petition before the CoS for the annulment of both decisions of the MOE. A hearing date is to be determined by the Secretariat of
the Court.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition to the litigation brought
against Hellas Gold described in this section entitled &ldquo;Hellas Gold Litigation&rdquo;, Hellas Gold is, from time to time,
subject to and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary
course of business, including pertaining to licenses, permits, supplies, services, employment and tax.&nbsp; Eldorado Gold and
Hellas Gold cannot reasonably predict the likelihood or outcome of these actions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For further description of all
of our risks, see section entitled &ldquo;Risk factors in our business&rdquo;.</P>


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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Skouries</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Material property under NI 43-101</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Halkidiki Peninsula, northern Greece</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">Hellas Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">95% shares issued to an indirectly
        owned subsidiary of Eldorado Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">5% shares issued to Aktor
        Enterprises Limited (&ldquo;Aktor&rdquo;)</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">The co-ownership of Hellas
        Gold is governed by a shareholders&rsquo; agreement</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">open pit, underground</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">gold, copper </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify">In situ metal as of December 31,
        2016*</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">proven and probable mineral
        reserves: 3.79M ounces Au at 0.77 g/t; 776,000 tonnes Cu at 0.51%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">measured and indicated mineral
        resource: 5.40M ounces Au at 0.58 g/t; 1.24 Mt Cu at 0.43%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">inferred mineral resources:
        1.68M ounces at 0.31 g/t Au, 578,000 tonnes Cu at 0.34%</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify"><FONT STYLE="font-size: 9pt">Average
        annual production (metal in concentrate and </FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 9pt">dor&eacute;)**</FONT></P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">Phase I (Year 1 to 9): 150,000
        ounces Au, 30,000 tonnes Cu</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt; text-align: left">Phase
        II (Year 10 to end of LOM): 120,000 ounces Au, 27,500 tonnes Cu</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Approximately 25 years, based on 2016 proven and probable mineral reserves</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">334 (including 284 contractors)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><BR CLEAR="ALL">
<FONT STYLE="font-size: 9pt">*</FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 9pt">Mineral reserves are included
in the total of mineral resources.</FONT></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>History</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1960&rsquo;s</FONT></TD>
    <TD STYLE="width: 68%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Initial drilling by Nippon Mining and Placer Development.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1970&rsquo;s</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Drilling carried out by Hellenic Fertilizer Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1996-97</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ownership transferred to TVX, exploration drilling tested extensions at depth; in-fill drilling program carried out.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1999 </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">TVX issues mineral resource estimation; initial feasibility study completed.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2004</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Aktor acquired mining concessions holding
        317km<SUP>2</SUP> including the Olympias and Skouries deposits together with the remaining Kassandra Mines assets through its subsidiary
        Hellas Gold.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Hellas Gold acquisition of the Kassandra
        Mines was ratified by parliament and passed into law in January 2004 (National Law no. 3220/2004).</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">European Goldfields acquired its initial
        ownership percentage interest in Hellas Gold from Aktor through its wholly owned subsidiary European Goldfields Mining (Netherlands)
        B.V.</P></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2006</FONT></TD>
    <TD STYLE="width: 68%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">European Goldfields prepared a bankable feasibility study based on an open pit operation to a depth of 240m followed by underground mining.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2007</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">European Goldfields increased share ownership of Hellas Gold to 95% (with 5% held by Aktor).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">EIS approved by Greek government.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2012</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Eldorado acquired the project through the acquisition of European Goldfields.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Hellas Gold commenced construction of the Skouries Mine. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Completed scoping level study on underground mine design.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Initiated work on prefeasibility study
        of underground mine and open pit tailings disposal.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Suspended operations at the Kassandra
        Mines for 6 weeks due to permitting issues with the government.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Construction at Skouries was suspended
        in January 2016 due to ministerial decision to revoke the project&rsquo;s technical study.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Construction of surface facilities resumed
        in June 2016 after this decision was overturned on appeal.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Ongoing prefeasibility, feasibility and
        basic engineering studies on the Integrated Waste Management Facility and underground Phase I and LOM mining options.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Licenses, permits, royalties and taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Mining</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.3in; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%; text-indent: 0.9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Eight mining concessions (OP03, OP04, OP20, OP38, OP39, OP40, OP48, OP57) covering 55.1km<SUP>2</SUP>, granted until March 26, 2026; can be extended twice for durations of 25 years each.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">In July 2011, the MOE of Greece
        formally approved the EIS submitted by Hellas Gold for the three mine sites of Hellas Gold in what is known as the Kassandra Mines.
        This covers an area of 26,400 ha, in northeastern Halkidiki (Macedonia Region), including the continued operation of Stratoni mine
        and the development of Olympias and Skouries projects.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">For production to commence,
        the MOE requires the submission of a technical study for the various components of the project, and other routine permits. A technical
        study was submitted in early 2012, and subsequently approved by the Greek MOE. An updated technical study covering amended aspects
        of the process plant and associated infrastructure was submitted to the MOE in December, 2015 and this was approved in May 2016.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Permitting activities resumed
        in 2016 with the granting of the Skouries Process Plant building permit. Additional permits will be required to be issued to allow
        for production to commence in 2019.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Royalties and Taxes</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $1,200/oz
        Au and $6,612 / tonne ($3.00 / lb) Cu, Hellas Gold would pay a royalty of approximately 1.5% on Au revenues and 1.0% on Cu revenues.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The corporate income tax rate
        for Greek companies is currently 29%.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Skouries is located in the Halkidiki
Peninsula, in the Central Macedonian Province of Northern Greece, 100km east of Thessaloniki and 35km by road from the Stratoni
port. The area is centred on coordinates 474000E and 4488000N of the Hellenic
Geodetic Reference System HGRS &rsquo;80, Ellipsoid GRS80 (approximately latitude 40&deg; 36&rsquo;E and longitude 23&deg;50&rsquo;N).</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Skouries itself is located within
the concessions numbered OP03, OP04, OP20, OP38, OP39, OP40, OP48 and OP57 which collectively have an area of 55.1km<SUP>2</SUP>.
The concessions were granted in April 2004 by the Greek state and are valid until March 26, 2026. They can be renewed twice for
durations of 25 years each. There are no environmental liabilities attached to the property and there are no expenditure commitments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The area is readily accessible
by road. The road network is among the best in northern Greece and a major highway extends to within 7km from the property. The
area is wooded with oak, beech and pine being the principal species, while inland there are vineyards and farmlands. The main farming
products are grapes, honey, olives, and goat cheese.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The area is well served by main
power supplies via the Public Power Corporation. Communications by telephone and broadband are good and Hellas Gold has a backup
microwave phone and data link at nearby Stratoni. Fibre-optic cable is being installed to all the Kassandra operations. There is
sufficient water available to support the operation from creeks, re-circulated clean water from milling operations and groundwater
from wells.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Climate</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Halkidiki Peninsula climate
is generally mild with limited rainfall. Over 300 days or around 3,000 hours of sunshine are recorded on average annually. Temperatures
fluctuate little during the year. The lowest average temperatures occur during December to February ranging between 3.5&deg;C to
19&deg;C, while highest average temperatures occur during summer months ranging between 23&deg;C and 34&deg;C. Temperatures below
0&deg;C are limited to the mountainous areas. Operations can continue all year round.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Geological setting</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Skouries porphyry gold-copper
deposit is centred on a small (less than 400m in diameter), pencil-porphyry stock that intruded schist and gneiss of the Paleozoic
Vertiskos Formation of the Serbo-Macedonian Massif of northeastern Greece. The porphyry is characterized by at least four intrusive
phases that are of monzonite to syenite composition, but contain an intense potassic alteration and related stockwork veining that
overprints the original protolith. Potassic alteration and copper mineralization also extend into the country rock; approximately
two-thirds of the measured and indicated tonnes and 40% of the contained metal are hosted outside the porphyry. The potassic alteration
is syn-to late-magmatic in timing, and is characterized by K-feldspar overgrowths on plagioclase, secondary biotite replacement
of igneous hornblende and biotite, and a fine-grained groundmass of K-feldspar-quartz with disseminated magnetite. The host porphyry
and potassic alteration at Skouries were coeval and formed during the Early Miocene.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Exploration and development</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Mineralization</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Skouries deposit is a typical
sub-alkaline copper-porphyry deposit. Mineralization extends to more than 920m depth from surface and remains open, within a sub-vertical,
pipe-like body. Four main stages of veining are associated with copper and gold mineralization: 1) an early stage of intense quartz-magnetite
stockwork; 2) quartz-magnetite veinlets with chalcopyrite &plusmn; bornite; 3) quartz-biotite-chalcopyrite &plusmn; bornite-apatite-magnetite
veinlets; and 4) a localized, late stage set of pyrite &plusmn; chalcopyrite-calcite-quartz veins.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">An oxide zone occurs from surface
to between 30m to 50m depth and includes malachite, cuprite, secondary chalcocite and minor azurite, covellite, digenite and native
copper.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Drilling</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Historically, TVX, undertook 72,232m
of drilling in three phases during 1996, 1997 and 1998. In 2012, Eldorado drilled 6,232m in 33 drill holes to eliminate or convert
any inferred mineral resources in the pit design. Also, as all historic core was removed from the property by TVX, Hellas Gold
drilled 10 confirmatory holes totalling 6,550m through the main regions of the Au-Cu mineralization within the planned open pit and underground mine
designs. 25 geotechnical drill holes totalling 11,000m were drilled in 2014.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Sampling and analysis</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The mineral resource estimate was
carried out using only the TVX diamond drill holes. The drilling grid pattern used was 50m by 50m. Holes were drilled at an angle
of some 60&deg; to the pipe but given the disseminated nature of the porphyry type mineralization, it would be misleading to convert
intercepts to true widths on this basis.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">After geological and geotechnical
logging, diamond drill holes were split lengthwise using a diamond saw. One half was stored for future reference and the other
half was sampled at regular 2m intervals and sent for sample preparation and assaying. Each sample was given an individual sample
number and the rock type was coded.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Drill holes SK-08 to SK-30 (15,501m)
and SOP-1 to SOP-33 (14,932m) were prepared at three different laboratories: I.G.M.F at Xanthi, I.G.M.F at Athens and TVX at Stratoni,
the latter by TVX personnel. Drill holes SOP-34 to SOP-39 (3,045m) were prepared at the Stratoni Laboratory by TVX personnel. Drill
holes SOP-40 and onwards were prepared at the Skouries sample preparation laboratory located at Madem Lakkos by TVX personnel.
Screw top plastic bottles rather than envelopes or plastic bags were used for storing and shipping the samples.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For the historic drilling, gold,
total copper, soluble copper with citric and sulphuric acid, and silver assays were done by the ALS-Geolab laboratory in Santiago,
Chile that was chosen as the main laboratory. It should be noted that soluble copper assays were generally done for samples within
the first 100m from the surface. Copper was determined by an aqua regia digest and AAS finish. Gold was normally assayed on a 50
g sample utilising fire assay with an AAS finish. Samples collected by Eldorado were prepared at its sample preparation facility
in Turkey and assayed by the ACME laboratory in Ankara, Turkey. Gold was determined by fire assay with AAS finish whereas Copper
was analyzed by an aqua regia digest and AAS finish.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Quality control and quality assurance
of sampling are discussed in the Skouries Technical Report (see below); it was concluded that there is no significant sample bias.
Sampling was carried out on two metres intervals and across geological boundaries which is viewed by the Company as representative
given the disseminated nature of the mineralization. Drill hole spacing is on a nominal 50m grid which is, in the Company&rsquo;s
opinion, sufficient sample support for the disseminated nature of the deposit mineralization.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hellas&rsquo; confirmatory drill program
also verified the gold and copper grade ranges and distributions when compared to the historical data.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Environment</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">See &ldquo;Business&mdash;Description of mineral properties&rdquo;
in the Olympias project description for details on the EIS of Kassandra Mines of Hellas Gold, which covers the Skouries project.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Technical report</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The information on Skouries in this AIF
is partly based on the scientific and technical data in the Skouries technical report prepared for European Goldfields: <I>Skouries
Cu/Au Project, Greece &ndash; NI 43-101 Technical </I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Report</I>.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Patrick Forward, FIMMM and Antony
Francis, FIMMM, who were employed by European Goldfields, are the Qualified Persons for this Technical Report.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This technical report is dated
July 14, 2011. It is available on SEDAR and EDGAR under Eldorado Gold Yukon Corp. (formerly European Goldfields Limited and now
Eldorado Gold (BC) Corp.).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Skouries mine is planned to
operate in two phases. The initial Phase I production at Skouries will come from the open pit operation using conventional
truck and shovel mining, and from the higher levels of the initial underground operation. Ore from both sources will be fed
to the adjacent process plant where a gold and copper concentrate will be produced for sale. Waste material from the open pit
will be used in the construction of an integrated waste management facility (&ldquo;IWMF&rdquo;) to store pressure filtered
mill tailings. Following completion of the open pit in year 9, Phase II of the operation will generate ore solely from
underground mining operations while tailings will be deposited into the mined out open pit until it is backfilled.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The open pit mine production schedule
has been developed on a planned annual ore production rate of up to 8Mtpa. Once the underground Phase I is in operation, it is
expected that the open pit will produce 6Mtpa and the underground will produce 2Mtpa. A contractor will be employed to carry out
all phases of the pit operation delivering ore to the surface crusher and waste to designated areas including the integrated waste
management facility. Average total annual material movement during the pit operation is expected to be approximately 11 Mt. Geological
and engineering control of the operation will be provided by Skouries personnel. The open pit mine is expected to operate continuously
on a 24/7 schedule to produce 6Mtpa. The process plant and infrastructure design of the project has been based on extensive testwork
carried out on samples that were representative of the resource. Technical information was provided by several specialist consultants,
recognized metallurgical testing facilities and international engineering groups.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The process plant is of conventional
design comprising surface ore reception facilities and primary crusher, coarse ore stockpile, SAG and ball mill grinding with pebble
crushing, a gold gravity circuit, rougher, cleaning and scavenger flotation stages, pressure filtration of the concentrate and
pressure filtration of the tailings for disposal via conveyor. In addition, the infrastructure facilities include the administration
block, the workshops, fuel station, cafeteria and medical facilities as well as power, water and other services. The design will
also take into account the ore delivery system from the future underground phase of mining.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Tailings generated during the open
pit mining phase will be stored in the designated integrated waste management facility. Over the life of the Phase I operation,
approximately 70 Mt of tailings is expected to be generated, which includes approximately 8 Mt of tailings from the ramp up of
underground mining. The tailings material will be pressure filtered to approximately 85% solids by weight prior to placement in
the IWMF via a conveyor. This arrangement for dewatered tailings represents the best available technology and allows for improved
stability and reduced land-take when compared to other alternatives.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Underground production is planned
to start in year 2021 with the commencement of pre-production. By year 10, underground production is expected to be the sole source
of ore to the mill. Production is expected to average 6Mtpa over most of the underground mine life. The mine method is transverse
sub level open stopping using three operational mining blocks. Access to the mechanized underground mine will be via ramp for movement
of men and material and a 7m diameter shaft for rock hoisting. The selected configuration for mining and infrastructure will support
the production levels planned.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Tailings from the underground mining
operation will be mixed with cement to form paste backfill to be used underground for filling mining voids. Tailings not used underground
will be deposited in the open pit as engineered fill following dewatering with pressure filters and compaction in the pit using
mobile equipment. This arrangement will allow the pit to be reclaimed for future use without forming a pit lake or a zone of potential
subsidence. Mining of the open pit has to be complete before tailings can be diverted from the designated surface IWMF into the
open pit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Prefeasibility and feasibility
studies on surface tailings disposal and underground mining options continued throughout 2016 and into 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Total development capital expenditure
for Phase I, which is the surface infrastructure and the initial development of the underground mine upper sections is expected
to be $710M. $540M of this will be spent prior to commencement of operations with $170M required post completion of the surface
works to complete the Phase I underground development. Anticipated cash operating costs for phase I are -$255 per ounce of gold
with by-product credits for copper taken into consideration. Phase II costs are expected to be around $165/oz and would
be calculated similarly to Phase I. The project is expected to generate net after-tax cash flow of $1.8 B based on $1,250 / oz
for gold and $3.00 / lb for copper.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Phase II has an expected development
capex of $460M and Phase II operating costs are anticipated to be $165 per ounce of gold with by-product credits. All of these
numbers are being confirmed as part of a pre-feasibility study being undertaken at the time of the publication of this AIF.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Capital spending for 2016 was $55M.
These works include continuation of the process plant construction and other site infrastructure. Early in 2016, a decision was
taken to suspend operations at the Skouries site based on the actions, or lack of action of the MOE and other agencies regarding
the timely issuance of routine permits and licenses. Following the issuance of a number of key approvals limited construction activity
resumed in June 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Capital spending for 2017 is estimated
at between $170 and $200M, assuming the timely receipt of permits and approvals required to advance the project.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Community relations </B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Skouries mine continued to be
subject to attention and some local unrest in 2016, with several anti-mining protests taking place at the site involving residents
of Thessaloniki and some local villages. Greece&rsquo;s economic, social and political landscape continues to change, and we are
witnessing a population fragmented in their support for foreign direct investment; particularly with respect to mining. In response,
Hellas Gold proactively engages with stakeholders in a continuous effort to address concerns and provide education to the background
of our projects and how we manage our operating risks and impacts. Through 2016 we also worked closely with our stakeholders and
communities to provide meaningful investments towards employment, education, health, community development, local arts and culture.
We will continue our community relations efforts and are looking at new ways to strengthen engagement in 2017 through increased
access and day-to-day contact with local communities.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that the current
situation may not worsen, or that Greece does not adopt regulatory or political changes which may negatively affect the current
and future operations at Skouries, our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Geopolitical Climate in Greece</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">For more information on Geopolitical Climate in Greece, see
page 90 of our &lsquo;Risk factors in our business&rsquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Litigation</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In February 2015, a formal notice
was received from the MOE revoking the approval required to complete final construction of the processing plant at the Skouries
project. According to the notice, the MOE may reverse its decision once it completes an internal review process. The timing of
the review has not been stipulated. Eldorado Gold believes the decision of the MOE has no legal basis and will, if necessary, act
to protect the legal rights of the stakeholders. Eldorado Gold believes in the integrity of the EIS, the main environmental permit
supporting its projects in Halkidiki. The EIS has been confirmed by three separate rulings of the CoS. On January 20, 2016, decision
219/2016 was issued, which held null and void the revocation by the MOE of the building approval required for the issuance of the
building permit necessary for the construction of the processing plant at Skouries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Forestry Land litigation:</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On May 28, 2012, a lawsuit was
filed before the CoS challenging the legality of the decision of the Secretary General of the Decentralized Administration of Macedonia-Thrace,
which gave Hellas Gold the right to acquire the forest land necessary for the development of its projects in Halkidiki pursuant
to the Olympias EIS approved by the Ministry of Environment, Energy and Climate Change in July 2011.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The scheduled hearing date of the
lawsuit was initially on December 12, 2012 it was postponed and held on January 9, 2013. In August 2015, the CoS issued decision
3115/2015 which upheld the legality of the concession to Hellas Gold of the forest land necessary for the development of the works
and facilities. The CoS decision 3116/2015 also
invalidated the orders stopping tree-cutting at Skouries which was issued in February and March 2015 by the local Forest Authority
upon MOE&rsquo;s instructions.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Foundation Works</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In early June 2013, the local Civil
Permit Office in Arnea had issued a work stop order regarding the foundation works for the mechanical equipment in Skouries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Hellas Gold filed a petition with
the CoS requesting an injunction against the work stop order. On June 27, 2013, the CoS granted the injunction and the foundations
works continued. At the time the injunction was filed, Hellas Gold also filed a lawsuit with the CoS to invalidate the work stop
order. On November 6, 2013, a hearing regarding this lawsuit was held with the CoS, who issued a judgement (No 839/2014) which
invalidated the work stop order.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><I>Technical Attachment 3 &ndash;
Approval of Dams</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Two appeals have been filed by
third parties before the CoS against this technical approval. A hearing was held on February 4, 2015 and, due to procedural circumstances
both cases were expected to be remanded for trial to the ordinary administrative courts in Athens. The CoS, however, retained jurisdiction
over both cases and issued decisions 222/2016 and 223/2016 which rejected the lawsuits by opposing parties challenging the validity
of the technical permit for the construction of the dams at Skouries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition to the litigation brought
against Hellas Gold described in this section entitled &ldquo;Litigation&rdquo;, Hellas Gold is, from time to time, subject to
and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of
business, including, but not limited to, licenses, permits, supplies, services, employment and tax.&nbsp; Eldorado Gold and Hellas
Gold cannot reasonably predict the likelihood or outcome of these actions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For further description of all
of our risks, see section entitled &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B><U>Non-Material Properties</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Stratoni</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Halkidiki Peninsula, northern Greece</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">Hellas Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">95% shares issued to an indirectly
        owned subsidiary of Eldorado Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">5% shares issued to Aktor
        Enterprises Limited (&ldquo;Aktor&rdquo;)</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">The co-ownership of Hellas
        Gold is governed by a shareholders&rsquo; agreement</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">underground mine (Mavres Petres)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">lead, zinc, silver </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">In situ metals as of December 31, 2016 *3744</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">proven and probable mineral
        reserves: 0.96M ounces Ag at 160 g/t; 11,000 tonnes Pb at 6.0%; 17,000 tonnes Zn at 8.8%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">measured and indicated mineral
        resources: 3.74M ounces Ag at 212 g/t; 45,000 tonnes Pb at 8.1%; 60,000 tonnes Zn at 11%</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">There are no inferred resources
        in the current model.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">Piavitsa inferred mineral
        resources of 1.93M ounces Au at 5.7 g/t, 19.16M ounces Ag at 57 g/t</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0">Average annual production**:</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0">2017 - 2018</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">10,000 tonnes Pb, 15,000 tonnes Zn, 700,000 ounces Ag</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Approximately more than 1 year, based on current proven and probable mineral reserves</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">629 (including 246 contractors)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">* Mineral reserves are included in the total of mineral resources.</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Licenses, permits, royalties and taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: rgb(127,127,127) 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Surface rights</FONT></TD>
    <TD STYLE="width: 83%; border-top: rgb(127,127,127) 1pt solid; padding-right: 0.3in; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%; text-indent: 0.9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A number of&nbsp;&nbsp;mining concessions (4, 12, 15, 16, 17, 25, 29, 30, 33, 34, 35, 42, 44, 45) covering 118.8km<SUP>2</SUP>, granted until March 6, 2026; can be extended twice for durations of 25 years each.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The MOE of Greece formally
        approved the EIS submitted by Hellas Gold for the Kassandra Mines which include the Mavres Petres mines and involves an area of
        26,400 ha, in northeastern Halkidiki (Macedonia Region). This covered the continued operation of Stratoni and for the development
        of Olympias and Skouries, thus completing the official approval process for the EIS.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The EIS covering Olympias,
        Skouries and Stratoni mine was submitted by Hellas Gold in August 2010 and was approved in July 2011. This EIS covers all environmental
        issues for the project.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Since 2012, the MOE and other
        agencies have not fulfilled their legislated permitting and licensing obligations. During 2015, the MOE revoked or suspended certain
        permits of Hellas Gold which has had a negative impact on our schedule and budget to develop our assets. Eldorado is currently
        evaluating the merits of the Stratoni project in light of the current investment climate in Greece.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">For further information on
        the Company&rsquo;s investment plans in Greece, please see the section entitled &ldquo;Business&mdash;2016.&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0">Royalties and taxes</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $16 / oz
        Ag, $2,000 / tonne Pb and $2,000 / tonne Zn, Hellas Gold would pay a royalty of approximately 1.5% on Ag revenues, 1.0% on Pb revenues
        and 1.0% on Zn revenues.</P>
        <P STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The corporate income tax rate
        for Greek companies is currently 29%.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B></B></P>

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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Stratoni is located in the Halkidiki
Peninsula, of the Central Macedonia Province in Northern Greece, approximately 100km east of Thessaloniki, which is the second
largest city in Greece.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Operations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mining is a combination of transverse
and longitudinal drift-and-fill methods with rock breaking by conventional drill and blast. The stoped area is then tight filled
with cemented tailings from surface. Previous mining has generated considerable experience with the ground conditions and the rock
mass&rsquo; physical and geotechnical characteristics. Support varies based on size and ground conditions. Some areas are supported
with backpacked steel sets while others are supported with rock bolts and shotcrete.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Stratoni concentrator plant
is currently operating on a campaign basis, five&nbsp;days a week at a rate of approximately 50 tonnes/hour of ROM ore from the
Mavres Petres mine. Lead, silver and zinc recoveries of 91.5%, 80% and 91.5%, respectively, are achieved. The grade of the bulk
lead/silver concentrate is typically 70.5% Pb with approximately 1,600 g/t&nbsp;Ag; the zinc concentrate contains 50% Zn. The crushing
circuit is capable of crushing up to 750,000 dmt per annum and as a consequence is currently operating for approximately one-third
of the available time. Fine ore which has been crushed to minus 12mm is then ground to 80% minus 200&nbsp;microns in a conventional
rod mill/ball mill circuit, then sent to the differential flotation circuit. Lead concentrate is recovered first, then zinc minerals
are subsequently recovered from the lead circuit tailing. Thickeners and disc filters are used to dewater lead and zinc concentrates,
which are weighed and conveyed to storage sheds for shipment to the smelter. Shipment occurs either through the loading facility
at Stratoni port or via the Thessaloniki port. The Stratoni port can be used for materials being sold into the European Mediterranean
market with the larger vessels using the alternate port.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The lead and zinc concentrates produced
from Stratoni operations are sold pursuant to off-take agreements entered into in August 2014 for the sale of 30,000 wmt of lead
concentrate and 66,000 wmt of zinc concentrate from September 2014 through February 2016. In addition, pursuant to an April 2007
Silver Purchase Agreement (&ldquo;SPA&rdquo;) with Silver Wheaton, Hellas Gold has agreed to sell all of the silver contained in
lead concentrate produced from an area of approximately 7km&sup2; around its zinc-lead-silver Mavres Petres mine. Hellas Gold received
an upfront cash payment of $57.5M from Silver Wheaton and is to receive the lesser of $3.90 per ounce of silver (subject to an
annual 1% inflationary adjustment) and the then prevailing spot market price per ounce of silver. In October 2015, the SPA was
amended and Hellas Gold will receive additional top up payments (&ldquo;TUP&rdquo;) per ounce of silver, based on the number of
exploration metres drilled at Stratoni by December 31, 2020. The TUP payments are in addition to fixed payment of $3.90 per ounce
and will be based on the following schedule:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 9pt">10,000-19,999 metres
of drilling = $2.50/oz TUP</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify; text-indent: -0.25in">20,000-29,999
exploration metres of drilling = $5.00/oz TUP</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify; text-indent: -0.25in">30,000+
exploration metres of drilling = $7.00/oz TUP</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hellas Gold receives 90% of payment upon
shipment of Pb/Ag concentrate with the balance paid after settlement of weights and assays and issuing of the final invoice.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Please see section entitled &ldquo;Business&mdash;Description
of mineral properties&mdash;Material properties&mdash;Olympias&rdquo;<B> </B>for a description of the<B> </B>Hellas Gold Litigation.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Tocantinzinho </B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Development project</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Par&aacute; State, Brazil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 0; text-align: justify">100%</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 0">Through Brazauro a wholly owned subsidiary of Eldorado
        Gold</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Gold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">In situ gold:</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 0">proven and probable mineral reserves: 1.82M ounces
        of gold at 1.43 g/</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 0; text-align: justify">measured and indicated mineral
        resources: 2.12M ounces of gold at 1.35 g/t</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9pt 3pt 0; text-align: justify">inferred mineral resources: 0.07M
        ounces<BR>
        of gold at 0.90 g/t</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Average annual production*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">170,000 ounces</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Expected mine life</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">10 years**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 9pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">55 (including 47 contractors)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">* Mineral reserves are included in the total of mineral resources.</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify"><B>History</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1950</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Gold is discovered in the Tapajos region. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1970 to 1980</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The gold rush occurs in Tocantinzinho and in Tapajos region with garimpeiros activities. The mining production expands.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1987</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mineracao Aurifera Ltda. acquires rights to search for gold in Tocantinzinho. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">1991</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Altoro and Renison Goldfields form a joint venture to conduct geological exploration in Tocantinzinho.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2003 to 2008</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt 3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Brazauro, a subsidiary of Jaguar Resources, acquires the Tocantinzinho properties and conducts a 97 hole, 25,600 meters of drilling campaign.</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2008</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Eldorado takes part in an option agreement with Brazauro and together with Unamgen, a wholly owned subsidiary of Eldorado Gold, carry out a 62 hole 19,431m drilling program. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2010</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Eldorado Gold acquires Brazauro and Tocantinzinho project. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2012</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eldorado announces the prefeasibility
        study and reserves of 1.97M ounces of gold at Tocantinzinho.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eldorado is granted the Preliminary Environment
        License for Tocantinzinho project.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 11pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Eldorado Gold announces of a positive feasibility study on Tocantinzinho project.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 108%">A <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">decision to commence construction at Tocantinzinho has been deferred until all permits are in place</FONT>.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Licenses, permits and royalties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Licenses</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2012 Tocantinzinho was granted its
        Preliminary Environmental Licence (&ldquo;PEL&rdquo;) number 1218/2012 by SEMA Environmental Agency and by COEMA Environmental
        Council of Para State. It was granted after affirmative public hearings held with the local community and the recommendation of
        the EIA - Environmental Impact Assessment was received from the Technical and legal sections of SEMA agency. The PEL was issued
        on September 19, 2012, expiring September 19, 2015 and renewed June 23, 2015 with a new expiry date of June 22, 2017.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Environmental Installation License
        (&ldquo;EIL&rdquo;) is the next permitting step. The application for the EIL will require basic engineering and a report on environmental
        control programs to be completed. This application was submitted in Q1 2016.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Tocantinzinho deposit comprises two
        exploration permits numbered #850.706/1979 and #850.300/2003. Both permits were applied for at the National Department of Mineral
        Production (DNPM) in 2011 and approved in 2012. The permits cover an area of 12,888.85ha.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On July 19, 2013, Brazauro presented to
        DNPM the Economic Exploitation Plan of Tocantinzinho in order to apply for the Mining Concession and Easement Concession. The documentation
        is currently under evaluation with the DNPM and approval and concessions require the previous EIL being granted.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9.9pt 0 0; text-align: justify">Based on current Brazilian legislation,
        a royalty of 1.0% on revenues<B> </B>is payable to the Brazilian government.</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 9.9pt 0 0; text-align: justify">A contractual royalty of 3.5%
        on Au produced is payable to private individuals.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Geological setting</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Tocantinzinho is located in the
State of Para in Northern Brazil, in the Tapajos region. It is estimated that the Tapajos region historically has produced up to
30M ounces of gold from artisanal miners exploiting both alluvial and saprolite hosted gold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><B>Development</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eldorado acquired 100% of Brazauro including
the Tocantinzinho project in 2010 following fulfillment of commitments to earn interest in the project through exploration. Exploration
and development at the project continued in 2011. Field work was initiated to collect data on geotechnical, hydrogeological, and
hydrology conditions at the site, in preparation for a prefeasibility study, completed in 2012. The positive prefeasibility study
defined an open pit mining operation supported by a conventional metallurgical gold recovery process based on flotation of the
sulphide ore. This stage is then followed by cyanidation of the flotation concentrate to produce gold dor&eacute; on-site. Design
of the open pit mine, process plant and infrastructure generated the basis for estimating capital and operating costs. Project
economics generated a positive return.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Engineering work was advanced through
several stages of optimization culminating in the release of a feasibility study for Tocantinzinho in 2015 in which the project
returned an IRR of 13.5%.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Further work was undertaken by Eldorado
in 2015 and 2016 to increase the level of engineering on the project and incorporate the effects of a significant downturn in the
Brazilian economy, which positively impacted both capital and operating costs. The results of this work, released in 2016, and
improved gold price of $1,300 / ounce has seen an increase in economic performance of the project resulting in a net present value
of $317M @ 5%, IRR of 17% with a cash operating cost of $536 / ounce Au based on a Real exchange of $R3.75 per U.S. dollar. Results
from this optimization study are summarized below:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Project Data</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2016 Optimization Results</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Production Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Life of Mine</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mine Throughput</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,300,000 TPY </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Metallurgical Recovery Gold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">90.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Average Annual Gold Production</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">170,000 Ounces</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total Gold Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,665,000 Ounces</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operating Costs/ Tonne Ore</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total Operating Cost/Tonne Ore</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$23.03/Tonne</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash Operating Costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$535/Ounce</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Capital Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Initial Investment Capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$463.8M</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Economics @ $1,300 Au After Tax</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Present Value After Tax @ 5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$317M </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Internal Rate of Return After Tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Permitting activities have advanced
through numerous steps in parallel with advancing engineering designs. This included the receipt of the PEL in 2012. Environmental
field investigations have been carried out on the site since 2011 developing a baseline profile of the area to support permitting
efforts. Application for an installation license was made in 2016 with the expectation of approvals in 2017. This permit will allow
the Company to initiate construction on-site.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">At the end of 2016, Eldorado deferred
the construction decision until all permits were in place. Work continues on various engineering and infrastructure projects.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Perama Hill </B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Development project</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Thrace region, northern Greece</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">100%,</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">through Thracean,<BR>
        an indirect wholly owned subsidiary of Eldorado Gold</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;gold, silver</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">In situ metals as of December 31, 2016*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">proven and probable mineral reserves: 0.98M ounces
        Au at 3.13 g/t, 1.15M ounces Ag at 4 g/t</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">measured and indicated mineral resources: 1.38M
        ounces Au at 3.46 g/t, 3.2M ounces Ag at 8 g/t</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 5.05pt 0 0">inferred mineral resources: 0.55M ounces Au at 1.96
        g/t, 1.86M ounces Ag at 7 g/t</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Average annual production**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">104,000 ounces (recovered)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">8 years, based on 2016 proven and probable mineral reserves</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Production</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">dependent on approval of Perama Hill EIA by Greek MOE</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">placed on care and maintenance in January 2016</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">* Mineral reserves are included in the total of mineral resources.</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Licenses, permits, royalties and taxes</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Mining</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.3in; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%; text-indent: 0.9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Two mining titles cover 1,897.5 ha; issued December 1999, expire </FONT><BR>
<FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">December 2049. Can be extended for another 25 years.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Exploration</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">The two mining titles have in effect superseded the mining exploration licenses we had already obtained.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">We need the
        following permits:</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Preliminary Environmental Impact Assessment (&ldquo;PEIA&rdquo;): we
        received approval of the PEIA in 2012;</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Perama Hill EIA application was submitted to the MOE in the second
        quarter of 2012;</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">mine operation license; and</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">construction and operator licenses.</FONT></P></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Royalties and taxes</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/106% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At 2016 budget
        gold, and silver prices ($1,100 / oz gold and $16 / oz silver) Perama Hill would pay a royalty of approximately 1.5% on gold revenues
        and 1.5% on silver revenues.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">The corporate income tax rate for
        Greek companies is currently 29%.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Perama Hill is in the Thrace region of
northern Greece, in a rural area 25km west-northwest of Alexandropoulos and 20km south of the village Sapes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Conventional open pit mining will be
used at Perama Hill. The pit will operate one 8-hour shift 5 days per week. The crushing circuit will operate 16 hours per day,
7 days per week. The mining and crusher loading operation will not run 24 hours per day because of its proximity to the local village.
The processing plant will operate 24 hours per day.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The mine will use six 33 tonne
trucks and two matching backhoes. A front-end loader will be used for the ore stockpile at the crusher. The process plant will
use water from recycled sources, a local borehole as well as surface runoff where possible. The TMF will have a structural fill
embankment and filtered tailings, and be close to the open pit. The TMF will be lined with impermeable GCL and HDPE membrane.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Metallurgical test work, including
studies of crushed composite drill core samples, has been carried out on hard and soft material, and on a composite representative
of the ore. The results indicate that the material is all non-refractory and a standard CIL circuit can be used for gold extraction.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on this testing, Aker Solutions
E&amp;C Ltd. (now Jacobs Engineering) designed a three-stage crushing circuit followed by a single stage ball mill, operating in
closed circuit with hydro cyclones as follows:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the crushing and grinding circuit will produce
a product with 80% passing 75 microns (&micro;m); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">this will be thickened in a high-rate thickener
before pre-aeration, and then leached to recover the gold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">carbon would be removed and the gold extracted
by a split stream Anglo American Research Laboratories elution process;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the tailings will be detoxified using the
INCO process; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">after detoxification, the tailings from the
processing facility are thickened and then filtered to remove any excess water. This material will be transported by truck and
conveyor then placed in a lined tailings storage facility. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Production and cost estimates: </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">average production: 1.20Mtpa year, plus 350,000
tonnes of waste and low-grade mineralized oxide, less than cut-off grade material, to be stockpiled;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">average gold dor&eacute; production: 104,000
ounces per year; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">expected cash operating cost: $288 per ounce;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">capital costs: $240M (including sustaining
capital).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 9pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Environment </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are in the process of obtaining an
environmental permit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The permit is initiated by submitting
a PEIA to the MOE, which acts as the lead agency in the permitting process. The MOE carries out a detailed review of the EIS, coordinates
input from the Ministries of Agriculture, Culture, Development, and Health, and manages a public consultation process that involves
a series of public meetings. At the same time, the MOE establishes environmental terms of reference that define the environmental
criteria the mine will operate under. Once these have been reviewed and finalized in an EIA, the MOE will approve the Perama Hill
EIA, followed by approval from the five ministries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In October 2000, Perama Hill&rsquo;s
PEIA was submitted to the MOE by the previous owners, Frontier Pacific Mining Corporation. Also in that year, petitions by third
parties were filed against the MOE to annul the Pre-Approval Act, which established the framework for the Perama Hill EIA. On August
18, 2008 the 5<SUP>th</SUP> Session of the Conseil d&rsquo;Etat
accepted the petitions by third parties for annulment and invalidated the Pre-Approval Act, which invalidated the EIA.&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2009, Thracean submitted a new
PEIA under an amended Pre-Approval Act. This assessment describes the environment and the Perama Hill project, and includes an
evaluation and assessment of the project&rsquo;s environmental impacts (landscape and visual, soil, land cover, surface water and
ground water). Approval for the PEIA was received from the MOE on February 21, 2012. The receipt of the PEIA is a major milestone
in the permitting process as it marked the approval of the project by all ministries. Approval of the Perama Hill EIA remains outstanding.
This study addresses the terms of reference issued by the MOE resulting from the PEIA review. Following approval of the Perama
Hill EIA, a series of construction and operating related permits will be required to commence construction of and production at
the Perama Hill mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For further description of all
of our risks, see section entitled &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Certej </B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Development project</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Apuseni Mountains, Transylvania, Western Romania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">Deva Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">80.5% shares issued to an
        indirectly owned subsidiary of Eldorado Gold</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">19.25% shares issued to Minvest
        S.A.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">0.25% shares issued to a
        minority shareholder</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">The co-ownership of Deva Gold
        is governed by the Articles of Association and the Incorporating Contract.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 42.5pt 0 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">gold, silver</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify">In situ metal as of December 31,
        2016*</P>
        <P STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">proven and probable mineral
        reserves: 2.40M ounces Au at 1.69 g/t; 15.56M ounces Ag at 11 g/t</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">measured and indicated mineral
        resources: 4.06M ounces Au at 1.40 g/t; 25.6M ounces Ag at 9 g/t</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0; text-align: justify">inferred mineral resources:
        0.38M ounces Au at 0.96 g/t; 1.4M ounces Ag at 3 g/t</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Average annual production** </FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">140,000 ounces per annum</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Expected mine life**</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">15 years, based on 2016 proven and probable mineral reserves </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">321 ( plus 70 contractors) in Romania</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><BR CLEAR="ALL">
<FONT STYLE="font-size: 9pt">* Mineral reserves are included in the total of mineral resources.</FONT></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">** Based on current proven and probable mineral reserves.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>History</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">historic times</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Gold mining at Certej dates back to the 18<SUP>th</SUP> century.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">pre-1970</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Small-scale ad hoc mining around Certej.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1970</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Government mining Company Minvest commenced mining of Bocsa base metal deposit 1km east of Certej.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1983</FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Minvest-owned Certej mine took over the Baiaga-Hondol deposit, (the Central and West part of Certej), and exploration and pre-stripping work on the deposit continued.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2000</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">European Goldfields (through their 80%-owned subsidiary Deva Gold) acquired stake in Certej concession.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2002</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Two years of surface and underground channel sampling and RC and diamond drilling culminated in an independent estimate of mineral resources by consultants RSG Global.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2006</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Minvest closed its mining and processing operations at the Coranda open pit and the Certej village.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2007</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Detailed
    technical and economic studies on Certej were submitted in March 2007</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2012</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eldorado Gold acquired
the Certej project via the acquisition of Deva Gold, a wholly owned subsidiary of European Goldfields;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">9,700m of drilling was completed resulting
        in an increase in mineral resources by 1.57M ounces to 4.30M ounces.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A prefeasibility study for the Certej project was released in April 2014 defining an economically feasible open pit mining operation utilizing flotation, pressure oxidation and cyanide leaching to recover gold and silver from the deposit.&nbsp;&nbsp;The study also defined the infrastructure required to sustain the operation over the estimated 15 years of operation at a throughput of 3.0Mtpa.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Eldorado released a feasibility study for the Certej project in May 2015. Results of the study confirmed the positive prefeasibility study issued in 2014. Conventional open pit mining will be used in conjunction with flotation, pressure oxidation and cyanide leach to produce gold/silver dor&eacute; on-site.&nbsp;&nbsp;The production rate remains at 3.0Mtpa resulting in a 15-year LOM including treatment of low-grade stockpiles at the end of mine life.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Eldorado continued working on updating the metallurgical and environmental testwork required to support the change in permit to allow us to process using pressure oxidation instead of the permitted Albion Process. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B></B></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Licenses, permits, royalties and taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Licenses</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Deva Gold currently owns the
        Certej exploitation concession along with an exploitation license for the Baita-Craciunesti area and exploration licenses for Certej
        Nord and Troita - Pitigus: The Certej exploitation license covers 26.7km<SUP>2</SUP>; was granted for a period of 20 years, with
        the possibility of extension for periods of 5 years commencing on the day the concession was gazetted on January 25, 2000. Deva
        Gold is in the process of acquiring land, to accommodate surface infrastructure for the mine and provide reforestation areas as
        required by legislation.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0">European Goldfields Deva SRL, an indirect wholly
        owned subsidiary of Eldorado Gold, holds the following licences:</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Saliste - Hondol limestone exploitation license covers 7.4km<SUP>2</SUP>
        </FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Muncel exploration license: 28.7km<SUP>2</SUP></FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Deva exploration license: 32.7km<SUP>2</SUP></FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt 6.85pt; text-align: justify; text-indent: -6.85pt"><FONT STYLE="font: 9pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">[Brad exploration license: 72.4km<SUP>2</SUP></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">In March 2007, Deva Gold submitted
        a technical feasibility study (&ldquo;TFS&rdquo;) to the National Agency for Mineral Resources in support of a permit application
        to develop Certej. The TFS was approved in July 2008 and the reserve was registered.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">On July 5, 2012, the Environmental
        Permit for Certej was approved by the Timisoara Department of Environment. This permit allows the project to move forward with
        applications for forestry permits and to apply for a construction permit.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Amendments to the EIA covering
        site modifications were approved in 2013. In November 2013, the revised EIA was approved by the environmental authorities in order
        to incorporate the changes in design of the project.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">A limestone quarry also has
        received an environmental permit and a mining license approved in 2011.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Additional environmental and
        construction permits for quarrying and construction of offsite infrastructure were received in 2014, 2015 and 2016. Also received
        were the Construction permits for the site establishment area of the project.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/108% Arial, Helvetica, Sans-Serif">Royalties and Taxes</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Based on current Romanian
        legislation, we will be required to pay a royalty of 6.0% on production of Au and Ag to the Romanian Government.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The corporate income tax rate
        for Romanian companies is currently 16%.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certej is located in the southern part
of the Apuseni Mountains in central Romania, some 12km NNE of the regional town of Deva in Hunedoara County.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operations</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
deposit extends from surface and will be mined by open pit methods. Certej, as permitted would involve the mining and processing
of 3.0Mtpa of ore. This has been confirmed in the prefeasibility study</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">issued in April 2014. </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The currently permitted metallurgical
process involves the production of a gold- and silver-bearing concentrate utilizing conventional mineral processing technology
followed by the production of gold and silver bullion in dor&eacute; on-site.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Detailed technical and economic studies
on Certej were submitted in March 2007, followed by the TFS which was approved in July 2008 by the National Agency for Mineral
Resources. The TFS has been further updated to incorporate an optimisation of the tailings facility sites and additional mineral
resources defined from additional drilling in 2012. Eldorado released the results of a prefeasibility level study based on changes
to the mineral resource, process optimization and changes in gold price in 2014. This has been followed up with the preparation
of a feasibility study, released in 2015 which has confirmed the positive economics of the project.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify">Work has continued on trade
off studies to optimize the project and provide technical support for ongoing permitting activity.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Environment</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A Certej EIS was initiated in 2007
in accordance with the provisions of the Order of the Ministry of Environment and Water Administration No. 863/2002. The
Certej EIS was produced by a consortium of Romanian certified consulting companies and institutes coordinated by the
University from Cluj which prepared separate reports for the individual sections of the EIS. The study was prepared in
accordance with the Romanian and EU Directives. The study shows the project was designed to respect the best available
technologies for this type of deposit. The study considered a baseline study showing the impact of the proposed project on
all the environmental and social factors, together with mitigation measures. The Certej EIS was compiled and submitted to the
Romanian authorities in August 2010. On July 5, 2012, the Environmental Permit for Certej was
granted in compliance with all Romanian legislation and EU regulations. In November 2013, the revised Environmental Permit was
approved by the Environmental Protection Agency Hunedoara.</P>


<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Sapes Project </B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Exploration project</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="width: 66%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">Thrace region, northern Greece</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ownership</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">100%</P>
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 3pt 0">through Thrace Minerals, a wholly-owned indirect
        subsidiary of Eldorado Gold</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Type of mine</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">open pit &amp; underground</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">gold, with some silver and copper</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">In situ metals as of December 31, 2016*</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">measured and indicated mineral
        resources: 0.47M ounces Au at 6.08 g/t;</P>
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 42.3pt 0 0; text-align: justify">inferred mineral resources: 0.35M
        ounces Au at 10.65 g/t</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Average annual production</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">to be determined</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Expected mine life</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 14.05pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">to be determined</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Employees</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 42.3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 0.1in; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Production</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">to be determined</P>
        <P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">placed on care and maintenance in January 2016</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">* Sapes project mineral resource
estimates are included in &ldquo;Table 2: Eldorado Mineral Resources as of December 31, 2016.&rdquo; There is no assurance that
the mineral resource for the Sapes project will not change.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Licenses, permits, royalties and taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mining</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 0.3in; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%; text-indent: 0.9pt"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">Sapes Mine Lease Contract No 850/1993 (the Lease) signed with the Ministry of Development in the Greek Government in 1993, of a 30-year duration expiring in 2023. The Lease covers an area of 20.11km<SUP>2</SUP> and can be extended following approval by the Government. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Exploration</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Three exploration license applications are pending.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Permits</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 3pt; text-align: justify; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif">The PEIA was approved on July 13, 2012 by the MOE. Following receipt of that document, Sapes filed the full EIA with the MOE for the project on December 12, 2012. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 9pt; line-height: 107%"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Royalties and taxes</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 9pt/106% Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $1,100
        / oz Au, Thrace Minerals would pay a royalty of approximately 1.5% on Au revenues.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0.3in 4pt 0; text-align: justify">The corporate income tax rate
        for Greek companies is currently 29%.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>About the property</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Sapes project is located approximately
2km east of the village of Sapes in northeastern Greece and is 14km from the Perama Hill project. Sapes village has a population
of approximately 9,500. The regional capital is Komotini which lies approximately 35km northwest of Sapes. Sapes is located approximately
60km west of the Turkish border and approximately 35km south of the Bulgarian border.<B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sapes was acquired in 2014 through Eldorado&rsquo;s
acquisition of Glory. We are currently assessing the project and will determine the optimal project scope after further drilling.
At that time, we will determine the best permit methodology and assess whether the previous PEIA is applicable or not.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Based on the previous PEIA, Sapes
was based around mining a small, underground high-grade epithermal gold deposit (Viper) along with a lower grade surface deposit
(St Demetrious). The Viper deposit would be accessed by a decline and ore would be hauled by articulated low profile dump trucks
to a process plant. The St Demetrious deposit would be mined by conventional open pit mining methods. This ore is also to be hauled
to the process plant and then mixed with the Viper ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Ore would be crushed and ground
before passing through a gravity circuit and on to a copper flotation plant producing a copper/gold concentrate. The copper/gold
concentrate is expected to assay approximately 18% Cu and 1,000 g/t gold. The gravity circuit concentrate would be smelted on-site
to produce gold dor&eacute;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Approximately 40% of the tailings
would be classified, mixed with cement and relocated underground as backfill. The remaining tailings would be pumped to a dedicated
TMF, designed to provide safe storage within statutory limits.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For further description of all
of our risks, see section entitled &ldquo;Risk factors in our business&rdquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Vila Nova</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Iron Ore Mine</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A decision was made during the fourth
quarter of 2014 to place the Vila Nova Iron Ore mine on care and maintenance. No shipment took place in 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vila Nova mine has kept the permitting
in good standing with the main operating licenses renewed. In 2016, the environmental Mine Operating License was renewed, with
validity for 6 years, until 2022. In addition, a report requesting the mining suspension was applied for at the DNPM in compliance
with Brazilian mineral legislation.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;&nbsp;</P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Mineral reserves and resources </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0"><B>Year end 2016 mineral reserve and mineral resource
tabulations</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The tables below show Eldorado
mineral reserves and mineral resources as of December 31, 2016. Mineral reserves are included in the mineral resources and both
are reported on a total project basis. Cut-off grades are noted at the bottom of the respective tables. Vila Nova still only contains
mineral resources. The tables do not include our mining properties in China, which were sold in 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<TR>
    <TD NOWRAP COLSPAN="7" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Table 1: Eldorado Mineral&nbsp;&nbsp;Reserves, as of December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Project</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>(Our Interest)</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Proven Mineral Reserves</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 2.25pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Probable Mineral Reserves</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 2.25pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Total Proven and Probable</I></B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: center"><B><I>Estimated Au</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: center"><B><I>Metallurgical</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>recovery</I></B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 142px; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B><I>GOLD</I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 48px; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 37px; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 68px; border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 102px; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Certej (80.5%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">22,788</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1.93</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,414</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">21,500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1.43</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">988</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">44,288</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1.69</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,402</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">87.4%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Efemcukuru (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,687</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8.08</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">438</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,137</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">493</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">3,824</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.57</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">931</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">92%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Kisladag (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">205,442</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.76</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5,046</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11,884</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.58</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">221</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">217,326</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.75</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5,267</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">61% </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,851</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8.65</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,349</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11,236</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.54</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,724</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,087</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,073</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">90.8%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Perama (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,477</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4.44</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">354</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7,220</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2.68</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">621</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">9,697</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">3.13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">975</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">90%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Skouries (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">73,474</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.91</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,148</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">79,262</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.64</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,643</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">152,736</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.77</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">3,791</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">84%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tocantinzinho (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,699</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1.53</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">821</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">22,914</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1.36</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,003</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">39,613</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1.43</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,824</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">90%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>TOTAL GOLD</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>327,418</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>11,570</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>156,153</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>7,693</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>483,751</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>19,263</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B><I>SILVER</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Certej (80.5%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">22,788</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7,004</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">21,500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">12</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8,551</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">44,288</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15,555</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">80%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,851</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">124</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">19,339</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11,236</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">130</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">46,962</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,087</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">128</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">66,301</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">84%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Perama (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">2,477</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">254</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7,220</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">897</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">9,697</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">1,151</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">60%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Stratoni (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">118</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">169</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">641</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">69</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">144</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">319</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">187</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">160</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">80%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>TOTAL SILVER</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>30,234</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>28</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>27,238</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>40,025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>56,729</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>70,259</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>37</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>83,967</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<TR>
    <TD NOWRAP COLSPAN="7" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Table 1: Eldorado Mineral&nbsp;&nbsp;Reserves, as of December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 1.65pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Project</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>(Our Interest)</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Proven Mineral Reserves</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 2.25pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Probable Mineral Reserves</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 2.25pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Total Proven and Probable</I></B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: center"><B><I>Estimated Metallurgical</I></B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>recovery</I></B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 146px; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B><I>COPPER</I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 49px; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 38px; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 67px; border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD>
    <TD STYLE="width: 116px; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Skouries (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">73,474</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.54</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">394</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">79,262</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.48</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">382</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">152,736</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.51</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">776</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">91%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>TOTAL COPPER</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>73,474</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>0.54</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>394</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>79,262</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>0.48</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>382</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>152,736</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>0.51</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>776</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B><I>LEAD</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,851</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4.1</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">199</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11,236</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">494</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,087</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">693</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">85%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Stratoni (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">118</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6.3</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">69</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">187</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">92%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>TOTAL LEAD</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>4,969</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>4.1</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>206</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>11,305</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>4.4</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>498</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>16,274</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>4.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>704</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B><I>ZINC</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>In-situ Zn</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,851</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5.1</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">247</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11,236</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">674</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,087</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">921</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">91%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Stratoni (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">118</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">9.2</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">69</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">187</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">92%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>TOTAL ZINC</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>4,969</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>5.2</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>258</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>11,305</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>6.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>680</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>16,274</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>5.8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 4.5pt double; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>938</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>1</SUP> Mineral reserve cut-off grades:; Efemcukuru:
3.24 g/t Au; Kisladag: $7.65 NSR; Perama: 0.8 g/t Au; Tocantinzinho: 0.42 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground);
Olympias: $62.00 NSR; Stratoni: 15.54% Zn Equivalent grade (=Zn%+Pb%*1.20+Ag%*165) and Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).</P>

<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>

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<TR>
    <TD NOWRAP COLSPAN="13" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-size: 11pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Table 2: Eldorado Mineral&nbsp;&nbsp;Resources as of December 31, 2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Project </I></B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>(Our Interest)</I></B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Measured Mineral Resources</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Indicated Mineral Resources</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Total Measured and Indicated</I></B></P></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Inferred Mineral resources</I></B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Gold</I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1.5pt double; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Au</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Au</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Certej </B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(80.5%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,518</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.80</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,592</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62,463</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.23</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,472</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">89,981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.40</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,064</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,228</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.96</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">376</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Efemcukuru (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,277</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.58</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">628</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,224</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.02</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">574</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,501</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.30</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,202</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,095</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.94</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">809</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Kisladag </B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(100%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">383,885</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.65</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.047</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93,312</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.47</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,419</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">477,198</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.62</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,466</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">290,466</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,165</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Olympias</B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(95%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,464</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.97</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,431</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,644</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.55</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,926</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,108</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.97</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,357</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,955</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,060</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Perama </B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(100%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,064</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.30</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">424</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,375</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.18</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">958</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,439</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.46</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,382</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,766</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.96</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">554</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Piavitsa </B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(95%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,542</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,932</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Sapes </B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(100%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,423</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.08</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">474</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,423</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.08</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">474</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,011</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.65</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">347</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Skouries </B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>(95%)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">100,018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.79</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,534</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">189,263</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.47</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,867</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">289,281</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.58</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,401</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">170,136</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,680</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tocantinzinho (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,530</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.51</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">851</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31,202</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.26</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,264</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48,732</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.35</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,115</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,395</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.90</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">69</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL GOLD</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>538,757</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15,507</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>400,906</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>12,954</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>939,663</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>28,461</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>504,594</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,992</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Silver</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Ag</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Ag</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>g/t</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ounces (x1000)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Certej (80.5%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,518</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,768</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62,463</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,833</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">89,981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,601</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,228</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,364</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,464</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">142</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,380</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,644</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">147</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">50,305</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,108</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">146</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,685</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,955</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">118</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,050</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Perama (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,064</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">335</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,375</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,833</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,439</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,168</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8,766</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,860</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Piavitsa (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,542</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">57</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,156</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Stratoni (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">480</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">218</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,364</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">169</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">380</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">550</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">212</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,744</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL SILVER</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>35,526</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>28</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>31,847</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>82,552</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>71,351</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>118,078</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>103,198</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>35,491</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>33</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>37,430</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Copper</I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 4.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 4.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 4.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cu</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 4.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Cu</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Skouries (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">100,018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.48</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">484</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">189,263</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.40</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">758</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">289,281</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.43</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,242</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">170,136</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">578</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL COPPER</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>100,018</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.48</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>484</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>189,263</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.40</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>758</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>289,281</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.43</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,242</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>170,136</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.34</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>578</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Lead</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Pb</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Pb</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,464</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.7</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">210</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,644</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.0</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">532</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,108</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.9</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">742</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,955</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">153</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Stratoni (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">480</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.3</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.0</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">550</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.1</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL LEAD</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,944</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.1</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>250</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,714</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.0</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>537</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15,658</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.0</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>787</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,955</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.9</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>153</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Zinc</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-</B>s<B>itu Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Zn</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>In-situ Zn</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>tonnes (x1000)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Olympias (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,464</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.8</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">259</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,644</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.8</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">724</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15,108</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.5</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">983</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,955</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">171</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Stratoni (95%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">480</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.1</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">53</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.6</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">550</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.0</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL ZINC</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,944</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.3</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>312</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,714</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.8</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>731</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>15,658</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6.7</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,043</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3,955</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4.3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>171</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Iron</I></B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Fe</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Fe</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Fe</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Tonnes</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Fe</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(x1000)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Vila Nova (100%)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,212</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59.3</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10,982</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">58.5</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,194</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">58.7</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9,519</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL IRON</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,212</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>59.3</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>10,982</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>58.5</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13,194</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>58.7</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt double; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>9,519</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>59.7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 4.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

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</TABLE>





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<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><SUP>1</SUP> Mineral resource cut-off
grades : Kisladag: 0.30 g/t Au for M+I, 0.35 g/t for Inferred; Efemcukuru: 2.5 g/t Au; Perama: 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%); Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit). Resource cut-offs for Olympias and Stratoni
are geological based due to the sharpness of the mineralized contacts and the high grade nature of the mineralization.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>General notes on the tabulated
mineral reserves and mineral resources</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Mineral reserves and mineral resources
are reported on a 100% basis for each property and where applicable, are calculated to end of 2016 mining limits. Except as described
in this AIF, there are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially
affect the estimates of the mineral reserves and mineral resources. Estimates of mineral resources include mineral reserves.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Grade
estimates for the mineral resources are based almost entirely on diamond drillhole samples. Sampling and analyses of these samples
are governed by company-wide protocols to provide consistent and quality results. Analysis for gold, silver, copper, lead and zinc
were almost all done on sawn half core samples using fire assay, AAS and ICP analytical methods. These analyses and the proceeding
preparation are strictly controlled by Eldorado&rsquo;s Quality Assurance / Quality</FONT><FONT STYLE="font-size: 12pt"> </FONT><FONT STYLE="font-size: 10pt">Control
programs. These include standard reference materials, blank and duplicate samples that are regularly inserted prior to shipment
from the preparation site. Results are used to monitor and control the quality of the assay data and only data that pass the thresholds
set up in these programs are used in the our resource estimates. </FONT></P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Except as otherwise described
herein, the mineral reserve estimates incorporate adequate factors for ore loss and waste dilution. The mineral reserves are based
on the following price assumptions:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.3in; text-indent: -0.3in">Gold</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 0.3in; text-indent: -0.3in">&nbsp;</P></TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1,200/oz</FONT></TD>
    <TD STYLE="width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Efemcukuru, Kisladag, Perama, Skouries, Olympias, Certej, Tocantinzinho</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver* </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$16.00/oz </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Certej, Olympias</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Copper</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2.75/lb</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Skouries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Lead </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1,800/t</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Olympias, Stratoni</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zinc</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2,000/t</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Olympias, Stratoni</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">* Silver price for Stratoni mineral
reserves is $7.74/oz, as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Resource classification into measured,
indicated and inferred mineral resources and reserve classification into proven and probable mineral reserves used logic consistent
with the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (you can find the definitions at www.cim.org),
and in accordance to the disclosures requirements with NI 43-101.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Understanding mineral reserve
and mineral resource classification</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">A mineral reserve is the part
of a measured or indicated mineral resource that can be economically mined, demonstrated by at least a preliminary feasibility
study that includes adequate information about mining, processing, metallurgical, economic and other relevant factors that demonstrate
(at the time of reporting) that economic extraction can be justified. See the definition of &ldquo;mineral reserve&rdquo; in the
&ldquo;Glossary&rdquo; for more information.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Mineral resources are concentrations
or occurrences of minerals that are judged to have reasonable prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence
and knowledge. Mineral resources are classified into measured, indicated and inferred. Inferred mineral resources are not known
with the same degree of certainty as measured and indicated mineral resources and do not have demonstrated economic viability.
See the definition of &ldquo;mineral resource&rdquo; in the &ldquo;Glossary&rdquo; for more information.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Mineral resources that have not
already been classified as mineral reserves <I>do not</I> have demonstrated economic viability, and there can be no assurance that
they will ultimately be converted into mineral reserves. Consequently, these mineral resources are of a higher risk than mineral
reserves.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Understanding estimates</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Estimating mineral reserves and
resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments
made when interpreting it, which may prove to be unreliable.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The cut-off grades for the deposits
are based on our assumptions for plant recovery, gold price, mining dilution and recovery, and our estimates for operating and
capital costs. We may have to recalculate our estimated mineral reserves and resources based on actual production or the results
of exploration.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Fluctuations in the price of gold,
production costs or recovery rates can make it unprofitable for us to operate or develop a particular property for a period of
time. See &ldquo;Cautionary statement regarding forward-looking statements&rdquo; and &ldquo;Risk factors in our business&rdquo;
for additional information.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>


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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10.5"><B>Qualified persons under NI 43-101</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John Nilsson, P.Eng., of Nilsson Mine Services,
is responsible for the Kisladag, Skouries - open pit, Certez, Tocantinzinho mineral reserves;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Doug Jones, (Registered Member - SME), Former
Senior Vice President, Operations for Eldorado Gold, is responsible for the Efemcukuru, Olympias, Perama and Stratoni mineral reserves;
Mr. Jones is currently providing consulting services to the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Colm Keogh, P.Eng., Principal Mining Engineer,
AMC Mining Consultants (Canada) Ltd., is responsible for the Skouries underground mineral reserves;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Peter Lewis, Ph.D., P.Geo., Vice President,
Exploration for Eldorado Gold, is responsible for the Sapes mineral resources; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif">Stephen Juras, Ph.D., P.Geo., Director,
Technical Services, Eldorado Gold, is responsible for all of the Company's mineral resources except for those associated with Sapes.
</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Important information for US investors</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">You will not be able to compare
the mineral reserve and resources information in this AIF with similar information from US companies.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The United States Securities &amp;
Exchange Commission (SEC) defines a mineral reserve as the part of a mineral deposit that can be economically and legally extracted
or produced. It does not recognize the terms measured, indicated and inferred mineral resources (mining terms under NI 43-101),
and does not accept them in reports and registration statements.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">You should not assume that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the mineral reserves defined in this AIF
qualify as reserves under SEC standards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the measured and indicated mineral resources
in this AIF will ever be converted to reserves; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the inferred mineral resources in this AIF
are economically mineable, or will ever be upgraded to a higher category. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Reconciliation<SUP>1</SUP> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The table below reconciles our
mineral reserves in projects where production has occurred, taking into account production in 2016 (and earlier if applicable).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Gold</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mineral Reserves</B></FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mined and Processed in 2016</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Changes in 2016</B></P></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mineral Reserves</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Dec. 31, 2015</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Dec. 31, 2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">grade</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">g/t</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">oz</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(000)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">grade</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">g/t</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">oz</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(000)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">grade</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">g/t</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">oz</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(000)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">grade</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">g/t</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">oz</FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(000)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Kisladag</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">330,959</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.70</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7,398</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,567</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">426</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-97,066</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.55</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-1,705</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">217,326</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">0.75</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">5,267</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Efemcukuru</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,168</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.12</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">954</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">473</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">110</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">129</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">87</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">3,824</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.57</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">931</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Olympias</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,087</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,073</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">--</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">16,087</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">7.87</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">4,073</FONT></TD></TR>
<TR>
    <TD STYLE="width: 69px">&nbsp;</TD>
    <TD STYLE="width: 2px">&nbsp;</TD>
    <TD STYLE="width: 16px">&nbsp;</TD>
    <TD STYLE="width: 3px">&nbsp;</TD>
    <TD STYLE="width: 53px">&nbsp;</TD>
    <TD STYLE="width: 47px">&nbsp;</TD>
    <TD STYLE="width: 57px">&nbsp;</TD>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 4px">&nbsp;</TD>
    <TD STYLE="width: 35px">&nbsp;</TD>
    <TD STYLE="width: 49px">&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 41px">&nbsp;</TD>
    <TD STYLE="width: 47px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Ag-Pb-Zn</B></FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mineral Reserves</B></FONT></TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mined and Processed in</B></FONT><BR>
<FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Other</B> <B>Changes</B> <B>in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016</B></FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Mineral Reserves</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Dec. 31, 2015</B></FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>Dec. 31, 2016</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Ag g/t</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Pb</P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">%</P></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Zn</P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">%</P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">tonnes</P>
        <P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(000)</P></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Ag g/t</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Pb %</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Zn %</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Ag g/t</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Pb %</FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Zn %</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">tonnes (000)</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Ag g/t</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Pb %</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%; text-indent: 1.65pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Zn %</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.9pt; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Stratoni</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">655</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">176</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6.9</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">10.2</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">185</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">159</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">10.2</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">-283</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">198</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8.0</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">11.1</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">187</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">160</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">6.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt; line-height: 107%"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">8.8</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 12px">&nbsp;</TD>
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 57px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 42px">&nbsp;</TD>
    <TD STYLE="width: 5px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 0px; font-size: 11pt; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><SUP>1</SUP>The tables above do
not include the Company&rsquo;s mining properties in China, which were sold in 2016.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Additional Notes to the Eldorado
mineral reserve and resource estimates </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Kisladag</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modeling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">used 3D models: lithology models, alteration
model, and mineralized ore grade shapes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained gold grade interpolation </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">used a threshold value of 0.20 g/t Au </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assays were composited into 5m downhole composites
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">data analyses demonstrated that the lithologic
units within the gold mineralized shell should be treated as separate domains</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">grades for blocks estimated with a hard boundary
between them</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">distributions do not indicate a problem with
extreme gold grades for gold </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">grades were interpreted by ordinary kriging
using a two-pass approach: the first pass required values from a minimum of two holes to interpolate a model grade value</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">designed using MineSight software based on
a 10m bench height with double benching for most pit walls</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">design based on an optimization using MineSight
Economic Planner software </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">berm width, face angle and bench stack heights
vary by sector and rock quality with range of overall pit slope angles lying between 41 and 44 degrees</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">block model contains expected dilution</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the pit will extend down to a bottom elevation
of 480m above mean sea level</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Efemcukuru</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">create mineralized or grade shapes using
new data from the infill drill program and revised structural interpretations of the Kestane Beleni Vein system </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3D shapes based on approximately a 1.0 g/t
Au grade threshold and general vein geometry </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">threshold value was chosen by inspection
of statistical charts, and further supported by indicator variography. Areas of narrow or absent above threshold mineralization
were included by using a minimum 2m interval rule </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">extreme grades were examined for gold mainly
by histogram and cumulative distribution plots </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">very high grade outlier assays in the south
and middle ore shoots were given a high end cap grade of 70 g/t Au. A 35 g/t Au limit was imposed on north ore shoot assays </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assays were composited into 1m downhole composites
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">grades were interpolated by ordinary kriging
using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade value</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">underground with ramp access</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">primary stoping methods: drift and fill,
and long hole</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mine plan will extract 96% of the ore with
26% waste dilution</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">minimum mining widths: 1.5m for long hole
stopes; 2.75m for drift and fill stopes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">level spacing is 5m for drift and fill; 20m
for long hole</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">spiral footwall ramps in each of the middle
and south ore shoots provide access </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ore is hauled by truck to a central ore pass
system above the underground crusher before being taken to the surface by conveyor</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">paste backfill and cemented waste rock is
used to fill mined areas </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Vila Nova</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">resource work defined the quantity, quality,
and classification of the iron ores </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the deposit was divided into 5 domains: Lagos,
Bacabal North, Bacabal South (along the N-S trending limb), CP (the folded nose area) and Bacabal West (along the E-W limb)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3-D models were created according to lithology
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the lower grade/quality itabirite and iron
crust materials were treated as waste rock and modelled separately</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assay data were composited into 5m lengths,
honouring the ore type domains </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">grade models were estimated for Fe%, SiO<SUB>2</SUB>%,
Al<SUB>2</SUB>O<SUB>3</SUB>%, and P% and were estimated by ordinary kriging</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">blocks and composites were matched on estimation
domain </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection
and checks for bias</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Tocantinzinho</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained within newly interpreted 3D ore
zone lithology models</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">threshold grade was 0.30 g/t gold</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assays composited into 4m downhole composites</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a 25 g/t cap grade was applied to reduce
the influence of extreme gold grades on the model, resulting in about a 2% reduction in gold metal content </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold grades were interpolated by ordinary
kriging using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade value</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">Open
pit</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3-phase pit sequence was designed based on
optimized pit shells based on results of optimization using MineSight software</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mining selectivity based on 10x10m blocks
in plan and a 5m face</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">inter-ramp slope angles varied per sector
and rock type - values range from 36 to 49 degrees</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">no ore loss or dilution was applied (block
model contains expected dilution)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the final pit will reach -190m below sea
level</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Perama </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">made 3D geologic models for key features</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold oxide mineralization was defined by
a grade shell using a 0.6 g/t Au cut-off grade, which preserves the mineralization continuity and includes all potentially economic
mineralization </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a cap grade of 30 g/t Au was applied to assay
data before compositing </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assays composited into 2m downhole composites
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold grades were interpolated by ordinary
kriging </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">silver grades were interpolated by inverse
distance squared</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection
and checks for bias</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a separate mineral resource estimate on the
nearby Perama South deposit was classified entirely as inferred mineral resources, using polygonal methods </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">designed using Gemcom software based on a
5m bench height with double benching for most pit walls</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">design was based on an optimization using
Whittle software</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit extends from the top of Perama Hill (at
248m), to the pit floor (at 125m)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the pit design is derived using an overall
slope angle in the range of 32 to 37.5 degrees</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the pit shell is designed to exclude any
material within 500m of Perama village</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Certej</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">incorporated data from 360 diamond drill
holes, 192 RC holes and 330 underground channel samples plus data from 123 newer diamond drill holes drilled in 2013</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained gold grade interpolation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Used a threshold gold grade of 0.20 g/t</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assays composited into 3m downhole composites</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a 70 g/t cap grade was applied to assay data
to reduce the influence of extreme gold grades on the model whereas a 600 g/t cap grade was implemented for Ag</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold and silver grades were interpolated
by ordinary kriging using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade
value</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">open pit</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">designed using Mine Sight software based
on a 5m bench height </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">design based on an optimization using Mine
Sight software</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit slopes vary by sector and lithology with
inter-ramp angles ranging from 29&deg; in overburden to 49&deg; in andesite </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">block model contains expected dilution</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the pit will extend down to a bottom elevation
of 340m above mean sea level</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Skouries</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained the gold and copper grade interpolations</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">threshold grades were 0.10 g/t gold and 0.10%
copper</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assays composited into 4m downhole composites</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cap grades of 6% and 20 g/t were applied
to copper and gold assay data, respectively, to reduce the influence of extreme grades on the model</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Copper and gold grades were interpolated
by ordinary kriging using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade
value</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">open pit and underground </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit designed based on nominal 5m high benches
with drilling and blasting done on 10 meter benches</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit design based on an optimization using
Mine Sight software</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit will be circular in shape, with the highest
pit wall approximately 250m in height. Pit floor elevation is at 470m elevation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit slope angles vary from 40 and 44 degrees</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">underground mining will be sublevel open
stoping with ramp access and a production shaft</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">average stope will be 15m wide by 65m high
by 30m long</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">stopes will be backfilled with pastefill</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5% dilution and 5% ore loss is assumed for
the underground production whereas pit production assumes no dilution (contained in block model) and no ore loss</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Olympias</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the mineralization is geology controlled
comprising lenses, in 3-D, of the total massive sulphide mineralization and, as a sub-domain within those lenses, a gold-arsenopyrite
zone</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assays composited into 1m downhole composites</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold, silver, lead, and zinc, grades were
interpolated by ordinary kriging</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">grades for blocks within the respective domains
were estimated with a hard boundary between them</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">underground with ramp access</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">method will be longitudinal or transverse
drift and fill</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">stope development heading size will be 5m
by 5m</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">stope design incorporates 15% - 20% dilution
and 5% - 10% ore loss</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">cemented hydraulic back fill will be used
in mined areas</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify"><B>Stratoni</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Grade Modelling</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3D models based on interpreted geology </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assays were composited into 2m composites</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ag, Pb and Zn were interpolated by kriging
methods using a two pass approach with the first pass emulating a multiple hole approach</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the model was validated by visual inspection
and reconciliation to production</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><I>Mining</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">underground with ramp access</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">method is longitudinal or transverse drift
and fill</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">stope development heading size is 4m by 4m</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">stope design incorporates 15% dilution and
no ore loss</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">cemented hydraulic back fill is used in mined
areas</FONT></TD></TR></TABLE>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Risk factors in our business</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Eldorado is involved in all facets
of the mining industry including exploration, discovery, acquisition, financing, development, production, reclamation and operation
of mining properties. We face a number of risks and uncertainties in our business, which could have a material adverse effect on
our business, results of operations, financial condition and the Eldorado Gold share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The risks described below are not
the only risks and uncertainties that we face. Although we have done our best to identify the risks of our business, there is no
assurance that we have captured every material or potentially material risk. Additional existing risks and uncertainties not presently
identified by the Company, risks that we currently do not consider to be material, and risks arising in the future could also materially
affect our business, results of operations, financial condition and share price. These risk factors could materially affect the
Company&rsquo;s future operating results and could cause actual events to differ materially from those described in our forward-looking
statements.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We currently consider the following
risks to be of the most concern to the Company at this time in order of their current materiality to the Company:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Geopolitical Climate (page 90)</LI>

<LI STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Mineral Tenure and Permits (page
85)</LI>

<LI STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Metal Price Volatility (page 104)</LI>

<LI STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Development and Mining Operation
Risks (page 99)</LI>

<LI STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 6pt">Foreign Investment and Operations
(page 112)</LI>

</UL>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These are not the only risks that
could have a material adverse effect on our business, results of operations, financial condition and share price and other risks,
such as the ones identified below, may become more material to the Company in the future or the above risks could diminish in importance,
depending on the current circumstances of our business and operations. You should carefully review each of the risk factors below.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have categorized the risks discussed
in this section for ease of reference. However, the headings below should not be taken to limit the scope or effect of the risks
described and the order listed is no indication of priority of materiality. We caution you to review this risks section in its
entirety, as some risks described may be applicable to aspects of our business in addition to the risk category under which we
have described them below. In addition, you should review the property descriptions elsewhere in this AIF for further descriptions
of certain of the risks arising in respect of those particular properties.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Section
I General Operational Matters &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</B></FONT>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>85</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in">1. Government regulation</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">2. Mineral tenure and permits</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">a. Mineral tenure</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">b. Permits</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">3. Resource nationalism and foreign
ownership restrictions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">4. Competition</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">5. Environmental matters</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">6. Infrastructure and commodities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">a. Infrastructure</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">b. Power and Water&#9;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">c. Commodities and consumables</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">7. Geopolitical climate</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">8. Community relations and social
license</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">9. Labour</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a. Employee relations</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">b. Employee misconduct&#9;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">c. Key personnel</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">d. Skilled workforce</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Expatriates</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">10. Equipment</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">11. Health and safety</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">12. Cost estimates</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">13. Joint venture matters</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">14. Reputational risk</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">15. Human rights matters</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">16. Estimation of Mineral Reserves
and Mineral Resources</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">17. Occurrence of unpredictable
geological factors</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">18. Natural phenomena</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Climate change</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Health effects</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">19. Reclamation and long term obligations</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Use and transport of regulated substances&#9;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Section
II Exploration Risks&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</B></FONT>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>99 </B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">1. Exploration efforts</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Section III Development &amp; Mining Operation Risks&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;99</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">1. Costs of development projects</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">2. Contractors</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">3. Pre-stripping/stripping or
underground development</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">4. Extraction</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">5. Processing</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">6. Waste Disposal</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">7. Security</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">8. Production and cost estimates</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">9. Operational risks and hazards</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Section
IV Financial Risks&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</B></FONT>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>104</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">1. Unavailability of capital/inadequate
income</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">a. Limited access to equity
markets</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">b. Dilutive equity financing</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt; text-align: justify">2. Metal price volatility</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">3. Indebtedness and financing risks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">a. Current and future operation
restrictions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">b. Change of control</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">c. Interest rate risk</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">d. Liquidity</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 0.5in; text-indent: 0.5in">e. Debt service obligation</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 85.05pt; text-indent: -14.15pt">f. Default on obligations</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">4. Foreign currency and foreign
exchange</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">5. Tax matters</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">6. Global economic environment</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">7. Repatriation of funds</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">8. Hedging activities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">9. Dividends</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">10. Compensation risks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Pension
risks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt">11. Financial reporting risks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Carrying value of assets</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Change in reporting standards</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-indent: 0.5in">12. Mark to market risk</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Section
V Corporate Risks&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</B></FONT>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>110</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; text-indent: 35.45pt">1. Risks
related to growth</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt">a. Risks related to acquisitions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 53.85pt; text-align: justify; text-indent: 70.9pt">i.
Sourcing merger and acquisition targets and projects</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 53.85pt; text-align: justify; text-indent: 70.9pt">ii.
Impact on growth and financial condition</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 53.85pt; text-align: justify; text-indent: 70.9pt">iii.
Unknown liabilities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 53.85pt; text-align: justify; text-indent: 70.9pt">iv.
Evaluating the merits or risks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 53.85pt; text-align: justify; text-indent: 70.9pt">v.
Portfolio of development projects</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; text-indent: 70.9pt">b. Limited
capital</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Foreign investments and operations</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
Regulatory requirements</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt; text-align: justify">a. Full compliance at all
times</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt; text-align: justify">b. Evolving public disclosure
requirements</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt; text-align: justify">c. Corporate governance
requirements</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 70.9pt; text-align: justify">d. Internal controls over
financial reporting</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt; text-align: justify">4. Corruption and bribery</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt 35.45pt; text-align: justify">5. Non-governmental organizations</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
Conflicts of interest</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.
Information technology systems</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
Price and volume fluctuations</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
Litigation risks</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Unavailability of insurance</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>SECTION I &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL OPERATIONAL MATTERS</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Government regulation&#9;</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The mineral exploration, development,
mining, and processing activities of Eldorado in the countries in which we operate are subject to various laws governing a wide
range of matters, including, but not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the environment, including land and water
use; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the right to conduct our business, including
limitations on our rights in jurisdictions where we are considered a foreign entity and restrictions on inbound investment; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">prospecting and exploration rights and methods;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">development activities; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">construction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mineral production; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reclamation; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">royalties, taxes, fees and imposts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">importation of goods;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">currency exchange restrictions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">sales of our products; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">repatriation of profits and return of capital;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">immigration (including entry visas and employment
of our personnel; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">labour standards and occupational health;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mine safety; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">use of toxic substances; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mineral title, mineral tenure and competing
land claims; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">impacts on and participation rights of local
communities and entities. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although we believe our mineral
exploration, development, mining, and processing activities are currently carried out in accordance with all applicable laws, rules
regulations and policies, there is no assurance that new or amended laws, rules or regulations will not be enacted, new policy
applied or that existing laws, rules, regulations or discretion will not be applied in a manner which could have a material adverse
effect on our business, results of operations, financial condition and share price. In addition, changes to the fiscal regime in
any of the countries in which we operate, including, without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">laws regarding government ownership of or
participation in projects; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">laws regarding permitted foreign investments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">royalties, taxes, fees and imposts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">regulation of, or restrictions on, importation
of goods and movement of personnel; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">regulation of, or restrictions on, currency
transactions; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">regulation of, or restrictions on, sales
of our products,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">or other laws generally applicable
in such country, or changes to the ways in which any of these laws are applied, could have a material adverse effect on our business,
results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See also &ldquo;Regulatory requirements&rdquo;
on page 112.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mineral tenure and permits</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Mineral tenure</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In the countries in which we operate,
the mineral rights, or certain portions of them, are owned by the relevant governments. In such countries, we must enter into contracts
with the applicable governments, or obtain permits or concessions from them, that allow us to hold rights over mineral rights and
rights (including ownership) overparcels of land and conduct ouroperations thereon. The availability of such rights and the scope
of operations we may undertake are subject to the discretion of the applicable governments and may be subject to conditions. New
laws and regulations, or amendments to laws and regulations relating to mineral
tenure and land title and usage thereof, including expropriations and deprivations of contractual rights, if proposed and enacted,
may affect our rights to our mineral properties.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In many instances, we can initially
onlyobtain rights to conduct exploration activities on certain prescribed areas, but obtaining the rights to proceed with development,
mining and production on such areas or to use them for other related purposes, such as waste storage or water management, is subject
to further application, conditions or licences, the granting of which are often at the discretion of the governments. In many instances,
our rights are restricted to fixed periods of time with limited, and often discretionary, renewal rights. Delays in the process
for applying for such rights or renewals or expansions, or the nature of conditions imposed by government, could have a material
adverse effect on our business, including our existing developments and mines, and our results of operations, financial condition
and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cost of holding these rights
often escalates over time or as the scope of our operating rights expands. There is no assurance that the mineral rights regimes
under which we hold properties or which govern our operations thereon will not be changed, amended, or applied in a manner which
could have a material adverse effect on our business, results of operations, financial condition and share price, that the ongoing
costs of obtaining or maintaining our rights will remain economic, not result in uncompensated delays or that compliance with conditionsimposed
from time to time will be practicable. Any inability to obtain and retain rights to use lands for our ongoing operations at all
or on a timely basis could have a material adverse effect on our business, results of operations, financial condition and share
price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">It is possible that our present
or future tenure may be subject to challenges, prior unregistered agreements or transfers, and competing uses. Our rights may also
be affected by undetected defects in title. There is no assurance that any of our holdings will not be challenged. We may also
be subject to expropriation proceedings for a variety of reasons. When any such challenge or proceeding is in process, we may suffer
material delays in our business and operations or suspensions of our operations, and we may not be compensated for resulting losses.
Any defects, challenges, agreements, transfers or competing uses which prevail over our rights, and any expropriation of our holdings,
could have a material adverse effect on our business, including our total loss of such rights, and our results of operations, financial
condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Certain of our mining properties
are subject to royalty and other payment obligations. Failure to meet our payment obligations under these agreements could result
in the loss of our rights.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that we will
be able to hold or operate on our properties as currently held or operated or at all, or that we will be able to enforce our rights
with respect to our holdings, which could have a material adverse effect on our business, results of operations, financial condition
and share price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 53.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>b.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Permits</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Activities in the nature of our
business and operations can only be conducted pursuant to a wide range of permits and licenses obtained or renewed in accordance
with the relevant laws and regulations in the countries in which we operate. These include permits and licences which authorize
us to, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">conduct business in such countries; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">import or export goods and materials; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employ foreign personnel in-country; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">entry and exit the country;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employ local, regional and national residents
and contractors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">import or otherwise obtain, store and use
regulated materials, such as explosives and cyanide; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">construct or obtain rights of way for fences,
buildings, equipment, underground workings, tailings dams, water courses and power lines; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">cut down trees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">operate equipment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">conduct development, mining, processing and
reclamation activities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">sell mineral products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The duration and success of each
permitting process are contingent upon many factors that we do not control. In the case of foreign operations, granting of government
approvals, permits and licenses is, as a practical matter, subject to the discretion of the applicable governments or government
officials. There may be delays in the review process. If the Company experiences such delays, the Company may be required to pay
standby costs for the period when activities are suspended, including payment of a portion of the salaries to those employees who
have been suspended pending resolution of the permitting process.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In the context of environmental
protection permitting, including the approval of reclamation plans, we are required to comply with existing laws and regulations
and other standards that may entail greater or lower costs and delays depending on the nature of the activity to be permitted and
the interpretation of the laws and regulations implemented by the permitting authority.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that we will
be able to obtain or renew the permits we need to conduct our business and operations in a timely manner, or at all, or that we
will be in a position to comply with all conditions that are imposed. The failure to obtain or renew certain permits, or the imposition
of extensive conditions upon certain permits, could have a material adverse effect on our business, results of operations, financial
condition and share price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Resource nationalism and foreign ownership restrictions</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The mining and metals sector has
been increasingly targeted by local governments as a source of funds for the purposes of raising revenue or for political reasons,
as governments continue to struggle with deficits and concerns over the effects of depressed economies. Governments are continually
assessing the fiscal terms of the mining regimes and agreements that apply to an entity looking to exploit resources in their countries
and numerous countries have recently introduced changes to their respective mining regimes that reflect increased government control
over or participation in the mining sector.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The possibility of future changes
to the mining regimes in the countries in which we operate adds uncertainty that cannot be accurately predicted and may result
in additional costs, delays and regulatory requirements, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limitations on or elimination of foreign
ownership; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limitations on or taxation of direct and
indirect dispositions of mineral interests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mandatory government ownership or participation
in mining projects (including on a carried or no-cost basis);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">expropriation; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">imposition of additional taxes, royalties,
import or export duties or other fees; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">imposition of fixed, non-market, currency
exchange rates and other currency and exchange controls, including with respect to repatriation of income or return of capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">requirements to build and operate mineral
beneficiation facilities, such as smelters and refineries, in-country; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">requirements to sell our products to the
government, including at lower than market prices; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limits or impositions on hedging activities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">imposition of more rigorous standards for
working conditions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">establishment of projects and funds to offset
environmental effects of our operations and provide benefits to the local community; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">special bonds to provide for reclamation
and other costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employment of local, regional and national
residents and contractors, including special levies and hiring quotas and preferences for indigenous peoples; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">imposition of special charges or operating
conditions due to status as a foreign entity. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Changes in government or in the
policies or legislation in the countries in which we operate with respect to foreign ownership, mineral exploration, development
or mining activities, may affect the viability and profitability of the Company. A potential policy or government change could
result in a moratorium being placed on business activities at our projects or mines, the nationalization of our development projects
or mines, imposition of co-ownership &lsquo;partners&rsquo;, imposition of operating conditions, the termination of our rights
to conduct parts or all of our business and operations, possibly without appropriate compensation and without regard to legality.
See for example the disclosure relating to the Kassandra Mines EIS litigation on page 49 under the heading<B> &lsquo;</B>Hellas
Gold Litigation&rsquo;.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, such change could restrict
our ability to contract with persons or conduct business in certain countries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that governments
will not take our rights, impose conditions on our business, prohibit us from conducing our business or grant additional rights
to state-owned enterprises, private domestic entities, special interest groups, indigenous peoples or residents in the countries
in which we operate, which could have a material adverse effect on our business, results of operations, financial condition and
share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">See also &ldquo;Geopolitical climate&rdquo; and &ldquo;Foreign
investments and operations&rdquo;.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Competition&#9;</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We compete for attractive mineral
properties and projects with other entities that have substantial financial resources, operational experience, technical capabilities
and political strengths, including state owned and domestically domiciled entities in some of the countries in which we now, or
may in future wish to, conduct our business and operations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may not be able to prevail over
these competitors in obtaining mineral properties that are producing or capable of producing metals or to compete effectively for
merger and acquisition targets, or do so on terms we consider acceptable. This may limit our growth and our ability to replace
or expand our mineral reserves and mineral resources and could have a material adverse effect on our business, results of operations,
financial condition and share price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Environmental matters </FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although we monitor our sites for
potential environmental hazards, there is no assurance that we have detected, or can detect all possible risks to the environment
arising from our business and operations. We expend significant resources to comply with environmental laws, regulations and permitting
requirements, and we expect to continue to do so in the future. Failure to comply with applicable environmental laws, regulations
and permitting requirements may result in injunctions, damages, suspension or revocation of permits and imposition of penalties.
There is no assurance that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">we have been or will be at all times in complete
compliance with such laws, regulations and permitting requirements, or with any new or amended laws, regulations and permitting
requirements that may be imposed from time to time; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">our compliance will not be challenged; or
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the costs of compliance will be economic
and will not materially or adversely affect our future cash flow, results of operations and financial condition. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may be subject to proceedings
in respect of alleged failures to comply with increasingly strict environmental laws, regulations or permitting requirements or
of posing a threat to or of having caused hazards or damage to the environment or to persons or property. While any such proceedings
are in process, we could suffer delays or impediments to or suspension of development and construction of our projects and operations
and, even if we are ultimately successful, we may not be compensated for the losses resulting from any such proceedings or delays.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There may be existing environmental
hazards, contamination or damage at our mines or projects that we are unaware of. We may also be held responsible for addressing
environmental hazards, contamination or damage caused by current or former activities at our mines or projects or exposure to hazardous
substances, regardless of whether or not hazard, damage, contamination or exposure was caused by our activities or by previous
owners or operators of the property, past or present owners of adjacent properties or by natural conditions and whether or not
such hazard, damage, contamination or exposure was unknown or undetectable.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Any finding of liability in such
proceedings could result in additional substantial costs, delays in the exploration, development and operation of our properties
and other penalties and liabilities related to associated losses, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">monetary penalties (including fines);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrictions on or suspension of our activities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss of our rights, permits and property,
including loss of our ability to operate in that country or generally;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">completion of extensive remedial cleanup
or paying for government or third-party remedial cleanup;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">premature reclamation of our operating sites;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">seizure of funds or forfeiture of bonds.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The costs of complying with any
orders made or any cleanup required and related liabilities from such proceedings or events may be significant and could have a
material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Infrastructure and commodities </FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 53.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Infrastructure</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our business and operations depend
on our ability to access and maintain adequate and reliable infrastructure, including roads and bridges, power sources and water
systems. We may have to build the required infrastructure if it is not readily available to us for a given project, and there is
no assurance that we will be able to do so in a timely manner or at all. Inadequate, inconsistent, or costly infrastructure could
compromise many aspects of a project&rsquo;s feasibility, viability and profitability, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">construction schedule; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">capital and operating costs; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">manpower availability; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mobilization of equipment, machinery and
inventory; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">throughput rates and production volumes.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that we can
access and maintain the infrastructure we need, or, where necessary, obtain rights of way, raw materials and government authorizations
and permits to construct, or upgrade the same at a reasonable cost, in a timely manner, or at all.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our access to infrastructure and
the commodities discussed below may be interrupted by natural causes, such as drought, floods, earthquakes and other weather phenomena,
or man-made causes, such as blockades, sabotage, conflicts, government issues, political events, protests, rationing or competing
uses. Our inability to obtain or build and to maintain adequate and continuous access to infrastructure and substantial amounts
of commodities, power and water, at a reasonable cost, could have a material adverse effect on our business, results of operations,
financial condition and share price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 53.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>b.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Power and water</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A key operational risk is the availability
of sufficient power and water supplies required to support our mining operations, which use substantial volumes of water and power
in the extraction and processing processes. Our ability to obtain secure supplies of power and water at a reasonable cost depends
on a number of factors that may be out of our control, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">global and regional supply and demand; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">political and economic conditions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">problems affecting local supplies; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">infrastructure and delivery issues; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">relevant regulatory regimes. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that we will
be able to secure the required supplies of power and water on reasonable terms or at all and, if we are unable to do so or there
is an interruption in the supplies we do obtain or a material increase in prices, then it could have a material adverse effect
on our business, results of operations, financial condition and share price.</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 53.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>c.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Commodities and consumables</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our business operations use a significant
amount of commodities, consumables and other materials. Prices for diesel fuel, steel, concrete, chemicals (including cyanide)
and other materials, commodities and consumables required for our operations can be volatile and price changes can be substantial,
occur over short periods of time and are affected by factors beyond our control. Higher costs for or tighter supplies of, construction
materials like steel and concrete can affect the timing and cost of our development projects.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If there is a significant and sustained
increase in the cost of certain commodities, we may decide that it is not economically feasible to continue some or all of our
commercial production and development activities, and this could have an adverse effect on our business, results of operations,
financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may maintain significant inventories
of operating consumables, based on the frequency and reliability of the delivery process for such consumables and anticipated variations
in regular use. We depend on suppliers to meet our needs for these commodities; however, sometimes no source for such commodities
may be available. If the rates of consumption for such commodities vary from expected rates significantly or delivery is delayed
for any reason, we may need to find a new source or negotiate with existing sources to increase supply. If any shortages are not
rectified in a timely manner, it may result in reduced recovery or delays in restoring optimal operating conditions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Higher worldwide demand for critical
resources, such as drilling equipment and tires, could affect our ability to acquire such resources and lead to delays in delivery
and unanticipated cost increases, which could have an effect on our operating costs, capital expenditures and production schedules.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Further, we rely on certain key
third-party suppliers and contractors for equipment, raw materials and services used in, and the provision of services necessary
for, the development, construction and continuing operation of our assets. As a result, our operations are subject to a number
of risks, some of which are outside of our control, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">negotiating agreements with suppliers and
contractors on acceptable terms; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the inability to replace a supplier or contractor
and its equipment, raw materials or services if either party terminates the agreement; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">interruption of operations or increased costs
if a supplier or contractor ceases its business due to insolvency or other unforeseen events; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">failure of a supplier or contractor to perform
as contracted. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The occurrence of one or more of
these risks could have a material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #000000">Geopolitical</FONT></B><B><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
Climate&#9;</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our operations are located in foreign
jurisdictions, and are exposed to various levels of political, economic and other risks and uncertainties. These risks and uncertainties
vary from country to country and include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changing political conditions, geopolitical
environment or governments; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">expropriation; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">renegotiation or nullification of existing
rights, concessions, licenses, permits and contracts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrictions on foreign exchange, currency
controls and repatriation of capital and profits; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mobility restrictions for personnel and contractors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability of procedural rights and remedies</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reliability of judicial recourse;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">operation of the rule of law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">labour unrest; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">extreme fluctuations in currency exchange
rates; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">high rates of inflation; </FONT></TD></TR></TABLE>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">civil unrest or risk of civil war; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes in law or regulation (including in
respect of taxation and royalties);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes in policies (including in respect
of monetary and permitting); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">terrorism; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">activism; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">hostage taking; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">military repression; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">illegal mining.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The occurrence of any of these
risks in the countries in which we operate could have a material adverse effect on our business, results of operations, financial
condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Changes, if any, in mining or investment
policies or shifts in political attitude in these jurisdictions may adversely affect our operations or profitability. Operations
may be affected in varying degrees by government regulations with respect to, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrictions on production; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">price, export and currency controls; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">income and other taxes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">royalties; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">expropriation of property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">foreign investment; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">maintenance of claims; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">construction and permitting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the environment, land use, and water use;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">land claims of local people; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mine safety; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">in-country refining, beneficiation and local
value-added processing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">awarding of contracts to local contractors;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">requirements to employ citizens of, or purchase
of supplies from, a particular jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Failure to comply strictly with
applicable laws, regulations and local practices relating to business conducted by foreign entities in a country and, in particular,
in the mining industry, could result in loss, reduction or expropriation of rights or entitlements, or the imposition of additional
local or foreign parties as co-ownership &lsquo;partners&rsquo; with carried or other interests. There is no assurance that current
economic or political conditions will not change or that governments in the jurisdictions in which we operate will not adopt regulatory
or political reforms that could negatively affect our current and future operations and plans.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our two producing mines are located
in Turkey, which continues to experience heightened levels of political and economic instability partially due to regional geopolitical
instability, including civil unrest along the geographic border with Syria, terrorist acts, and associated refugee crisis. Turkey
has a history of fractious governing coalitions and has experienced anti-government protests. Our operations have experienced no
significant disruptions due to this instability and continue to operate under normal business conditions. However, there can be
no assurance that the current political instability will not worsen, which may negatively affect our current and future operations
in Turkey and may have a material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Over the past few years, the Greek
economy experienced a downturn that is ongoing. In addition, the implementation of a stabilization program agreed to by the Greek
government has been the source of protest and civil unrest in the country. The long-term and short-term effects of such a position
are relatively unknown. The state of the Greek economy has raised concerns about the risks of Greece defaulting on its debt and/or
exiting from the EEC and there is no assurance that the current economic situation could not get worse or that Greece does not
adopt legal, regulatory or policy changes which may negatively affect our current and future operations and plans in Greece and
may have a material adverse effect on our business, results of operations, financial condition and share price.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">See also &ldquo;Resource nationalism and foreign ownership
restrictions&rdquo; on page 87 and &ldquo;Foreign investments and operations&rdquo; on page 112.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Community relations and social license</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Maintaining a positive relationship
with the communities in which we operate is critical to continuing successful operation of our existing mines as well as construction
and development of existing and new projects. Community support for is a key component of a successful mining project or operation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As a mining business, we may come
under pressure in the jurisdictions in which we operate, or will operate in the future, to demonstrate that other stakeholders
(including employees, communities surrounding operations and the countries in which we operate) benefit and will continue to benefit
from our commercial activities, and / or that we operate in a manner that will minimize any potential damage or disruption to the
interests of those stakeholders. We may face opposition with respect to our current and future development and exploration projects
which could materially adversely affect our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Community relations are impacted
by a number of factors, both within and outside of our control. Relations may be strained or social license lost by poor Company
performance in areas such as health and safety, environmental impacts from the mine, increased traffic or noise. External factors
such as press scrutiny or other distributed information about Eldorado specifically or extractive industries generally from media,
governments, non-governmental organizations or interested individuals can also influence sentiment and perceptions toward the Company
and its operations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Surrounding communities may affect
operations and projects through restriction of site access for equipment, supplies and personnel or through legal challenges. This
could interfere with work on the Company&rsquo;s operations, and potentially pose a security threat to employees or equipment.
Social license may also impact permitting ability, Company reputation and our ability to build positive community relationships
in exploration areas or around newly acquired properties.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Erosion of social licence or activities
of third parties seeking to call into question social licence may have the effect of slowing down the development of new projects
and potentially may increase the cost of constructing and operating these projects and productivity may be reduced due to restriction
of access, requirements to respond to security threats or proceedings initiated or delays in permitting and there may also be extra
costs associated with improving the relationship between Eldorado and the surrounding communities. We seek to mitigate these risks
through our commitment to operating in a socially responsible manner; however, there is no guarantee that our efforts in this respect
will mitigate these risks. See, for example, page 57 under the heading, <I>Community Relations</I> for a discussion on community
relations at Skouries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See also &ldquo;Reputational risk&rdquo;
on page 95.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Labour</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Employee relations </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We depend on our workforce to explore
for mineral reserves and resources, develop our projects and operate our mines. We have programs to recruit and train the necessary
manpower for our operations, and we work hard at maintaining good relations with our workforce to minimize the possibility of defections
and strikes, lockouts and other stoppages at our work sites. In addition, our relations with our employees may be affected by changes
in labour and employment legislation that may be introduced by the relevant governmental authorities in whose jurisdictions we
carry on business. Changes in such legislation or a prolonged labour disruption at any of our mines or projects could have a material
adverse effect on our results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">From time to time we may hire contractors
and subcontractors for our operations, and there is a risk that they could experience labour disputes or become insolvent, and
this could have an adverse effect on our results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>b.&#9;Employee misconduct</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are reliant on the good character
of our employees and are subject to the risk that employee misconduct could occur. Although we take precautions to prevent and
detect employee misconduct, these precautions may not be effective
and the Company could be exposed to unknown and unmanaged risks or losses. The existence of our Code of Business Conduct and Ethics,
among other governance and compliance policies and processes, may not prevent incidents of theft, dishonesty or other fraudulent
behaviour nor can we guarantee compliance with legal and regulatory requirements. Misconduct by employees could include:</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employees binding us to transactions that
exceed authorized limits or present unacceptable risks to the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employee theft or improper use of our property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employee fraud or employees conspiring with
third parties to defraud us;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">employees hiding unauthorized or unsuccessful
activities from us; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the improper use of confidential information.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These types of misconduct could
result in unknown and unmanaged damage or losses, including regulatory sanctions and serious harm to our reputation. The precautions
we take to prevent and detect these activities may not be effective. If material employee misconduct does occur, our business,
results of operations, financial condition and share price could be adversely affected.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Key personnel</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We depend on a number of key personnel,
including Paul N. Wright, our President and Chief Executive Officer, Paul Skayman, our Chief Operating Officer, Fabiana E. Chubbs,
our Chief Financial Officer and Dawn L. Moss, our Executive Vice President, Administration. We do not have key man life insurance.
Employment contracts are in place with each of these executives, however, losing any of them could have an adverse effect on our
operations. For more information on our new CEO, George Burns, please refer to the Governance section on page 123.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We need to continue implementing
and enhancing our management systems and recruiting and training new employees to manage our business effectively. We have been
successful in attracting and retaining skilled and experienced personnel in the past, and expect to be in the future, but there
is no assurance this will be the case.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>d.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Skilled workforce</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We depend on a skilled workforce,
including but not limited to mining and mineral, metallurgical and geological engineers, geologists, environmental and safety specialists,
and mining operators to explore and develop our projects and operate our mines. We have programs and initiatives in place to attract
and retain a skilled workforce. However, we are potentially faced with a shortage of skilled professionals due to competition in
the industry and as experienced employees continue to exit the workforce. As such, we need to continue to enhance training and
development programs for current employees and partner with local universities and technical schools to train and develop a skilled
workforce for the future.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>e.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Expatriates</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We depend on expatriates to work
at our mines and projects to fill gaps in expertise and provide needed management skills in the countries where we operate. Additionally,
we depend on expatriates to transfer knowledge and best practices and to train and develop in-country personnel and transition
successors into their roles. Such training requires access to our sites and such access may be prohibited by government. We operate
in challenging locations and must continue to maintain competitive compensation and benefits programs to attract and retain expatriate
personnel. We must also develop in-country personnel to run our mines in the future. A lack of appropriately skilled and experienced
personnel in key management positions would have an adverse effect on our operations.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Equipment </FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our operations are reliant on significant
amounts of both large and small equipment that is critical to the development, construction and operation of our projects. Failures
or unavailability of equipment could cause interruptions or delays in our development and construction or interruptions or reduced
production in our operations. These risks
may be increased by the age of certain equipment. Equipment related risks include:</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">delays in repair or replacement of equipment
due to unavailability or insufficient spare parts inventory;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">repeated or unexpected equipment failures;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrictions on transportation and installation
of large equipment, including delays or inability to obtain required permits for the such transportation or installation; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">inefficient or improper design for processing
facilities; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">suitability of equipment, including proper
identification of normal operating parameters, the occurrence of extreme conditions or change of planned use for a particular piece
of equipment; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">premature failure of equipment; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrictions on hours of operation of equipment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability of long lead-time and specialized
equipment, including delays that may arise in the course of ordering, manufacture, importation or delivery of such equipment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability of specialized equipment and
personnel to install and commission selected equipment; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">safety risks arising from equipment failure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Delays in construction or development
of a project or periods of downtime or reductions in operations or efficiency that result from the above risks could have a material
adverse effect on our business, results of operations, financial condition and share price. Remediation of an interruption or inefficiency
in production capability could require us to make large expenditures to repair, replace or redesign equipment. All of these factors
could have a material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Health and safety</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our operations are subject to various
health and safety laws and regulations that impose various duties on our operations relating to, among other things, worker safety
and surrounding communities. These laws and regulations also grant the authorities broad powers to, among other things, levy financial
and other penalties, close unsafe operations and order corrective action relating to health and safety matters. The costs associated
with the compliance of such health and safety laws and regulations may be substantial and any amendments to such laws and regulations,
or more stringent implementation thereof, could cause additional expenditure or impose restrictions on, or suspensions of, our
operations. We have made, and expect to make in the future, significant expenditures to comply with the extensive laws and regulations
governing the protection of the environment, waste disposal, worker safety, mine development and protection of endangered and other
special status species, and, to the extent reasonably practicable, create social and economic benefit in the surrounding communities.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>12.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cost estimates</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We prepare budgets and estimates
of cash costs and capital costs of production for each of our operations. The main categories relate to material costs, personnel
and contractor costs, energy costs and closure and reclamation costs. However, despite efforts to budget and estimate such costs,
as a result of the substantial expenditures involved in the development of mineral projects and the fluctuation of costs over time,
development projects may be prone to material cost overruns. Our actual costs may vary from estimates for a variety of reasons,
including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">short-term operating factors; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">revisions to mine plans; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">risks and hazards associated with mining;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">natural phenomena, such as inclement weather
conditions, water availability, floods, and earthquakes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unexpected work stoppages or labour shortages
or strikes; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes in law, regulation or policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Operational costs may also be affected
by a variety of factors, including:</P>

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<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changing waste-to-ore ratios; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ore grade metallurgy; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">labour costs; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">cost of commodities, equipment and supplies;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">general inflationary pressures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">currency exchange rates; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes in law, regulation or policy. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 27.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Many of these factors are beyond
our control. Failure to achieve estimates or material increases in costs could have an adverse impact on our future cash flow,
business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Furthermore, delays in the construction
and commissioning of mining projects or other technical difficulties may result in even further capital expenditures being required.
Any delay in the development of a project, or cost overruns or operational difficulties once the project is fully developed, may
have a material adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>13.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Co-ownership matters</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mining projects are often conducted
through an unincorporated joint venture or a co-owned incorporated joint venture company. Co-ownership often requires unanimous
approval of the parties or their representatives for certain fundamental decisions like an increase (or decrease) in registered
capital, a merger, division, dissolution, amendment of the constitutional documents, and pledge of the assets, which means that
each co-owner has a right to veto any of these decisions, which could lead to a deadlock. We are subject to a number of additional
risks associated with co-ownership, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">disagreement with a co-owner about how to
develop, operate or finance the project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">that a co-owner may at any time have economic
or business interests or goals that are, or become, inconsistent with our business interests or goals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">that a co-owner may not comply with the agreements
governing our relationship with them;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">disagreement with a co-owner over the exercise
of such co-owner&rsquo;s rights under the agreements governing our relationship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the possibility that a co-owner may become
insolvent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the possibility that we may not be able to
sell our interest in a co-owned entity if we desire to exit; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">possible litigation with a co-owner over
matters related to the subject project.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Some of our interests are through
co-owned companies established under and governed by the laws of their respective countries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If a co-owner is a state-sector
entity, then its actions and priorities may be dictated by government or other policies instead of purely commercial considerations.
Decisions of a co-owner may have an adverse effect on the results of our operations in respect of the projects to which the applicable
co-ownership relates.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>14.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reputational risk</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Damage to Eldorado&rsquo;s reputation
can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether
true or not. Although we believe that we operate in a manner that is respectful to all stakeholders and take care in protecting
our image and reputation, we do not have control over how we are perceived by others. Any reputation loss could result in decreased
investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on
our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See also &ldquo;Community relations
and social license&rdquo; on page 92.</P>


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<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>15.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Human rights matters</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Various international and national
laws, codes, resolutions, conventions, guidelines and other provisions govern human rights, including rights with respect to the
environment, health and safety surrounding our operations. Many of these provisions impose obligations on government and companies
to respect human rights and some provisions mandate that government consult with local and indigenous communities surrounding potential
or operating projects regarding government actions which may affect local stakeholders, including actions to approve or grant mining
rights or permits.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The obligations of government and
private entities under the various international and national provisions pertaining to human rights continue to evolve and be defined.
One or more groups of people may oppose our current and future operations or further development or new development of projects
or operations on human rights grounds. Such opposition may be directed through legal or administrative proceedings or expressed
in manifestations such as protests, roadblocks or other forms of public expression against Eldorado&rsquo;s activities, and may
have a negative impact on our reputation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Opposition by such groups to our
operations may require modification of, or preclude the operation or development of, projects or may require us to enter into agreements
with such groups or local governments with respect to our projects, and in some cases, causing considerable delays to the advancement
of our projects. The occurrence of one or more of these risks could have a material adverse effect on our business, results of
operations, financial condition and share price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>16.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Estimation of Mineral Reserves and Mineral Resources </FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mineral Reserve and Mineral Resource
estimates are only estimates and we may not produce gold in the quantities estimated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Proven and Probable Mineral Reserve
estimates may need to be revised based on various factors including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">actual production experience; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">our ability to continue to own and operate
our mines and property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">fluctuations in the market price of gold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">results of drilling or metallurgical testing;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">production costs; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">recovery rates.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cut-off grades for the Mineral
Reserves and Mineral Resources are based on our assumptions about plant recovery, gold price, mining dilution and recovery, and
our estimates for operating and capital costs, which are based on historical production figures. We may have to recalculate our
estimated mineral reserve and resources based on actual production or the results of exploration. Fluctuations in the market price
of gold, production costs or recovery rates can make it unprofitable for us to develop or operate a particular property for a period
of time. If there is a material decrease in our mineral reserve estimates, or our ability to extract the mineral reserves, it could
have a material adverse effect on our future cash flow, business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There are uncertainties inherent
in estimating Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources, including many factors
beyond our control. Estimating Mineral Reserves and Resources is a subjective process. Accuracy depends on the quantity and quality
of available data and assumptions and judgments used in engineering and geological interpretation, which may be unreliable or subject
to change. It is inherently impossible to have full knowledge of particular geological structures, faults, voids, intrusions, natural
variations in and within rock types and other occurrences. Additional knowledge gained or failure to identify and account for such
occurrences in our assessment of Mineral Reserves and Resources may make mining more expensive and cost ineffective, which will
have a material adverse effect on our future cash flow, business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that the
estimates are accurate, that Mineral Reserve and Resource figures are accurate, or that the Mineral Reserves or Resources can be
mined or processed profitably. Mineral Resources that are not classified as Mineral Reserves <I>do not</I> have demonstrated economic
viability. You should not assume that all or any
part of the Measured Mineral Resources, Indicated Mineral Resources, or an Inferred Mineral Resource will ever be upgraded to a
higher category or that any or all of an Inferred Mineral Resource exists or is economically or legally feasible to mine.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Because mines have limited lives
based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Reserves and any necessary associated
surface rights as our mines produce gold and their life-of-mine is reduced.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our ability to maintain or increase
annual production of gold and other metals will depend significantly on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">our mining operations </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">our ability to conduct successful exploration
efforts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">our ability to develop new projects and make
acquisitions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If we are unable to maintain or
increase our annual production of gold and other metals, it could have an adverse effect on our business, results of operations,
financial condition and share price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>17.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Occurrence of unpredictable geological factors</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As we explore and develop a property,
we are constantly determining the level of drilling and analytical work required to maintain or upgrade our confidence in the geological
model. Depending on continuity, the amount of drilling will vary from deposit to deposit. The degree of analytical work is determined
by the variability in the ore, the type of metallurgical process used and the potential for deleterious elements in the ore. We
do not drill exhaustively at all deposits or analyze every sample for every known element as the cost would be prohibitive. Therefore,
unknown geological formations are possible, which could limit our ability to access the ore or cut off the ore where we are expecting
continuity. It is also possible that we have not correctly identified all metals and deleterious elements in the ore in order to
design metallurgical processes correctly. If any of these risks occur, it could result in material that was previously expected
to be mined not being mined or to reduced recovery or increased costs of recovery, which could have an adverse effect on our results
of operations and financial condition.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See &ldquo;Pre-stripping/stripping
or underground development&rdquo; on page 101.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Natural phenomena</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Climate change</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We recognize that climate change
is an international and community concern which may affect our business and operations directly or indirectly. Governments at all
levels are moving towards enacting legislation to address climate change by regulating carbon emissions and energy efficiency,
among other things. Where legislation has already been enacted, regulation regarding emission levels and energy efficiency are
becoming more stringent. Costs associated with meeting these requirements may be subject to some offset by increased energy efficiency
and technological innovation; however, there is no assurance that compliance with such legislation will not have an adverse effect
on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Extreme weather events (such as
prolonged drought, increased periods of snow and increased frequency and intensity of storms) have the potential to disrupt our
operations and the transport routes we use. Where appropriate, our facilities have developed emergency plans for managing extreme
weather conditions; however, extended disruptions to supply lines could result in interruption to production which may adversely
affect our business results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our facilities depend on regular
and steady supplies of consumables (diesel fuel, reagents etc.) to operate efficiently. If the effects of climate change cause
prolonged disruption to the delivery of, or otherwise effect the availability of essential commodities, or affect the prices of
these commodities our production efficiency may be reduced which may have adverse effects on our business, results of operations,
financial condition and share price. See &ldquo;Infrastructure and commodities&rdquo; on page 89.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>b.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Health effects</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We operate in a range of environments
and our employees, contractors and suppliers are at risk of injury from our operations as well as disease or natural disasters.
If our workforce is affected by high incidence of injury or the occurrence of
disease or natural disasters, the facilities and treatments may not be available in the jurisdictions in which we operate to the
same standard that one would expect in Canada, which could have an effect on the availability of sufficient personnel to run our
operations. This could result in a period of downtime or we may be subject to an order to cease operations, which could have an
adverse effect on our business, results of operations, financial condition and share price.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>19.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reclamation and long term obligations</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are required by various governments
in jurisdictions in which we operate to provide financial assurance sufficient to allow a third party to implement approved closure
and reclamation plans if we are unable to do so. The relevant laws governing the determination of the scope and cost of the closure
and reclamation obligations and the amount and forms of financial assurance required .are complex and, vary from jurisdiction to
jurisdiction.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2016, Eldorado
has provided the appropriate regulatory authorities with US $53M in reclamation financial assurance for mine closure obligations
in the various jurisdictions in which we operate. The amount and nature of such financial assurance are dependent upon a number
of factors, including our financial condition and reclamation cost estimates. Changes to these amounts, as well as the nature of
the collateral to be provided, could significantly increase our costs, making the maintenance and development of existing and new
mines less economically feasible. Regulatory authorities may require further financial assurance and, to the extent that the value
of the collateral provided is or becomes insufficient to cover the amount that we are required to post, we could be required to
replace or supplement the existing security with more expensive forms of security. This could include cash deposits, which would
reduce cash available for our operations and development activities. There is no guarantee that, in the future, we will be able
to maintain or add to current levels of financial assurance as we may not have sufficient capital resources to do so.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although we have currently made
provision for certain of our reclamation obligations, there is no assurance that these provisions will be adequate in the future.
Failure to provide the required financial assurance for reclamation could potentially result in the closure of one or more of our
operations, which could result in a material adverse effect on our business, results of operations, financial condition and share
price.</P>

<P STYLE="font: bold 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>20.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Use and transport of regulated substances</FONT></B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The transportation and use of certain
substances that we use in our operations are regulated by the governments in the jurisdictions in which we operate. Two obvious
examples are explosives and cyanide. Regulations may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restricting where the substance can be purchased;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">requiring a certain government department
to handle the purchase and transport of the substances; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restricting the amount of these substances
that can be kept on-site at any time; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restricting where and how the materials may
be stored; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">monitoring of the use of the product at site.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Eldorado is a signatory to the
Cyanide Code, which commits us to mandating that our sites adhere to recognized best practice for the purchase, transportation,
use and disposal of cyanide. Our signatory sites are audited every three years to assess continued compliance. While we have a
good understanding of the restrictions in the various jurisdictions, these laws may change, or the responsible parties within the
government may change or not be available at a critical time when they are required to be involved in our process. This may result
in delays in normal operation, or downtime, and may have an effect on our operating results in more extreme cases.</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>SECTION II &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPLORATION
RISKS&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Exploration efforts</B></FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Gold and other metal exploration
is highly speculative in nature, involves many risks and is often not productive; there is no assurance that we will be successful
in our gold exploration efforts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our ability to increase mineral
reserves is dependent on a number of factors, including the geological and technical expertise of our management and exploration
teams, the quality of land available for exploration and other factors. Once gold mineralization is discovered, it can take several
years of exploration and development before production is possible, and the economic feasibility of production can change during
that time.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Substantial expenditures are required
to carry out exploration and development activities to establish proven and probable mineral reserves and determine the optimal
metallurgical process to extract the metals from the ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Once we have found ore in sufficient
quantities and grades to be considered economic for extraction, metallurgical testing is required to determine whether the metals
can be extracted economically. There may be associated metals or minerals that make the extraction process more difficult. This
would include graphite bearing minerals if we are trying to extract using cyanide and carbon to recover the gold. There may be
minerals that behave like the precious metals that we are trying to recover that make the downstream metallurgical process more
difficult. For instance, arsenic is often associated with gold, but requires a special process to be used in the smelter, which
increases the treatment cost, or requires that the smelter uses blending of the high arsenic material with other lower arsenic
materials to complete the smelting process. Any of these instances may result in us having problems developing a process that will
allow us to extract the ore economically. Alternatively, the ore may not be as valuable as we anticipate due to the lower recoveries
received or the penalties associated with extraction of deleterious materials that are sold as part of the saleable product.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that our
exploration programs will expand our current mineral reserves or replace them with new mineral reserves. Failure to replace or
expand our mineral reserves could have an adverse effect on us.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>SECTION III&#9;DEVELOPMENT &amp; MINING OPERATION RISKS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Costs of development projects </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Substantial expenditures are required
to build mining and processing facilities for new properties. The capital expenditures and time required to develop new mines are
considerable and changes in cost or construction schedules can significantly increase both the time and capital required to build
the project. The project development schedules are dependent on obtaining the governmental approvals necessary for the operation
of a project, and the timeline to obtain these government approvals is often beyond our control.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">It is not unusual in the mining
industry for new mining operations to experience unexpected problems during the start-up phase, resulting in delays and requiring
more capital than anticipated. As a result of the substantial expenditures involved in development projects, developments are prone
to material cost overruns.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">With the disposition of our Chinese
mineral properties, in our portfolio, we have more development properties than producing mines. Mine development projects typically
require a number of years and significant expenditures during the development phase before production is possible and there is
no assurance that each of our development projects will become producing mines.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Development projects depend on
successfully completing feasibility studies and environmental assessments, obtaining the necessary government permits and receiving
adequate financing. Economic feasibility is based on several factors, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">estimated mineral reserves;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">anticipated metallurgical recoveries;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">environmental considerations and permitting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">future gold prices;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">anticipated capital and operating costs for
the projects; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">timely execution of development plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Development projects have no operating
history to base estimated future production and cash operating costs on. With development projects in particular, estimates of
proven and probable mineral reserves and cash operating costs are largely based on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">interpreting the geologic data obtained from
drill holes and other sampling techniques;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">feasibility studies that derive estimated
cash operating costs based on:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the expected tonnage and grades of ore to
be mined and processed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the configuration of the ore body;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">expected recovery rates of gold from the
ore;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">estimated operating costs; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">anticipated climate conditions and other
factors. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">It is therefore possible that actual
cash operating costs and economic returns will differ significantly from what we estimated for a project before starting production.
Many events could affect the profitability or economic feasibility of a project, including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated changes in grade and tonnage
of ore to be mined and processed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated adverse geotechnical conditions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated operational problems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated metallurgical recovery problems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">incorrect data on which engineering assumptions
are made;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">costs of constructing and operating a mine
in a specific environment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability of labour;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability and costs of processing and
refining facilities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability of economic sources of power;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">adequacy of water supply;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">availability of surface tenure to locate
processing and refining facilities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">adequate access to the site, including competing
land uses (such as agriculture and illegal mining);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated transportation costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">government regulations including, but not
limited to, regulations with respect to prices, royalties, duties, taxes, permitting, restrictions on production, quotas on exportation
of minerals, as well as the costs of protection of the environment and agricultural lands;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">fluctuations in gold prices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">accidents, labour actions and force majeure
events; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">community and non-governmental organizational
action.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is not unusual for new mining operations
to experience unexpected problems during the start-up phase, and delays can often happen when production begins. In the past, we
have adjusted our estimates based on changes to our assumptions and actual results. There is no guarantee that such adjustments
will alleviate the effects of such delays or problems. There is no assurance that the profitability or economic feasibility of
a project will not be adversely affected by factors beyond our control.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our production, capital and operating
cost estimates for development projects are based on certain assumptions. We use these estimates to establish our mineral reserve
estimates but our cost estimates are subject to significant uncertainty as described above. Actual results for our projects will
likely differ from current estimates and assumptions, and these differences can be material. The experience we gain from actual
mining or processing operations can also identify new or unexpected conditions that could reduce production below our current estimates,
or increase our estimated capital or operating costs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If actual results fall below our
current estimates, it could have a material adverse effect on our business, results of operations, financial condition and share
price.</P>


<!-- Field: Page; Sequence: 102; Value: 1 -->
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Contractors </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may engage a number of different
contractors during the development and construction phase of a project, including pursuant to lump sum contract for specified services
or through a range of engineering, procurement, construction and management contract options, depending on the type and complexity
of work that is being undertaken, and the level of engineering that has been completed when the contract is awarded. Depending
on the type of contract and the point at which it is awarded, there is potential for variations to occur within the contract scope,
which could take the form of extras that were not considered as part of the original scope or change orders. These changes may
result in increased capital costs. Similarly, we may be subject to disputes with contractors on contract interpretation, which
could result in increased capital costs under the contract or delay in completion of the project if a contract dispute interferes
with the contractor&rsquo;s efforts on the ground.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #000000"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #000000"><B>Pre-stripping/stripping
                                         or underground development</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mining of mineral bearing material
requires removal of waste material prior to gaining access to and extracting the valuable material. Depending on the location of
the ore, this may entail removing material above the ore in an open pit situation (pre-stripping), or developing tunnels underground
to gain access to deeper material. Where possible, this material is then generally used elsewhere in the project site for construction
of site infrastructure.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As a project is developed, a plan
is put forward to complete the pre-strip or required underground development so that mining of ore can commence in line with the
overall schedule to feed ore to the process plant at the right time. The degree of pre-strip in an open pit is based on selected
drilling, which may result in adjustments to the orebody model and a requirement for more or less pre-stripping to be completed.
This may result in a deficit of material required to complete other earthworks around the project site, such as tailings facilities,
or an increase in the pre-strip requirements prior to mining commencing.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Similarly, with underground development,
the mining method and design is based on an amount of drilling that will be increased during normal operations. As work continues,
there may be ground conditions that are exposed that cause a change in the mine design or direction of the underground development.
Either of these occurrences could result in more or less material that can be used for other site projects, if so designed and
could also result in delay in start-up of continuous production. This may result in lower revenues while the project ramps up to
normal operating rates.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See &ldquo;Occurrence of unpredictable
geological factors&rdquo; on page 97.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Extraction</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A number of factors can affect
our ability to extract ore efficiently in the quantities that we have budgeted, including, but not limited to:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse" width="779">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ground conditions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">geotechnical conditions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pit slope angles</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 1in" width="3">&nbsp;</TD>
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 1in" width="4">&nbsp;</TD>
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in" width="574"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">rock characteristics (faults, fractured zones, angle of shear)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 0.5in" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">hydrogeological conditions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 1in" width="3">&nbsp;</TD>
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 1in" width="4">&nbsp;</TD>
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in" width="574"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">water in rock</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 1in; padding-bottom: 6pt" width="3">&nbsp;</TD>
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 1in; padding-bottom: 6pt" width="4">&nbsp;</TD>
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="574"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">
     </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ground water table </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">geological conditions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">variability of grade / waste boundaries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in; padding-bottom: 6pt" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">degree of fracture in rock / mine ability</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">chemical effects</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in; padding-bottom: 6pt" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">acidity of Mined Material (ore and waste)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">efficiency</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reliability of equipment</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in; padding-bottom: 6pt" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">management of mining process</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="777"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">scheduling </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.5in; padding-bottom: 6pt" width="51">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 107%; font-size: 11pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; padding-bottom: 6pt" width="676"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limitations on ability to mine when</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> we want</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>




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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These factors may result in a less
than optimal operation and lower throughput or lower recovery, which may have an effect on our production schedule. Although we
review and assess the risks related to extraction and put appropriate mitigating measures in in place, there is no assurance that
we have foreseen and / or accounted for every possible factor that might cause the project to be delayed, which could have an effect
on business, results of operations, financial condition and share price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Processing</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD STYLE="text-align: justify">A number of factors could affect our ability to process ore in the tonnages we have budgeted, the
quantities of the metals deleterious materials that we recover and our ability to efficiently handle material in the volumes budgeted,
including, but not limited to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the presence of oversize material at the
crushing stage;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">material showing breakage characteristics
different to those planned;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">material with grades outside of planned grade
range;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">sub-optimal ore mixture in terms of ancillary
analytics, such as sulphur grade;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the presence of deleterious materials in
different ratios than expected;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">material drier or wetter than expected, due
to natural or environmental effects; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">viscosity / density different than expected.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The occurrence of any of the above
could affect our ability to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process
ore, concentrate and tailings as planned. This may result in lower throughput, lower recoveries, more downtime or some combination
of all three. While minor issues of this nature are part of normal operations, there is no assurance that conditions will not worsen
and have an adverse effect on our future cash flow, results of operations and financial condition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Waste disposal</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As ore is extracted and processed,
waste material that does not contain sufficient quantities of metal to warrant further processing is disposed of in waste dumps
on surface or placed underground as part of rock fill. Waste material may be stored as wet material in a dam on surface, filtered
and dried for placement in a surface facility or mixed with cement and used underground as structural fill. A number of factors
can affect our ability to successfully dispose of waste material in the form that is optimal for our operations, including, but
not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">access to suitable locations due to permitting
or other restrictions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">requirements to encapsulate acid-generating
material; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">milled material being ground too fine and
requiring further treatment; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">sufficient infrastructure required to place
material underground in the right locations. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If issues with any of the above
items occur, the normal discharge or placement process may be affected, requiring us to alter existing plans. While minor issues
of this nature are part of normal operations, there is no assurance that conditions will not worsen and have an adverse effect
on our future cash flow, results of operations and financial condition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Security</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The safety and security of our
employees and associated contractors is of prime importance to the Company. Various security problems may occur in any of the jurisdictions
in which we operate. We are at risk of incursions by third parties. We endeavour to take appropriate actions to protect against
such risks, which may affect our operations and incur further costs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although our policies require that
our security personnel act in ways that recognize best practices, including respect for human rights, there is a risk that individuals
will breach these policies, and such breaches may have an adverse effect on our business, results of operations, financial condition
and share price. See &ldquo;Human rights matters&rdquo; on page 95.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Production and cost estimates</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Estimates of total future production
and costs for our mining operations are based on our five-year mining plans. These estimates can change, or we might not achieve
them, which could have a material adverse effect on any or all of our future cash flow, business, results of operations, financial
condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our plans are based on, among other
things, our mining experience, reserve estimates, assumptions about ground conditions and physical characteristics of ores (such
as hardness and the presence or absence of certain metallurgical characteristics) and estimated rates and costs of production.
Our actual production and costs may be significantly different from our estimates for a variety of reasons, including the risks
and hazards discussed above and in General Operational Matters, and:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">actual ore mined varying from estimates in
grade, tonnage and metallurgical and other characteristics;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mining dilution;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ground conditions including, but not limited
to, pit wall failures or cave-ins; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">industrial accidents and environmental incidents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes in power costs and potential power
shortages;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">imposition of a moratorium on our operations;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">impact of the disposition of mineral assets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">shortages and timing delays,</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
of principal supplies needed for operation, including explosives, fuels, chemical reagents, water, equipment parts and lubricants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">litigation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">shipping interruptions or delays; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unplanned maintenance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Any of these events could result
in damage to mineral properties, property belonging to us or others, interruptions in production, injury or death to persons, monetary
losses and legal liabilities. This could cause a mineral deposit to become unprofitable, even if it was mined profitably in the
past.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Production estimates for properties
not yet in production, or in production and slated for expansion, are based on similar factors (including feasibility studies prepared
by our personnel or by third party consultants, in some instances), but it is possible that actual cash operating costs and economic
returns will differ significantly from our current estimates. It is not unusual for new mining operations to experience unexpected
problems during the start-up phase and delays in production can often happen.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Any decrease in production, or
change in timing of production or the prices we realize for our gold, will directly affect the amount and timing of our cash flow
from operations. A production shortfall or any of these other factors would change the timing of our projected cash flows and our
ability to use the cash to fund capital expenditures, including spending for our projects.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Operational risks and hazards</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our operations face a number of
risks and hazards including among, other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">discharge of pollutants or hazardous chemicals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">industrial accidents and injuries;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">failure of processing and mining equipment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">labour disputes and labour shortages;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">community and non-governmental organization
action;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unusual or unexpected geologic formations
or other geological or grade problems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated changes in metallurgical characteristics
and gold and metal recovery;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated ground or water conditions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">cave-ins, pit wall failures, flooding, rock
bursts and fire; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unfavourable operating conditions. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These risks could result in damage
or destruction of mineral properties or processing facilities, personal injury or death, loss of key employees, environmental damage,
delays in mining, monetary losses and possible legal liability. These
liabilities can be very costly and could have a material adverse effect on our future cash flow, business, results of operations,
financial condition and share price.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>SECTION IV &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISKS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Unavailability of capital / inadequate
income</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Limited access to equity markets</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are exposed to financing risks
associated with funding our share of capital programs at Eldorado&rsquo;s projects. We have historically minimized this risk by
diversifying our funding sources, which include credit facilities, issuance of notes and cash flow from operations. In addition,
we believe that Eldorado Gold has the ability to access public debt and equity markets given our asset base and current credit
ratings; however, such market access may become restricted and, if we are unable to access capital when required, it may have a
material adverse effect on us.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>b.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Dilutive equity financing </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Future acquisitions could be made
through the issuance of equity securities of Eldorado Gold. Additional funds may be needed for our exploration and development
programs and potential acquisitions, which funds could be raised through equity issues. Issuing more equity securities can substantially
dilute the interests of Eldorado Gold shareholders. Issuing substantial amounts of Eldorado Gold securities, or making them available
for sale, could have an adverse effect on the prevailing market prices for our securities. A decline in the market price could
hamper our ability to raise additional capital through the sale of securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">c.&#9;<I>Credit ratings</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our outstanding Notes currently
have a non-investment grade credit rating but any rating assigned could be lowered or withdrawn entirely by a rating agency if,
in that agency&rsquo;s judgment, future circumstances relating to the basis of the credit rating, such as adverse changes to our
business or affairs, so warrant. Consequently, real or anticipated changes in our credit ratings will generally affect the market
value of the Notes. Additionally, credit ratings may not reflect the potential effect of risks relating to the Notes. Any future
lowering of our ratings may make it more difficult or more expensive for us to obtain additional financing. See entitled &lsquo;S<I>enior
unsecured notes</I> on page<B> </B>119.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Metal price volatility </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The profitability of our operations
is significantly affected by changes in gold and other metal prices.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Gold and metal prices can fluctuate
widely and are influenced by many factors beyond our control, including but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">industrial demand;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">varying levels of investment demand;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">demand from the jewelry industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">inflation and the expected rate of inflation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">strength of the US dollar and other currencies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">interest rates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">political and economic events (global and
regional);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">production and cost levels for producing mines around the world. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">speculative activities including short term
trading in gold and gold derivatives (causing rapid short-term changes in the price of gold); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gold and financial market volatility and
other market factors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">producer hedging;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">central bank purchases and sales of gold
and gold lending; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">official pricing in certain countries.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The supply of gold is made up of
new production from mining, and existing stocks of bullion, scrap and fabricated gold held by governments, public and private financial
institutions, industrial organizations and private individuals.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Between 2014 and the date of this
AIF, the price of gold as quoted on the London Bullion Market ranged from a low of $1,049<B> </B>to a high of $ per ounce, based
on the PM fixing price for gold .</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have used a price range between
$1,000 and $1,200 per ounce of gold in the mineral reserve estimates for our projects. There is no assurance that these estimates
are an accurate reflection of future gold prices. Using significantly lower gold prices in the reserve calculations and life-of-mine
plans, would result in lower mineral reserve and resource estimates, and may result in material write-downs of our investment in
mining properties and higher amortization, reclamation and closure charges.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If metal prices decline significantly,
or decline for an extended period of time, we might not be able to continue our operations, develop our properties, or fulfill
our obligations under our permits and licenses, or under our agreements with our partners. This could result in losing our interest
in some or all of our properties, or being forced to sell them, which could have a negative effect on our business, results of
operations, financial condition and share price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Indebtedness and financing risks</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As at December 31,2016, we have
approximately $592M of total debt. Our maintenance of substantial levels of debt could adversely affect our business, results of
operations, financial condition and share price and could adversely affect our flexibility to take advantage of corporate opportunities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Long term indebtedness could have
important consequences, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limiting our ability to obtain additional
financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements, or requiring
us to make non-strategic divestitures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">requiring a substantial portion of our cash
flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for
working capital, capital expenditures, acquisitions, dividends and other general corporate purposes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">increasing our vulnerability to general adverse
economic and industry conditions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limiting our flexibility in planning for
and reacting to changes in the industry in which we compete;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">placing us at a disadvantage compared to
other, less leveraged competitors; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">increasing our cost of borrowing; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">putting us at risk of default if we do not
service or repay this debt in accordance with applicable covenants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">While neither our articles nor
our by-laws limit the amount of indebtedness that we may incur, the level of our indebtedness under the Indenture as well as the
Senior Credit Facility from time to time could impair our ability to obtain additional financing in the future on a timely basis,
or at all, and to take advantage of business opportunities that may arise, thereby potentially limiting our operational flexibility
as well as our financial flexibility.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Current and future operation restrictions</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our Senior Credit Facility and
the Indenture contain certain restrictive covenants that impose significant operating and financial restrictions on us. In some
circumstances, the restrictive covenants may limit our operating flexibility and our ability to engage in actions that may be in
our long-term best interest, including, among other things, restrictions on our ability to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">incur additional indebtedness and guarantee
indebtedness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pay dividends or make other distributions
or repurchase or redeem our capital stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">prepay, redeem or repurchase certain debt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">make loans and investments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">sell, transfer or otherwise dispose of assets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">incur or permit to exist certain liens;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">enter into transactions with affiliates;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">undertake certain acquisitions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">complete certain corporate changes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">enter into certain hedging arrangements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">enter into agreements restricting our subsidiaries&rsquo;
ability to pay dividends; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">consolidate, amalgamate, merge or sell all
or substantially all of our assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition, the restrictive covenants
in our Senior Credit Facility contain certain restrictions on us and require us to maintain specified financial ratios and satisfy
other financial condition tests. Our ability to meet those financial ratios and tests may be affected by events beyond our control.
These restrictions could limit our ability to obtain future financing, make acquisitions, grow in accordance with our strategy
or secure the needed working capital to withstand future downturns in our business or the economy in general, or otherwise take
advantage of business opportunities that may arise, any of which could place us at a competitive disadvantage relative to our competitors
that may have less debt and are not subject to such restrictions. Failure to meet these conditions and tests could constitute events
of default thereunder.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Change of control</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Upon the occurrence of specific
kinds of change of control events, we will be required to offer to repurchase all outstanding Notes at 101% of their principal
amount, plus accrued and unpaid interest to the purchase date. Additionally, under our Senior Credit Facility, a change of control
(as defined therein) will constitute an event of default that permits the lenders to accelerate the maturity of borrowings under
the credit agreement and terminate their commitments to lend.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The source of funds for any purchase
of the Notes and repayment of borrowings under our Senior Credit Facility would be our available cash or cash generated from our
subsidiaries&rsquo; operations or other sources, including borrowings, sales of assets or sales of equity. We may not be able to
repurchase the Notes upon a change of control because we may not have sufficient financial resources to purchase all of the debt
securities that are tendered upon a change of control and repay any of our other indebtedness that may become due. We may require
additional financing from third parties to fund any such purchases, and we may be unable to obtain financing on satisfactory terms
or at all. Further, our ability to repurchase the Notes may be limited by law. In order to avoid the obligations to repurchase
the Notes and events of default and potential breaches of our Senior Credit Facility, we may have to avoid certain change of control
transactions that would otherwise be beneficial to us.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>c.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Interest rate risk</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Borrowings under our Senior Credit
Facility are at variable rates of interest and borrowings thereunder would expose us to interest rate cost and interest rate risk.
If interest rates increase, our debt service obligations on the variable rate indebtedness will increase even though the amount
borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly
decrease. In the future, we may enter into interest rate swaps that involve the exchange of floating for fixed rate interest payments
in order to reduce interest rate volatility. However, we may not maintain interest rate swaps with respect to all of our variable
rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>d.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Liquidity </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are exposed to liquidity risks
in meeting our operating and capital expenditure requirements if we cannot maintain our cash positions, cash flows or mineral asset
base, or appropriate financing is not available.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may be unable to secure loans
and other credit facilities in the future, and on terms we believe are favorable.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The global financial conditions
has in the past resulted in many financial institutions going into bankruptcy or being rescued by government authorities. As of
December 31, 2016, we have a significant amount of cash and cash equivalents held with two financial institutions<B>. </B>Any cash
deposits we have with financial institutions are therefore at risk. If we are unable to access sufficient capital when required,
it may have an adverse effect on our business, results of operations, financial condition and share price.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>e.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Debt service obligation</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our ability to make scheduled payments
on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing
economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control.
We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium,
if any, and interest on our indebtedness.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If our cash flows and capital resources
are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce
or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital
or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if necessary, on commercially
reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations.
Our Senior Credit Facility and the Indenture may restrict our ability to dispose of assets and use the proceeds from those dispositions
and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We
may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations
then due.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our inability to generate sufficient
cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would
materially and adversely affect our business, results of operations and our ability to satisfy our obligations and our debt instruments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Furthermore, as our funds are used
to develop projects in foreign jurisdictions through foreign subsidiaries, there may be restrictions on our foreign subsidiaries&rsquo;
ability to repay or provide returns to Eldorado Gold which could hinder our ability to service our indebtedness or fulfill our
business plans.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>f.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Default on obligations</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A breach of the covenants under
our Senior Credit Facility, the Indenture or our other debt instruments could result in an event of default under the applicable
indebtedness. Such a default may allow the creditors to accelerate the repayment of the related debt and may result in the acceleration
of repayment of any other debt to which a cross-acceleration or cross-default provision applies. In addition, an event of default
under our Senior Credit Facility would permit the lenders thereunder to terminate all commitments to extend further credit under
that facility. Furthermore, if we are unable to repay any amounts due and payable under our Senior Credit Facility, those lenders
could proceed against the collateral granted to them to secure such indebtedness. If our lenders or noteholders accelerate the
repayment of our borrowings, we may not have sufficient assets to repay that indebtedness.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If we are unable to generate sufficient
cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest
on our indebtedness, or if we otherwise fail to comply with the various covenants in our debt instruments, which could cause cross-acceleration
or cross-default under other debt agreements, we could be in default under the terms of the agreements governing such other indebtedness.
If such a default occurs:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the holders of the indebtedness may be able
to cause all of our available cash flow to be used to pay the indebtedness and, in any event, could elect to declare all the funds
borrowed thereunder to be due and payable, together with accrued and unpaid interest; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">we could be forced into bankruptcy, or liquidation
or restructuring proceedings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If our operating performance declines,
we may in the future need to amend or modify the agreements governing our indebtedness or seek concessions from the holders of
such indebtedness. There is no assurance that such concessions would be forthcoming.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Foreign currency and foreign exchange
</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We operate in a number of jurisdictions
outside of North America and incur certain expenses in foreign currencies. We currently receive revenue from operations in US dollars
but incur a significant portion of our operating expenses and costs in foreign currencies including the Canadian Dollar, Turkish
Lira, Euro, Renminbi
</FONT>and Brazilian Real, each of which fluctuate in value and are subject to their own country's political and economic conditions.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are subject to fluctuations
in the exchange rates between the US dollar and these currencies. This can have a material effect on our future cash flow, business,
results of operations, financial condition and share price and lead to higher construction, development and other costs than anticipated.
We do not currently hedge currency exchange risks, although we may do so from time to time in the future.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See also &quot;Hedging activities&quot;
on page 109.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Tax matters</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We operate and have operated in
a number of countries, each of which has its own tax regime to which we are subject. The tax regime and the enforcement policies
of tax administrators in each of these countries are complicated and may change from time to time, all of which are beyond our
control. Our investments into these countries, importation of goods and material, land use, expenditures, sales of gold and other
products, income, repatriation of money and all other aspects of our investments and operations can be taxed, and there is no certainty
as to which areas of our operations will be assessed or taxed from time to time or at what rates.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our tax residency and the tax residency
of our subsidiaries (both current and past) are affected by a number of factors, some of which are outside of our control, including
the application and interpretation of the relevant tax laws and treaties. If we or our subsidiaries are ever assessed to be a non-resident
in the jurisdictions that we or our subsidiaries report or have reported or are otherwise assessed, or are deemed to be resident
(for the purposes of tax) in another jurisdiction, we may be liable to pay additional taxes. In addition, we have entered into
various arrangements regarding the sale of mineral products or mineral assets which may be subject to unexpected tax treatment.
If such taxes were to become payable, this could have a material adverse effect on our business, results of operations, financial
condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We endeavour to structure, and
restructure from time to time, our corporate organization in a commercially efficient manner and if any such planning effort is
considered by a taxation authority to constitute tax avoidance, then this could result in increased taxes and tax penalties which
could have a material adverse effect on our financial condition.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">New laws and regulations or new
interpretations of or amendments to laws, regulations or enforcement policy relating to tax laws or tax agreements with governmental
authorities, if proposed and enacted, may affect our current financial condition and could result in higher taxes being payable
by us. There is no assurance that our current financial condition will not change in the future due to such changes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Global economic environment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Market events and conditions, including
disruptions in the international credit markets and other financial systems and deteriorating global economic conditions, could
increase the cost of capital or impede our access to capital.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Economic and geopolitical events
may create uncertainty in global financial and equity markets. The global debt situation may cause increased global political and
financial instability resulting in downward price pressure for many asset classes and increased volatility and risk spreads.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Such disruptions could make it
more difficult for us to obtain capital and financing for our operations, or increase the cost of it, among other things. If we
do not raise capital when we need it, or access it on reasonable terms, it could have a material adverse effect on our business,
results of operations, financial condition and share price. These and other related factors can lead to lower longer term asset
values, which can result in impairment losses.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If the negative economic conditions
persist or worsen, it could lead to increased political and financial uncertainty, which could result in regime or regulatory changes
in the jurisdictions in which we operate. High levels of volatility and market turmoil could have an adverse effect on our business,
results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See &ldquo;Geopolitical climate&rdquo;
on page 90.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Repatriation of funds</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We expect to generate cash flow
and profits at our foreign subsidiaries, and we may need to repatriate funds from those subsidiaries to service our indebtedness
or fulfill our business plans, in particular in relation to ongoing expenditures at our development assets. We may not be able
to repatriate funds, or we may incur tax payments or other costs when doing so, as a result of a change in applicable law or tax
requirements at local subsidiary levels or at the Eldorado Gold level, which costs could be material.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Hedging activities</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Companies use hedging activities
to protect against fluctuations in the prices of gold, other metals and other commodities, currency and interest rates to minimize
the effect that such fluctuations can have on future cash flow, results of operations and financial condition over a period of
time. Hedges can have a positive or adverse effect on our future cash flow, results of operations and financial condition, for
instance, while hedging the gold price can protect us from declining prices, it can also limit the price we realize when prices
are increasing.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We currently do not have any material
long term gold hedges or other commodity hedges, but we may hedge in the future.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We currently do not have any interest
rate hedges, but we may hedge in the future.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have a risk management policy
that includes hedging foreign exchange exposure to reduce the risk associated with currency fluctuations. We currently do not have
any currency hedges, but we may hedge in the future.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There is no assurance that any
hedges that are put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes
than we would have experienced if we had no hedges in place.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Dividends</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">While we have initiated a policy
for the payment of dividends on common shares of Eldorado Gold, there is no certainty as to the amount of any dividend or that
any dividend may be declared in the future. Please see our Dividend Policy on page 120.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Compensation risks</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Pension risks</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our pension plan for named executives
is a defined benefit plan which guarantees that participants will receive certain benefit amounts. We use various actuarial assumptions
to estimate our obligations and expenses, including a long-term estimate of the expected rate of return on plan assets, the discount
rate, the rate of salary escalation and the average remaining service period of active employees expected to receive benefits.
If any of these assumptions are incorrect or there is a material change in the facts on which they are based, we may have increased
liabilities that are currently unaccounted for.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Financial reporting risks</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Carrying value of assets</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The carrying value of our assets
is compared to our estimates of their estimated fair value to assess how much value can be recovered based on current events and
circumstances. Our fair value estimates are based on numerous assumptions and are adjusted from time to time and the actual fair
value, which also varies over time, could be significantly different than these estimates.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If there are no mitigating valuation
factors and we do not achieve our valuation assumptions, or we experience a decline in the fair value of our reporting units, it
could result in an impairment charge, which could have an adverse effect on us.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><I>b.&#9;Change in reporting standards</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Changes in accounting or financial
reporting standards may have an adverse impact on our financial condition and results of operations in the future.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Mark to market risk</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Interest rate risk is the risk
that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The
majority of the Company&rsquo;s debt is in the form of Notes with a fixed interest rate of 6.125%. Our current financial assets
and financial liabilities are generally not exposed to interest rate risk because of their short-term nature, but this could change
in the future.<B> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>SECTION V&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE RISKS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Risks related to growth</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Risks related to acquisitions</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><I>i.&#9;Sourcing
merger and acquisition targets and projects</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although we actively seek acquisition
opportunities that are consistent with our acquisition and growth strategy, we are not certain that we will be able to identify
suitable candidates that are available at a reasonable price, complete any acquisition, or integrate any acquired business into
our operations successfully. Acquisitions can involve a number of special risks, circumstances or legal liabilities, which could
have a material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Acquisitions may be made by using
available cash, incurring debt, issuing common shares or other securities, or any combination of the foregoing. This could limit
our flexibility to raise capital, to operate, explore and develop our properties and make other acquisitions, and it could further
dilute and decrease the trading price of our common shares. When we evaluate a potential acquisition, we cannot be certain that
we will have correctly identified and managed the risks and costs inherent in that business.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have discussions and engage
in other activities with possible acquisition targets from time to time, and each of these activities could be in a different stage
of development. There is no assurance that any potential transaction will be completed and the target integrated with our operations,
systems, management and culture successfully in an efficient, effective and timely manner or that the expected bases or sources
of synergies will in fact produce the benefits anticipated. In addition, synergies assume certain long term realized gold and other
metals prices. If actual prices are below such assumed prices, this could adversely affect the synergies to be realized. If we
do not successfully manage our acquisition and growth strategy, it could have a material adverse effect on our business, results
of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><I>ii. &#9;Impact
on growth and financial condition</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We continue to pursue opportunities
to acquire advanced exploration assets that are consistent with our strategy. At any given time, discussions and activities with
respect to such possible opportunities may be in process on such initiatives, each at different stages of due diligence. From time
to time, we may acquire securities of, or an interest in, companies; and we may enter into acquisitions or other transactions with
other companies.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Transactions involving acquisitions
have inherent risks, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">accurately assessing the value, strengths,
weaknesses, contingent and other liabilities and potential profitability of potential acquisitions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limited opportunity for due diligence;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ability to achieve identified and anticipated
operating and financial synergies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated costs, liabilities and write-offs
including higher capital and operating costs than had been assumed at the time of acquisition</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">diversion of management attention from existing
business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">potential loss of our key employees or the
key employees of any business we acquire;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unanticipated changes in business, industry
or general economic or political conditions that affect the assumptions underlying the acquisition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">decline in the value of acquired properties,
companies or securities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the possibility that indemnification agreements
with sellers (if any) may be unenforceable or insufficient to cover potential liabilities.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Any of these factors or other risks
could result in us not realizing the benefits anticipated from acquiring other properties or companies, and could have a material
adverse effect ability to grow and on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify"><I>iii.&#9;Unknown liabilities</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As a result of our acquisitions,
we have assumed liabilities and risks. While we conduct due diligence with respect to acquisitions of companies and assets, there
may be liabilities or risks, including liabilities related to the prior operation of the business acquired, that we failed, or
were unable, to discover in the course of performing our due diligence investigations, which may be significant. Any such liabilities,
individually or in the aggregate, could have a material adverse effect on our business, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify"><I>iv. &#9; Evaluating merits
or risks </I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Due to the nature of certain proposed
transactions, it is possible that shareholders may not have the right to evaluate the merits or risks of any future acquisition,
except as required by applicable laws and stock exchange rules.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify"><I>v. &#9;Portfolio of development
projects</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As part of our strategy, we will
continue our efforts to develop new projects. We may not realize the benefits of our large portfolio of projects. A number of risks
and uncertainties are associated with the development of these types of projects, including political, regulatory, design, construction,
labour, operating, technical and technological risks, uncertainties relating to capital and other costs and financing risks. Such
risks may cause us to re-evaluate and realign our business objectives from time-to-time, including considering suspension of projects
or disposition of certain assets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may be subject to significant
permitting, completion risks and capital cost increases associated with an expansion of our operations and our portfolio of development
projects.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If there are significant delays
in the permitting or completion of projects and / or their capital costs are significantly higher than estimated, these events
could have a significant adverse effect on our future cash flow, business, results of operations, financial condition and share
price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">As a consequence our large portfolio
of development projects, we will be subject to significant additional capital requirements associated with permitting and regulatory
work, development costs and expanded operations. The capital costs necessary to develop the projects could be significantly above
our estimates. Such capital cost overruns could have a significant adverse effect on our results of operation and financial condition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #000000"><I>b.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Risks relating to Dispositions</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">When we decide to sell certain
assets or projects, we may encounter difficulty in finding buyers or executing alternative exit strategies on acceptable terms
in a timely manner, which could delay the accomplishment of our strategic objectives. For example, delays in obtaining tax rulings
and regulatory approvals or clearances, and disruptions or volatility in the capital markets may impact our ability to complete
proposed dispositions. Alternatively, we may dispose of a business at a price or on terms that are less than we had anticipated.
After reaching an agreement with a buyer or seller for the disposition of a business, we may be subject to necessary regulatory
and governmental approvals on acceptable terms as well as satisfaction of pre-closing conditions, which may prevent us from completing
the transaction. Dispositions may impact our production, mineral reserves and resources and our future growth and financial conditions.
Despite the disposition of divested businesses, we may continue to be held responsible for actions taken while we controlled and
operated the business. Dispositions may also involve continued financial involvement in the divested business, such as through
continuing equity ownership, guarantees, indemnities or other financial obligations. Under these arrangements, performance by the
divested businesses or other conditions outside our control could affect our future financial results.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: blue"><I>c.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Limited capital</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We estimate our current financial
resources to be sufficient to support our currently planned exploration and development programs; however, additional capital may
be needed for further exploration, development and construction of mineral projects. If we decide to proceed to production on a
development project for which funding has not yet been identified or sourced, then a significant amount of capital may be needed
for project engineering and construction. As a result, the continuing exploration and development of our properties may depend
on our ability to obtain financing through co-ownership arrangements, debt financing, equity financing or other means. There is
no assurance that we will be successful in obtaining such financing at all, or on terms we find acceptable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Foreign investments and operations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Most of our activities and investments
are in foreign countries including operations and / or exploration and development projects in Brazil, Greece, Romania, Serbia
and Turkey.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These investments are subject to
risks normally associated with conducting business in foreign countries. Some risks are more prevalent in less developed countries
or those with emerging economies, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">uncertain political and economic environments;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">risks of war, regime changes and civil disturbances
or other risks that can:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limit or disrupt a project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrict the movement of funds and personnel
; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limit contractual</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
rights; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">result in property loss by nationalization
or expropriation with or without compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">risk of adverse changes in laws or policies
of particular countries, including government royalties; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">increases or changes in foreign taxation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">delays in or the inability to obtain necessary
government permits, approvals and consents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">limitations on ownership and repatriation
of earnings; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">possible imposition of foreign ownership
limits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">foreign exchange controls and currency devaluations;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">import and export regulations, including
restrictions on exporting gold; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">disadvantages of competing against companies
from countries that are not subject to Canadian and US laws, including laws relating to corrupt foreign practices, economic or
financial sanctions and restrictions on the ability to pay dividends offshore;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">disease and other potential endemic health
issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">unfavourable social benefits and labour requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">exposure to non-governmental organizations&rsquo;
(</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NGO&rsquo;s)</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
activities; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">exposure to occupation of our project sites
for political or other purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In all jurisdictions where we operate,
we are regarded as a foreign entity and consequently we may be subject to greater restrictions and requirements in these jurisdictions.
The occurrence of any of these risks could have a material adverse effect on our business, results of operations, financial condition
and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We review these and other risks related
to the business in foreign countries on an ongoing basis. Such reviews may cause us to re-evaluate and realign our business objectives
and strategic direction from time to time, including considering suspension of projects or disposition of certain assets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">See also &ldquo;Resource nationalism and foreign ownership
restrictions&rdquo; and &ldquo;Geopolitical climate&rdquo;.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Regulatory requirements</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Regulatory requirements have a
significant impact on our mining operations, and can have a material adverse effect on our future cash flow, business, results
of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have operations in a number
of jurisdictions outside of North America, mainly in Brazil, Greece, Serbia, Turkey, and Romania. The laws in each of these countries
are significantly different, and they can change. Mining operations, development and exploration activities are subject to extensive
laws and regulations governing among other things:</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">prospecting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">development;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">production; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">imports and exports; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">taxes and royalties; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mineral tenure, land title and land use;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">labour standards; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">occupational health; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">environmental monitoring;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">water management including access and use,
quality control and containment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">restrictions on use of chemicals and explosives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">waste disposal; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">environmental protection and remediation;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">sustainability and community relations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">foreign corrupt practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">protection of endangered and protected species;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">mine safety; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">toxic substances.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mining is subject to potential
risks and liabilities associated with pollution and the disposal of waste products from mineral exploration and production. Costs
for discovering, evaluating, planning, designing, developing, constructing, operating, closing and remediating our mines and other
facilities in compliance with these laws and regulations are significant. In some jurisdictions, forms of financial assurance are
required to be provided as security for reclamation activities. The cost of our reclamation activities may materially exceed our
provisions for them, or regulatory developments or changes in the assessment of conditions at closed operations may cause these
costs to vary substantially, positively or negatively, from prior estimates of reclamation liabilities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Not complying with applicable laws
and regulations can result in enforcement actions that can include corrective measures requiring capital expenditures or the installation
of additional equipment, or remedial actions. Parties involved in mining operations may be required to compensate those suffering
loss or damage resulting in interruption of mining activities and may face civil or criminal fines or penalties for violating certain
laws or regulations. Any regulatory or judicial action against us for failure to comply with applicable laws and regulations could
therefore materially affect our operating costs and delay or curtail our operations. There is no assurance that we have been or
will be at all times in compliance with all applicable laws and regulations, that compliance will not be challenged or that the
costs of complying with current and future laws and regulations will not materially or adversely affect our business, results of
operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">New laws and regulations, amendments
to existing laws and regulations or administrative interpretation, or more stringent enforcement of existing laws and regulations,
whether in response to changes in the political, social or economic environment in which we operate or otherwise could occur. Eldorado
constantly works to comply with global best practices relating to sustainability, community relations, governance and the environment
and this could have a material adverse effect on our future cash flow, business, results of operations, financial condition and
share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See also &ldquo;Regulatory requirements&rdquo;
on page 112.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>a.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Full compliance at all times</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our activities are subject to extensive
federal, provincial, state and local laws and regulations governing environmental protection and employee health and safety. We
are subject to obtaining government permits and provide associated financial assurance to conduct certain activities. We are also
subject to various conditions related to reclamation that are imposed under federal, state or provincial air, water quality and
mine reclamation rules and permits.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have budgeted for future capital
and operating expenditures to obtain such permits and maintain compliance with these environmental, health and safety laws, however,
any changes to these laws in the future could have an adverse effect
on our business, results of operations, financial condition and share price and could delay our ability to obtain such permits.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If these laws are not complied
with, we may face injunctions, damages and penalties, or our permits could be suspended or revoked. There is no assurance that
we have been, or will be, in compliance with environmental, health and safety laws at all times, that our compliance will not be
challenged, or that the cost of complying with current or future laws will not have a material adverse effect on our future cash
flow, business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We may also be held responsible
for the costs of addressing contamination from current or former activities at our projects and could be held liable for exposure
to hazardous substances, whether or not we had an interest in the project at the time of the contamination or exposure. We may
also be held liable for past activities at divested businesses. The costs associated with such responsibilities and liabilities
may be significant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>b.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Evolving public disclosure requirements
</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are subject to changing rules
and regulations promulgated by a number of United States and Canadian governmental and self-regulated organizations, including
the SEC, CSA, the NYSE, the TSX, and the Financial Accounting Standards Board. These rules and regulations continue to evolve in
scope and complexity and many new requirements have been created in response to laws enacted by governments, making compliance
more difficult and uncertain. Examples include the Canadian Extractive Sector Transparency Measures Act and SEC rules on &lsquo;conflict
minerals&rsquo;.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Effective June 2015, the Government
of Canada introduced the Extractive Sector Transparency Measures Act which established new mandatory reporting standards for mining
companies directed at payments made to foreign and domestic governments at all levels, which requires us to publicly disclose on
an annual basis, certain payments made by Eldorado Gold, our subsidiaries or entities controlled by Eldorado Gold, to the Canadian
government and foreign governments, including sub-national governments.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The SEC has adopted rules requiring
companies, beginning in 2014, to disclose on an annual basis whether certain &ldquo;conflict minerals&rdquo; necessary to the functionality
or production of a product manufactured by such company originated in the Democratic Republic of the Congo or an adjoining country.
While issuers engaged in mining conflict minerals are not considered manufacturers of conflict minerals and are not required to
provide disclosure we are still required to enact procedures establishing the country of origin of our gold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our efforts to comply with the
Canadian and United States rules and regulations and other new rules and regulations regarding public disclosure have resulted
in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and
attention from revenue-generating activities to compliance activities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If we fail to comply with such
regulations, it could have a negative effect on our business, results of operations, and share price and investors could lose all
or part of their investment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>c.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Corporate governance requirements </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are subject to corporate governance
guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with corporate governance standards
that apply to us as a foreign issuer listed on the NYSE and registered with the SEC in the US.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although we substantially comply
with NYSE&rsquo;s corporate governance guidelines, we are exempt from certain NYSE requirements because we are subject to Canadian
corporate governance requirements. We may from time to time seek other relief from corporate governance and exchange requirements
and securities laws from the NYSE and other regulators.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>d.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Internal controls over financial reporting
</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We document and test our internal
control procedures to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act (SOX). SOX requires management to do an
annual assessment of our internal controls over financial reporting
and our external auditors to conduct an independent assessment of the effectiveness of our controls.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our internal controls over financial
reporting may not be adequate, or we may not be able to maintain them as required by SOX. We also may not be able to maintain effective
internal controls over financial reporting on an ongoing basis, if standards are modified, supplemented or amended from time to
time.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If we do not satisfy the SOX requirements
on an ongoing and timely basis, investors could lose confidence in the reliability of our financial statements, and this could
harm our business and have a negative effect on the trading price or market value of securities of Eldorado Gold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If we do not implement new or improved
controls, or experience difficulties in implementing them, it could harm our operating results or we may not be able to meet our
reporting obligations. There is no assurance that we will be able to remediate material weaknesses, if any are identified in future
periods, or maintain all of the necessary controls to ensure continued compliance. There is also no assurance that we will be able
to retain personnel who have the necessary finance and accounting skills because of the increased demand for qualified personnel
among publicly traded companies.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Acquisitions can pose challenges
in implementing the required processes, procedures and controls in the new operations. Companies that we acquire may not have disclosure
controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by the
securities laws that currently apply to us.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">If any of our staff fail to disclose
material information that is otherwise required to be reported, no evaluation can provide complete assurance that our internal
controls over financial reporting will detect this. The effectiveness of our controls and procedures may also be limited by simple
errors or faulty judgments. Continually enhancing our internal controls is important, especially as we expand and the challenges
involved in implementing appropriate internal controls over financial reporting will increase. Although we intend to devote substantial
time to ongoing compliance with this, including incurring the necessary costs associated with therewith, we cannot be certain that
we will be successful in complying with section 404 of SOX.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Corruption and bribery</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our operations are governed by
and involve interactions with, many levels of government in numerous countries. Like most companies, we are required to comply
with anti-corruption and anti-bribery laws, including the Canadian Corruption of Foreign Public Officials Act and the U.S. Foreign
Corrupt Practices Act, as well as similar laws in the countries in which we conduct our business. The Company has implemented and
promulgated an Anti-Bribery &amp; Corruption Policy which now forms part of our Code of Business Conduct and Ethics documentation
with which all employees are required to comply.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In recent years, there has been
a general increase in both the severity of penalties and frequency of enforcement under such laws, resulting in greater punishment
and scrutiny to companies convicted of violating anti-bribery laws. Furthermore, a company may be found liable for violations by
not only its employees, but also any third party agents. Although we have adopted policies and a risk-based approach to mitigate
such risks, such measures may not always be effective in ensuring that we, our employees or third party agents will comply strictly
with such laws. If we find ourselves subject to an enforcement action or are found to be in violation of such laws, this may result
in significant penalties, fines and / or sanctions being imposed on us resulting in a material adverse effect on our reputation
our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The operation of our business may
also be impacted by economic or financial sanction laws such as the United Nations Act (Canada) and the Special Economic Measures
Act (Canada), as well as similar laws in countries in which we conduct our business or our securities trade. Such laws may impose
restrictions and prohibitions on trade and other economic activities with foreign markets or countries, including investments.
These restrictions and prohibitions may apply to dealings with entire countries, non-state actors such as terrorist organizations
or designated persons from a target country and may change from time to time. It is not always easy to locate and remain current
on the current list of sanctions imposed and governments do not necessarily provide sufficient guidance for businesses wanting
to comply with applicable laws. Although we do not believe that we are in contravention of such laws, there is no assurance that we are or will be
in full compliance at all times and that our business will not be adversely affected.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Non-governmental organizations (NGOs)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Certain NGOs that oppose globalization
and resource development are often vocal critics of the mining industry and its practices, including the use of hazardous substances
in processing activities. Adverse publicity generated by such NGOs or other parties generally related to extractive industries
or specifically to our operations, could have an adverse effect on our reputation, impact our relationship with the communities
in which we operate and ultimately have a material adverse effect on our business, results of operations, financial condition and
share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">NGO&rsquo;s may lobby governments
for changes to laws, regulations and policies pertaining to mining and relevant to our business activities, which if made could
have a material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">NGO&rsquo;s organize protests,
install road blockades, apply for injunctions for work stoppage, file lawsuits for damages and intervene and participate in lawsuits
seeking to cancel our rights, permits and licences.. These actions can relate not only to current activities but also historic
mining activities by prior owners and could have a material adverse effect on our business and operations. NGO&rsquo;s may also
file complaints with regulators in respect of our and our directors&rsquo; and insiders&rsquo;, regulatory filings, in respect
of Eldorado. Such complaints, regardless of whether they have any substance or basis in fact or law, may have the effect of undermining
the confidence of the public or a regulator in Eldorado or such directors or insiders and may adversely affect our prospects of
obtaining the regulatory approvals necessary for advancement of some or all of our exploration and development plans or operations
and our business, results of operations, financial condition and share price. Please refer to Skouries &lsquo;Community Relations&rsquo;
section on page 57 and &lsquo;Hellas Gold Litigation&rsquo; section on page 49 for more information.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Conflicts of interest</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Certain of our directors also serve
as directors and / or officers of other companies involved in natural resource exploration and development. There is a possibility
that such other companies may compete with us for the acquisition of assets. Consequently there exists the possibility for such
directors to be in a position of conflict. If any such conflict of interest arises, then a director who has a conflict must disclose
the conflict to a meeting of our directors and must abstain from and will be unable to participate in discussion or decisions pertaining
to the matter. In appropriate cases, Eldorado Gold will establish a special committee of independent directors to review a matter
in which several directors, or management, may have a conflict.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Information technology systems</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our operations depend, in part,
upon information technology systems. Our information technology systems are subject to disruption, damage or failure from a number
of sources, including, but not limited to, hacking, computer viruses, security breaches, natural disasters, power loss, vandalism,
theft and defects in design. We may also be targets of cyber surveillance or a cyber attack from cyber criminals, industrial competitors
or government actors. Any of these and other events could result in information technology systems failures, operational delays,
production downtimes, loss of revenues due to a disruption of activities, incurring of remediation costs, including ransom payments,
destruction or corruption of data, release of confidential information in contravention of applicable laws, litigation, fines and
liability for failure to comply with privacy and information security laws, unauthorized access to proprietary or sensitive information,
security breaches or other manipulation or improper use of our data, systems and networks, regulatory investigations and heightened
regulatory scrutiny, any of which could have adverse effects on our reputation, business, results of operations, financial condition
and share price.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Although to date we have not experienced
any material losses relating to cyber-attacks or other information security breaches, there is no assurance that we will not incur
such losses in future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving
nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices
designed to protect our systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority.
As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective
measures or to investigate and remediate any security vulnerabilities. Risks related to cyber security are monitored on an ongoing
basis by our Board and the Company is in the process of developing a cyber response protocol.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Price and volume fluctuations </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The capital markets have experienced
a high degree of volatility in the trading price and volume of shares sold over the past few years. Many companies have experienced
wide fluctuations in the market price of their securities that have not necessarily related to their operating performance, underlying
asset values or prospects. There is no assurance that the price of our securities will not be affected.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In the past, shareholders have
instituted class action lawsuits against companies that have experienced volatility in their share price. Class action lawsuits
can result in substantial costs and divert management&rsquo;s attention and resources, which could significantly harm our profitability
and reputation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Litigation and contract risks</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We are periodically subject to
legal claims that are with and without merit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition to the matters described
elsewhere in this AIF (refer to pages 34, 41, 49 and<B> </B>57<B>) </B>we are regularly involved in routine litigation matters.
We believe that it is unlikely that the final outcome of these routine proceedings will have a material adverse effect on us; however,
defense and settlement costs can be substantial, even for claims that are without merit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Due to the inherent uncertainty
of the litigation process and dealings with regulatory bodies, there is no assurance that any legal or regulatory proceeding will
be resolved in a manner that will not have a material and or adverse effect on us. In the event of a dispute arising from foreign
operations, the Company may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign
persons to the jurisdiction of courts in Canada.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In our business we make contracts
with a wide range of counterparties. There can be no assurance that: these contracts will be honoured and performed in accordance
with their terms by our counterparties; we will be able to enforce the contractual obligations of our counterparties; or we will
be able to recover any financial or other judgments rendered in our favour.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Unavailability of insurance</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Where practical, a reasonable amount
of insurance is maintained against risks in the operation of our business, but coverage has exclusions and limitations. There is
no assurance that the insurance will be adequate to cover any liabilities, or that it will continue to be available, and at terms
we believe are economically acceptable.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There are some cases where coverage
is not available, or we believe it is too expensive relative to the perceived risk. For example, insurance against risks such as
loss of title to mineral property, environmental pollution, or other hazards as a result of exploration and production is generally
not available to us or other companies in the mining industry on acceptable terms. Losses from these uninsured events may cause
us to incur significant costs that could have a material adverse effect upon our business, results of operations, financial condition
and share price.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Investor information</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Our corporate structure</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">April 2, 1992</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Eldorado Corporation Ltd. is incorporated by a Memorandum of Association under the Companies Act (Bermuda)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">April 23, 1996</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Name change to Eldorado Gold Corporation and continues under the Company Act (British Columbia)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">June 28, 1996</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Continues under the <I>CBCA</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">November 19, 1996</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amalgamates with HRC Development Corporation under the name Eldorado Gold Corporation, under a plan of arrangement through the CBCA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">June 5, 2006</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amends articles and files restated articles under the CBCA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">April 3, 2009</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adopts new bylaws that shareholders approve on May 7, 2009 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">December 12, 2013</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adopts new bylaws that shareholders approved on May 1, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">May 27, 2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amends articles and files restated articles under the CBCA</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
<TR>
    <TD>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">A corporation formed under laws other than the federal laws
        of Canada may apply to be &ldquo;continued&rdquo; under the <I>CBCA</I> by applying for a certificate of continuance from the Corporations
        Directorate.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Once the certificate is issued, the CBCA applies to the corporation
        as if the corporation was incorporated under the CBCA.</P>
        <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif"><B>Eldorado Gold capital structure</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under our articles, Eldorado Gold is
permitted to issue an unlimited number of common shares:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Share capital at Jan. 31, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Common shares outstanding</FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">716,587,134</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Options (number of shares reserved)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">33,811,554</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Performance Share Units (PSUs)<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,730,230</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify"><SUP>1</SUP> PSUs are subject to
satisfaction of performance vesting targets within a performance period which may result in a higher or lower number of PSUs than
the number granted as of the grant date. Redemption settlement may be paid out in shares (one for one), cash or a combination.
The number of common shares listed above in respect of the PSUs assume that 100% of the PSUs granted (without change) will vest
and be paid out in common shares on a one for one basis. However, as noted, the final number of PSUs that may be earned and redeemed
may be higher or lower than the number of PSUs initially granted.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">The rules for changing the rights
associated with Eldorado Gold shares are contained in the CBCA. Eldorado Gold generally needs at least two-thirds of the votes
cast at a special meeting of shareholders to make substantive changes to our share capital as described in our articles. For further
information on all other executive compensation arrangements please refer to our Management Proxy Circular.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">Common shares</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each common share gives the shareholder
the right to:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">receive notice of and to attend all shareholder
meetings and have one vote in respect of each share held at such meetings; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">participate equally with other shareholders
in any:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">dividends declared by the board; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">distribution of assets if we are liquidated
dissolved or wound-up. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><I>Common shares issued in 2016 </I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Balance, December 31, 2015</FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">716,587,134</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Shares issued upon exercise of share options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Shares issued upon redemption of PSU&rsquo;s*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total &ndash; issued and outstanding as at December 31, 2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>716,587,134</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">*No PSU&rsquo;s were earned
during 2016</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">Non-voting shares</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At our annual and special meeting on
May 1, 2014, the shareholders approved an amendment to the articles to eliminate the non-voting shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Senior unsecured notes</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On December 13, 2012, Eldorado completed
an offering of $600M aggregate principal amount of 6.125% senior unsecured notes (Notes). The Notes mature on December 15, 2020
and are guaranteed on a senior unsecured basis by Eldorado&rsquo;s indirect wholly-owned subsidiaries SG and Tuprag and will be
guaranteed by each of the Eldorado&rsquo;s wholly-owned subsidiaries that becomes a borrower or guarantor under debt facilities
of Eldorado, subject to certain exceptions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Indenture</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Notes are governed by an indenture
(Indenture) dated December 13, 2012 among Eldorado, SG, Tuprag, Computershare Trust Company, N.A., as Computershare Trust Company
of Canada, as Canadian Trustee. Under the Indenture, Eldorado may redeem some or all of the Notes at any time on or after December
15, 2016, December 16, 2017 and December 15, 2018 at redemption prices equal to 103.063%, 101.531% and 100.000%, respectively,
of the principal amount of the Notes plus, in each case, accrued and unpaid interest, if any, to the date of redemption. The Notes
may be redeemed at Eldorado&rsquo;s option, in whole but not in part, at a price of 100% of the principal amount of the Notes,
plus accrued and unpaid interest, if any, to the date of redemption in certain circumstances in which Eldorado would become obligated
to pay certain additional amounts under the Notes. If Eldorado sells certain of its assets or experiences specific kinds of changes
in control, Eldorado must offer to purchase the Notes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Notes will be Eldorado&rsquo;s
senior unsecured obligations and will rank equally in right of payment to all of Eldorado&rsquo;s existing and future senior unsecured
debt and senior in right of payment to all of Eldorado&rsquo;s existing and future subordinated debt. The Notes will be effectively
subordinated to any of Eldorado&rsquo;s existing and future secured debt to the extent of the value of the collateral securing
such debt. The note guarantees will rank equally in right of payment with all of the guarantors&rsquo; existing and future senior
debt, effectively subordinated to any of the guarantors&rsquo; existing and future secured debt to the extent of the value of the
collateral securing such debt and senior in right of payment to all of the guarantors&rsquo; existing and future subordinated debt.
In addition, the Notes will be structurally subordinated to the liabilities of Eldorado&rsquo;s non-guarantor subsidiaries.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Indenture contains customary
affirmative and negative covenants that, among other things limit the ability of Eldorado and its subsidiaries to make investments;
incur additional indebtedness or issue preferred stock; create liens; sell assets; enter into agreements that restrict dividends
or other payments by restricted subsidiaries; consolidate, merge or transfer all or substantially all of the assets of Eldorado;
engage in transactions with Eldorado&rsquo;s affiliates; pay dividends or make other distributions on capital stock or prepay subordinated indebtedness;
and create unrestricted subsidiaries. For full details of the terms of the Notes, see the Indenture, which is filed under Eldorado&rsquo;s
profile on SEDAR at www.sedar.com.<B> </P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Ratings</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On issuance the Notes were assigned
credit ratings of Ba3 by Moody&rsquo;s Investors Service (Moody&rsquo;s) and BB by Standard &amp; Poor&rsquo;s Rating Services
(S&amp;P). On January 21, 2016 Moody&rsquo;s announced that they had placed the ratings of 12 mining companies (including Eldorado)
rated in Canada and their rated subsidiaries, on review for downgrade. As of the date of this AIF, the notes have an unassigned
credit rating of B1 by Moody&rsquo;s and BB- by S&amp;P.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">These issuer credit rating are
an opinion of the ability of the issuer to honour senior unsecured financial obligations and contracts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Moody&rsquo;s credit ratings are
on a rating scale that ranges from Aaa to C, which represents the range from highest to lowest quality of such securities rated.
A rating of &ldquo;Ba&rdquo; by Moody&rsquo;s is the fifth highest of nine categories and denotes obligations judged to have speculative
elements and are subject to substantial credit risk. The addition of a 1, 2 or 3 modifier after a rating indicates the relative
standing within a particular rating category. The modifier 1 indicates that the issue ranks in the higher end of its generic rating
category, the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic
rating category.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">S&amp;P&rsquo;s credit ratings
are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality. A credit rating of
&ldquo;BB&rdquo; by S&amp;P is the fifth highest of ten categories. According to the S&amp;P rating system, an obligor with debt
securities rated &ldquo;BB&rdquo; is less vulnerable in the near-term than other lower-rated obligors. However, it faces major
ongoing uncertainties and exposure to adverse business, financial or economic conditions which could lead to the obligor&rsquo;s
inadequate capacity to meet its financial commitments. The addition of a plus (+) or minus (-) designation after the rating indicates
the relative standing within a particular rating category.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The credit ratings assigned by
the rating agencies are not recommendations to purchase, hold or sell securities nor do the ratings comment on market price or
suitability for a particular investor. There is no assurance that any rating will remain in effect for any given period of time
or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances
so warrant.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We pay annual credit rating fees
to both Moody&rsquo;s and S&amp;P as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Moody&rsquo;s</FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$70,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">S&amp;P</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$55,500</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dividend policy</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board established a dividend policy
in May 2010 and declared our first dividend of Cdn$0.05 per common share. Any dividend payment, if declared, is expected to be
derived from a dividend fund calculated on an amount, determined at the discretion of the Directors at the time of any decision
to pay a dividend, multiplied by the number of ounces of gold sold by Eldorado in the preceding two quarters. In 2011, the board
amended the dividend policy to provide additional step-ups as the average realized gold price increases. The Board further amended
the dividend policy in 2013 to revise the gradation of the fixed dollar amounts per ounce of gold sold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The amount of the dividend fund
will be divided among all the issued Eldorado common shares to yield the dividend payable per share. Accordingly, the calculation
of any dividends, if declared, will also be dependent on gold prices upon, among other things.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The declaration and payment of
dividends is at the sole discretion of the Board of Directors, and is subject to and dependent upon, among other things, the financial
condition of, and outlook for the Company, general business conditions, satisfaction of all applicable legal and regulatory restrictions
regarding the payment of dividends by Eldorado and the Company&rsquo;s cash flow and financing needs.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">On June 18, 2010 we paid an inaugural
dividend of Cdn$0.05 per common share. Beginning in 2011, we paid semi-annual dividends. See below dividend payments for the past
three years.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In Q1 2016, the Company suspended
the cash payment of its semi-annual dividend. The decision of the Board of Directors haD been made in view of gold prices, the
terms and conditions of the Dividend Policy and the requirements of the CBCA.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">On February 23, 2017, the Company declared that it will
pay a dividend of CDN$0.02 per common share on March 16, 2017 to the holders of the Company's outstanding common shares as the
close of business on the record date of March 7, 2017.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Dividends paid</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 23%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Date</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Per common share&nbsp;&nbsp;(Cdn$)</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2014</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">February 14, 2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.01</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">August 26, 2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.01</FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">2015</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">February 16, 2015</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.01</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">August 26, 2015</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.01</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2016</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Market for securities</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Eldorado is listed on the following exchanges:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">TSX under the symbol ELD<BR>
(listed October 23, 1993 &ndash; part of the S&amp;P/TSX Global Gold Index)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">NYSE under the symbol EGO<BR>
(listed October 20, 2009 &ndash;&nbsp;part of the AMEX Gold BUGS Index)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Our common shares were listed on the American Stock
Exchange (AMEX) from January 23, 2003 until October 20, 2009.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The table below shows the range in price and trading
volumes of our common shares on the TSX in 2015.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Trading activity in 2016</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 22%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 11pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 11pt; line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 11pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cdn$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 27%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 11pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>High</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Low</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Close</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Volume</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">January</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.72</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.13</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.18</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">132,699,436</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">February</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.38</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.25</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.05</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">134,175,662</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">March</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.98</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.97</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.08</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">142,045,505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">April</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.36</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.08</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.29</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">101,537,530</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">May</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.65</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.05</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.58</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">167,721,662</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">June</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.21</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.35</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.81</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">165,760,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">July</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.72</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.47</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.35</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">117,101,829</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">August</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.74</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.48</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.20</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">116,366,336</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">September</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.64</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.39</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.16</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">166,464,242</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">October</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.41</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.50</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.23</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">111,619,623</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">November</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.68</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.60</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.70</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">147,642,889</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">December</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.61</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.75</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.32</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">153,710,322</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Prior sales</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The following table sets out all
of the securities issued by the Company during our last financial year other than our common shares:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; line-height: 107%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Type of security</B></FONT></TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Number of </B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>securities</B></P></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Date </B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>issued</B></P></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Issue price/ </B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Exercise price</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Stock options</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">8,925,958</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">12,959</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">50,000</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">12,247</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">100,000</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 2,2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 5, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">March 29, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">May 19, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">November 1, 2016</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</FONT></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a / $3.22</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a / $3.71</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a / $3.99</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a / $5.91</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a / $4.23</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Performance Share Units</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">(PSUs)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">794,550</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">2,102</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 2, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 5, 2016</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Restricted Share Units</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">(RSUs)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">782,212</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">1,991</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 2, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 5, 2016</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Deferred Units</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">(DUs)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">170,026</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">21,274</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">10,444</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">4,468</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">February 2, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">March 31, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">June 30, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">September 30, 2016</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">n/a</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For detailed information about
the plans that govern the stock options, PSUs, RSUs and DUs, including the compensation principles that governs the grants made,
please refer to our Management Proxy Circular</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: gray"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: gray">Transfer agents and registrars</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Registrar and transfer agent </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>for our common shares</B></FONT></TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>Computershare Trust Company of Canada</B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">100 University Ave.</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">8th Floor, North Tower</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">Toronto, Ontario M5J 2Y1</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Registered and records office </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>and address for service</B></FONT></TD>
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>Fasken Martineau DuMoulin LLP</B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">Suite 2900 &ndash;&nbsp;550 Burrard Street<BR>
        Vancouver, BC V6C 0A3</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Registrar and trustee for our Notes</B></FONT></TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.05in 5.75pt">
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0"><B>Computershare Trust Company N.A.</B></P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">8742 Lucent Boulevard, Suite 225</P>
        <P STYLE="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 2pt 0">Highlands Ranch, CO 80129</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt"><B>Governance</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Management and the Board of Directors
are committed to good governance practices. We are committed to the highest standards of legal and ethical conduct, and believe
in the importance of full, accurate, clear and timely disclosure, and in communicating openly with all of our stakeholders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We comply with corporate governance
guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with the corporate governance standards
that apply to us as a foreign issuer listed on the NYSE and registered with the SEC in the United States.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Ethical business conduct</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our code of business conduct and
ethics (the Code) is designed to promote integrity and deter wrongdoing by setting out the legal, ethical and regulatory standards
we follow in all of our activities. The Code applies to our directors, officers, employees and contractors and reinforces our commitment
to ethical business conduct. Complying with the Code and maintaining high standards of business conduct are mandatory, and the
board relies on the oversight of our internal controls to monitor compliance with the Code. Our Code is available on our website
(www.eldoradogold.com) and on our SEDAR profile at www.sedar.com.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Anti-Bribery &amp; Anti-Corruption
Policy (ABC Policy)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 3.45pt 6.2pt 8pt 5pt; text-align: justify">Our ABC Policy is designed
to educate and to provide guidance to our personnel and agents to avoid directly or indirectly paying bribes or otherwise making
improper payments or gifts. The ABC Policy is intended to alert<FONT STYLE="letter-spacing: 0.75pt"> </FONT>all<FONT STYLE="letter-spacing: 0.8pt">
</FONT>directors,<FONT STYLE="letter-spacing: 0.75pt"> </FONT>officers,<FONT STYLE="letter-spacing: 0.85pt"> </FONT>employees<FONT STYLE="letter-spacing: 0.75pt">
and agents </FONT>to their responsibility to comply with all applicable<FONT STYLE="letter-spacing: 0.05pt"> </FONT>anti-bribery
and anti-corruption laws, including, for example, the Canadian Corruption of Foreign<FONT STYLE="letter-spacing: 0.8pt"> </FONT>Public
Officials Act, the US Foreign Corrupt Practices Act and the UK Anti-Bribery Act, and to be alert to any potential violations of
the applicable anti-bribery and anti-corruption<FONT STYLE="letter-spacing: 1.45pt"> </FONT>laws by any of our personnel or our
independent representatives, distributors, consultants, or agents that can potentially constitute a violation of such laws by<FONT STYLE="letter-spacing: -0.25pt">
</FONT>Eldorado. The ABC Policy is available on our website (www.eldoradogold.com).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our Board of Directors</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Eldorado&rsquo;s Board of Directors
oversees management, who are responsible for the day to day conduct of our business.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board is responsible for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">acting in good faith in the best interests
of Eldorado Gold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">exercising care, diligence and skill in carrying
out its duties and responsibilities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">meeting its obligations under the CBCA, the
Eldorado Gold articles and bylaws, the Director Terms of Reference and any other relevant legislation and regulations governing
our business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Board has adopted a written
mandate, which is available on our website and which describes its responsibility for stewardship. The board carries out its mandate
directly or through its committees, which are composed of 100% independent directors.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Directors</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">According to our articles and bylaws,
we must elect between three and 20 directors at every annual general meeting to serve for a one-year term or until a successor
is elected or appointed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">It is expected that ten directors
will be nominated to the Board in 2017. The CBCA requires at least 25% of our directors to be Canadian residents.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The table below lists our directors,
including their province or state of residence, their principal occupation during the 5 preceding years and approximate number
of Eldorado common shares they own. This includes shares they beneficially own directly or indirectly, or exercise control or direction
over as of the date of this AIF.<BR CLEAR="ALL">
</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Director</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Board committees</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Principal occupation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Approximate number of common shares held</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">George Albino</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Colorado, United States</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Sustainability</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Corporate governance</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">and nominating</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since October 27, 2016</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Equities analyst for precious metal stocks at a variety of
        investment firms, most recently with GMP Securities.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Nil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">K. Ross Cory, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Audit</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Corporate governance<BR>
        and nominating</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since April 30, 2003</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Various senior executive &amp; director capacities with Raymond
        James Ltd. (and predecessor companies)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">340,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Pamela M. Gibson, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Hampshire, United Kingdom</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Sustainability</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Corporate governance</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">and nominating (chair)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since September 2, 2014</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Of Counsel at Shearman &amp; Sterling LLP since 2005</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Head of capital Markets Europe and Asia (2002 to 2004); Managing
        Partner London (1995 to 2002) and Toronto (1990 to 1995) offices; and associate lawyer (1984 to 1989) at Shearman &amp; Sterling
        LLP</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Currently a director of GasLog Partners LP</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Nil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Robert R. Gilmore, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Colorado, United States</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Non-executive Chairman of the board</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Audit</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Compensation</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Chairman of the board since December 2009 and director since
        April 30, 2003</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Financial consultant</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">CFO of Dakota Mining Corporation (1991 to 1997), CFO of Teamshare
        Inc. (2002)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Currently a director of Layne Christensen Company, and Fortuna
        Silver Mines</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">9,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Geoffrey A. Handley, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">New South Wales, Australia</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Compensation</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Sustainability (chair)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since August 2006</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Executive Vice President, Strategic<BR>
        Development with Placer Dome<BR>
        (2002 to 2006)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Currently a director of Endeavour Silver Corp.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 30%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Director</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 21%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Board committees</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 32%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Principal occupation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 17%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Approximate number of common shares held</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Michael A. Price, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">London, United Kingdom</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Audit</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Sustainability</P></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since May 6, 2011</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Mining Finance Consultant and Adviser and London Representative
        of Resource Capital Funds since 2006.</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Managing Director, Joint Global Head of Mining and Metals
        of Barclays Capital (2003 to 2006), Managing Director, Global Head of Mining and Metals of Soci&eacute;t&eacute; General, London
        (2001 to 2003), Executive Director, Head of Resource Banking and Metals Trading, N.M. Rothschild &amp; Sons Ltd. (1989 to 2001),
        Mining Engineer, Business &amp; Financial Analyst, British Petroleum PLC (1981 to 1988)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Currently a director of Asanko Gold Corporation.</P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Nil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 11pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0"><FONT STYLE="font-size: 8pt">Steven P</FONT><FONT STYLE="font-size: 10pt">.</FONT><FONT STYLE="font-size: 8pt">
        Reid, ICD.D</FONT></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Alberta, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Compensation</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Sustainability</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since May 2, 2013</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Executive Vice President and Chief Operating Officer of Goldcorp
        Inc. (2007 to September 2012)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Currently a director of Silver Standard Resources Inc. and
        Gold Fields Limited.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Nil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Jonathan A. Rubenstein, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Compensation (chair)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Corporate governance and nominating</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since May 7, 2009</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Vice President &amp; Corporate Secretary of Canico Resources
        (2002 to 2005), Vice President, Corporate Affairs, Sutton Resources (1995 to 1999)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Currently a director and chairman of MAG Silver Corp., director
        of Detour Gold Corporation, Dalradian Resources Inc. and Roxgold Corp.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">9,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">John Webster, Acc. Dir</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Independent Director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Audit (chair)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Corporate governance and nominating</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since January 1, 2015</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">PricewaterhouseCoopers Canada (1981 to 2011), Partner (1992
        to 2011),</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Mining Leader (1996 to 2000),</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">BC Region Managing Partner (2001 to 2009).</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">PricewaterhouseCoopers Romania</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Partner (2011 to 2014),</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Assurance Leader for Romania and South Eastern Europe.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2,000</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 30%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Director</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 21%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Board committees</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 32%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Principal occupation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%; width: 17%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Approximate number of common shares held</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Paul N. Wright<BR>
        British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">President, Chief Executive Officer<BR>
        and Director</P></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Director since March 1999</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">President and Chief Executive Officer since January 1, 2016</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Chief Executive Officer (July 2012 to December 2015)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">President and Chief Executive Officer<BR>
        (October 1999 to July 2012)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">President and Chief Operating Officer (March 1999 to October
        1999), Senior Vice President, Operations (October 1997 to March 1999), Vice President, Mining (July 1996 to October 1997)</P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,317,391</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">As announced on December 16, 2016,
Paul Wright intends to retire as President and Chief Executive Officer and George Burns has been named as his successor effective
as of the date of the Eldorado 2017 annual shareholder meeting on April, 27, 2017. Mr. Burns has been nominated as a director
to the board for the upcoming shareholder meeting.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Mr. Burns is a first time director
nominee.&nbsp; He joined Eldorado on February 1, 2017.&nbsp; Prior to joining us, Mr. Burns was the Executive Vice President and
Chief Operating Officer at Goldcorp.&nbsp; He also held the Goldcorp positions of Senior Vice President, Mexican Operations and
Vice President, Canada and United States respectively.&nbsp; Prior to that, he was Senior Vice President &amp; Chief Operating
Officer of Centerra Gold Inc.&nbsp; He has over 30 years&rsquo; experience in the mineral sector including executive, operations,
development and engineering leadership roles in gold, copper and coal operations.&nbsp; Mr. Burns has served in various capacities
for Asarco including Vice President of Mining as well as numerous capacities for Cyprus Minerals Corporation.&nbsp; He began his
career with Anaconda Company in 1978.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Nine of our ten directors were elected
at our 2016 annual shareholders&rsquo; meeting. All directors&rsquo; terms expire at our next annual meeting of shareholders. Nine
of our currently appointed directors and Mr. George Burns have been nominated for election by the shareholders at our 2017 annual
shareholders meeting. Mr. Cory will not be standing for re-election at our 2017 annual meeting.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">As of the date of this AIF, the directors
and executive officers of the Company owned an aggregate of 2,076,093 shares, an aggregate of 11,599,634 stock options to purchase
common shares and an aggregate of 285,190 vested RSU&rsquo;s for a total percentage of 1.86% of our issued and outstanding common
shares on a fully diluted basis. See our Management Proxy Circular for further information on director and executive officers share
ownership and holdings of other securities such as RSUs and PSUs.<B> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Board Committees</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The board has four standing committees:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Audit</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Compensation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Corporate governance and nominating</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sustainability</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Audit Committee</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The board has a separately designated
audit committee in accordance with National Instrument 52-110 &ndash; <I>Audit Committees</I> and in accordance with the NYSE Listed
Company Manual.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The audit committee is currently
made up of four independent directors:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">John Webster (chair)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Ross Cory<BR>
Michael Price</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Robert Gilmore</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">All four members of the audit committee
are financially literate, meaning they are able to read and understand the Company&rsquo;s financial statements and to understand
the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company&rsquo;s financial
statements. Mr. Webster, our committee chair and Mr. Gilmore, are <I>audit committee financial experts </I>as defined by the SEC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>John Webster, Chairman of the
Audit Committee</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">BA (Hon), University of Kent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">FCPA (British Columbia)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">ACA (Institute of Chartered Accountants in England and Wales)</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Corporate director<BR>
BC, Canada</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A chartered professional accountant,
Mr. Webster has the accounting or related financial management experience that is required under the NYSE rules. Mr.&nbsp;Webster
has worked in various roles with PricewaterhouseCoopers LLP over 30 years. He has extensive experience as an audit partner and
has provided advice to many clients on complex transactions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Robert Gilmore </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">University of Denver</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">CPA, BSBA, Accounting</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">CPA, Colorado</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Corporate director<BR>
Colorado, USA</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A certified public accountant,
Mr. Gilmore has the accounting or related financial management experience that is required under the NYSE rules. From 1991 to 1997
Mr. Gilmore was the Chief Financial Officer of Dakota Mining Corporation and was the Chief Financial Officer of Teamshare Inc.
in 2002. Mr. Gilmore has served as Chairman of the Audit Committee for Layne Christensen Company and Fortuna Silver Mines, Inc
since 2009 and 2010, respectively.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>K. Ross Cory</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">MBA, Finance and International Business, UBC</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">B.Sc. General Science, UBC</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Corporate director<BR>
BC, Canada</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mr. Cory served in various senior
executive and director capacities with Raymond James Ltd in the area of Investment banking focusing primarily on the mining industry.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Michael A. Price</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">B.Sc, Eng. (Hon)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">PhD, Mining Engineering, University College Cardiff</TD></TR></TABLE>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Corporate director<BR>
London, United Kingdom</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Dr. Price has been a Mining Finance
Consultant and Adviser and London Representative of Resource Capital Funds since 2006 and has over 35 years&rsquo; experience in
Mining and Investment banking.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The committee is responsible for, among
other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">overseeing financial reporting, internal
controls, the audit process, our public disclosure documents and overseeing our code of business conduct and ethics;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">recommending the appointment of our external
auditor and reviewing the annual audit plan and auditor compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">pre-approving audit, audit-related, tax and
other services to be provided by the external auditor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reviewing our hiring policies for present
and former employees of the present and former auditor; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reviewing the terms of engagement for the
external auditor. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The external auditor reports directly
to the audit committee. KPMG performed our audit services in 2015. The audit committee adopted a policy in 2005 that non-audit
services can only be provided by the external auditor if it has been pre-approved by the audit committee. Generally, these services
are provided by other firms under separate agreements approved by management.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">See our Management Proxy Circular
for further information on the experience and education of each committee member.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">About the auditor</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">KPMG has been our external auditor
since June 2009, replacing PricewaterhouseCoopers LLP who had previously served as our auditor since 1992.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The auditor conducts the annual
audit of our financial statements and provides audit-related and other services and reports to the audit committee of the board.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Auditor&rsquo;s fees</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The table below shows the fees
we paid KPMG for services in 2016 and 2015:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>Years ended December 31 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 25%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>US$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">Audit fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">1,188,736</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">1,452,783</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees for audit services</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">Audit related fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">67,180</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">122,322</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majority of fees relate to French translation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">Tax fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees for tax advice, tax planning and tax compliance</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">All other fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>1,255,915</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif"><B>1,575,105</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Compensation Committee</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The compensation committee is made
up of four directors:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Jonathan Rubenstein (chair)<BR>
Robert Gilmore<BR>
Geoffrey Handley</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Steven Reid</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The compensation committee is responsible
for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">assisting management in developing our compensation structure, including the compensation policies
and compensation programs for our directors and executives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">reviewing the results of the annual Say on Pay advisory vote when considering future executive
and director compensation programs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">determining where there is a need to engage with shareholders on compensation and related matters
and conduct such engagement in coordination with Management, as appropriate; and</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 27.35pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">assessing the performance of our CEO every year and recommending the
compensation of our CEO and our other executive officers to the board for review and approval.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The compensation committee conducts a
thorough compensation review every year to assess:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the competitiveness of our cash and stock-based
compensation for our directors and executives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">whether overall executive compensation continues
to support our goals of attracting, motivating and retaining executives with exceptional leadership and management skills; and
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the overall compensation packages for our
senior executives and whether the components are applied appropriately.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The compensation committee also reviews
and approves the terms of employment annually and evaluates the performance of the CEO for the prior year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each of the members of the compensation
committee has extensive experience with compensation matters and are members of various compensation committees for other publicly
listed companies as noted below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mr. Rubenstein is the Chair of the Dalradian
Resources Corporate Governance and Compensation committee and a Member of the compensation committee for Detour Gold Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mr. Reid is Chair of the Compensation Committee
for Silver Standard Resources Inc. and the Chair of the Remuneration Committee for Gold Fields Limited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mr. Gilmore is a Member of the compensation
committee for Layne Christensen Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mr. Handley was the Chair of the compensation
Committee for PanAust Limited until mid-2015 and sits on the Compensation Committee for Endeavour Silver Corp.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Corporate Governance and Nominating Committee (CGNC)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The CGNC is made up of five directors:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Pamela Gibson (chair)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">George Albino*</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Ross Cory<BR>
Jonathan Rubenstein<BR>
John Webster</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">*Mr. Albino was
appointed to the CGNC on Feb 23, 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CGNC was established to work with
management in continuing to develop our corporate governance framework. This includes, among other things:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">regularly reviewing our corporate governance
policies and practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">monitoring our risk management program;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reviewing the size and composition of the
board annually;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">facilitating the succession and nomination
of directors to the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">identifying new directors and managing the
board&rsquo;s nomination process, board committee appointments and assessment process; and </FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">evaluating the board&rsquo;s competencies
and defining the skills and experience necessary for an effective board. </FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Sustainability Committee</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The sustainability committee is
made up of five directors:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Geoffrey Handley (chair)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">George Albino*<BR>
Pamela Gibson<BR>
Steven Reid</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Michael Price</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">*Mr. Albino was
appointed to the Sustainability Committee on Feb 23, 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Sustainability Committee was established
to advise and make recommendations, in its oversight role, to the board with respect to monitoring our environmental, health, safety,
community relations, human rights, security and other sustainability policies, practices, programs and performance. This includes,
among other things:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reviewing our annual sustainability report
prior to its issuance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">establishing and periodically reviewing corporate
environmental, health and safety and human rights policies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">reviewing and monitoring our environmental,
health and safety programs and procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">monitoring management&rsquo;s environmental,
health and safety risk assessment, risk related to sustainability and impact evaluation procedure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">monitoring management&rsquo;s performance
regarding environmental health and safety, social and human rights initiatives with respect to employees, communities and other
stakeholders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">monitoring and reporting to the board on
management&rsquo;s procedures regarding environmental, health and safety matters, including the development, maintenance and testing
of emergency preparedness plans to minimize, remediate and mitigate environmental damage in the event of unforeseen incidents.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Mineral reserves and resources review panel</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Board reviews management&rsquo;s
process for evaluating our mineral reserves and resources. It appointed a panel of directors who are technically competent and
proficient in estimating mineral reserves and resources. The panel is charged with reviewing management&rsquo;s mineral reserve
and resource estimates and reporting thereon to the board. In 2016, Mr. Handley and Mr. Reid served on the panel. On February 23,
2017, Mr. Albino was appointed to the reserves and resources review panel.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">From time to time, the board may
appoint special committees to the board if warranted by Eldorado&rsquo;s current business activities.&nbsp; See below for information
on the Special Committee and Succession Planning and Search Committee.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Special Committee</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The Special Committee consisted of four directors:</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ross Cory</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Robert Gilmore</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jonathan Rubenstein </FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John Webster</FONT></P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Board formed the Special Committee
consisting of independent directors, to review the potential sale of the Company&rsquo;s Chinese assets and to provide their recommendation
to the Board. They met five times in 2016 as members of the Special Committee.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Succession Planning and Search
Committee</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Succession Planning and Search
Committee<B> </B>consisted of four Directors:</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ross Cory</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Robert Gilmore</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Geoffrey Handley </FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jonathan Rubenstein </FONT></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Board formed an ad hoc committee,
the Succession Planning and Search Committee, to identify appropriate candidates to succeed Mr. Wright in the position of President
&amp; CEO.&nbsp; A thorough review and interview process was conducted and on December 16, 2016, we announced that upon Mr. Wright&rsquo;s
retirement that Mr. George Burns will be named as his successor in the position of President &amp; Chief Executive Officer effective
post our 2017 annual meeting.&nbsp; Mr. Burns is also being nominated as a director at the 2017 annual meeting.&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Risk assessment</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The CGNC is responsible for monitoring
our risk management program.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Board has overall responsibility
for reviewing and approving recommendations, developing programs and procedures for monitoring risks, and reviewing our risk management
program at each regularly scheduled board meeting. This includes overseeing the identification of our principal risks, reviewing
our acceptable levels of risk and overseeing the development of appropriate systems to manage the risks we face in our business.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Terms of reference for the Board,
Chair, individual Directors and the four standing board committees are available on our website (www.eldoradogold.com) or by contacting
the Corporate Secretary. You can also find more information about our corporate governance practices in our most recent management
proxy circular and on our website.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Officers</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The table below lists our executive
officers, including their province of residence, their principal occupation, offices held at Eldorado Gold and approximate number
of Eldorado Gold common shares they own.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">This includes shares they beneficially
own directly or indirectly, or exercise control or direction over as of the date of this AIF.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Executive officer</B></FONT></TD>
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Principal occupation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Approximate number of common shares held</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Fabiana E. Chubbs</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Chief Financial Officer</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Chief Financial Officer since July 1, 2011</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Treasurer and Risk Manager (July 2008 to July
        2011)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Treasurer Coordinator (July 2007 to July 2008)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Senior Manager, Audit Group, PricewaterhouseCoopers
        LLP (December 1996 to July 2007)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">141,523</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Dawn L. Moss<BR>
        British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Executive Vice President, Administration</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Executive Vice President, Administration since
        February 7<SUP>th</SUP> 2017</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Executive Vice President, Administration and Corporate
        Secretary (July 1, 2012 &ndash; February 7<SUP>th</SUP> 2017)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Vice President, Administration (February 2009
        to July 2012)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Corporate Secretary (October 2000 to July 2012)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Corporate Administrator (November 1998 to October
        2000)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">87,529</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Paul J. Skayman</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Chief Operating Officer</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Chief Operating Officer since July 1, 2012</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Senior Vice President, Operations (December 2009
        to July 2012)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Vice President, Operations (August 2008 to December
        2009)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Project Coordinator for QDML (Tanjianshan Gold
        Mine) September 2005 to August 2008.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">168,150</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Paul N. Wright</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">British Columbia, Canada</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">President, Chief Executive Officer and director</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2.9pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Director since March 1999</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">President and Chief Executive Officer since January
        1, 2016</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Chief Executive Officer July 1, 2012 to January
        2016</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 7.6pt 2pt 0">President and Chief Executive Officer (October
        1999 to July 2012)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">President and Chief Operating Officer (March 1999 to October
        1999)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Senior Vice President, Operations (October 1997
        to March 1999)</P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 15.1pt 2pt 0">Vice President, Mining (July 1996 to October 1997)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; line-height: 107%"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,317,391</FONT></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">As noted above, Paul Wright intends
to retire as President and Chief Executive Officer and George Burns has been named as his successor effective as of the date of
the Eldorado Gold 2017 annual shareholder meeting<B>. &nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">As of the date of this AIF, our directors
and executive officers beneficially owned or controlled or directed, directly or indirectly, an aggregate of 2,089,793 common shares
(representing 0.29% of the total issued and outstanding common shares). See our Management Proxy Circular for further information
on director and executive officers share ownership and holdings of other securities such as options, RSUs and PSUs.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Cease trade orders, bankruptcies, penalties or sanctions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Except as discussed below, in the
last 10 years none of our directors or executive officers has personally or has been a director or executive officer (while, or
within a year of, acting in that capacity) of any Company (including ours) that has become bankrupt, made a proposal under legislation
relating to bankruptcy or insolvency, been subject to or instituted any proceedings, arrangement of compromise with creditors,
or had a receiver, receiver manager or trustee appointed to hold its assets, or the assets of the director.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mr. Handley was a director of Mirabela
Nickel Limited (Mirabela) until January 11, 2014. On February 25, 2014, within a year of Mr. Handley ceasing to be a director,
Mirabela announced that it had entered into a legally binding plan support agreement (PSA) which establishes a framework for a
proposed recapitalisation of Mirabela, subject to certain terms and conditions, as well as the appointment of Messurs. Madden,
Rocke and Winterbottom of KordaMentha as joint and several voluntary administrators. Mirabela also announced that, under the PSA,
the proposed recapitalisation will be effected through a recapitalisation and restructuring plan to be implemented through a Deed
of Company Arrangement (DOCA) in Australia and an extrajudicial reorganization proceeding to be filed by Mirabela Brazil before
the competent Brazilian court. Trading in securities of Mirabela on the Australian Securities Exchange had been suspended since
October 9, 2013. On June 25, 2014 Mirabela reported that the DOCA had been fully effectuated and on June 30, 2014 Mirabela&rsquo;s
shares were reinstated for trading on the ASX.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mr. Wright was a director of Nordic
Mines AB (Nordic) until November 17, 2012.&nbsp; On July 8, 2013, within one year of Mr. Wright ceasing to be a director, Nordic
announced that it had requested a Court appointed Administrator, which appointment concerns Nordic, its Swedish subsidiary Nordic
Mines Marknad AB and its Finnish subsidiary Nordic Mines Oy.&nbsp; The appointment of the Swedish Administrator was terminated
by the District Court of Uppsala in a decision on September 1, 2014, when an agreement on debt write-off was entered into between
Nordic and its creditors and lenders.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The last condition for the debt
write-off, the receiving of proceeds from a rights issue, was satisfied on 10 September 2014. On September 21, 2015 Nordic reached
an agreement in principle with its lenders regarding the repurchase of outstanding debt. The final agreement was entered into between
Nordic and its lenders on November 9, 2015. On December 14, 2015 Nordic completed the repurchase of outstanding bank debt in accordance
with the agreement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">None of our directors or executive
officers are, or have been within the last 10 years, a director, chief executive officer or chief financial officer of any Company
that was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant Company
access to any exemption under securities legislation that was in effect for a period of more than 30 consecutive days that was
issued while the director was acting in that capacity, or that was issued after the director was no longer acting in that capacity,
and which resulted from an event that occurred while that person was acting in that capacity.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">None of the directors have been
subject to any penalties or sanctions imposed by a court or regulatory body, or have entered into a settlement agreement with any
securities regulatory authority since December 31, 2000.</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Conflicts of interest</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">To the best of our knowledge, we
are not aware of any existing or potential conflicts of interest between us or any of our directors or officers, which have not
been disclosed to the board, except that some of them serve as directors and officers of other public companies. It is therefore
possible that there could arise a conflict between their duties as a director or officer of Eldorado and their duties for other
companies.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our directors and officers are
aware of the laws governing accountability of directors and officers for corporate opportunity. They understand they are required
to disclose any conflicts of interest under the CBCA and are expected to govern themselves to the best of their ability according
to the laws in effect.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The board takes appropriate measures
to exercise independent judgment when considering any transactions and agreements. If a director has a material interest, the director
is obligated to excuse himself or herself from the appropriate portions of the board and committee meetings so the directors can
discuss the issue openly and candidly.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Material contracts</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Other than material contracts listed
elsewhere in this AIF and those contracts made in the ordinary course of business, we have not entered into any material contracts.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Interest of experts</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We rely on experts to audit our
financial statements, prepare our mineral reserve and resource estimates and prepare our technical reports.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Our auditor is KPMG LLP, who have
confirmed they are independent according to the rules of professional conduct of the Institute of Chartered Professional Accountants
of British Columbia. They are an independent public accountant in accordance with the securities acts administered by the SEC and
the applicable rules and regulations thereunder and the requirements of the Public Company Accounting Oversight Board.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We list the people who have prepared
our mineral reserve and resource estimates under <I>Mineral reserves and resources </I>starting on page 72 and the qualified persons
responsible for our technical disclosure and/or reports under each of our properties.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">None of these people or their employers
have directly or indirectly, any material interest, or beneficial interest in the property of the Company or securities of Eldorado
Gold or any of our affiliates or associated parties, other than those experts that are employed by us, who own less than 1% of
our securities.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Interest of management and others in material transactions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Other than as otherwise described
in this AIF and our annual MD&amp;A we are not aware of any transactions in our three most recently completed financial years,
or during the current financial year, that has had or will have a material effect on us where any of the following had a direct
or indirect material interest:</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">any of our directors or executive officers, or those of our subsidiaries;</FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a person who beneficially owns, controls or directs, directly or indirectly,
more than 10% of the voting securities; </FONT></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">any associate or affiliate of the above.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We did not rely on any available
exemptions in fiscal 2016 to meet our disclosure obligations for the year.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Legal proceedings and regulatory actions</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Other than has been disclosed in
this AIF, we are not aware of any material legal proceedings which we are a party to or that involve our property, nor are we aware
of any being considered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">We have not had any penalties
or sanctions imposed by a court or regulatory body relating to securities legislation or regulatory requirements, or by a court
or regulatory body that would be considered important</FONT> <FONT STYLE="font-weight: normal">to a reasonable investor
in making an investment decision. We have also never been involved in a settlement agreement with a court relating to securities
legislation or with a securities regulatory authority.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;<B>ELDORADO GOLD CORPORATION</B></P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AUDIT COMMITTEE</B></P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: italic 14pt/107% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: center"><FONT STYLE="font-style: normal"><B>TERMS
OF REFERENCE</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors (the &ldquo;<B>Board</B>&rdquo;)
of Eldorado Gold Corporation (&ldquo;<B>Eldorado</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) has established the Audit Committee
of the Board and approved these Terms of Reference which set out the roles, responsibilities, composition, functions and other
matters concerning the Committee.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0"><FONT STYLE="text-transform: uppercase"><B>I.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROLE</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The role of the Audit Committee
(the &ldquo;<B>Committee</B>&rdquo;) is to assist the Board in fulfilling its oversight responsibilities with respect to the accounting
and financial reporting processes of the Company by:</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reviewing the integrity and effectiveness of the Company&rsquo;s systems
of internal financial controls for reporting on the Company&rsquo;s financial condition;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Monitoring the independence and performance of the Company&rsquo;s
external auditor (the &ldquo;<B>Auditor</B>&rdquo;);</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Overseeing the integrity of the Company&rsquo;s internal audit processes
and reviewing the Company&rsquo;s financial disclosure and reporting;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Monitoring management of the Company&rsquo;s (&ldquo;<B>Management</B>&rdquo;)
compliance with legal and regulatory requirements; and</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 71.7pt; text-align: justify; text-indent: -71.7pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Overseeing certain risk management systems and practices adopted by
the Company.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="text-transform: uppercase"><B>II.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESPONSIBILITIES</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Committee will have the following
duties and responsibilities:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in"><B>Financial Statements and Financial Disclosures</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review with the Auditor and with Management,
prior to recommending to the Board for its approval the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The audited annual and unaudited quarterly
financial statements, including the notes thereto;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Management Discussion and Analysis (&ldquo;<B>MD&amp;A</B>&rdquo;)
of operations accompanying or contained in the annual or quarterly reports and the consistency of the MD&amp;A with the financial
statements;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Any expert report or opinion obtained by
the Company in connection with the financial statements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The accounting treatment with respect to<B>
</B>any transactions which are material<B> </B>or not in the normal course of the Company&rsquo;s business or with or involving
an unconsolidated entity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The nature and substance of significant accruals,
accounting reserves and other estimates having a material effect on the financial statements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Carrying values of financial assets and liabilities,
including key assumptions and practices used to determine fair value accounting and related mark-to-market adjustments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Any off balance sheet financing arrangement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Use of derivatives and hedging transactions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Asset retirement and reclamation obligations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Pension obligations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tax matters that could have a material effect
upon the financial statements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Company&rsquo;s accounting and auditing
principles, policies and practices including any changes thereto;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The adequacy of the Company&rsquo;s internal
controls (including any significant deficiencies or material weaknesses in internal control over financial reporting) and the responsibilities
of the Company&rsquo;s internal audit function with respect to internal controls;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All significant adjustments made or proposed
to be made in the Company&rsquo;s financial statements by Management or by the Auditor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Details regarding any unrecorded audit adjustments;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Any impairment provisions based on ceiling
tests or other calculation including the carrying value of goodwill;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Use by the Company of any Non-GAAP financial
measures or forward looking financial information contained in any disclosure document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The compliance by the Company&rsquo;s Chief
Executive Officer and Chief Financial Officer with the applicable certification requirements under applicable security legislation;
and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96.1pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Such other matters as the Committee considers
necessary in connection with the preparation of the Company&rsquo;s financial reports. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review the adequacy of procedures put in
place by the Board or Management for the review of public disclosure of financial information prior to the disclosure to the public
thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and discuss with the Auditor any audit
related problems or difficulties and Management&rsquo;s response thereto, including any restrictions imposed on the scope of the
Auditor&rsquo;s activities, access to required information, disagreement with Management or the adequacy of internal controls.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review the Auditor&rsquo;s Management Letter
and the Auditor&rsquo;s Report.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.75in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review, discuss with Management (and with
the Auditor, where required or appropriate) and approve or recommend that the Board approve the following, prior to disclosure
to the public:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consolidated annual audited financial statements
and related MD&amp;A;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consolidated unaudited quarterly financial
statements and related MD&amp;A;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Press releases announcing or containing financial
information including those based on the annual or quarterly financial statements, and non-GAAP financial measures, revenue or
earnings guidance or other forward-looking information; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Financial information contained within any
prospectus, annual information form, information circular, take-over bid circular, issuer bid circular, rights offering circular
or other form of prescribed disclosure document. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in"><B>External Auditor</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Recommend to the Board the appointment of
the Auditor to be nominated at the annual shareholders&rsquo; meeting and who is ultimately accountable to the Board and the Committee
as representatives of the shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Recommend to the Board the remuneration to
be paid to the Auditor.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Require the Auditor to report to the Audit
Committee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Oversee the work of the Auditor including
the mandate of the Auditor, the annual engagement letter, audit plan and audit scope.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and discuss the reports required to
be made by the Auditor regarding: critical accounting policies and practices; material selections of accounting policies when there
is a choice of policies available under IFRS that have been discussed with Management, including the ramifications of the use of
such alternative treatment, and the treatment preferred by the Auditor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and discuss other material written
communications between the Auditor and Management; and any other matters required to be communicated by the Auditor to the Committee
by applicable rules and regulations. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assess the audit team.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assist in the resolution of disagreements,
if any, between management and the Auditor regarding financial reporting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and pre-approve non-audit services
proposed to be provided by the Auditor, to the extent required by law. The Committee may delegate, to the Chair of the Committee
(the &ldquo;<B>Chair</B>&rdquo;), the authority to pre-approve non-audit services, and the Chair shall present any pre-approval
to the Committee at the next scheduled meeting of the Committee. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and approve the fees and expenses
of the Auditor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Establish guidelines for the retention of
the Auditor for any non-audit services including a consideration of whether the provision of such services would impact the independence
of the Auditor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(xi)</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At least annually, evaluate the Auditor&rsquo;s qualifications, performance
and independence,</FONT> including that of the Auditor&rsquo;s lead partner,
and report the results of such review to the Board.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Where the Committee considers it appropriate,
recommend a replacement for the Auditor and oversee any procedures required for the replacement thereof.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and approve the Company&rsquo;s policies
with respect to the employment of present and former partners and employees of the present and former Auditor.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in"><B>Internal Controls and Systems</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review and discuss with Management the effectiveness of, or any deficiencies
in, the design or operation of the Company&rsquo;s systems of internal controls and any allegation of fraud, whether or not material,
involving Management or other employees who have a role in the Company&rsquo;s internal controls.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review with Management and the Auditor, the Company&rsquo;s internal
accounting and financial systems and controls to assess the effectiveness of, or deficiency in the design or operation of those
internal controls to get reasonable assurance that the Company has:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The appropriate books, records and accounts
in reasonable detail to accurately and fairly reflect the Company&rsquo;s transactions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Effective internal control systems; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adequate processes for assessing the risk
of material misstatement of the financial statements and for detecting control weaknesses or fraud. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review with Management and advise the Board with respect to the Company&rsquo;s
policies and procedures regarding compliance with new developments in accounting principles, laws and regulations and their impact
on the financial statements of the Company.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review Management&rsquo;s report on and the Auditor&rsquo;s assessment
of the Company&rsquo;s internal controls and report all deficiencies and remedial actions to the Board.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in"><B>Risk Management</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review with Management the Company&rsquo;s major financial risk exposures
and the steps Management has taken to monitor and control such exposures.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review any related party transactions prior to such transactions being
submitted to the Board for approval.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Establish a complaint process and &ldquo;whistle-blowing&rdquo; procedures
for the receipt, retention and treatment of any complaints regarding accounting, internal accounting controls or audit related
matters.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Establish procedures for employees&rsquo; confidential, anonymous
submissions in accordance with the Company&rsquo;s Whistle Blower Policy or Code of Conduct.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review, on a periodic basis, compliance with the Company&rsquo;s investment
policy governing investments of excess cash balances.</FONT></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vi)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Receive and review Management&rsquo;s report and, if applicable, the
report of the Auditor, with respect to: any material correspondence with, or other material action by, regulators or governmental
agencies; any material legal proceeding involving the Company; or allegations concerning the Company&rsquo;s non-compliance with
applicable laws or listing standards.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review any matter brought to the attention of the Committee relating
to the existence of any actual or potential conflict of interest disclosure provided pursuant to the Company&rsquo;s Code of Conduct
and determine appropriate action to be recommended to the Board.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(viii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Monitor compliance with the Company&rsquo;s Code of Conduct. </FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ix)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Review on a regular basis, any reports of whistle-blowing.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(x)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investigate any reported violations of the Code of Conduct and determine
an appropriate response, including corrective action and preventative measures when required. All reports are to be treated confidentially
to every extent possible.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in"><B>Other Matters</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Direct and supervise the investigation into any matter brought to the
Committee&rsquo;s attention within the scope of its duties.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Perform such other duties as may be assigned to the Committee by the
Board from time to time or as may be required by applicable law or regulatory authorities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="text-transform: uppercase"><B>III.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPOSITION</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 77pt; text-align: justify">On the recommendations of
the Corporate Governance and Nominating Committee, the Board will annually appoint not fewer than three (3) directors to form the
Committee, all of whom shall be &ldquo;independent&rdquo; and &ldquo;financially literate&rdquo; within the meaning of the applicable
securities legislation and at least one member of the Committee shall meet the definition of a &ldquo;financial expert&rdquo; as
defined under the Rules of the United States Securities and Exchange Commission.<B> </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.5pt"></TD><TD STYLE="width: 38.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Board may, at any time, remove or replace
a member, or appoint additional members to fill any vacancy or to increase or decrease the size of the Committee. A member will
serve on the Committee until the termination of the appointment or until a successor is appointed or the person ceases to be a
director</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> of the Company</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase">IV.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEETINGS AND PROCEDURES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee shall meet as often as it considers
necessary and, subject to the terms hereof and applicable law, otherwise establish its procedures and govern itself as the members
of the Committee may see fit in order to carry out and fulfill its duties and responsibilities hereunder.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Meetings of the Committee may be called by
a member of the Committee, the Chief Executive Officer, the Corporate Secretary, the Chief Financial Officer or the Auditor of
the Company and held at such times and places as the person calling the meeting may determine. Not less than twenty-four (24) hours
advance notice of any meeting shall be given orally or in writing personally delivered or by facsimile or electronic mail together
with an agenda to each member of the Committee and the Auditor unless all members of the Committee are present at any meeting and
agree to waive notice and any absent member of the Committee has waived notice or otherwise consented to the holding of such meetings
in writing.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A majority of members of the Committee will
constitute a quorum (provided that a quorum shall not be less than 2 members). Decisions of the Committee will be by an affirmative
vote of the majority of those members of the Committee voting at a meeting. In the event of an equality of votes, the Chair will
not have a casting or deciding vote. The Committee may also act by resolution in writing signed by all the members of the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Board, or failing that, the Committee
itself, shall select one of its members to act as the Chair (or in his or her absence, an alternate Chair).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee shall keep or cause to be kept
minutes or other records of its meetings and proceedings and provide such records to the Company as the Committee may so determine.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Any member of the Committee may participate
in a meeting by conference telephone or other communications equipment by means of which all persons participating in the meeting
can adequately communicate with each other, and a member participating in a meeting pursuant to this section shall be deemed for
purposes of the <I>Canada Business Corporations Act</I> to be present in person at the meeting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee may invite Management, directors,
employees or other persons as it sees fit from time to time to attend its meetings and assist thereat provided, however, that only
members of the Committee may participate in the deliberation, and vote on any matter to be decided by the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Company shall provide the Committee with
such resources, personnel and authority as the Committee may require in order to properly carry out and discharge its roles and
responsibilities hereunder.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee has authority to communicate
directly with the Auditor. </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee will have access to the Auditor
and Management, exclusive of each other, for purposes of performing its duties. The Committee will meet with the Auditor independent
of Management after each review of the unaudited and audited financial statements and at such other times as the Committee may
require.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee and its members shall have
access to such documents or records of the Company and to such officers, employees or advisors of the Company or require their
attendance at any meeting of the Committee, all as the Committee or the members thereof may consider necessary in order to fulfill
and discharge their responsibilities hereunder.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Subject to any limitation under applicable
law, these Terms of Reference or direction of the Board, the Committee may delegate to a subcommittee or individual member of the
Committee any of its duties or responsibilities hereunder.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee may from time to time authorize
any member or members or any other director or officer of the Company to certify or to execute and deliver, for or on behalf of
the Committee any such report, statement, certificate or other document or to do such acts or things as the Committee may consider
necessary or desirable in order to discharge its duties and responsibilities hereunder.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Auditor will be notified of results of
and provided with copies of the minutes of each meeting of the Committee whether or not the Auditor attended.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>V.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER MATTERS</B></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee as whole or each member of
the Committee individually may engage independent counsel and other</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
outside advisors, at the Company&rsquo;s expense, where the member or the Committee determine that it is necessary to do so in
order to assist in fulfilling their respective responsibilities. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee may, in consultation with the
Board Chair, set the compensation of independent counsel and other outside advisors. </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
engagement and payment by the Company for the services of such independent counsel and other outside advisors</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
are subject to approval of the Chair of the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In connection with their service on the Committee,
the members shall be entitled to such remuneration, payment or reimbursement of such incidental expenses and indemnification, on
such terms as the Board may so determine from time to time.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Corporate Governance and Nominating Committee
of the Board and the Committee itself shall, not less frequently than annually, assess, based on such factors as they may consider
appropriate, the effectiveness of the Committee and the members of the Committee, in accordance with these Terms of Reference and
report such assessments to the Corporate Governance and Nominating Committee, or the Board, as appropriate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Committee shall review and assess the
adequacy of these Terms of Reference on a regular basis and consider whether these Terms of Reference appropriately address the
matters that are or should be within its scope and, where appropriate, make recommendations to the Board or Corporate Governance
and Nominating Committee for the alteration, modification or amendment hereof.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">These Terms of Reference may, at any time,
and from time to time, be altered, modified or amended in such manner as may be approved by the Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
<B>VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESPONSIBILITIES AND DUTIES OF THE CHAIR </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Chair of the Audit Committee shall
have the following responsibilities and duties.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chair meetings of the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In consultation with the Board Chair and
the Corporate Secretary, determine the frequency, dates and locations of meetings of the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In consultation with the Company&rsquo;s
Chief Executive Officer, Chief Financial Officer, Corporate Secretary and others as required, review the annual work plan and the
meeting agendas to ensure all required business is brought before the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In consultation with the Board Chair, ensure
that all items requiring the Committee&rsquo;s approval are appropriately tabled.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Report to the Board on the matters reviewed
by, and on any decisions or recommendations of, the Committee at the next meeting of the Board following any meeting of the Committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.55pt"></TD><TD STYLE="width: 38.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Carry out any other or special assignments
or any functions as may be requested by the Board. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIMITATIONS ON THE COMMITTEE&rsquo;S
DUTIES</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Nothing in these Terms of Reference
is intended or may be construed as imposing on any member of the Committee or the Board a standard of care or diligence that is
in any way more onerous or extensive than the standard to which the directors are subject under applicable law. These Terms of
Reference are not intended to change or interpret the constating documents of the Company or any federal, provincial, state or
exchange law, regulation or rule to which the Company is subject, and these Terms of Reference should be interpreted in a manner
consistent with all such applicable laws, regulations and rules. The Board may, from time to time, permit departures from the terms
hereof, either prospectively or retrospectively, and no provision contained herein is intended to give rise to civil liability
to shareholders, competitors, employees or other persons, or to any other liability whatsoever.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Any action that may or is to be
taken by the Committee may, to the extent permitted by law or regulation, be taken directly by the Board.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 11pt 0 12pt; text-align: justify"><B>VIII.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPROVAL</B><BR>
<BR>
Approved by the Board of Directors February 23, 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 11pt 0 12pt; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">ELDORADO GOLD CORPORATION</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 20pt 0 2pt; text-align: center"><B>GLOSSARY</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following is a glossary of
technical terms and other terms that may be found in this AIF:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;AARL
elution&rdquo;</B> is Anglo American Research Laboratories&rsquo; process for the elution of gold and silver off carbon.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;AAS&rdquo;</B>
is</FONT> <FONT STYLE="font-size: 10pt">Atomic Absorption Spectroscopy </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;adit&rdquo;</B>
is a passage driven horizontally into a mountainside to provide access to a mineral deposit from the surface of the working of
a mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ADR&rdquo;</B> is an
acronym for Adsorption Desorption Regeneration and refers to the gold extraction process using carbon as the collector (generally
in a heap leach setting). .</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;adsorption&rdquo;</B>
is the attachment of one substance to the surface of another.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Ag&rdquo; </B>is the
chemical symbol for silver.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ALS&rdquo; </B>is an
analytical laboratory service.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;arsenopyrite&rdquo;</B>
is a whitish to steel gray coloured arsenic-bearing sulphide mineral (FeAsS).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ASX&rdquo; </B>is the
Australian Securities Exchange.<B> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Au&rdquo; </B>is the
chemical symbol for gold.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;back
fill&rdquo;</B> is waste material used to fill and support the void created by mining an ore body.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ball milling&rdquo;</B>
is grinding ore with the use of grinding media consisting of steel balls.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&ldquo;C1&rdquo; </B>refers
to cash operating cost. Cash operating costs include the costs of operating the site, including mining, processing and administration.
They do not include royalties and production taxes, amortization, reclamation costs, financing costs or capital development (initial
and sustaining) or exploration costs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;calcareous&rdquo;</B>
is a substance that contains calcium carbonate.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;BGRIMM&rdquo;</B> is
the Beijing Research Institution of Mining &amp; Metallurgy.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;CBCA&rdquo; </B>is the
Canada Business Corporations Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;CIL&rdquo;</B> is carbon
in leach, a recovery process in which a slurry of gold ore, carbon granules and cyanide are mixed together. The cyanide dissolves
the gold, which is then adsorbed on the carbon. The carbon is subsequently separated from the slurry, and the gold removed from
the carbon.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;CIM&rdquo;</B> is the
Canadian Institute of Mining, Metallurgy and Petroleum.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;concentrate treatment
plant&rdquo;</B> is any treatment plant that treats the concentrate resulting from a flotation process whereby the sulphide material
floats and is separated from the host rock.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;CoS&rdquo;</B> is the
Council of State<B> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Cu&rdquo;</B> is the
chemical symbol for copper.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;cut and fill&rdquo;</B>
is a method of stoping in which ore is removed in slices (or lifts) and then the excavation is filled with rock or other waste
material known as back fill, before the subsequent slice is mined.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;cyanidation&rdquo;</B>
is the process of extracting gold or silver through dissolution in a weak solution of sodium cyanide.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;decline&rdquo;</B> is
an underground passageway connecting one or more levels in a mine and providing adequate traction for heavy, self-propelled equipment.
These underground openings are often driven in a downward spiral, much the same as a spiral staircase.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;diamond drill&rdquo;</B>
is a type of rotary drill in which the cutting is done by abrasion rather than percussion. The cutting bit is set with diamonds
and is attached to the end of long hollow rods through which water is pumped to the cutting face. The drill cuts a core of rock
that is recovered in long cylindrical sections, an inch or more in diameter.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;dilution&rdquo;</B>
is waste material not separated from mined ore that was below the calculated economic cut-off grade of the deposit. Dilution results
in increased tonnage mined and reduced overall grade of the ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;dip&rdquo;</B> is the
angle that a planar geological structure forms with a horizontal surface, measured perpendicular to the strike of the structure.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;DMPM&rdquo; </B>refers
to the Department of Mineral Production in Brazil</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;dor&eacute;&rdquo;</B>
is unrefined gold and silver in bullion form.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;dyke&rdquo;</B> is an
intrusive rock unit that has an approximately planar form that generally cuts across layering in adjacent rocks.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;EIS&rdquo; </B>is an
Environmental Impact Study.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;EIA&rdquo;</B> is an
Environmental Impact Assessment</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;fault&rdquo;</B> is
a planar surface or planar zone of rock fracture along which there has been displacement of a few centimetres or more.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;fire assay&rdquo;</B>
is a type of analytical procedure that involves the heat of a furnace and a fluxing agent to fuse a sample to collect any precious
metals (such as gold) in the sample. The collected material is then analyzed for gold or other precious metals by weight or spectroscopic
methods.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;flotation&rdquo;</B>
is a process by which some mineral particles are induced to become attached to bubbles and float, and other particles to sink,
so that the valuable minerals are concentrated and separated from the host rock.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;gangue&rdquo;</B>
are minerals that are sub-economic to recover as ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;GCL&rdquo;</B> is a
geosynthetic clay lining.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;gold gravity circuit&rdquo;</B>
is a circuit where a portion of the partially milled or flotation concentrate material is removed by gravity methods (generally
requiring an artificial increase in gravity) to remove free gold from the circuit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;grade&rdquo;</B> is
the weight of precious metals in each tonne of ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;g&rdquo;</B> is a gram.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;g/t&rdquo;</B> is grams
of gold per metric tonne.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ha&rdquo;</B> is a Hectare.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;hangingwall&rdquo;</B>
is the material that sits over the ore zone in an underground operation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;heap leaching&rdquo;</B>
is the process of stacking ore in a heap on an impermeable pad and percolating a solution through the ore that contains a leaching
agent such as cyanide. The gold that leaches from the ore into the solution is recovered from the solution by carbon absorption
or precipitation. After adding the leaching agent, the solution is then recycled to the heap to effect further leaching.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;HDPE&rdquo;</B> is high
density polyethylene and is used as the impermeable pad for heap leaching.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;host rock&rdquo;</B>
is the body of rock in which mineralization of economic interest occurs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;hydro cyclones&rdquo;</B>
are a separation method for milled ore so that correctly ground material moves to the next process whereby the coarser material
is returned to the mill for more grinding.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;leach pad&rdquo;</B>
is the HDPE pad and the ore stacked on top for the recovery of gold and silver.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;HQ&rdquo;</B> denotes
the specific diameter of core in diamond drill.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ICMI&rdquo;</B> is the
International Cyanide Management Institute responsible for administering the Cyanide Code.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ICP&rdquo;</B> is inductively-coupled
plasma.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;INCO
process&rdquo;</B> is a cyanide detoxification process that was developed by INCO. This involves the addition of chemicals and
air to the tailings stream to reduce the amount of cyanide present.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;IP&rdquo;</B> is induced
polarization, a method of ground geophysical surveying using an electrical current to determine indications of mineralization.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;IWMF&rdquo; IS Integrated
Waste Management Facility</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Kassandra
Mines&rdquo; </B>are 317km</FONT><FONT STYLE="font-size: 9pt"><SUP>2</SUP></FONT><FONT STYLE="font-size: 10pt"> including the Olympias
and Skouries deposits together with two existing mines known as the Stratoni mine.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;KG&rdquo; is a kilogram</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;km&rdquo;</B>
is a kilometre.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;km2&rdquo;</B> is a
square kilometre.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;ktpa&rdquo;</B>
is one thousand tonnes per annum.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;leach&rdquo;</B> is
gold being dissolved in cyanide solution in heap leaching or in tanks in a processing plant (agitated leach, carbon in pulp, carbon
in leach).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;LOM&rdquo;</B> is life
of mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;LTI&rdquo; </B>refers
to lost-time incidents.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;LTIFR&rdquo; </B>refers
to the lost time incident frequency rate. This is calculated by dividing the number of LTI&rsquo;s by the number of man hours worked
and then multiplying by 1,000,000.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;m&rdquo;</B>
is a metre.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;M&rdquo;</B> is a million.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;metallurgy&rdquo;</B>
is the science of extracting metals from ores by mechanical and chemical processes and preparing them for use.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;micron
(&micro;m)&rdquo;</B> is 0.000001 metres.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;mill&rdquo;</B> is a
plant where ore is crushed and ground to expose metals or minerals of economic value, which then undergo physical and/or chemical
treatment to extract the valuable metals or minerals.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;mine&rdquo;</B> is an
excavation in the earth for the purpose of extracting minerals. The excavation may be an open pit on the surface or underground
workings.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;mineral reserve&rdquo;</B>
means the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility
study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials
and allowances for losses that may occur when the material is mined. Mineral reserves are those parts of mineral resources that,
after applying all mining factors, result in an estimated tonnage and grade that, in the opinion of the qualified person(s) making
the estimates, is the basis of an economically viable project after taking account of all relevant processing, metallurgical, economic,
marketing, legal, environment, socio-economic and government factors. The term &ldquo;mineral reserve&rdquo; need not necessarily
signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify
that there are reasonable expectations of such approvals. Mineral reserves fall under the following categories:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;proven mineral
reserve&rdquo;</B> means the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility
study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;probable mineral
reserve&rdquo;</B> means the economically mineable part of an indicated and, in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical,
economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;mineral resource&rdquo;</B>
means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material
including base and precious metals, coal, and industrial minerals in or on the earth&rsquo;s crust in such form and quantity and
of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological
characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and
knowledge. Mineral resources fall under the following categories:</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;measured mineral
resource&rdquo;</B> means that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics
are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade
continuity.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;indicated mineral
resource&rdquo;</B> means that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics
can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters,
to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;inferred mineral
resource&rdquo;</B> means that part of a mineral resource for which quantity and grade or quality can be estimated on the basis
of geological evidence, limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate
is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;mineralization&rdquo;</B>
is the rock containing minerals or metals of potential economic interest.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ML&rdquo; is a Mining
License </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;mm&rdquo;</B> is a millimetre.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;monzonite&rdquo;</B>
is a coarse-grained intrusive rock containing less than 10 percent quartz.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;MOE&rdquo; </B>is the
Ministry of Environment.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><B>&ldquo;Mt&rdquo;</B>
is a million tonnes.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Mtpa&rdquo;</B> is a
million tonnes per annum.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;NDRC&rdquo;</B> is the
National Development and Reform Commission</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;NI 43-101&rdquo; is
National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;NQ&rdquo;</B> denotes
the specific diameter of core in diamond drill.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;NYSE&rdquo; </B>is the
New York Stock Exchange.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;open pit mine&rdquo;</B>
is an excavation for removing minerals that is open to the surface.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ounce&rdquo;</B> or
<B>&ldquo;oz&rdquo;</B> is a troy ounce, equal to 31.103 grams.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ore&rdquo;</B> is a
natural aggregate of one or more minerals that, at a specified time and place, may be mined and sold at a profit, or from which
some part may be profitably separated.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;Paleozoic&rdquo;</B>
is a unit of geologic time spanning from 570 to 245 million years ago.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;paste fill&rdquo;</B>
refers to a blended material that is used to fill open stopes or voids in the underground operations. This material may contain
rock, tailings material, sand and cement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Pb&rdquo; </B>is the
chemical symbol for lead.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;PDRC&rdquo; is the Provincial
Development and Reform Commission</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;PEIA&rdquo; </B>is a
preliminary environmental impact assessment<B> </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;PEL&rdquo;</B> is a
Preliminary Environmental Licence.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;pH&rdquo;</B> is a measure
of the acidity of a material.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;phyllite&rdquo;</B>
is a metamorphic rock containing fine-grained, planar-oriented mica minerals. This orientation imparts a layering to the rock.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;potassic&rdquo;</B>
is an alteration type characterized by the pressure of potassium, feldspar and biotite.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;PPA&rdquo; is Project
Permit Application </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;ppb&rdquo;</B> is parts
per billion.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;ramp&rdquo;</B>
is an inclined underground tunnel that provides access for mining or a connection between the levels of a mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;RC&rdquo;</B> is reverse
circulation.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;recovery&rdquo;</B>
is a term, generally stated as a percentage, used in process metallurgy to indicate the proportion of valuable material obtained
in the processing of an ore.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;roasting&rdquo;</B>
is a method of oxidizing refractory ore using heat.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;rock
dumps&rdquo; </B>refer to waste material that is disposed of on dumps.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;run
of mine&rdquo;</B> or <B>&ldquo;ROM&rdquo;</B> pertains to the ore that has been mined but not crushed.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;SAG&rdquo;</B> is a
semi-autogenous grinding, a method of grinding rock into fine powder whereby the grinding media consist of larger chunks of rocks
and steel balls.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;shaft&rdquo;</B> is
a vertical or sub-vertical passageway to an underground mine for moving personnel, equipment, supplies and material, including
ore and waste rock.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;SRM&rdquo;</B> is Standard
Reference Material.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;stope&rdquo;</B> is
an underground excavation from which ore is being extracted.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;strike&rdquo;</B> is
an azimuth of a plane surface aligned at right angles to the dip of the plane used to describe the orientation of stratigraphic
units or structures.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;sub-level open stoping&rdquo;</B>
is a mining method where ore is removed from open stopes. These stops are generally backfilled after being mined out.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;sulphide ore&rdquo;</B>
is ore containing a significant quantity of unoxidized sulphide minerals.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;supergene enrichment&rdquo;</B>
refers to the process whereby the local concentration of metals of interest is increased during the weathering and oxidation of
a mineralized rock.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;sustaining capital&rdquo;
</B>are those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at our
projects and certain expenditures at our operating sites which are deemed expansionary in nature.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;tailings&rdquo;</B>
is the material that remains after all metals or minerals of economic interest have been removed from ore during milling.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;TMF&rdquo; </B>refers
to a tailings management facility. This facility is designed to store process tailings for the long term. This process tailings
might have potentially reactive materials and if so, would then be stored in a lined facility.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;tonne&rdquo;</B> is
a metric tonne: 1,000 kilograms or 2,204.6 pounds.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;tpd&rdquo;</B> is tonnes
per day.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;TSX&rdquo;
</B>is the Toronto Stock Exchange.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&ldquo;waste&rdquo;</B>
is barren rock in a mine, or mineralized material that is too low in grade to be mined and milled at a profit.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;wmt&rdquo; </B>is a
wet metric tonne.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Zadra process&rdquo;</B>
is a chemical process whereby gold is recovered from carbon and returned to solution for electrowinning.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Zn&rdquo; </B>is the
chemical symbol for zinc.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

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<TYPE>EX-99.2
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<DESCRIPTION>ELDORADO GOLD FINANCIAL STATEMENTS FOR THE YEAR ENDED DEC. 31, 2016
<TEXT>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in; text-align: right">&nbsp;<IMG SRC="image_004.jpg" ALT="" STYLE="width: 282px; height: 101px"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">Consolidated Financial Statements</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 46.75pt 0 0.25in; text-indent: -0.25in">December 31, 2016 and
2015</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">(Expressed in thousands
of U.S. dollars)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt">&nbsp;</P>

<P STYLE="font: 11.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt"><B>Management&rsquo;s Responsibility for Financial
Reporting</B></P>

<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">The management of Eldorado Gold Corporation
is responsible for the integrity and fair presentation of the financial information contained in this annual report. Where appropriate,
the financial information, including financial statements, reflects amounts based on management&rsquo;s best estimates and judgments.
The financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board. Financial information presented elsewhere in the annual report is consistent with that disclosed in
the financial statements.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">Management is responsible for establishing
and maintaining adequate internal control over financial reporting. Management has established and maintains a system of internal
accounting control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, financial
information is reliable and accurate and transactions are properly recorded and executed in accordance with management&rsquo;s
authorization. This system includes established policies and procedures, the selection and training of qualified personnel and
an organization providing for appropriate delegation of authority and segregation of responsibilities. Any system of internal control
over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be
effective can provide only reasonable assurance with respect to financial statement preparation and presentation.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">Management has a process in place
to evaluate internal control over financial reporting based on the criteria established by the Committee of Sponsoring Organizations
of the Treadway Commission (2013) in Internal Control &ndash; Integrated Framework. Based on this assessment, management has concluded
that as at December 31, 2016, the Company&rsquo;s internal control over financial reporting was effective.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">The Board of Directors oversees management&rsquo;s
responsibility for financial reporting and internal control systems through an Audit Committee, which is composed entirely of independent
directors. The Audit Committee meets periodically with management, the Company&rsquo;s outside advisors and the independent auditors
to review the scope and results of the annual audit and to review the financial statements and related financial reporting and
internal control matters before the financial statements are approved by the Board of Directors and submitted to the Company&rsquo;s
shareholders.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">KPMG, an independent registered public
accounting firm, appointed by the shareholders, has audited the Company&rsquo;s financial statements in accordance with Canadian
generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) and has
expressed their opinion in their report titled &ldquo;Independent Auditors&rsquo; Report of Registered Public Accounting Firm&rdquo;.
The effectiveness of the Company&rsquo;s internal control over financial reporting as at December&nbsp;31, 2016 has also been audited
by KPMG, and their opinion is included in their report titled &ldquo;Report of Independent Registered Public Accounting Firm&rdquo;.</P>

<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-bottom: 7.1pt; padding-left: 5.4pt; text-align: justify; line-height: 120%"><FONT STYLE="font-size: 10.5pt; line-height: 120%"><I>(Signed) Paul N. Wright</I></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-bottom: 7.1pt; padding-left: 5.4pt; text-align: justify; line-height: 120%">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-bottom: 7.1pt; padding-left: 5.4pt; text-align: justify; line-height: 120%"><FONT STYLE="font-size: 10.5pt; line-height: 120%"><I>(Signed) Fabiana E. Chubbs</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%"><FONT STYLE="font-size: 10.5pt">Paul N. Wright</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%"><FONT STYLE="font-size: 10.5pt">Fabiana E. Chubbs</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%"><FONT STYLE="font-size: 10.5pt">President &amp; Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 120%"><FONT STYLE="font-size: 10.5pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">February 23, 2017</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10.5pt">Vancouver,
British Columbia, Canada</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2" style="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><img src="image_002.jpg" alt="" style="height: 40px; width: 104px"></td>
    <td style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">KPMG LLP</P>
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Chartered Professional Accountants</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">PO Box 10426 777 Dunsmuir Street</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Vancouver BC V7Y 1K3</P>
        <P STYLE="font: bold 8pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Canada</P></td>
    <td colspan="2" style="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Telephone &#9;(604) 691-3000</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">Fax&#9;&#9;(604) 691-3031</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Internet&#9;&#9;www.kpmg.ca</P></td></tr>
</table>


<P STYLE="font: bold 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0.25in; text-transform: uppercase; text-align: left"></P>

<P STYLE="font: bold 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0.25in; text-transform: uppercase; text-align: center">INDEPENDENT
AUDITORS&rsquo; REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">To the Shareholders and Board of
Directors of Eldorado Gold Corporation</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">We have audited the accompanying
consolidated financial statements of Eldorado Gold Corporation, which comprise the consolidated balance sheets as at December 31,
2016 and December&nbsp;31, 2015, the consolidated income statements, statements of comprehensive income, changes in equity and
cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><I>Management&rsquo;s Responsibility
for the Consolidated Financial Statements</I></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Management is responsible for the
preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting
Standards <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #221E1F">as issued by the International Accounting Standards
Board</FONT>, and for such internal control as management determines is necessary to enable the preparation of consolidated&nbsp;financial
statements that are free from material misstatement, whether due to fraud or error.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><I>Auditors&rsquo; Responsibility</I></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Our responsibility is to express
an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian
generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free from material misstatement.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">An audit involves performing procedures
to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend
on our judgment, including the assessment of the risks of material misstatement of the consolidated<B> </B>financial statements,
whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity&rsquo;s preparation
and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">We believe that the audit evidence
we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><I>Opinion</I></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">In our opinion, the consolidated
financial statements present fairly, in all material respects, the consolidated financial position of Eldorado Gold Corporation
as at December 31, 2016 and December 31, 2015, and its consolidated financial performance and its consolidated cash flows for the
years then ended in accordance with International Financial Reporting Standards <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #221E1F">as
issued by the International Accounting Standards Board</FONT><B>.</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 5.5pt, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in">KPMG LLP is a Canadian limited liability
partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (&ldquo;KPMG
International&rdquo;), a Swiss entity.</P>

<P STYLE="font: 5.5pt, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in">KPMG Canada provides services to KPMG
LLP.</P>



<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"></P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><I>&nbsp;</I><IMG SRC="image_003.jpg" ALT="" STYLE="width: 87px; height: 33px"></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><I>Other Matter</I></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">We also have audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United States), Eldorado Gold Corporation&rsquo;s internal
control over financial reporting as of December 31, 2016, based on the criteria established in Internal Control&nbsp;&ndash; Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated February
23, 2017 expressed an unqualified opinion on the effectiveness of Eldorado Gold Corporation&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><B>KPMG LLP (Signed)</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 13pt 0 0; text-align: justify">Chartered Professional Accountants</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0; text-align: justify">February 23, 2017</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vancouver, Canada</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2" style="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><img src="image_002.jpg" alt="" style="height: 40px; width: 104px"></td>
    <td style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">KPMG LLP</P>
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Chartered Professional Accountants</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">PO Box 10426 777 Dunsmuir Street</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Vancouver BC V7Y 1K3</P>
        <P STYLE="font: bold 8pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Canada</P></td>
    <td colspan="2" style="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Telephone &#9;(604) 691-3000</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">Fax&#9;&#9;(604) 691-3031</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Internet&#9;&#9;www.kpmg.ca</P></td></tr>
</TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To the Shareholders and Board of Directors of Eldorado Gold Corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We have audited Eldorado Gold Corporation&rsquo;s
(&ldquo;the Company&rdquo;)&rsquo;s internal control over financial reporting as of December 31, 2016, based on criteria established
in<I> Internal Control &ndash; Integrated Framework</I> (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO)&rdquo;. The Company&rsquo;s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying
report titled &ldquo;Management&rsquo;s Responsibility for Financial Reporting&rdquo;. Our responsibility is to express an opinion
on the Company&rsquo;s internal control over financial reporting based on our audit.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We conducted our audit in accordance
with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">A company&rsquo;s internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the
financial statements.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In our opinion, Eldorado Gold Corporation
maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on criteria
established in <I>Internal Control &ndash; Integrated Framework</I> (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO)&rdquo;.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 5.5pt, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in">KPMG LLP is a Canadian limited liability
partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (&ldquo;KPMG
International&rdquo;), a Swiss entity.</P>

<P STYLE="font: 5.5pt, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in">KPMG Canada provides services to KPMG
LLP.</P>



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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><IMG SRC="image_003.jpg" ALT="" STYLE="width: 87px; height: 33px"></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We also have audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Eldorado
Gold Corporation and subsidiaries as of December 31, 2016 and 2015, and the related consolidated income statements, statements
of comprehensive income, changes in equity, and cash flows for the years then ended, and our report dated February 23, 2017 expressed
an unqualified opinion on those consolidated financial statements.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><B>KPMG LLP (Signed)</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Chartered Professional Accountants</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">February 23, 2017</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vancouver, Canada</P>

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<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Balance Sheets</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B><I>Note</I></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>December 31, 2016</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>December 31, 2015</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>6</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">883,171</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">288,189</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Term deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,292</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,382</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Restricted cash </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">240</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">248</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Marketable securities <B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">28,327</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">18,331</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Accounts receivable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>7</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">54,315</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">85,468</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>8</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">120,830</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">175,626</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,092,175</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">572,244</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>10</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">48,297</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">83,147</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Defined benefit pension plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">11,620</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">11,451</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>11</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,645,827</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,747,759</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Goodwill</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>12</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">50,276</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,797,919</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,464,877</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>LIABILITIES &amp; EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>13</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">90,705</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">236,819</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">90,705</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">236,819</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>14</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">591,589</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">589,395</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Defined benefit pension plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">10,882</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">6,720</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>15</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">89,778</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">102,636</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>17</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">443,501</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">607,871</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,226,455</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,543,441</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Share capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>18</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,819,101</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,319,101</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Treasury stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(7,794)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,211)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Contributed surplus</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,606,567</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">47,236</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(7,172)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(20,572)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Deficit</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,928,024)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,583,873)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Total equity attributable to shareholders of the Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,482,678</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,751,681</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Attributable to non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">88,786</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">169,755</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,571,464</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,921,436</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,797,919</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,464,877</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt"><B>Approved on behalf of the Board of Directors</B></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>(Signed)</I> <I>John Webster &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(Signed)</I> <I>Paul N. Wright </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt"><B>Date of approval: </B><FONT STYLE="font-size: 11pt"><I>February
23, 2017</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Income Statements</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars except per share amounts)</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>For the year ended December 31</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><I>(restated)*</I></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Metal sales</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">432,727</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">479,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Cost of sales</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Production costs</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>26</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">194,669</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">252,122</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Inventory write-down </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">12,024</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">74,887</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">89,320</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">269,556</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">353,466</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">163,171</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">125,613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exploration expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,773</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16,328</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mine standby costs </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16,140</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,244</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">37,851</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">44,075</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Defined benefit pension plan expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,602</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,920</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share based payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>19</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,559</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">15,877</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Impairment loss on property, plant and equipment and goodwill</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>11, 12</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,842,965</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other write-down of assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,529</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,064</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Foreign exchange loss </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,708</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">15,044</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Operating profit (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">67,009</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,831,904)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss on disposal of assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,121</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss on marketable securities and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,881</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(243)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(7,278)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Asset retirement obligation accretion</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,795</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,931</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest and financing costs</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>27</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,757</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17,574</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Profit (loss) from continuing operations before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">48,698</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,844,134)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Income tax expense (recovery)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>17</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">56,205</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(221,390)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss from continuing operations </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(7,507)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,622,744)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss from discontinued operations </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>5</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(339,369)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(22,398)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss for the year</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(346,876)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,645,142)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Shareholders of the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(344,151)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,540,895)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,725)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(104,247)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss for the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(346,876)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,645,142)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss attributable to shareholders of the Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Continuing operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,683)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,512,435)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Discontinued operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(341,468)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(28,460)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(344,151)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,540,895)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Weighted average number of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>28</I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Basic</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,587</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,586</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Diluted</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,593</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,590</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss per share attributable to shareholders </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>of the Company:</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Basic loss per share </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(0.48)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2.15)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Diluted loss per share</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(0.48)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2.15)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss per share attributable to shareholders </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>of the Company - continuing operations:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Basic loss per share </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(0.00)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2.11)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Diluted loss per share</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(0.00)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2.11)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I></I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 10pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="color: #0C2D83; font: 14pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Statements of Comprehensive Income</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>For the year ended December 31</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Note</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Loss for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(346,876)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,645,142)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income (loss):</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Change in fair value of available-for-sale financial assets, net of income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,687</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,232)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">tax of $1,428 and $nil</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Transfer of realized loss on disposal of availabe-for-sale financial assets</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,901</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Actuarial losses on defined benefit pension plans</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,188)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(213)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total other comprehensive income (loss) for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">13,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,445)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total comprehensive loss for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(333,476)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,647,587)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Shareholders of the Company</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(330,751)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,543,340)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,725)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(104,247)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(333,476)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,647,587)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif">
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Statements of Cash Flows</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>For the year ended December 31</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><I>(restated)*</I></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash flows generated from (used in):</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss for the year from continuing operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(7,507)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,622,744)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Items not affecting cash:</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Asset retirement obligation accretion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,795</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,931</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">74,887</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">89,320</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Unrealized foreign exchange loss</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,191</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,236</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Deferred income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,039</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(265,448)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss on disposal of assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,121</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other write-down of assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,529</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,064</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Impairment loss on property, plant and equipment </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,842,965</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Loss on marketable securities and other investments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,881</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share based payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,559</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">15,877</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Defined benefit pension plan expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,602</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,920</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">107,097</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">77,124</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Property reclamation payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,662)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(551)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Changes in non-cash working capital</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>20</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">32,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">96,807</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net cash provided by operating activities of continuing operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">136,730</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">173,380</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net cash provided by operating activities of discontinued operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(23,067)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">49,978</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net cash paid on acquisition of subsidiary</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(603)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Purchase of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(297,667)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(347,060)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds from the sale of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,916</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,312</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds from sale of mining interest net of transaction costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>5</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">792,511</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds on production of tailings retreatment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,708</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17,918</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Purchase of marketable securities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,526)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(16,312)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds from the sale of marketable securities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,665</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Investment in term deposits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(910)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,582)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Decrease in restricted cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">601</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net cash provided (used) by investing activities of continuing operations</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">503,103</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(344,123)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net cash used by investing activities of discontinued operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(21,784)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(48,744)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Issuance of common shares for cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">121</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dividend paid to shareholders</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(11,257)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Purchase of treasury stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,394)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long-term and bank debt proceeds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70,000</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Long-term and bank debt repayments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(70,000)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net cash used by financing activities of continuing operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(13,530)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net cash used by financing activities of discontinued operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(27,286)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">594,982</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(210,325)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents - beginning of year</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">288,189</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">498,514</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents - end of year</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">883,171</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">288,189</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"></P>



<P STYLE="margin: 0"></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Statements of Changes in Equity</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>For the year ended December 31,</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Share capital </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,319,101</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,318,950</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Shares issued upon exercise of share options, for cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">121</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Transfer of contributed surplus on exercise of options</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Capital reduction</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>18</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,500,000)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,819,101</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,319,101</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Treasury stock</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(10,211)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(12,949)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Purchase of treasury stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,394)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Shares redeemed upon exercise of restricted share units</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,417</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,132</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(7,794)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(10,211)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Contributed surplus</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">47,236</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">38,430</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Share based payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,264</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16,258</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Shares redeemed upon exercise of restricted share units</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,417)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(5,132)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Recognition of other non-current liability and related costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,416)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,290)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Reversal of other current liability and related costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">52,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Transfer to share capital on exercise of options and deferred</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;phantom units</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(30)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Capital reduction </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>18</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,606,567</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">47,236</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Accumulated other comprehensive loss</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(20,572)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(18,127)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Other comprehensive loss for the year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">13,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,445)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(7,172)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(20,572)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Deficit</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,583,873)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(31,721)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(11,257)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Loss attributable to shareholders of the Company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(344,151)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,540,895)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,928,024)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,583,873)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total equity attributable to shareholders of the Company</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,482,678</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,751,681</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">169,755</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">283,331</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Loss attributable to non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,725)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(104,247)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Dividends declared to non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(10,929)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Increase during the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,257</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,600</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Decrease due to sale of China Business and others</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>5</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(81,501)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">88,786</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">169,755</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total equity</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,571,464</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,921,436</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>1.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>General Informatio</B><FONT STYLE="font-weight: normal">n</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">Eldorado Gold Corporation (&ldquo;Eldorado&rdquo;
or the &ldquo;Company&rdquo;) is a gold exploration, development and mining company. The Company has operations and ongoing exploration
and development projects in Turkey, Greece, Brazil and Romania. The Company disposed of its China operations (&ldquo;China Business&rdquo;)
during the year. Details of the sale are included in note 5.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Eldorado is a public company
which is listed on the Toronto Stock Exchange and New York Stock Exchange and is incorporated and domiciled in Canada.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 22.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>2.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Basis of preparation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">These consolidated financial
statements, including comparatives, have been prepared using accounting policies in compliance with International Financial Reporting
Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">Certain prior period balances
have been reclassified to conform to current period presentation.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">The consolidated financial statements
were authorized for issue by the Board of Directors on February 23, 2017.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 7pt 4.3pt; text-indent: 0.25in"><B>Upcoming changes in
accounting standards</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">The following standards have
been published and are mandatory for Eldorado&rsquo;s annual accounting periods no earlier than January 1, 2018:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: windowtext">&#183;</FONT></TD><TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">IFRS 2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext"><I>&lsquo;Share-Based
Payments&rsquo; </I>&ndash;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">In June 2016, the
IASB issued final amendments to this standard. IFRS 2 clarifies the classification and measurement of share-based payment transactions.
These amendments deal with variations in the final settlement arrangements including: (a) accounting for cash-settled share-based
payment transactions that include a performance condition, (b) classification of share-based payment transactions with net settlement
features, and (c) accounting for modifications of share-based payment transactions from cash-settled to equity. IFRS 2 is effective
for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company is currently evaluating
the extent of the impact of the adoption of this standard.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 9 <I>&lsquo;Financial Instruments&rsquo; </I>&ndash; This standard
was published in July 2014 and replaces the existing guidance in IAS 39, &lsquo;<I>Financial Instruments: Recognition and Measurement&rsquo;</I>.
IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit
loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carries forward
the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective for annual reporting periods
beginning on or after January 1, 2018, with early adoption permitted. The Company is currently evaluating the extent of the impact
of the new standard, particularly in the accounting of its long-term receivables and assets available-for-sale. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 15 <I>&lsquo;Revenue from Contracts with Customers&rsquo; </I>&ndash;
This standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a
point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much
and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or
timing of revenue recognized. This standard is effective for annual reporting periods beginning on or after January 1, 2018, with
early adoption permitted. The Company is currently evaluating the extent of the impact of the adoption of this standard as some
of its gold sales are subject to pricing adjustments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 76.55pt; text-indent: -76.55pt">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Basis of preparation <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: windowtext">&#183;</FONT></TD><TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">IFRS 16</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext"><I>&lsquo;Leases&rsquo;
</I>&ndash;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">This standard was published in January
2016 and replaces the existing guidance in IAS 17, <I>&lsquo;Leases&rsquo;</I>. IFRS 16 introduces a single accounting model for
lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee will be required
to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability, representing its
obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under IAS 17. IFRS 16 is
effective for annual reporting periods beginning on or after January 1, 2019, with early adoption permitted. Although it is anticipated
for all office building leases to come on balance sheet at the time of adoption, this is not expected to have a significant impact
on the Company&rsquo;s consolidated financial statements. However, the Company continues its evaluation of other leases that might
have an impact on its consolidated financial statements with the adoption of this standard.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">There are other new standards,
amendments to standards and interpretations that have been published and are not yet effective. The Company believes they will
have no material impact on its consolidated financial statements.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><B>3.</B></TD><TD STYLE="width: 5pt; text-align: left"></TD><TD STYLE="text-align: justify"><B>Significant accounting policies</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The principal accounting policies
set out below have been applied consistently to all years presented in these consolidated financial statements, and have been applied
consistently by all Eldorado entities.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.1&#9;Basis of
presentation and principles of consolidation</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(i)&#9;Subsidiaries
and business combinations</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Subsidiaries are entities controlled
by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights that
currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The acquisition method of accounting
is used to account for business acquisitions. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective
of the extent of any non-controlling interest.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The excess of the cost of acquisition
over the fair value of Eldorado&rsquo;s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition
is less than the fair value of the net assets acquired, the difference, or gain is recognised directly in the income statement.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Transaction costs, other than
those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination,
are expensed as incurred.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The most significant wholly-owned
and partially-owned subsidiaries of Eldorado, are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Univers 45 Light, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Location</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ownership interest</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Status</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Operations and development projects owned</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">T&uuml;prag Metal Madencilik Sanayi ve Ticaret AS (&ldquo;T&uuml;prag&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Turkey</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">Ki&#351;lada&#287; Mine</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Efem&ccedil;ukuru Mine</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Hellas Gold SA (&ldquo;Hellas&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Greece</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">95%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Stratoni
Mine</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Olympias Project</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Skouries Project</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Thracean Gold Mining SA</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Greece</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;&nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif">Perama Hill Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Glory Resources Ltd.</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Greece</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Sapes Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unamgen Minera&ccedil;&atilde;o e Metalurgia S/A </FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Vila Nova Iron Ore Mine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Brazauro Resources Corporation (&ldquo;Brazauro&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Tocantinzinho Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Deva Gold SA (&ldquo;Deva&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Romania</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">81%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Certej Project</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(ii)&#9;Discontinued
operations</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">A discontinued operation is
a component of the Group&rsquo;s business that represents a separate major line of business or geographical area of operations
that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Discontinued operations are
presented on the income statement as a separate line.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iii)&#9;Assets
held for sale</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Assets and businesses classified
as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification
as held for sale and gains or losses on subsequent re-measurements are included in the income statement. No depreciation is charged
on assets and businesses classified as held for sale.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Assets and businesses are classified
as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through
continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iv)&#9;Investments
in associates (equity accounted for investees)</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Associates are those entities
where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies. Significant
influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Associates are accounted for using the equity method (equity accounted investees) and
are recognized initially at cost. The consolidated financial statements include Eldorado&rsquo;s share of the income and expenses
and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado,
from the date that significant influence commences until the date that significant influence ceases. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: -0.15pt">When the Company&rsquo;s share of losses exceeds its interest in an equity accounted
investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further
losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the
investee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: -0.15pt">At each balance sheet date, each investment in associates is assessed for indicators
of impairment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: -0.25in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(v) Transactions with
non-controlling interests</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying
value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests
are also recorded in equity.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">Eldorado
treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0.65in 6pt 0.25in; text-indent: 0in">(vi)&#9;Transactions
eliminated on consolidation&#9;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Intra-company and intercompany
balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing
the consolidated financial statements.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.2&#9;Foreign currency
translation</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(i) &#9;Functional
and presentation currency</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Items included in the financial
statements of each of Eldorado&rsquo;s entities are measured using the currency of the primary economic environment in which the
entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company&rsquo;s
functional and presentation currency, as well as the functional currency of all significant subsidiaries.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(ii) &#9;Transactions
and balances</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Foreign currency transactions
are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets
and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange
rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation
of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">3.3&nbsp;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Property, plant and equipment</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(i)&#9;Cost and valuation</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset
is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain
or loss in the income statement.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(ii)&#9;Property,
plant and equipment</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Property, plant and equipment
include expenditures incurred on properties under development, significant payments related to the acquisition of land and mineral
rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and
the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary
for the asset to be capable of operating in the manner intended by management.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(iii)&#9; Depreciation</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">Mine development costs, property,
plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated,
depleted and amortized over a mine&rsquo;s estimated life using the units-of-production method calculated based on proven and probable
reserves.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">Capitalized development costs
related to a multi-pit operation are amortized on a pit-by-pit basis over the pit&rsquo;s estimated life using the units-of-production
method calculated based on proven and probable reserves related to each pit.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Property, plant and equipment
and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis
over the estimated useful lives of the assets.</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Where components of an asset
have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate
component.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Depreciation methods, useful
lives and residual values are reviewed at the end of each year and adjusted if appropriate.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(iv) Subsequent
costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Expenditure on major maintenance or repairs includes
the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that
further future economic benefit will flow to the Company, the expenditure is capitalized. Similarly, overhaul costs associated
with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining
costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(v) Deferred stripping
costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Stripping costs incurred during the production
phase of a mine are considered production costs and included in the cost of inventory produced during the period in which the stripping
costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case
the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development
costs (pre-stripping). Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves
to which they relate.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(vi) Borrowing costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Borrowing costs are expensed as incurred except
where they are directly attributable to the financing of construction or development of qualifying assets requiring a substantial
period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities
necessary to prepare the asset for its intended use are complete.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Investment income arising on the temporary investment
of proceeds from borrowings is offset against borrowing costs being capitalized.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(vii)&#9; Mine
standby and restructuring costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Mine standby costs and costs related to restructuring
a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine
support costs during temporary shutdowns of a mine.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 5pt 17.85pt; text-indent: 0in">3.4&#9;Exploration,
evaluation and development expenditures</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(i) Exploration</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Exploration expenditures reflect the costs related
to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits.
Exploration expenditures typically include costs associated with the acquisition of mineral licenses, prospecting, sampling, mapping,
diamond drilling and other work involved in searching for ore. All expenditures relating to exploration activities are expensed
as incurred except for the costs associated with the acquisition of mineral licenses which are capitalized.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(ii) Evaluation</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Evaluation expenditures reflect costs incurred
at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or
acquired through a business combination or asset acquisition.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">Evaluation expenditures include
the cost of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">establishing the volume and grade of deposits through drilling of core samples, trenching and
sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">determining the optimal methods of extraction and metallurgical and treatment processes; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">studies related to surveying, transportation and infrastructure requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">permitting activities; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">e)</FONT></TD><TD><FONT STYLE="font-size: 10pt">economic evaluations to determine whether development of the mineralized material is commercially
justified, including scoping, prefeasibility and final feasibility studies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Evaluation expenditures are capitalized if management
determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource
is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of
the mineral resource is demonstrable considering long-term metal prices. Therefore, prior to capitalizing such costs, management
determines that the following conditions have been met:</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">There is a probable future benefit that will contribute to future cash inflows;</FONT></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Company can obtain the benefit and control access to it; and</FONT></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The transaction or event giving rise to the benefit has already occurred.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The evaluation phase is complete once technical
feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement,
including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development
of the mine.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iii) Development</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Development expenditures are those that are incurred
during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground
development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of
plant, equipment and buildings and costs of commissioning the mine and mill.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Expenditures incurred on development projects
continue to be capitalized until the mine and mill moves into the production stage. The Company assess each mine construction project
to determine when a mine moves into production stage. The criteria used to assess the start date are determined based on the nature
of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered
to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the
criteria considered would include, but are not limited to, the following: (1) the level of capital expenditures compared to construction
cost estimates; (2) the completion of a reasonable period of testing of mine plant and equipment; (3) the ability to produce minerals
in saleable form (within specification); and (4) the ability to sustain ongoing production of minerals.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Alternatively, if the factors that impact the
technical feasibility and commercial viability of a project change and no longer support the probability of generating positive
economic returns in the future, expenditures will no longer be capitalized.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.5&#9;Goodwill</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Goodwill represents the excess of the cost of
an acquisition over the fair value of Eldorado's share of the net assets of the acquired business at the date of acquisition. When
the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and
businesses is shown separately as goodwill in the financial statements. Goodwill on acquisition of associates is included in investments
in significantly influenced companies and tested for impairment as part of the overall investment.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Goodwill is carried at cost less accumulated
impairment losses and tested annually for impairment. Impairment losses on goodwill are not reversed. The impairment testing is
performed annually or more frequently if events or changes in circumstances indicate that it may be impaired.</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Goodwill is allocated to cash-generating units
for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units
(&ldquo;CGU&rdquo;s) that are expected to benefit from the business combination in which the goodwill arose. If the composition
of one or more cash generating units to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated
to the units affected.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">The gain or loss on disposal
of an entity includes the carrying amount of goodwill relating to the entity sold.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.6&#9;Impairment
of non-financial assets</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Other long-lived assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment test is performed
when the impairment indicators demonstrate that the carrying amount may not be recoverable and it is reviewed at least annually.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">An impairment loss is recognized for the amount
by which the asset&rsquo;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset&rsquo;s
fair value less cost to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows or CGUs.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Value in use is determined as the present value
of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. The estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Fair value less cost to sell is the amount obtainable
from the sale of an asset or CGU in an arm&rsquo;s length transaction between knowledgeable, willing parties, less the costs of
disposal. For mining assets, fair value less cost to sell is often estimated using a discounted cash flow approach because a fair
value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using
estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent
market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed
for possible reversal of the impairment when events or changes in circumstances indicate that an item is no longer impaired.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.7&#9;Financial assets</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(i) Classification</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The Company classifies its financial assets in
the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale. The classification
depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial
assets at initial recognition.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(a)
Financial assets at fair value through profit or loss</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Financial assets at fair value through profit
or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the
purpose of selling in the short-term. Derivatives are also categorised as held for trading unless they are designated as hedges.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(b)
Loans and receivables</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Loans
and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They are included in current assets, except for those with maturities of greater than 12 months after the end of the reporting
period, which are classified as non-current assets. Eldorado&rsquo;s loans and receivables comprise cash and cash equivalents,
restricted cash, accounts receivable and other and other assets in the balance sheet.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(c)
Available-for-sale financial assets</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Available-for-sale
financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the
other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it
within 12 months of the end of the reporting period. Eldorado&rsquo;s available-for-sale financial assets comprise marketable securities
not held for the purpose of trading.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(ii) Recognition and
measurement</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Financial
assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through
profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction
costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments
have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. </FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Available-for-sale
financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables
are subsequently carried at amortised cost using the effective interest method.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Gains
or losses arising from changes in the fair value of the &lsquo;financial assets at fair value through profit or loss&rsquo; category
are presented in the income statement within &lsquo;Gain or loss on marketable securities&rsquo; in the period in which they arise.
Dividend income from &lsquo;financial assets at fair value through profit or loss&rsquo; is recognised in the income statement
as part of other income when Eldorado&rsquo;s right to receive payments is established.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Gains
or losses arising from changes in the fair value of available-for-sale financial assets are recognized in other comprehensive income
and presented within equity. When marketable securities classified as available-for-sale are sold or impaired, the accumulated
fair value adjustments recognised in other comprehensive income are included in the income statement as &lsquo;Gain or loss on
marketable securities&rsquo;.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iii)&#9;Impairment
of financial assets</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial
assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there
is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset
(a &lsquo;loss event&rsquo;) and that loss event (or events) has an impact on the estimated future cash flows of the financial
asset or group of financial assets that can be reliably estimated.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="font-weight: normal">An impairment loss in respect of a financial asset measured at amortized cost is calculated
as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original
effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its
fair value. In the case of equity instruments classified as available-for-sale, a significant or prolonged decline in the fair
value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale
financial assets, the cumulative loss &ndash; measured as the difference between the acquisition cost and the current fair value,
less any impairment loss on that financial asset that was previously recognized in profit or loss &ndash; is removed from equity
and recognized in the income statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">All
impairment losses are recognized in profit or loss. Any cumulative loss in respect of an available-for-sale financial asset recognized
previously in equity is transferred to profit or loss. An impairment loss is reversed if the reversal can be related objectively
to an event occurring after the impairment loss was recognized. Impairment losses recognized for equity securities are not reversed.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.8 Derivative financial
instruments and hedging activities</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial
recognition, derivatives are remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether
the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately
in the income statement.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(a)
Fair value hedge</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(b)
Cash-flow hedge</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The effective portions of changes in the fair values of derivatives that are designated and qualify as cash-flow hedges are
recognised in equity. The gain or loss relating to any ineffective portion is recognised immediately in the income statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Amounts accumulated in the hedge reserve are recycled in the income statement in the periods when the hedged items will affect
profit or loss (for instance when the forecast sale that is hedged takes place). If a forecast transaction that is hedged results
in the recognition of a non-financial asset (for example, inventory) or a liability, the gains and losses previously deferred in
the hedge reserve are transferred from the reserve and included in the initial measurement of the cost of the asset or liability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in the hedge reserve at that time remains in the reserve and is recognised when the forecast transaction
is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain
or loss that was reported in other comprehensive income is immediately transferred to the income statement.</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 0.25in">The Company has not designated any derivative
contracts as hedges and therefore has not applied hedge accounting in these financial statements.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.9&#9; Inventories</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present
location and condition are accounted for as follows:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material
at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment,
dor&eacute; awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining,
crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of property,
plant and equipment. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in">Inventory costs are charged to production costs
on the basis of quantity of metal sold. The Company regularly evaluates and refines estimates used in determining the costs charged
to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in">Net realizable value is the estimated selling
price, less the estimated costs of completion and selling expenses.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals,
reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a
provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.</FONT></TD></TR></TABLE>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.10 Trade receivables</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade receivables are amounts due from customers for bullion, dor&eacute;, gold concentrate, other metal concentrates and iron
ore sold in the ordinary course of business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less a provision for impairment where necessary.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.11 Cash and cash
equivalents</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments
with maturities at the date of acquisition of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings
in current liabilities on the balance sheet.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.12 Share capital</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: 0.15pt">Common shares are classified as equity. Incremental costs directly attributable to the
issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held
by the Company are classified as treasury stock and recorded as a reduction of shareholders&rsquo; equity.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.13 Trade payables</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating
cycle of the business if longer). If not, they are presented as non-current liabilities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.14 Debt and borrowings</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at
amortised cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs)
and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Fees paid on the establishment of loan facilities and other borrowings are recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility and borrowings
will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the loan to
which it relates.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.15&#9; Current and deferred
income tax</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Income tax expense comprises current and deferred tax. Income tax expense is recognized in the income statement except to the
extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized
in other comprehensive income or in equity, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are
accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively
enacted.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">Deferred income tax is recognised, using the liability
method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability
in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit
or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance
sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability
is settled.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">A deferred tax asset is recognized
to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related
tax benefit will be realized.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.16&#9; Employee benefits</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(i) &#9;Defined benefit
plans</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">Certain employees have entitlements under Company
pension plans which are defined benefit pension plans. For defined benefit plans, the level of benefit provided is based on the
length of service and earnings of the person entitled.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">The cost of the defined benefit plan is determined
using the projected unit credit method. The related pension liability recognized in the consolidated balance sheet is the present
value of the defined benefit obligation at the balance sheet date less the fair value of plan assets.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">The Company obtains actuarial valuations for
defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan
liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount
rate is based on high quality bond yields, as per IAS 19. The assumption used to determine the interest income on plan assets is
equal to the discount rate, as per IAS 19.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Actuarial gains and losses are recognized in
full in the period in which they occur in other comprehensive income without recycling to the statement of income in subsequent
periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest
arising on the pension liability are included in the same line items in the statement of income as the related compensation cost.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Past service costs are recognized immediately
to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits
become vested.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(ii) Termination benefits</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Eldorado recognizes termination benefits when it is demonstrably committed to either terminating the employment of current
employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer
made to encourage voluntary termination. Benefits falling due more than twelve months after the end of the reporting period are
discounted to their present value.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(iii) &#9;Short-term
benefits</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if Eldorado has
a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation
can be estimated reliably.</TD></TR></TABLE>

<P STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.17 Share-based payment
transactions</P>

<P STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">The Company applies the fair
value method of accounting for all stock option awards and equity settled restricted share units and performance share units. Under
this method the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of
the options on the date of grant which is determined by using the Black-Scholes option pricing model. For equity settled restricted
share units, compensation expense is recognized based on the quoted market value of the shares. For equity settled performance
share units, compensation expense is recognized based on the fair value of the shares on the date of grant which is determined
by a valuator.</P>

<P STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">The fair value of the options,
restricted share units and performance share units are expensed over the vesting period of the awards with a corresponding increase
in equity. No expense is recognized for awards that do not ultimately vest. Deferred share units are liability awards recorded
at the quoted market price at the grant date. The corresponding liability is marked to market at each reporting date.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">&#9;</FONT>3.18&#9;
Provisions</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. They
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(i) &#9;Rehabilitation
and restoration</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Provision is made for mine rehabilitation and restoration when an obligation is incurred. The provision is recognised as a
liability with a corresponding asset recognised in relation to the mine site. At each reporting date the rehabilitation liability
is re-measured in line with changes in discount rates, and timing or amount of the costs to be incurred. The rehabilitation liability
is classified as an &lsquo;Asset retirement obligation&rsquo; on the balance sheet.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The provision recognised represents management&rsquo;s best estimate of the present value of the future costs required. Significant
estimates and assumptions are made in determining the amount of restoration and rehabilitation provisions. Those estimates and
assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary
remediation activities and the timing, extent and costs of required restoration and rehabilitation activity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognised
is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future
costs for operating sites are recognised in the balance sheet by adjusting both the restoration and rehabilitation asset and provision.
Such changes give rise to a change in future depreciation and financial charges.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.19&#9; Revenue recognition</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Revenue from the sale of bullion, <FONT STYLE="color: windowtext">dor&eacute;,
gold concentrate, other metal concentrates</FONT> and iron ore is recognized when persuasive evidence of an arrangement exists,
the bullion, <FONT STYLE="color: windowtext">dor&eacute;, metal concentrates</FONT> and iron ore has been shipped, title has passed
to the purchaser, the price is fixed or determinable, and collection is reasonably assured. Revenues realized from sales of pre-commercial
production are recorded as a reduction of property plant and equipment.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Our metal concentrates are sold under pricing
arrangements where final metal prices are determined by market prices subsequent to the date of shipment. Provisional revenue is
recorded at date of shipment based on metal prices at that time. Adjustments are made to the provisional revenue in subsequent
periods based on fluctuations in the market prices until date of final metal pricing. Consequently, at each reporting period the
receivable balances relating to sales of concentrates changes with the fluctuations in market prices.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">3.20&#9; Finance income
and expenses</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Finance income comprises interest income on funds invested (including available-for-sale financial assets), gains on the disposal
of available-for-sale financial assets and changes in the fair value of financial assets at fair value through profit or loss.
Interest income is recognized as it accrues in profit or loss, using the effective interest method.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value
of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs
are recognized in profit or loss using the effective interest method, except for those amounts capitalized as part of the cost
of qualifying property, plant and equipment.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">3.21 Earnings (loss)
per share</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD><FONT STYLE="letter-spacing: -0.1pt">Eldorado presents basic and diluted earnings per share (&ldquo;EPS&rdquo;) data for its
common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the
weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss
attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive
potential common shares, which comprise warrants and share options granted to employees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>4.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Critical accounting estimates and judgements</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">The preparation of financial
statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the
period in which the estimates are revised and in any future periods affected.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Significant areas requiring the use of management estimates include assumptions and estimates relating to determining defined
proven and probable reserves, value beyond proven and probable reserves, fair values for purposes of purchase price allocations
for business acquisitions, asset impairment analyses, asset retirement obligations, share-based payments and warrants, pension
benefits, valuation of deferred income tax assets, the provision for income tax liabilities, deferred income taxes and assessing
and evaluating contingencies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Actual results could differ from these estimates. Outlined below are some of the areas which require management to make significant
estimates and assumptions in determining carrying values.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Purchase price allocation</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Business combinations require estimates to be made at the date of acquisition in relation to determining asset and liability
fair values and the allocation of the purchase consideration over the fair value of the assets and liabilities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>In respect of mining company acquisitions purchase consideration is typically allocated to the mineral reserves and resources
being acquired. The estimate of reserves and resources is subject to assumptions relating to life of the mine and may change when
new information becomes available. Changes in reserves and resources as a result of factors such as production costs, recovery
rates, grade or reserves or commodity prices could impact depreciation rates, asset carrying values and environmental and restoration
provisions. Changes in assumptions over long-term commodity prices, market demand and supply, and economic and regulatory climates
could also impact the carrying value of assets, including goodwill.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: -17.85pt">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Critical accounting estimates and judgements <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Estimated recoverable reserves and resources</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Mineral reserve and resource estimates are based on various assumptions relating to operating matters, including, with respect
to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices
and, in some cases, exchange rates, inflation rates and capital costs. Cost estimates are based on feasibility study estimates
or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices,
inflation rates, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable reserves
and resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for
deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and
restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment
charges recorded in the income statement and the carrying value of the decommissioning and restoration provision.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Current and deferred taxes</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>The Company calculates current and deferred tax provisions for each of the jurisdictions in which it operates. Actual amounts
of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent
to the issuance of financial statements. Therefore, profit in subsequent periods will be affected by the amount that estimates
differ from the final tax returns.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Estimates of recoverability
are required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet.
The Company also evaluates the recoverability of deferred tax assets based on an assessment of the ability to use the underlying
future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences
on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is
not expected to occur in the foreseeable future and can be controlled.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Assumptions about the generation
of future taxable profits and repatriation of retained earnings depend on management&rsquo;s estimates of future production and
sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends
and other capital management transactions.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Judgement is also required in
the application of income tax legislation. These estimates and judgments are subject to risk and uncertainty and could result in
an adjustment to current and deferred tax provisions and a corresponding credit or debit to profit.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Impairment of non-current assets and goodwill</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Non-current assets are tested for impairment when
events or changes in circumstances suggest that the carrying amount may not be fully recoverable. We conduct an annual test for
impairment of goodwill in the fourth quarter of each fiscal year and at any other time of the year if an indicator of impairment
is identified.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Calculating the estimated fair values of CGUs
for non-current asset impairment tests and CGUs or groups of CGUs for goodwill impairment tests requires management to make estimates
and assumptions with respect to future production levels, operating and capital costs in our life-of-mine (&ldquo;LOM&rdquo;) plans,
long-term metal prices, foreign exchange rates and discount rates. Changes in any of the assumptions or estimates used in determining
the fair values could impact the impairment analysis.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">Management is also required to make judgments with
respect to the level at which goodwill is tested for impairment. Judgments include an assessment of whether CGUs should be grouped
together for goodwill testing purposes at a level not larger than an operating segment or tested at the individual CGU level.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>5.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Sale of China Business</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-indent: 0in">On April 26, 2016, the Company
announced that it had reached an agreement to sell its 82 percent interest in Jinfeng to a wholly-owned subsidiary of China National
Gold Group (&ldquo;CNG&rdquo;) for $300 million in cash, subject to certain closing adjustments. The sale was completed on September
6, 2016. In addition to the sale of Jinfeng, on May 16, 2016 Eldorado announced it had reached an agreement to sell its respective
interest in White Mountain, Tanjianshan and Eastern Dragon to an affiliate of Yintai Resources Co. Ltd. (&ldquo;Yintai&rdquo;)
for $600 million in cash, subject to certain closing adjustments. The sale was completed on November 22, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-indent: 0in">An initial post-tax loss of
$339 million was recognized on re-measurement to fair value less costs of disposal of our China Business during the second quarter.
This loss was allocated first to goodwill and the remainder to property, plant and equipment. As at December 31, 2016, a net loss
on sale of assets held for sale of $351 million was realized in net loss from discontinued operations as a result of completing
both sale transactions.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-indent: 0in">The loss on sale of our China
Business was calculated as follows:</P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 6pt 22.5pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt/120% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10.05pt"><FONT STYLE="font-size: 10pt"><B>Net proceeds:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Sales price</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">900,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Pre-closing cash amount</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">66,531</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Working capital adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">902</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Withholding taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(85,858)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">881,575</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10.05pt"><FONT STYLE="font-size: 10pt"><B>Net assets sold:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">77,054</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Accounts receivable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25,321</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70,278</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19,307</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,329,409</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">50,276</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(46,659)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(23,197)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(185,482)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(83,498)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,232,809</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10.05pt"><FONT STYLE="font-size: 10pt"><B>Loss on sale</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(351,234)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 6pt 22.5pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Proceeds from sale of mining interest presented on the Company&rsquo;s Consolidated Statement of Cash Flows are net of transaction
costs of $13,001, cash retained in the entities sold of $77,054 and excludes accruals of $991. Transaction costs are included in
general and administrative expenses in our discontinued operations results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The results from operations for our China Business have, together with restated comparatives, been presented as discontinued
operations within the Consolidated Income Statements and the Consolidated Statements of Cash Flows. The discontinued operations
include the results of Jinfeng up to September 6, 2016 and of White Mountain, Tanjianshan and Eastern Dragon up to November 22,
2016.</TD></TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 0 0 6pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Sale of China Business <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 3.4pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>For the year ended December 31</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Revenue</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">217,511</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">384,212</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Production costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">144,590</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">217,696</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">19,067</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">89,657</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">53,854</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">76,859</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Exploration expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1,257</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1,524</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">General and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">20,999</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">11,893</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Other writedown of assets</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">45,086</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Foreign exchange loss</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">306</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1,750</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Operating profit</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">31,292</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">16,606</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Interest and financing costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">169</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">754</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Asset retirement obligation accretion</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">356</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">480</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Other expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">2,713</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">748</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Profit from discontinued operations before income tax</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">28,054</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">14,624</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Income tax expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">16,189</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">37,022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Profit (loss) from discontinued operations</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">11,865</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(22,398)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">Loss on sale of assets held for sale</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">351,234</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Net loss from discontinued operations</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(339,369)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(22,398)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 3.4pt"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 3.4pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>The Company applies judgment to determine whether an asset or disposal group is available for immediate sale in its present
condition and that its sale is highly probable and therefore should be classified as held for sale at the balance sheet date. Conditions
that support a highly probable sale include the following: an appropriate level of management is committed to a plan to sell the
asset or disposal group, an active program to locate a buyer and complete the plan has been initiated, the asset or disposal group
has been actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale of the asset
or disposal group is expected to qualify for recognition as a completed sale within one year from the date of classification as
held for sale.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">The CNG and Yintai transactions were a result
of a strategic review by the Company&rsquo;s management to maximize the value of the Company&rsquo;s operations in China. Accordingly,
the disposal of substantially all of the China Business through the CNG and Yintai transactions represents a single coordinated
plan to dispose of a major line of business or geographical area of operations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>The Company concluded that during the second quarter of 2016, the assets and liabilities of the China Business met the criteria
for classification as held for sale as settlement was expected within twelve months. In addition, the assets of the China Business
were not depreciated while they were classified as held for sale.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">In March 2014, the Company entered
into the Subscription and Shareholders agreement (&ldquo;Agreements&rdquo;) with CDH Fortune II Limited (&ldquo;CDH&rdquo;). CDH
had the right to require Eldorado to acquire its 20% interest in Eastern Dragon for a fixed price for 90 days following the second
anniversary of the agreement, which resulted in Eldorado recording a put option liability from the date of the agreement. The put
option liability of $52.9 million was reversed against contributed surplus during Q2, 2016 when the option period expired. The
reversal against contributed surplus was consistent with the original entry to record the liability and the Company&rsquo;s accounting
policy. The Agreements included other rights and obligations of the Company and CDH associated with the advancement of the Eastern
Dragon Project, the holding structure, and the number of subsidiaries related to our Chinese assets. Concurrent with the sale of
the Company&rsquo;s China Business, Yintai acquired CDH&rsquo;s interest in Eastern Dragon.</P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>6.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Cash and cash equivalents</B></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Univers 45 Light, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-bottom: 6pt; font: bold 10pt/13pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">December
        31, 2016</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">December
        31, 2015</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Cash
    at bank and on hand</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">282,021</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">240,389</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Short-term
    bank deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">601,150</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">47,800</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">883,171</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">288,189</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 56.9pt 0 22.3pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>7.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Accounts receivable and other</B></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Univers 45 Light, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-bottom: 6pt; font: bold 10pt/13pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 2pt"><FONT STYLE="color: #000000">December
        31, 2016</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">December
        31, 2015</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Trade
    receivables</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">11,053</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">16,137</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Value
    added and other taxes recoverable</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">22,156</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">16,195</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Other
    receivables and advances</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">8,208</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">15,903</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Prepaid
    expenses and deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">12,898</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">37,233</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 10pt/13pt; padding-right: 5.4pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">54,315</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">85,468</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>8.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Univers 45 Light, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-bottom: 6pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2015</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Ore
    stockpiles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">2,715</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">30,897</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">In-process
    inventory and finished goods</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">50,195</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">36,841</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Materials
    and supplies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">67,920</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">107,888</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">120,830</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000; line-height: 120%">175,626</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">The cost of materials and supplies consumed during
the year and included in production costs amounted to $103,073 (2015 &ndash; $121,363).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 0 0 17.85pt">Inventory write downs related to Iron Ore, Zinc
and Lead inventories amounting to $nil (2015 &ndash; $12,024) were recognized during the year.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 4pt 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>9.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Investment in subsidiaries</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 17.85pt; text-indent: 0in">The following table summarized
the information relating to each of the Company&rsquo;s subsidiaries that has material non-controlling interests (&ldquo;NCI&rdquo;).
The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company
eliminations.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 17.85pt; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">9.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Investment in subsidiaries <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 5pt 17.85pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Hellas</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Deva</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>NCI percentage</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>5%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>19%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">80,251</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,978,622</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">412,082</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(950,131)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(189,548)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(298,488)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(43,577)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">810,254</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">183,570</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Carrying amount of NCI</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>33,553</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>55,233</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">40,631</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Net profit (loss)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(67,712)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(5,553)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Total comprehensive income (loss)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(67,712)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(5,553)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Profit (loss) allocated to NCI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(3,386)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(1,289)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Dividends paid to NCI</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash flows from operating activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(52,588)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(6,037)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash flows from investing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(208,031)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(15,952)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash flows from financing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">288,982</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">22,799</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>28,363</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>810</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 5pt 17.85pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>December 31, 2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>QDML</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Jinfeng</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Hellas</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Deva</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>NCI percentage</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>10%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>18%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>5%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>19%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">197,914</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">47,920</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">37,563</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,279</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">88,194</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">588,335</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,777,369</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">396,280</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(24,131)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(116,356)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(748,756)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(167,749)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(7,831)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(30,581)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(288,772)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(43,688)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">254,146</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">489,318</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">777,404</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">189,122</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Carrying amount of NCI</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>21,013</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>16,572</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>33,682</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>56,521</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">115,762</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">176,641</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">35,869</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Net profit (loss)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,733</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">23,367</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,371,819)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(216,044)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Total comprehensive income (loss)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,733</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">23,367</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,371,819)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(216,044)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Profit (loss) allocated to NCI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>1,830</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>5,071</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(69,476)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(40,684)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Dividends paid to NCI</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,262</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,634</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash flows from operating activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">44,973</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">30,874</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,364)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(5,527)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash flows from investing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(17,934)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(12,250)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(241,428)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(19,983)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash flows from financing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(32,623)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(21,991)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">252,083</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20,332</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(5,584)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(3,367)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>8,291</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>(5,178)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 5pt 0 6pt 17.85pt; text-indent: 0in"></P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>10.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Other assets</B></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2015</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Restricted
    credit card deposits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">38</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Non-current
    accounts receivable and other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">2,875</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Prepaid
    loan costs (note 14(a))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">1,772</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Environmental
    guarantee deposits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">13,667</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Deposit
    on land acquisition at Jinfeng</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">2,739</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Long-term
    value added and other taxes recoverable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">46,487</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">63,827</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">48,297</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">83,147</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 30; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>11.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Capital works in progress</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Mineral properties and leases</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Capitalized Evaluation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Cost</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at January 1, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">381,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,662,993</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">144,260</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,530,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">69,440</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,788,835 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Additions/transfers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">35,866</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">67,649</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20,588</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">263,183</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,674</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391,960 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Proceeds on production of tailings retreatment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(17,918)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(17,918)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,661</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(455)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,751</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(3,094)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,883 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(10,566)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,237)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,038)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(13,842)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">406,891</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,732,066</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">164,392</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,776,549</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">71,020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,150,918 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at January 1, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">406,891</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,732,066</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">164,392</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,776,549</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">71,020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,150,918 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Additions/transfers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">24,121</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">62,050</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,577</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">235,756</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,475</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330,979 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Sale of China Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(266,878)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(376,571)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(24,712)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,132,900)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,801,061)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Proceeds on production of tailings retreatment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(3,708)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(3,708)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,084</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,088</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(335)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,457</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,294 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(678)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,685)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,681)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(8,044)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">164,540</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,416,948</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">141,922</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,877,473</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">77,495</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,678,378 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Depreciation and impairment losses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at January 1, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(89,799)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(569,136)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(166,289)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(825,224)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Depreciation for the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(32,877)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(118,474)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(25,756)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(177,107)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(666)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,648)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(112)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(3,426)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Impairment losses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(15,883)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(131,637)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,253,392)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,405,645)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7,320</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">922</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,243 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(131,905)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(820,973)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,445,548)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,403,159)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at January 1, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(131,905)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(820,973)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,445,548)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,403,159)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Depreciation for the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(12,000)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(78,847)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(8,820)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(99,667)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(274)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,198)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,897)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(3,369)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Sale of China Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">105,536</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">193,106</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">173,010</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471,652 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,271</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(902)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,992 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(38,635)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(706,641)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,284,157)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,032,551)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Carrying amounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">At January 1, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">291,772</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,093,857</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">144,260</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,364,282</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">69,440</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,963,611 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">At December 31, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">274,986</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">911,093</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">159,659</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,331,001</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">71,020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,747,759 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">125,905</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">710,307</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">137,189</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,593,316</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">77,495</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,645,827 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">The amount of capitalized interest
during the year ended December 31, 2016 included in property, plant and equipment was $31,680 ($2015 &ndash; $27,215).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">11.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Property, plant and equipment <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">In accordance with the Company&rsquo;s
accounting policies each CGU is assessed for indicators of impairment, from both external and internal sources, at the end of each
reporting period, which may suggest that the carrying values of its assets are impaired for accounting purposes.&nbsp; If such
indicators of impairment exist for any or all CGUs, those CGUs are tested for impairment.&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">At December 31, 2016, the Company
determined that there were no indicators of impairment. As a result, no impairment test was performed.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">At December 31, 2015, the Company
determined that indicators of impairment were identified in the CGUs of the Certej project, Skouries project, the Stratoni mine,
the Vila Nova mine and the TJS mine. No other indicators of impairment were identified.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">As at December 31, 2015, the
Company recorded impairment charges totaling $1,405,645 ($1,049,196 net of deferred income tax recovery), excluding the impairment
of goodwill totaling $476,020 (note 12).&nbsp; Impairment charges comprised of $1,042,066 ($739,867 net of deferred income tax
recovery) to the Skouries project, $43,974 ($31,222 net of deferred income tax recovery) to the Stratoni mine, $254,910 ($214<FONT STYLE="color: windowtext">,125
net of deferred income tax recovery) on our Certej project,</FONT> $36,462 ($35,749 net of deferred income tax recovery) to the
TJS mine and $28,233 to the Vila Nova mine.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">These impairment charges were
applied to the property, plant and equipment based on the relative carrying amounts of the assets as at December 31, 2015 that
were subject to impairment charges. At December 31, 2015, the carrying amount of our Skouries project, our Certej project and our
TJS mine after impairment charges was $309,110, $396,279 and $50,497, respectively.&nbsp; The full value of the property, plant
and equipment was impaired at the Stratoni mine and the Vila Nova mine, as a result the carrying amount of the Stratoni mine and
Vila Nova mine is $nil.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>12.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Goodwill</B></TD>
</TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 3pt 0 12pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20.1pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Cost</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at January 1,</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,276</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">526,296</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 30pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Impaired during the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(476,020)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 30pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Disposal due to sale</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(50,276)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at December 31,</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,276</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; margin: 3pt 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><I>Impairment tests for goodwill</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Goodwill is tested for impairment annually and
when circumstances indicate that the carrying value may not be recoverable. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU or group of CGUs to which the goodwill relates. Where the recoverable amount of the CGU is less
than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to goodwill cannot be
reversed in future periods.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">In 2016, the Company disposed of all of its goodwill
as part of the sale of its China Business, so no impairment test for goodwill was necessary as of December 31, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">In 2015, goodwill was allocated to the individual
CGUs of TJS and White Mountain in China and to a group of CGUs in Greece and was tested for impairment at year end.The recoverable
amount of a CGU or group of CGUs was determined based on the higher of fair value less costs to sell and value-in-use. These calculations
used projections based on financial budgets approved by management. Cash flows beyond the five-year period were extrapolated using
the estimated growth rates stated below. The estimates of future cash flows were derived from the most recent LOM plans with mine
lives ranging from 6 to 38 years.</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">12.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Goodwill <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Key assumptions used for fair value less costs
to sell calculations were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-bottom: 6pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">&nbsp;&nbsp;&nbsp;Gold
    price ($/oz)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">$1100
    - $1,300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">Silver
        price ($/oz)</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">Copper
        ($/lb)</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">Lead
        ($/lb)</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">Zinc
        ($/lb)</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">Inflation
        Rate</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">Discount
        rate</FONT></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">$16
        - $18</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #000000">$2.59
        - $2.</FONT><FONT STYLE="font-weight: normal">86</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">$0.82
        - $0.91</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">$0.91</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">2%</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">5%
        - 9%</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">Based on the goodwill impairment test performed
on its CGUs, the Company concluded that the goodwill was recoverable in the CGU of White Mountain, however, goodwill was not recoverable
in the CGU of TJS and the group of CGUs in Greece. The discounted cash flow model yielded an impairment of the full carrying value
of goodwill of Greece ($473,782) and TJS ($2,238).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The above assumptions were used for the analysis
of the recoverability of goodwill and the CGUs to which it related. The discount rates used reflected specific risks relating to
the relevant CGUs.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">Permitting delays and increased capital and
operating costs negatively affected the cash flow at the Skouries project, which was the main contributor to the decline in the
cash flows of the group of CGUs in Greece.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">As at December 31, 2015, the goodwill balance
was allocated to the White Mountain CGU in the amount of $50,276.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The values assigned to the key assumptions represented
management&rsquo;s assessment of future trends in the gold mining industry and in the global economic environment. The assumptions
used were management&rsquo;s best estimates and were based on both current and historical information from external and internal
sources.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>13.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Accounts payable and accrued liabilities</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.25in">$</P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2015</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Trade
    payables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">43,712</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">97,345</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Taxes
    payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">243</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">5,857</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Accrued
    expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">46,750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">133,617</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">90,705</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">236,819</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>14.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Debt</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><B><I>(a) Revolving credit facility</I></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-align: justify">In November 2012, the Company
entered into a $375 million revolving credit facility with a syndicate of banks (&ldquo;the credit facility&rdquo;). The credit
facility was due to mature on November 23, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-align: justify">In June 2016, the Company
amended and restated the existing revolving credit agreement (&ldquo;the amended and restated credit agreement&rdquo; or &ldquo;ARCA&rdquo;)
and reduced the available credit to $250 million with the option to increase by an additional $100 million through an accordion
feature. The maturity date was also extended to June 13, 2020. The ARCA continues to be secured by the shares of SG Resources and
Tuprag, wholly owned subsidiaries of the Company.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">14.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Debt <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-align: justify">The ARCA contains covenants
that restrict, among other things, the ability of the Company to incur aggregate unsecured indebtedness exceeding $850 million,
incur secured indebtedness exceeding $200 million and permitted unsecured indebtedness exceeding $150 million. The ARCA also contains
restrictions for making distributions in certain circumstances, selling material assets (other than the permitted disposition of
the China Business) and conducting business other than that which relates to the mining industry. Significant financial covenants
include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (&ldquo;EBITDA&rdquo;) of 3.5:1 and
a minimum EBITDA to Interest of 3:1. The Company is in compliance with these covenants at December 31, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Loan interest is variable
dependent on a Net Leverage ratio pricing grid. The Company&rsquo;s current net leverage ratio is approximately -1.7:1. At this
ratio, interest charges and fees are as follows: LIBOR plus margin of 2.0% and undrawn standby fee of 0.50%. Fees of $2,031 were
paid on the amendment dated June 2016. This amount has been deferred as pre-payment for liquidity services and is being amortized
to financing costs over the term of the credit facility. <FONT STYLE="font-family: TimesNewRomanPSMT,serif; color: windowtext">As
at December 31, 2016, the prepaid loan cost on the balance sheet was $1,772.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">No amounts were drawn down under the ARCA as at
December 31, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><B><I>(b) Senior notes</I></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">On December 10, 2012, the Company completed an
offering of $600.0 million senior notes (&ldquo;the notes&rdquo;) at par value, with a coupon rate of 6.125% due December 15, 2020.
The notes pay interest semi-annually on June 15 and December 15. The Company received proceeds of $589.5 million from the offering,
which is net of the commission payment. The notes are redeemable by the Company in whole or in part, for cash:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal
amount of the notes at the treasury yield plus 50 basis points, and any accrued and unpaid interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">On and after the dates provided below, at the redemption prices, expressed as a percentage of
principal amount of the notes to be redeemed, set forth below, plus accrued and unpaid interest on the notes:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">December 15, 2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;103.063%<BR>
December 15, 2017&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.531%<BR>
2018 and thereafter&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000%</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The early prepayment prices are to reimburse the
lender for lost interest for the remaining term. The fair market value of the notes as at December 31, 2016 is $609 million.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Net deferred financing costs of $8,411 have been
included as an offset in the balance of the notes in the financial statements and are being amortized over the term of the notes.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in"><I>(c) Entrusted loan</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">In November 2010, Eastern Dragon, HSBC Bank (China)
and QDML entered into an entrusted loan agreement, which currently has an approved limit of RMB 720.0 million ($103,791).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Under the terms of the entrusted loan, QDML with
its own funds entrusts HSBC Bank (China) to provide a loan facility in the name of QDML to Eastern Dragon. The loan can be drawn
down in tranches. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People&rsquo;s Bank of China
on the date of drawdown. Each draw down has a term of one year and can be rolled forward at the discretion of QDML.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The entrusted loan was recorded on a net settlement
basis.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 10pt">On November 22,
2016, we completed the sale of our respective interest in the QDML and Eastern Dragon to an affiliate of Yintai.&nbsp; As a result,
we no longer have any obligations related to the Entrusted loan.</FONT><I>&nbsp; </I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 0; text-indent: 0in"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>15.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Asset retirement obligations</B></TD>
</TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 0 0 0 4.3pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>China</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Romania</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20.1pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At January 1, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">40,003</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,087</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">22,922</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">34,154</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,470</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">102,636</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Accretion during the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">884</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">340</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">847</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,135</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Revisions to estimate of obligation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,774</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,326</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(149)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,930</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Settlements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,530)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(81)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,131)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,742)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Disposal</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(23,181)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(23,181)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20.1pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">48,131</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,092</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">36,196</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,359</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">89,778</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Estimated undiscounted amount</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">78,302</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,125</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">52,638</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,308</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">137,373</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; margin: 0 0 0 4.3pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Company&rsquo;s asset retirement obligations relate to the restoration and rehabilitation of the Company&rsquo;s mining operations
and projects under development. The expected timing of the cash flows in respect of the provision is based on the estimated life
of the various mining operations. The decrease in the estimate of the obligation in 2016 was mainly due to the disposal of the
Company&rsquo;s China assets. </FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:</FONT></P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 0 0 6pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>China</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Romania</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20.1pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At December 31, 2015</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Inflation rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">0.6 to 3.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1.0 to 2.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">0.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.2 to 2.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20.1pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At December 31, 2016</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Inflation rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0 to 2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0 to 2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0 to 2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0 to 2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1.5 to 3.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">0.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.3 to 2.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.7</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; margin: 0 0 6pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 10pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
discount rate is a risk-free rate determined based on U.S. Treasury bond rates. U.S. Treasury bond rates have been used for all
of the mine sites as the liabilities are denominated in U.S. dollars and the majority of the expenditures are expected to be incurred
in U.S. dollars. The inflation rates used in determining the present value of the future net cash outflows are based on worldwide
inflation rates.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Additionally,
the Company has a &euro;50.0 million Letter of Guarantee to the Ministry of Environment of Greece as security for the due and
proper performance of rehabilitation works in relation to the mining and metallurgical facilities of the Kassandra Mines (Stratoni,
Olympias and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. This Letter of Guarantee is
renewed annually, expires on July 26, 2026 and has an annual fee of 57 basis points.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>16.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Defined benefit plans</B></TD>
</TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 6pt 76.55pt; text-align: justify; text-indent: -58.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;December 31, 2016 </B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;December 31, 2015 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Balance sheet obligations (asset) for: </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Pension Plan </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,882</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,720</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Supplemental Pension Plan </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,620)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,451)</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0C2D83; margin: 0 56.7pt 6pt 76.55pt; text-align: justify; text-indent: -58.55pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 76.55pt; text-align: justify; text-indent: -58.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 76.55pt; text-align: justify; text-indent: -58.7pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 76.55pt; text-align: justify; text-indent: -58.7pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;December 31, 2016 </B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;December 31, 2015 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Income statement charge for: </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Pension plan </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,409</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,453</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Supplemental Pension Plan </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,193</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,467</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,602</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,920</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Actuarial losses (gains) recognised in the statement of other&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income in the period (before tax) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,188</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">213</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Cumulative actuarial losses recognised in the statement of other </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;comprehensive income (before tax) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,520</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,332</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 76.55pt; text-align: justify; text-indent: -58.7pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The Company operates defined benefit pension
plans in Canada with two components: a registered pension plan (&ldquo;the Canadian Pension Plan&rdquo;) and a supplemental pension
plan (&ldquo;the SERP&rdquo;). During the second quarter of 2012, the SERP was converted into a Retirement Compensation Arrangement
(&ldquo;RCA&rdquo;), a trust account. As it is a trust account, the assets in the account are protected from the Company&rsquo;s
creditors. &nbsp;The RCA requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver
General of Canada as refundable tax.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><FONT STYLE="color: windowtext">These plans,
which are only available to certain qualifying employees, provide benefits based on an employee&rsquo;s years of service and final
average earnings at retirement. Annual contributions related to these plans are actuarially determined and made at or in excess
of minimum requirements prescribed by legislation</FONT>.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="font-weight: normal">Eldorado&rsquo;s
plans have actuarial valuations performed for funding purposes. The Canadian Pension Plan last had an actuarial valuation performed
as of January 1, 2014 for funding purposes with the next required valuation as of January 1, 2017. The SERP&rsquo;s last valuation
was on January 1, 2016 for funding purposes and the next valuation will be prepared in accordance with the terms of the pension
plan. The measurement date to determine the pension obligation and assets for accounting purposes was December 31, 2016.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The SERP is designed to provide supplementary
pension benefits to qualifying employees affected by the maximum pension limits under the <I>Income Tax Act </I>pursuant to the
registered Canadian Pension Plan<I>. </I>Further, the Company is not required to pre-fund any benefit obligation under the SERP.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><I>Total cash payments</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">The amount contributed to the Canadian Pension
Plan and the SERP was $1,728 (2015 &ndash; $2,798). Cash payments totalling $471 were made directly to beneficiaries during the
year (2015 &ndash; $135). The expected contributions to the Canadian Pension Plan are $111 and $1,131 to the SERP in 2017.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">16.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Defined benefit plans <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><I>Subsidiaries pension plan</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">According to the Greek and Turkish labour law,
employees are entitled to compensation in case of dismissal or retirement, the amount of which varies depending on salary, years
of service and the manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled
to compensation. The Company considers this a defined benefit obligation. Amounts relating to these pension plans have been included
in the tables in this note under &ldquo;Pension Plan&rdquo; when applicable.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The amounts recognised in the balance sheet for
all pension plans are determined as follows:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>December 31, 2015</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Present value of obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">12,936</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">37,686</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,622</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,688</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">31,565</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">40,253</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Fair value of plan assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,054)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(49,306)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(51,360)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,968)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(43,016)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(44,984)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Liability (asset) on balance sheet</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,882</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(11,620)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(738)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,720</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(11,451)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,731)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 5pt 17.85pt">The movement in the defined benefit obligation
over the year is as follows:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at January 1,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,688</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">31,565</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">40,253</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,129</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">33,320</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">42,449</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">520</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,483</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,003</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,168</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,972</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,140</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Past service cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,494</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">193</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,687</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Interest cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">476</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,340</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,816</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">362</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,246</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,608</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Actuarial loss (gain)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">445</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,939</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,384</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(616)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,300</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">684</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Benefit payments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(26)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(445)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(471)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(135)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(135)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Exchange gain</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(661)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,611</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">950</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,355)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(6,138)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(7,493)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Balance at December 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">12,936</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">37,686</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,622</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,688</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">31,565</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">40,253</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 10pt 0 5pt 0.25in">The movement in the fair value of plan assets
of the year is as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;SERP </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;SERP </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">At January 1,</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,968</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">43,016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">44,984</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,924</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">46,949</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">48,873</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Interest income on plan assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">81</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,823</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,904</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">77</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,751</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,828</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Actuarial gain (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(32)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,164)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,196)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(55)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(416)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(471)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Contributions by employer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,728</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,728</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">334</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,464</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,798</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Benefit payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(445)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(471)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(135)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(135)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Exchange loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,348</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,411</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(312)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(7,597)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(7,909)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,054</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">49,306</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">51,360</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,968</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">43,016</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">44,984</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">16.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Defined benefit plans <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The amounts recognised in the
income statement are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">520</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,483</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,003</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,168</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,972</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,140</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Interest cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">476</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,340</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,816</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">362</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,246</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,608</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Past Service Cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,494</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">193</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,687</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Expected return on plan assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(81)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,823)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,904)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(77)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,751)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,828)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Defined benefit plans expense</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,409</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,193</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,602</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,453</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,467</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,920</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The actual return on plan assets was $3,801
(2015 &ndash; $1,687).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The principal actuarial assumptions used were
as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Expected return on plan assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Discount rate - beginning of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Discount rate - end of year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Rate of salary escalation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Average remaining service period of active employees expected to receive benefits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7.1 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7.1 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8.5 years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8.5 years</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The
assumption used to determine the interest income on plan assets is equal to the discount rate, as per IAS 19.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>Plan Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify">The assets of the Pension Plan
and the amounts deposited in the SERP account are managed by a major investment management company and are invested only in conformity
with the investment requirements of applicable pension laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">The following table summarizes
the defined benefit plans&rsquo; weighted average asset allocation percentages by asset category:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>December 31, 2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 24%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%; width: 29%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%; width: 9%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%; width: 27%"><FONT STYLE="font-size: 10pt"><B>Pension Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%; width: 9%"><FONT STYLE="font-size: 10pt"><B>SERP</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Investment funds</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Money market</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Canadian fixed income</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">98%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">97%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Canadian equities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">21%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">19%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;US equities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">19%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;International equities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other <SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">44%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">45%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 8pt"><FONT STYLE="font-size: 8pt"><SUP>1 </SUP>Assets held by the Canada Revenue Agency in the refundable tax account</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 22pt"></P>





<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 22pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">16.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Defined benefit plans <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The sensitivity of the overall pension obligation
to changes in the weighted principal assumptions is:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 45%; padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">Change
    in assumption</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">Impact
    on overall obligation</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Discount
    rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Increase
    by 0.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Decrease
    by $2,461</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Decrease
    by 0.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Increase
    by $2,719</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Salary
    escalation rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Increase/decrease
    by 0.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Increase/decrease
    by $8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 57pt 6pt 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>17.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Income tax expense and deferred taxes</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">Total income tax expense (recovery) consists
of:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>December 31, 2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Current tax expense</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">47,166</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">44,058</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Deferred tax expense (recovery)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,039</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(265,448)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">56,205</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(221,390)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in"></P>

<P STYLE="color: #0C2D83; font: 10pt/normal; margin: 0 56.9pt 0 0.3in; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Total income tax expense (recovery) attributable
to geographical jurisdiction is as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Turkey</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">64,343</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">61,726</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Greece</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,355)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(247,903)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(4,385)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,719</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,428)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Romania</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,053)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(41,140)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Other
    jurisdictions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">208</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">56,205</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(221,390)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 0 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 3pt 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Factors affecting income tax expense (recovery)
for the year:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 43%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; width: 13%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; width: 14%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Profit (loss) from continuing operations before income tax</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">48,698</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,844,134)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Canadian statutory tax rate</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26.00%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26.00%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Tax expense (recovery) on net income (loss) at Canadian statutory tax rate</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">12,662</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(479,475)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Items that cause an increase (decrease) in income tax expense:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Foreign income subject to different income tax rates than Canada</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(15,695)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(25,867)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Increase in Greek tax rates</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">63,503</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-tax effected operating losses</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">19,198</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">33,397</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-deductible expenses and other items</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,525</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,967</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Non-deductible goodwill impairment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">137,397</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Foreign exchange and other translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">16,048</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">36,103</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Amounts under (over) provided in prior years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">453</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(523)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Investment tax credits</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(269)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(13,989)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Withholding tax on foreign income</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">13,283</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">18,097</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Income tax expense (recovery)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">56,205</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(221,390)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">&nbsp;</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>





<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">17.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Income tax expense and deferred taxes <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">The change for the year in the Company's net
deferred tax position was as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Net deferred tax asset (liability)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Balance at January 1,</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(607,871)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(869,103)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="7" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax (expense) recovery related to discontinued operations</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">174,837</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(4,216)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax (expense) recovery in the income statement</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(9,039)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">265,448</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="5" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax recovery in other comprehensive income</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,428)</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Net balance at December 31,</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(443,501)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(607,871)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 12pt 57pt 12pt 17.85pt; text-indent: 0in">The composition of the
Company&rsquo;s net deferred income tax asset and liability and deferred tax expense is as follows:</P>

<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 0 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt">Expense (recovery)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Type of temporary difference</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt">on the income statement</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">482,530</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">653,922</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">11,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(263,109)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Loss carryforwards</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">15,436</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20,389</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,603)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(890)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20,864</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">18,650</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(3,496)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,134</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Investment tax credits</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,665</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,665</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,587)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other items</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">13,995</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">12,135</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">11,266</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,788</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,727)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,996)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Balance at December 31,</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,295</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">56,839</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">493,796</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">664,710</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,039</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(265,448)</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0C2D83; margin: 0 56.7pt 0 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Unrecognized deferred tax assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 56%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; width: 20%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; width: 20%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Tax losses</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">164,100</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">151,889</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other deductible temporary differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,968</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Total unrecognized deferred tax assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">174,068</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">172,472</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"><B>Unrecognized tax losses</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><FONT STYLE="font-size: 10pt; color: windowtext">At
December 31, 2016 the Company had losses with a tax benefit of $164,100 (2015 &ndash; $151,889) which are not recognized as deferred
tax assets. The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be
reduced by the tax losses. The gross amount of the tax losses for which a tax benefit has not been recorded expire as follows:</FONT></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">17.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Income tax expense and deferred taxes <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 17.85pt"></P>




<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Expiry date</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;Canada </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;Brazil </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;Greece </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;Australia </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;Total </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,545</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,545</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,881</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,881</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26,304</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26,304</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">23,222</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">23,222</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">14,059</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">14,059</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7,858</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7,858</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">14,839</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">14,839</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,703</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,703</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2028</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">25,959</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">25,959</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">23,444</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">23,444</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2030</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7,285</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7,285</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2031</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">45,351</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">45,351</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2032</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">75,041</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">75,041</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2033</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">64,883</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">64,883</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2034</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">58,689</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">58,689</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2035</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">55,266</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">55,266</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2036</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">52,087</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">52,087</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">No Expiry</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26,866</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">33,075</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">59,941</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">441,405</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">26,866</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">79,011</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">33,075</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">580,357</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Capital losses with no expiry</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">134,116</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">134,116</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Tax effect of total losses not recognized</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">126,456</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,808</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">22,913</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">9,923</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">164,100</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 6pt 17.85pt"><B>Deductible temporary differences</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">At December 31, 2016 the Company had deductible
temporary differences for which deferred tax assets of $9,968 (2015 &ndash; $20,583) have not been recognized because it is not
probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of
these temporary benefits have no expiry date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><B>Temporary differences associated with investments
in subsidiaries</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The Company has not recognized deferred tax liabilities
in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the&nbsp;timing of the remittance
and are considered reinvested for the foreseeable future.&nbsp; At December 31, 2016, these earnings amount to $782,803 (2015 &ndash;&nbsp;$1,159,318).&nbsp;
Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 17.85pt"><B>Other factors affecting taxation</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">During the year the Turkish Lira has weakened,
causing a deferred income tax expense during the year of $18,173 due to the decrease in the value of the future tax deductions
associated with the Turkish operations.&nbsp; The Company expects that in the future significant foreign exchange movements in
the Turkish Lira, Euro or Brazilian Real in relation to the U.S. dollar will cause significant volatility in the deferred income
tax expense or recovery.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>18.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Share capital</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in">Eldorado&rsquo;s authorized
share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting
common shares without par value. At December 31, 2016 there were no non-voting common shares outstanding (December 31, 2015 &ndash;
none).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">On May 25, 2016 the shareholders of the Company
approved by special resolution the reduction of the stated capital account of the Company. As at December 31, 2016, the stated
capital of the Company had been reduced by $2,500,000.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in"></P>


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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">Voting
    common shares</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Number
        of</FONT></P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Shares</FONT></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">Total</FONT></P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: #000000">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    January 1, 2015</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">716,564,524</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">5,318,950</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Shares
    issued upon exercise of share options, for cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">22,610</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">121</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Estimated
    fair value of share options exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">30</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    December 31, 2015</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">716,587,134</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">5,319,101</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Capital
    Reduction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">(2,500,000)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Shares
    issued upon exercise of share options, for cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Estimated
    fair value of share options exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #000000">At
    December 31, 2016</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">716,587,134</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">2,819,101</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 6pt 0; text-indent: 0in"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>19.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Share-based payments</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(a)
Share option plans</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in">The Company has two share
option plans (the &ldquo;Plans&rdquo;) approved, as amended and restated, by the shareholders from time to time and most recently
on May 1, 2014 under which share purchase options (&ldquo;Options&rdquo;) can be granted to directors, officers, employees and
consultants.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt; text-indent: 0in">The Company&rsquo;s Incentive
Stock Option Plan - Employees, Consultants and Advisors (the &ldquo;Employee Plan&rdquo;) consists of options (the &ldquo;Employee
Plan Options&rdquo;) which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised.
The Employee Plan prohibits the re-pricing of Employee Options without shareholder approval. Employee Plan Options vest at the
discretion of the Board of Directors at the time an Employee Option is granted. Generally, Employee Plan Options granted before
November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and
third tranches vesting on the second and third anniversary dates of the grant date. Employee Plan Options granted on or after November
1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third
tranches vesting on the second and third anniversary of the grant date. Employee Plan Options are subject to withholding tax on
exercise, withholding tax is paid by the Employee Option holder to the Company prior to receipt of the shares received pursuant
to exercise.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">The Company is responsible
for remittance of the withholding tax to the appropriate tax authority. As at December 31, 2016, a total of 14,701,541 options
(2015 &ndash; 15,510,585) were available to grant under the Employee Plan.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">The Company&rsquo;s Incentive
Stock Option Plan - Officers and Directors Plan (&ldquo;D&amp;O Plan&rdquo;) consists of options (the &ldquo;D&amp;O Options&rdquo;)
which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. The D&amp;O Plan prohibits
the re-pricing of D&amp;O Options without shareholder approval. D&amp;O Plan Options vest at the discretion of the Board of Directors
at the time a D&amp;O Option is granted. Generally, D&amp;O Plan Options granted before November 1, 2015 vest in three equal and
separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and
third anniversary dates of the grant date. D&amp;O Plan Options granted on or after November 1, 2015 vest in three equal and separate
tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third
anniversary of the grant date.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">19.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Share-based payments <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">D&amp;O Options are subject
to withholding tax on exercise, withholding tax is paid by the D&amp;O Option holder to the Company prior to receipt of the shares
received pursuant to exercise. The Company is responsible for remittance of the withholding tax to the appropriate tax authority.
As at December 31, 2016, a total of 4,243,018 Options (2015 &ndash; 6,810,575) were available to grant under the D&amp;O Plan.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Movements in the number of share options outstanding
and their related weighted average exercise prices are as follows:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black" size="2">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">2016</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">2015</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 46%; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; font-weight: bold"></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">Weighted
    average exercise price Cdn$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin: 0; font-weight: bold; line-height: 12pt; text-align: right; text-indent: 0in"><FONT STYLE="color: Black" size="2">Number
                                         of</FONT></P>
        <P STYLE="margin: 0; font-weight: bold; line-height: 12pt; text-align: right; text-indent: 0in"><FONT STYLE="color: Black" size="2">options</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">Weighted
    average exercise price Cdn$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin: 0; font-weight: bold; line-height: 12pt; text-align: right; text-indent: 0in"><FONT STYLE="color: Black" size="2">Number
                                         of</FONT></P>
        <P STYLE="margin: 0; font-weight: bold; line-height: 12pt; text-align: right; text-indent: 0in"><FONT STYLE="color: Black" size="2">options</FONT></P></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">At January
    1,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">9.97</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">25,519,434</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">11.75</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">20,995,992</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">Regular
    options granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">3.24</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">9,101,164</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">6.64</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">8,274,440</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">Exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">6.64</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">(22,610)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">11.49</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">(5,724,563)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">12.62</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; color: Black" size="2">(3,728,388)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">At December
    31,</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">7.55</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">28,896,035</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">9.97</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; font-weight: bold"><FONT STYLE="color: Black" size="2">25,519,434</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt; border-collapse: collapse">
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">At December 31, 2016, 18,164,617 share purchase
options (December 31, 2015 &ndash; 18,273,622) with a weighted average exercise price of Cdn$9.64 (December 31, 2015 &ndash; Cdn$11.17)
had vested and were exercisable. Options outstanding are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.9in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">December 31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.9in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Total options outstanding</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Exercisable options</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Range of</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">exercise</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">price</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Cdn$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Shares</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Weighted</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">average</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">remaining</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">contractual</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">life</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">(years)</P></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Weighted</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">average</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">exercise</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">price</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Cdn$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Shares</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Weighted</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">average</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">exercise</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">price</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Cdn$</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$3.00 to $3.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,266,249</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.23</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">33,333</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.95</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$4.00 to $4.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.23</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$5.00 to $5.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,247</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">5.91</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">-</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$6.00 to $6.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,166,773</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">6.66</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">4,813,852</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">6.66</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">&nbsp;$7.00 to $7.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,076,690</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">7.81</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">5,043,356</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">7.81</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$8.00 to $8.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">45,405</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">8.19</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">45,405</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">8.19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$10.00 to $10.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,400,435</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">10.44</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">4,400,435</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">10.44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">$12.00 to $12.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">415,657</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">0.3</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">12.74</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">415,657</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">12.74</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$14.00 to $14.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29,218</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">0.8</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">14.41</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">29,218</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">14.41</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$15.00 to $15.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,383,361</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">0.2</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">15.22</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">3,383,361</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">15.22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,896,035</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">7.55</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">18,164,617</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">9.64</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">Share based payments expense related to share
options for the year ended December 31, 2016 was $6,812 (2015 &ndash; $11,282)</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt"></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">19.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Share-based payments <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The assumptions used to estimate the fair value
of options granted during the years ended December 31, 2016 and 2015</P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; text-align: right; text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 14.2pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 14.2pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt">2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><FONT STYLE="font-size: 10pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;0.43%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;0.39%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Expected volatility (range)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;55% &ndash; 63%</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;53% &ndash; 58%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Expected life (range)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;1.82 &ndash; 3.82 years</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;0.83 &ndash; 2.85 years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Expected dividends</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn $0.02</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn $0.02&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Forfeiture rate</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">11%&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">7%&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">The weighted average fair value per stock option
was Cdn$1.02 (2015 &ndash; Cdn$1.75). Volatility was determined based on the historical volatility over the estimated lives of
the options.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(b)
Restricted share unit plan</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">The Company has a Restricted Share Unit plan
(&ldquo;RSU Plan&rdquo;) whereby restricted share units may be granted to senior management of the Company. Once vested, an RSU
is exercisable into one common share entitling the holder to receive the common share for no additional consideration. The RSUs
vest as follows: one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and
one third on the third anniversary of the grant date. RSUs terminate on the third anniversary of the grant date. All RSUs which
have not been redeemed by the date of termination are automatically redeemed. Such RSUs may be redeemed in shares or cash, cash
redemptions are subject to the approval of the Board. RSU redemptions are subject to withholding tax, withholding tax is paid by
the RSU holder to the Company prior to receipt of the resultant shares or cash. Cash settlements are issued net of withholding
tax. The Company is responsible for remittance of the withholding tax to the appropriate tax authority. The current maximum number
of common shares authorized for issue under the RSU plan is 5,000,000.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">A total of 784,203 RSUs (2015 &ndash; 596,089)
at a grant-date fair value of Cdn$3.22 per unit were granted during the year ended December 31, 2016 (2015 &ndash; Cdn$6.67) under
the Company&rsquo;s RSU plan and 261,402 RSUs were exercisable at December 31, 2016 (2015 &ndash; 198,697).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The fair value of each RSU issued is determined
as the closing share price at grant date.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">A summary of the status of the RSU plan and
changes during the year is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At January 1,</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">884,846</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,086,523</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">784,203</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">596,089</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Redeemed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(335,339)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(715,889)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Forfeited</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(93,536)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(81,877)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At December 31, </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,240,174</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">884,846</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">As at December 31, 2016, 549,507 common shares
purchased by the Company remain held in trust in connection with this plan (2015 &ndash; 884,846). At the end of the period, 283,736
restricted share units are fully vested and exercisable (2015 &ndash; 225,406). These shares purchased and held in trust have been
included in treasury stock in the balance sheet.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Restricted share units expense for the year ended
December 31, 2016 was $1,888 (2015 &ndash; $4,147).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Subsequent to year end, the Company purchased
569,599 common shares and are held in trust.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">19.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Share-based payments <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(c)
Deferred units plan &nbsp;</I></FONT></P>



<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">The Company has an Independent Directors Deferred
Unit plan (&ldquo;DU Plan&rdquo;) under which DU&rsquo;s are granted by the Board from time to time to independent directors (&ldquo;the
Participants&rdquo;). DUs may be redeemed only on retirement of the independent director from the Board (the &ldquo;Termination
Date&rdquo;) by providing the redemption notice (&ldquo;Redemption Notice&rdquo;) to the Company. Final receipt of the Redemption
Notice is due fifteen (15) trading days after the Termination Date but no later than December 31 of the first calendar year commencing
after the calendar year in which the Termination Date occurred (the &ldquo;Redemption Date&rdquo;), the Participant shall have
the right to receive, and shall receive, with respect to all DUs held at the Redemption Date a cash payment equal to the market
value of such DUs as of the Redemption Date. The Company will withhold income tax on redeemed DUs and is responsible for submission
of the withholding tax to the tax authority.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">At December 31, 2016, 498,390 DUs were outstanding
(2015 &ndash; 386,303) with a value of $1,604 (2015 &ndash; $1,144), which is included in accounts payable and accrued liabilities.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Compensation expense related to the DUs was $295
for the year ended December 31, 2016 (2015 &ndash; income of $381).</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(d)
Performance share units plan</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The Company has a Performance Share Unit plan
(the &ldquo;PSU&rdquo; Plan) whereby PSUs may be granted to senior management of the Company at the discretion of the Board of
Directors. Once vested, at the option of the Company, PSU&rsquo;s are redeemable as a cash payment equal to the market value of
the vested PSUs as of the Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of
cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and to be redeemed
as soon as practicable after the Redemption Date. The Company will withhold income tax on redeemed PSUs and is responsible for
submission of the withholding tax to the tax authority.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">A total of 796,652 PSUs were granted during the
year ended December 31, 2016 under the PSU Plan (2015 &ndash; 624,580). PSUs cliff vest on the third anniversary of the grant date
(the &ldquo;Redemption Date&rdquo;) and are subject to terms and conditions including the achievement of predetermined performance
criteria (the &ldquo;Performance Criteria&rdquo;). When fully vested the number of PSUs redeemed will range from 0% to 200% of
the target award, subject to the achievement of the Performance Criteria. The current maximum number of common shares authorized
for issuance from treasury under the PSU Plan is 3,130,000.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Compensation expense related to PSUs for the
year ended December 31, 2016 was $1,564 (2015 &ndash; $829).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 5pt 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>20.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Supplementary cash flow information</B></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2015</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Changes
    in non-cash working capital</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Accounts
    receivable and other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">17,168</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">(19,181)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Inventories</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">(18,264)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">36,530</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Accounts
    payable and accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">33,391</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">79,458</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">32,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">96,807</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family:; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Supplementary
    cash flow information</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Income
    taxes paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">48,653</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: #000000">81,282</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family:; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: #000000">Interest
    paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">34,051</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">34,166</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 62%">
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; width: 19%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%; width: 19%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>21.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Financial risk management</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">21.1 Financial risk
factors&#9;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: -17.85pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado&rsquo;s activities
expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and price risk),
credit risk and liquidity risk. Eldorado&rsquo;s overall risk management program focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on Eldorado&rsquo;s financial performance. &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><I>(a)</I></TD><TD><I>Market risk</I></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 35.7pt; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 35.7pt; text-indent: -17.85pt"><I>(i) Foreign exchange
risk</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">The Company operates principally
in Canada, Turkey, China, Brazil, Greece and Romania, and is therefore exposed to foreign exchange risk arising from transactions
denominated in foreign currencies. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities
are denominated in a currency that is not the entity&rsquo;s functional currency.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">Eldorado&rsquo;s cash and cash
equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities and debt are denominated in several
currencies, and are therefore subject to fluctuation against the U.S. dollar.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">The table below summarizes Eldorado&rsquo;s
exposure to the various currencies denominated in the foreign currency, as listed below:</P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 14%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Canadian dollar</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Australian dollar</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Euro</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lira</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Chinese renminbi</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Swedish krona</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Romanian lei</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Great British pound</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Brazilian real</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%; font-size: 9pt"><FONT STYLE="font-size: 9pt">(Amounts in thousands)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">7,985</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">461</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">25,743</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,423</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">11,799</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,774</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">11,147</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">217</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">22,035</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Marketable securities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">38,036</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Accounts receivable and other</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,694</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">19,045</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">41,600</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,052</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,756</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,350</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Accounts payable and accrued liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(13,211)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(663)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(39,138)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(38,043)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(10,239)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(6,085)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(5,505)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other non-current liability</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(5,596)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(14,741)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Net balance</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">34,504</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(198)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">54</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(8,761)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,612</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,774</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">11,818</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">217</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">24,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Equivalent in U.S. dollars</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;25,697</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;(2,489)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,746</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,634</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Based on the balances as at December
31, 2016, a 1% increase/decrease in the U.S. dollar exchange rate against all of the other currencies on that date would have resulted
in a decrease/increase of approximately $346 in profit (loss) before taxes. There would be no effect on other comprehensive income.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 5pt 17.85pt; text-indent: 0in">Cash flows from operations
are exposed to foreign exchange risk, as commodity sales are set in U.S. dollars and a certain amount of operating expenses are
in the currency of the country in which mining operations take place.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><I>(ii) Metal price risk and
other price risk</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Eldorado is subject to price risk for fluctuations
in the market price of gold and other metals. Gold and other metals prices are affected by numerous factors beyond the Company&rsquo;s
control, including central bank sales, producer hedging activities, the relative exchange rate of the U.S. dollar with other major
currencies, global and regional demand and political and economic conditions.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">Worldwide gold and other metals
production levels also affect their prices, and the price of these metals is occasionally subject to rapid short-term changes due
to speculative activities. The Company has elected not to actively manage its exposure to metal price risk at this time. From time
to time, Eldorado may use commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">21.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Financial risk management <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">Other price risk is the risk
that the value of a financial instrument will fluctuate as a result of changes in market prices.&nbsp;</P>



<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Eldorado&rsquo;s other price risk includes equity
price risk, whereby the Company&rsquo;s investments in marketable securities are subject to market price fluctuation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="color: windowtext"><I>(iii) Interest rate risk</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Interest rate risk is the risk that the fair value
of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Current financial assets
and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. The Company&rsquo;s
debt is in the form of notes with a fixed interest rate of 6.13%. However borrowings under the ARCA are at variable rates of interest
and any borrowings would expose the Company to interest rate cost and interest rate risk.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><I>(b) Credit risk</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Credit risk is the risk that one party to a financial
instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that
potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, term deposits and accounts
receivable. Eldorado deposits its cash and cash equivalents, including restricted cash, and its term deposits with high credit
quality financial institutions as determined by rating agencies.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Payment for metal sales is normally in advance
or within fifteen days of shipment depending on the buyer. The historical level of customer defaults is negligible which reduces
the credit risk associated with trade receivables at December 31, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><I>(c) Liquidity risk</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">Liquidity risk is the risk that an entity will
encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity
by maintaining adequate cash and cash equivalent balances and by using its lines of credit as required. Management monitors and
reviews both actual and forecasted cash flows, and also matches the maturity profile of financial assets and liabilities. Contractual
maturities relating to debt are included in note 14.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">21.2 Capital risk management</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">Eldorado&rsquo;s policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of our mining projects.
Capital consists of all of the components of equity; share capital from ordinary shares, contributed surplus, accumulated other
comprehensive income, deficit and non-controlling interests.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">Consistent with others in the industry, Eldorado
monitors capital on the basis of the debt to capital ratio and Net Debt to EBITDA. The debt to capital ratio is calculated as debt,
including current and non-current debt, divided by capital. The Net Debt to EBITDA ratio is calculated as debt, including current
and non-current debt, less cash, cash equivalents and term deposits, divided by earnings before interest costs, taxes, depreciation
and amortization. This policy includes a target debt to capital ratio of less than 30% and a Net Debt to EBITDA target ratio below
3.5.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">As at December 31, 2016, our debt to capital
ratio was 14.0% (2015 &ndash; 15.0%) and our Net Debt to EBITDA ratio was -1.7:1 (2015 &ndash; 1.99:1).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">These policy targets are managed through the
repayments and issuances of debt as well as the continuing management of operations and capital expenditures.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">21.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Financial risk management <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">21.3 Fair value estimation&nbsp;</P>



<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Fair values are determined directly by reference
to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed
from relevant markets.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The three levels of the fair value hierarchy are
described below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 1 &ndash; Unadjusted quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 2 &ndash; Inputs that are observable, either directly or indirectly, but do not qualify
as Level 1 inputs (i.e.,quoted prices for similar assets or liabilities).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 3 &ndash; Prices or valuation techniques that require inputs that are both significant
to the fair value measurement and unobservable (i.e., supported by little or no market activity).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The only assets measured at fair value as at December
31, 2016 are marketable securities. No liabilities are measured at fair value on a recurring basis as at December 31, 2016.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The fair value of financial instruments traded
in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are
readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those
prices represent actual and regularly occurring market transactions on an arm&rsquo;s length basis. The quoted market price used
for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included
in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading securities or available-for-sale
securities.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 35.7pt; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>22.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Commitments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The Company&rsquo;s contractual
obligations, not recorded on the balance sheet, at December 31, 2016, include:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2017</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2018</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2019</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2020 and later</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">Leases</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13,862</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,745</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,638</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,544</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">Purchase obligations</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">73,214</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">925</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">Totals</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">87,076</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,670</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,689</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,645</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 0 17.85pt">Purchase obligations in 2017 relate primarily
to mine development expenditures in Greece as well as operating costs in Turkey.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 57pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>23.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Contingencies</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">The Company is involved in legal proceedings
from time to time, arising in the ordinary course of its business. As at December 31, 2016, the amount of ultimate liability with
respect to these actions will not, in the opinion of management, materially affect Eldorado&rsquo;s financial position, results
of operations or cash flows.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>24.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD>
</TR></TABLE>




<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 3pt 17.85pt">Key management includes directors (executive
and non-executive), officers and senior management. The compensation paid or payable to key management for employee services,
including amortization of share based payments, is shown below:</P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 0 0 0 0.3in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Salaries and other short-term employee benefits</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8,152</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10,106</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Defined benefit pension plan</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,350</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,670</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share based payments</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,326</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,188</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">14,828</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">20,964</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; margin: 0 0 0 0.3in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>25.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Financial instruments by category</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>Fair value</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 17.85pt; text-align: left">The following table provides
the carrying value and the fair value of financial instruments at December 31, 2016 and December 31, 2015:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25in; text-align: justify"></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31, 2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Fair value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Financial Assets</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Available-for-sale </I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Marketable securities</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">28,327</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">28,327</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,331</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,331</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Loans and receivables</I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">883,171</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">883,171</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">288,189</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">288,189</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Term deposit</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,292</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,292</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,382</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,382</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Restricted cash</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">240</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">240</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">248</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">248</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Accounts receivable and other</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">32,159</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">32,159</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">69,273</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">69,273</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Other assets</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,810</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,810</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19,320</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19,320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Financial Liabilities at amortized cost</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Accounts payable and accrued liabilities</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">90,705</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">90,705</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">236,819</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">236,819</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Debt</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">591,589</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">609,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">589,395</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">526,878</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>26.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Production costs</B></TD>
</TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Labour</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">55,223</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,092</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Fuel</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">22,405</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">32,785</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Reagents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">35,292</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">34,462</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Electricity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">13,991</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">14,218</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Mining contractors</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">16,028</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">19,767</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Operating and maintenance supplies and services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">45,376</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">54,116</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Site general and administrative costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">20,394</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">18,385</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Inventory change</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(19,510)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">21,457</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Royalties, production taxes and selling expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,470</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,840</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">194,669</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">252,122</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; margin: 0 0 0 21.25pt; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #0038E5; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="color: #0038E5; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>27.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Interest and financing costs</B></TD>
</TR></TABLE>




<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="color: #0038E5; font: bold 10pt/13pt; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,434</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,571</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Financing fees</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,323</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8,003</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Total interest and financing costs</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,757</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17,574</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 6pt 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>28.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Earnings per share</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">The weighted average number of
ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used
in the calculation of basic earnings per share as follows:</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="color: #0C2D83; font: 10pt/13pt; margin: 0 56.7pt 0 76.55pt; text-indent: -55.3pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/120% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>December 31, 2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(in thousands)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(in thousands)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Weighted average number of ordinary shares used in the calculation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">of basic earnings per share</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,587</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,586</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Diluted impact of stock options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Weighted average number of ordinary shares used in the calculation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">of diluted earnings per share</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,593</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">716,590</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0C2D83; margin: 0 56.7pt 0 76.55pt; text-indent: -55.3pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><B>29.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Segment information</B></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Identification of reportable
segments</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The Company has identified its
operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management
(the chief operating decision makers or CODM) in assessing performance and in determining the allocation of resources.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The CODM considers the business
from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit
and loss as well as assets and liabilities. These measures include operating profit, expenditures on exploration, property, plant
and equipment and non-current assets, as well as total debt. As at December 31, 2016, Eldorado had five reportable segments based
on the geographical location of mining and exploration and development activities.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">29.1&#9; Geographical
segments&#9;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">Geographically, the operating
segments are identified by country and by operating mine or mine under construction. The Turkey reporting segment includes the
Ki&#351;lada&#287; and the Efem&ccedil;ukuru mines and exploration activities in Turkey. The Brazil reporting segment includes
the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil. The Greece reporting segment includes the Stratoni
mine, the Olympias, Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment
includes the Certej project and exploration activities in Romania. Other reporting segment includes operations of Eldorado&rsquo;s
corporate office and exploration activities in other countries.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">29.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Segment information <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>




<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">&nbsp;</P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">Financial information about
each of these operating segments is reported to the CODM on at least a monthly basis. The mines in each of the different segments
share similar economic characteristics and have been aggregated accordingly.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Romania</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Information about profit and loss</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Metal sales from external customers</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">392,096</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">40,631</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">432,727</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Production costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">159,632</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">35,037</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">194,669</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">74,061</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">543</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">281</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">74,887</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Gross profit (loss)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">158,403</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,051</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(281)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">163,171</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Other material items of income and expense</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other write-down (write-up) of assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">626</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(798)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(172)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Exploration costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,278</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,503</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,091</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,892</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,009</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">18,773</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">64,343</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,385)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,355)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,053)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,345)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">56,205</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Additions to property, plant and</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">equipment during the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">65,674</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,057</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">210,770</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">15,953</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">298,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Information about assets and liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Property, plant and equipment (*)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">885,629</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">186,606</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,157,822</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">413,949</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,821</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,645,827</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Debt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">591,589</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">591,589</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Romania</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Information about profit and loss</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Metal sales from external customers</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">443,609</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(399)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">35,869</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">479,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Production costs</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">214,001</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,616</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">36,505</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">252,122</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Inventory write-down</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">8,745</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,279</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">12,024</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">77,164</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,028</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,676</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">451</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">89,320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Gross profit (loss)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">152,444</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(11,788)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(14,591)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(451)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">125,613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Other material items of income and expense</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Impairment loss on property, plant and</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;equipment and goodwill</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">28,233</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,559,822</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">254,910</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,842,965</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Other write-down of assets</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">6,891</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,173</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,064</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Exploration costs</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,576</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,493</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,421</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,351</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,487</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">16,328</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Income tax expense (recovery)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">61,726</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,719</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(247,722)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(41,140)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(221,390)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Additions to property, plant and</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt; line-height: 120%"><FONT STYLE="font-size: 10pt">equipment during the year</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">83,501</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,176</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">242,655</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">19,983</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">250</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">350,565</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">29.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Segment information <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD>
</TR></TABLE>




<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">&nbsp;</P>



<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Turkey</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>China <SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Greece</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Romania</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>Information about assets and liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Property, plant and equipment (*)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">898,027</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,327,725</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">179,702</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,942,419</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">398,147</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,739</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,747,759</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,276</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">50,276</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">898,027</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,378,001</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">179,702</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,942,419</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">398,147</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,739</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">4,798,035</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Debt</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">589,395</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">589,395</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in"><I>* Net of revenues from sale
of production from tailings retreatment</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 10.35pt"><SUP>(1)</SUP></TD><TD>The China Business was sold during the year.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The Turkey segment derives their
revenues from sales of gold. The Brazil segment derives its revenue from sales of iron ore. The Greece segment derives its revenue
from sales of zinc, lead and silver concentrates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><B>29.2 Seasonality/cyclicality of operations</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Management does not consider operations to be of a significant seasonal or cyclical nature.</TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>mda.htm
<DESCRIPTION>ELDORADO GOLD MANAGEMENTS DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2016
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Throughout this Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;),
<I>Eldorado</I>, <I>we, us, our</I> and <I>the Company</I> mean Eldorado Gold Corporation. <I>This year</I> means 2016. All dollar
amounts are in United States dollars unless stated otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">The information in this MD&amp;A is as of
February 23, 2017. You should also read our audited consolidated financial statements for the year ended December 31, 2016. We
prepare our consolidated financial statements in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;)
as issued by the International Accounting Standards Board. We file them with appropriate regulatory authorities in Canada and the
United States. You can find more information about Eldorado, including our Annual Information Form (&#8220;AIF&#8221;), on SEDAR
at www.sedar.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Eldorado</B></P>

<P STYLE="font: 10pt ArialMT,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Based in Vancouver, Canada, Eldorado owns and operates mines around
the world. Its activities involve all facets of the mining industry including exploration, development, production and reclamation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Operating gold mines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kisladag, in Turkey (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Efemcukuru, in Turkey (100%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold projects:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Olympias, in Greece (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Skouries, in Greece (95%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Perama Hill, in Greece (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Certej, in Romania (81%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tocantinzinho, in Brazil (100%) </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Other mines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Stratoni &#8211; Lead and Zinc Concentrates, in Greece (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vila Nova &#8211; Iron Ore, in Brazil (100%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eldorado is listed on the following exchanges:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toronto Stock Exchange (&#8220;TSX&#8221;) under the symbol ELD </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol EGO</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2016 Overview</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selected Consolidated Financial Information <SUP>(1)</SUP></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss attributable to shareholders of the Company of $344.2 million or
$0.48 per share, compared to loss attributable to shareholders of the Company of $1,540.9 million or $2.15 per share in 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">During 2016 the Company sold its Chinese assets for proceeds of $881.6
million, net of taxes. A loss of $351.2 million was recorded on the sale of the assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profit of $163.2 million compared to $125.6 million in 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Liquidity was $1,138.5 million at year end, including $888.5 million
in cash, cash equivalents, and term deposits, and $250.0 million in unused lines of credit (2015 - $667.6 million of liquidity).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selected Performance Measures <SUP>(2)</SUP></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profit from continuing gold mining operations of $158.7 million
(2015 - $152.8 million). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold production, including discontinued operations and Olympias tailings
retreatment of 486,025 ounces (2015 &#8211; 723,532 ounces).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total cash costs averaged $621 per ounce (2015 &#8211; $606 per ounce).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All-in sustaining cash costs averaged $900 per ounce (2015 &#8211; $842).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted net earnings of $47.4 million ($0.07 per share) compared to
adjusted net earnings of $13.2 million ($0.02 per share) in 2015. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash generated from continuing operating
activities before changes in non-cash working capital was $104.4 million (2015 &#8211; $76.6 million). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>In accordance with the requirements of
IFRS 5 &#8211; &#8220;Non-current assets held for sale and discontinued operations&#8221;, the Company&#8217;s China segment has
been classified as a discontinued operation for the year ended December 31, 2016, and accordingly the 2015 comparative information
has been restated. Except where indicated, the financial and performance information presented in this MD&amp;A includes discontinued
operations.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>(2)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>Throughout this MD&amp;A we use cash operating
cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted
net earnings, and cash flow from operating activities before changes in non-cash working capital as additional measures of Company
performance. These are non-IFRS measures. Please see page 11 for an explanation and discussion of these non-IFRS measures.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Sale of Chinese Assets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The Company sold its interest in Jinfeng to a wholly-owned
subsidiary of China National Gold Group Corporation on September 6, 2016, and its interests in its other Chinese assets (Tanjianshan,
White Mountain and Eastern Dragon) to an affiliate of Yintai Resources Co. Ltd. on November 22, 2016. Combined, the sales of the
Company&#8217;s Chinese assets generated net proceeds of $881.6 million, net of taxes. A loss of $351.2 million was recorded on
the sale of the assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Planned Retirement of President and Chief Executive Officer
Announced</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">On January 6, 2017 the Company announced the planned retirement
of President and Chief Executive Officer Paul Wright and named George Burns as his successor.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Summarized Annual Financial Results</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Continuing Operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="vertical-align: top; width: 58%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">388.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">440.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">521.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">311,028</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">380,039</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">413,168</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,249</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,158</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,266</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">537</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">475</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">554</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">494</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">158.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">152.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">262.1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Including Discontinued Operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="vertical-align: top; width: 58%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">650.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">863.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,067.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">605.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">823.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">980.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">483,461</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">705,310</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">774,522</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,253</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,168</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,266</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">579</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">552</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">621</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">606</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">557</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">900</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">842</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">779</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">203.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">230.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">382.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">47.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">13.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">138.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(344.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(1,540.9)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">102.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; basic ($/share) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(2.15)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; diluted ($/share) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(2.15)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities <SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">142.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">192.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">342.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Capital spending &#8211; cash basis</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">320.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">396.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">410.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Dividends paid &#8211; (Cdn$/share)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.02</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash, cash equivalents and term deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">888.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">292.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">501.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">4,797.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">5,464.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">7,393.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total long-term financial liabilities<SUP> 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">692.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">698.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">745.5</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Attributable to shareholders of the Company.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Includes long-term debt net of deferred financing costs, other non-current
liabilities, and asset retirement obligations.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(3)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Before changes in non-cash working capital.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Review of Annual Financial Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Loss attributable to shareholders of the Company was $344.2
million, (or $0.48 per share), compared to a loss of $1,540.9 million, or $2.15 per share in 2015. The loss in 2016 was mainly
due to the $351.2 million loss recorded on the sale of the Company&#8217;s Chinese assets as well as $13.0 million in transaction
costs, and $17.2 million in unrealized non-cash losses on foreign exchange translation of deferred income tax balances. The loss
in 2015 was mainly due to impairment losses, net of tax, in the amount of $1,423.0 million, and a deferred income tax charge of
$63.5 million related to a change in income tax rates in Greece.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Adjusted net earnings for the year were $47.4 million ($0.07
per share) as compared with $13.2 million ($0.02 per share) for 2015. While gross profit from gold mining operations, including
discontinued operations, were $26.5 million lower year over year, gross profit from Stratoni was $18.1 million higher. General
and administrative expenses, defined pension plan expense, and share based payments fell a combined $8.9 million year over year.
Tax expense fell approximately $22.0 million, excluding the impact of the sale of the Company&#8217;s Chinese assets, due to lower
withholding taxes on dividends declared by Company subsidiaries and a decrease in the effective tax rate
related to lower taxable income from our Chinese operations which have a 25 percent income tax rate as compared to Turkey which
has a 20 percent income tax rate. Foreign exchange loss was $2.7 million as compared with $15.0 million in 2015, as the value of
the Canadian dollar and Brazilian real in comparison to the US dollar stabilized during 2016, after falling significantly during
2015.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Gold sales volumes decreased year over year, reflecting a decrease
in gold production at Kisladag and the sale of the Company&#8217;s Chinese mines during the year. Gross profit from gold mining
operations including discontinued operations fell due to lower sales volumes and higher unit costs, partly offset by higher gold
prices. Gross profit from continuing gold mining operations (Kisladag and Efemcukuru) increased slightly year over year on higher
realized gold prices and lower unit operating costs.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt"><B>Summarized Quarterly Financial Results &#8211; including
discontinued operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EBF4DC">
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q2</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q3</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q4</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Revenues </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">164.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">171.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">174.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">140.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">650.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">160.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">162.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">156.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">127.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">605.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">133,467</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">128,090</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">116,882</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">105,022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">483,461</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,198</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,270</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,335</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,211</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,253</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs &nbsp;($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">603</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">607</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">566</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">531</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">579</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">886</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">933</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">890</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">880</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">900</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">41.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">55.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">64.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">42.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">203.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.7)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">11.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">33.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">2.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">47.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(2.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(329.9)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">20.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(32.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(344.2)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; basic ($/share) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.00)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.46)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.05)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; diluted ($/share) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.00)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.46)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.05)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities <SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">25.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">38.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">52.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">25.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">142.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt/10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EBF4DC">
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q2</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q3</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q4</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">238.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">214.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">211.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">199.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">863.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">224.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">204.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">206.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">189.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">823.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">181,820</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">170,056</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">182,124</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">171,310</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">705,310</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,232</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,201</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,132</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,105</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,168</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">521</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">569</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">552</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">567</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">552</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">729</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">900</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">835</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">914</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">842</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">77.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">61.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">53.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">38.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">230.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">19.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">17.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(4.0)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(19.3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">13.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(8.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(198.6)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(96.1)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(1,238.0)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(1,540.9)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings per share &#8211; basic ($/share) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.28)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.13)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(1.73)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(2.15)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings per share &#8211; diluted ($/share) <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.28)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.13)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(1.73)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(2.15)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities <SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">58.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">61.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">43.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">28.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">192.3</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Attributable to shareholders of the Company</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Before changes in non-cash working capital</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Review of Quarterly Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Loss attributable to shareholders of the Company for the quarter
was $32.5 million ($0.05 per share) as compared to a loss for the quarter ended December 31, 2015 of $1,238.0 million ($1.73 per
share). Adjusted earnings were $2.9 million as compared to 2015 adjusted loss of $19.3 million. The main factors that impacted
adjusted earnings for the fourth quarter year over year were lower sales volumes partly offset by higher gold prices. During the
fourth quarter of 2015 the Company recorded an impairment charge attributable to shareholders of the Company, net of
taxes, of $1,249.6 million mainly related to its Skouries project.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Operations Review and Outlook</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>Gold Operations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>CONTINUING OPERATIONS:</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: center"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: center"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: center"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2017 Outlook</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">211,161</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">281,280</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">230,000 &#8211; 245,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">474</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">543</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">500 &#8211; 550</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">488</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">558</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">$39.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">$30.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">$45.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">98,364</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">100,482</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">95,000 &#8211; 105,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">514</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">521</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">525 &#8211; 575</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">530</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">540</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">23.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">24.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">25.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">2,774</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">16,396</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">40,000 &#8211; 50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining Capex <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>SUBTOTAL: CONTINUING OPERATIONS</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">312,299</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">398,158</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">365,000 &#8211; 400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">537</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">485 - 535</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">502</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">554</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">63.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">54.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">70.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>DISCONTINUED OPERATIONS:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Tanjianshan</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">49,266</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">97,563</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">819</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">473</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">970</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">646</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">2.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">14.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Jinfeng</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">68,195</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">149,655</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">705</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">587</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">791</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">669</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">6.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">10.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>White Mountain</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">56,265</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">78,156</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">731</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">653</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">773</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">691</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">9.9</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">15.5</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAF1DD">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>TOTAL INCLUDING DISCONTINUED OPERATIONS:</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">486,025</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">723,532</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">365,000 &#8211; 400,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">579</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">552</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">485 &#8211; 535</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">621</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">606</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">82.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">94.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">70.0</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Includes production from tailings retreatment in 2015 and 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Planned 2017 construction and development capital spending of $30.0
million at Olympias.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>Annual Review &#8211;&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">Operations</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Kisladag</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes placed on pad</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,565,254</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,146,685</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.70</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">211,161</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">281,280</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">211,284</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">280,892</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">474</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">543</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">488</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">558</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$263.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$326.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$39.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$46.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$120.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$121.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$39.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$30.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Kisladag was lower year over year mainly due to
a substantial buildup of leach pad inventory during 2016 resulting from higher leach pad lifts and slower leaching in comparison
with 2015. In the fourth quarter, additional sets of carbon columns were placed into production, which contributed to a drawdown
in leach pad inventory in the final two months of the year. Year over year, fewer ore tonnes were placed on the leach pad at a
higher head grade due to the phasing out of run-of-mine ore. Cash operating costs were lower year over year as a result of the
higher head grade. Capital expenditures included capitalized waste stripping, leach pad construction, equipment overhauls and various
process improvements. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Efemcukuru</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">476,528</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">454,863</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.40</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.82</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average recovery rate (to concentrate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">92.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">91.7%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">98,364</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">100,482</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">99,744</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">99,147</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">514</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">521</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">530</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">540</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$125.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$113.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$34.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$30.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$38.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$28.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$23.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$24.1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Efemcukuru was consistent year over year as higher
milled tonnes and recoveries compensated for lower average treated head grade. Lower cash operating costs were the result of continued
cost reduction initiatives. Capital spending included costs related to capitalized underground development, tailings dam expansion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Tanjianshan</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">869,964</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,060,176</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.90</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.14</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average recovery rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">78.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">82.4%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">49,266</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">97,563</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">49,266</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">97,563</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">819</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">473</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">970</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">646</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$62.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$115.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$25.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$26.8</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$14.7</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table above reflects operations through November 22, 2016, the
date of sale of Tanjianshan. Gold production at Tanjianshan was lower year over year mainly due to lower grade and tonnage from
the JLG pit as well as an extended mill shutdown for repairs during the third quarter. Cash operating costs per ounce were higher
year over year mainly due to lower production and head grade. Capital expenditures included resource drilling and development of
the Qinlongtan deep decline.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jinfeng</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">766,697</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,303,863</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.13</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average recovery rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">83.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86.2%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">68,195</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">149,655</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">66,902</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">149,552</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">705</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">587</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">791</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">669</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$84.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$176.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$37.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$22.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$39.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$10.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table above reflects operations through September 6, 2016, the
date of sale of Jinfeng. Jinfeng performed within expectations up to the date of sale. The impact of the completion of open pit
mining in the second quarter of 2015 resulted in lower tonnages, grades and higher cash operating costs in 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>White Mountain</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">717,145</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">849,335</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.78</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.30</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average recovery rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86.5%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56,265</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">78,156</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">56,265</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">78,156</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">731</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">653</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">773</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">691</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$70.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$91.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$27.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$18.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$10.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$15.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table above reflects operations through November 22, 2016, the
date of sale of White Mountain. Aside from the shorter year, gold production at White Mountain was lower year over year due to
lower average treated head grade.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Stratoni</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 59%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore processed (dry)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">184,963</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">154,992</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pb grade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.5%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zn grade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.5%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48,394</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40,232</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42,655</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">46,502</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average realized concentrate price ($/tonne)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">953<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">771<SUP>1</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash Costs ($/tonne of concentrate sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">804</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">774</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Concentrate revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$40.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit (loss) from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">($12.5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>1 Average realized price includes mark to market adjustments.</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Concentrate tonnes produced at Stratoni were higher year over year
due to increased mill throughput and higher zinc grade. Increased mill throughput was mainly due to fewer days lost to work stoppages.
Average realized price for concentrate increased year over year mainly due to an increase in zinc prices. Gross profit from mining
operations increased as a result of the increase in production and prices. In addition, as a result of the impairment of Stratoni
in 2015, no depreciation and depletion expense was recorded in 2016. Concentrate tonnes sold were lower year over year due to weather-related
shipping delays at year end. Capital expenditures included underground mine development related to resource evaluation activities
and new equipment for the analytical laboratory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Vila Nova</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Vila Nova remained on care and maintenance during 2016.</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Annual Review &#8211;&nbsp;Development Projects</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Olympias</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Olympias retreated 87,350 tonnes of tailings during the first quarter
of 2016 at a grade of 2.47 grams per tonne, and produced 2,774 ounces of gold in concentrate. Tailings retreatment ended in February
2016 and construction of the Phase 2 plant began. Completion and commissioning of the Phase 2 plant is projected to be in the first
quarter of 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Underground mine development and access rehabilitation continued
at Olympias in 2016 in readiness for commencement of underground ore production scheduled for the first quarter 2017. A total of
3,680 meters of development and rehabilitation was completed during the year together with 21,400 meters of orebody definition
drilling.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Construction of the initial stage of the new Kokkinolakas tailings
management facility (&#8220;TMF&#8221;) advanced substantially, and commissioning is expected by mid-2017. Capital costs totalled
$132.1 million, consisting of mine construction, Phase 2 plant construction, Kokkinolakas TMF construction and capitalized cost
for tailings retreatment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Skouries</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Due to delays with the issuance of routine permits and licenses by
the Greek permitting authorities, the Company suspended the development at Skouries in early 2016. The majority of construction
works were on hold during the first half of the year while environmental protection works and care and maintenance activities continued.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On May 9, 2016, the Company received approval of the updated revised
Technical Study. The construction team was remobilised in June and development ramped up over the following months. A total of
$43.5 million was spent at Skouries, excluding capitalized exploration and capitalized interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Following internal reviews and engineering studies a decision was
made to convert waste management at Skouries from paste to dry stack tailings. This decision facilitates mining of higher-value
underground ore, and significantly reduces the site&#8217;s environmental footprint. Engineering design work was initiated for
a single integrated waste management facility and associated filtration plant during mid-2016; the basic engineering for the revised
scope progressed during the final quarter of 2016, with detailed engineering expected to start early in 2017. During 2016, work
was also completed on the pre-feasibility study for the Skouries underground mine design; feasibility level engineering is scheduled
to be developed in 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Tocantinzinho</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company applied for installation licences for the site, road,
and power line and initiated basic engineering for Tocantinzinho during 2016. Capital costs incurred at Tocantinzinho totalled
$6.0 million for engineering, permitting, land agreements, mobile equipment, and site works including minor camp infrastructure
and access road improvements. Completion of basic engineering for the site and detailed engineering for some infrastructure is
expected to be completed in 2017 leading to a construction decision and advancement of permitting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Certej</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Engineering work continued during 2016 at Certej on metallurgical
test work and trade off studies with a focus on further optimizations to improve the project and increase the level of engineering
confidence. Work continued on amendments to the existing environmental permits to reflect the proposed changes, and such work will
continue to be the focus of efforts in 2017. A total of $11.6 million was spent on Certej, mainly on geotechnical and metallurgical
testing, site preparation and engineering studies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Perama Hill</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Perama Hill remains on care and maintenance pending receipt of the
necessary permits.</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Annual Review &#8211;&nbsp;Exploration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A total of $26.2 million was spent on exploration and evaluation
programs in 2016. Exploration drilling totaled 51,000 meters and was conducted at 16 projects including early-stage, brownfields
and in-mine programs in Turkey, Brazil, Greece, Serbia and Romania.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Turkey</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Efemcukuru, surface drilling programs tested extensions to previously
defined mineralized zones within the Kokarpinar vein system. Greenfields reconnaissance exploration programs evaluated grassroots
targets in the eastern Pontide belt and associated with Cenozoic volcanic centres in western Turkey.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Brazil</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In Brazil, option agreements were signed for the large Borborema
and Nazareno license areas. Mapping and geochemical sampling programs were conducted on both of these license areas as well as
at the Mara Rosa project. An initial drilling program was completed on the Vulture target at Borborema.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Greece</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Exploration in Greece included drilling programs at the Fisoka porphyry
target and at the Rian prospect near the Skouries deposit. At Mavres Petres, an exploration crosscut was driven into the hangingwall
of the Stratoni Fault, enabling systematic underground exploration and definition drilling of the untested down-dip and along-strike
extensions to the orebody projected to begin in early 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Romania</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In Romania, drilling was conducted at the Brad, Sacaramb, Certej
North and Bolcana projects. At Sacaramb, drillholes targeted along-strike extensions of historically mined high-grade vein systems.
Two holes tested deeper levels of the Bolcana porphyry system, and porphyry and epithermal targets peripheral to the Bolcana system
were tested on the adjacent Certej North license.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Serbia</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In Serbia, the Company completed acquisition of the KMC project from
Euromax Resources Ltd. and acquired five new early-stage licenses. Drilling at KMC tested the Copper Canyon, Gravina and Shanac
areas. A large gold-rich magnetite skarn system was identified at Shanac, and further drilling is scheduled to be performed in
2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-IFRS Measures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Throughout this document we have provided measures prepared in accordance
with IFRS, as well as some non-IFRS performance measures as additional information for investors who also use them to evaluate
our performance. Since there is no standard method for calculating non-IFRS measures, they are not a reliable way to compare us
against other companies. Non-IFRS measures should be used with other performance measures prepared in accordance with IFRS. We
have defined our non-IFRS measures below and reconciled them with the IFRS measures we report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash Operating Cost, Total Cash Cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">The table below reconciles cash operating cost and total cash
cost to operating costs. We calculate costs according to the Gold Institute Standard.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Reconciliation of cash operating costs to production costs for&nbsp;&nbsp;continuing operations</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($ Millions except for gold ounces sold and cost per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs</B> (from consolidated income statement)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">194.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">252.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Vila Nova and Stratoni production costs</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35.0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">38.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs &#8211; excluding Vila Nova and Stratoni</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">159.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">214.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">By-product credits and other adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(3.6)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(3.5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">156.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">210.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Royalty expense and production taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(4.7)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(6.2)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">151.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">204.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold ounces sold </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">311,028</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">380,039</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost per ounce sold</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">554</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost per ounce sold</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">537</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Reconciliation of cash operating costs to production costs including discontinued operations</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($ Millions except for gold ounces sold and cost per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs</B> <B>&#8211; excluding Vila Nova and Stratoni</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">159.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">214.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs &#8211; discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">144.6</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">217.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">304.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">431.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">By-product credits and other adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(4.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(4.2)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">300.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">427.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Royalty expense and production taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(20.3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(38.2)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">279.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">389.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold ounces sold &#8211; including discontinued operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">483,261</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">705,310</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost per ounce sold &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/200% Arial, Helvetica, Sans-Serif">621</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/200% Arial, Helvetica, Sans-Serif">606</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost per ounce sold &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/200% Arial, Helvetica, Sans-Serif">579</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/200% Arial, Helvetica, Sans-Serif">552</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>All-in Sustaining Cash Cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All-in sustaining costs are calculated by taking total cash costs
and adding sustaining capital expenditures, corporate administrative expenses, exploration and evaluation costs, and reclamation
cost accretion. Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production
at a mine site, and exclude all expenditures at the Company&#8217;s projects. Certain other cash expenditures, including tax payments,
dividends and financing costs are also not included. The Company believes that this measure represents the total costs of producing
gold from current operations, and provides the Company and other stakeholders of the company with additional information of the
Company&#8217;s operational performance and ability to generate cash flows. The Company reports this measure on a gold ounces sold
basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Calculation of all-in sustaining cash costs including discontinued operations</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/200% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/200% Arial, Helvetica, Sans-Serif"><B>&nbsp;2015</B></FONT></TD></TR>
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($ Millions except for gold ounces sold and all-in sustaining cash cost per ounce sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">300.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">427.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Sustaining capital spending at operating gold mines</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">82.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">94.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Exploration spending at operating gold mines</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">5.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">10.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">48.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">61.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>All-in sustaining cash costs &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">435.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">594.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Gold ounces sold &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">483,461</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">705,310</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>All-in sustaining cash cost per ounce sold &#8211; including discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">900</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">842</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Excludes G&amp;A expenses related to business development activities
and projects. Includes share based payments expense and defined benefit pension plan expense as well as asset retirement obligation
accretion expense.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash Flow from Operations before Changes in Non-cash Working Capital</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We use <I>cash flow from operations (or operating activities) before
changes in non-cash working capital</I> to supplement our consolidated financial statements, and calculate it by not including
the period to period movement of non-cash working capital items, like accounts receivable, advances and deposits, inventory, accounts
payable and accrued liabilities. We believe this provides an alternative indication of our cash flow from operations and may be
meaningful to investors in evaluating our past performance or future prospects. It is not meant to be a substitute for cash flow
from operations (or operating activities), which we calculate according to IFRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Adjusted Net Earnings</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company has included non-IFRS performance measures, <I>adjusted
net earnings</I> and <I>adjusted net earnings per share</I>, throughout this document. Adjusted net earnings excludes gains/losses
and other costs incurred for acquisitions and disposals of mining interests, impairment charges, unrealized and non-cash realized
gains/losses of financial instruments and foreign exchange impacts on deferred income tax. The Company also excludes net earnings
and losses of certain associates that the Company does not view as part of the core mining operations. The Company excludes these
items from net earnings to provide a measure which allows the Company and investors to evaluate the results of the underlying
core operations of the Company and its ability to generate cash flow. Accordingly, it is intended to provide additional information
and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table provides a reconciliation of adjusted net earnings
to the consolidated financial statements for the years ended December 31:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 63%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><B>Reconciliation of adjusted net earnings to consolidated
        net earnings (loss)</B></P>
        <P STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">($ Millions except for weighted average shares and earnings
        per share)</P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Net (loss) earnings attributable to shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>(344.2)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>(1,540.9)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Loss on disposition of subsidiary, net of taxes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">351.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Impairment loss on property, plant and equipment, net of tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,423.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Write-down of assets net of tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">28.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Loss on disposal of assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Losses (gains) on available-for-sale securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Impact of change in Greek income tax rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">60.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Transaction costs related to sale of Chinese assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">13.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Unrealized losses (gains) on foreign exchange translation of deferred income tax balances</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">17.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">38.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Total adjusted net earnings (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>47.4</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>13.2</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Weighted average shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">716,587</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">716,586</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Adjusted net earnings ($/share)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>0.07</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>0.02</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUB>1 Attributable to shareholders of the Company</SUB></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Gross Profit from Gold Mining Operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gross profit from gold mining operations represents gross revenues
from gold mining operations less production costs and depreciation, depletion and amortization related to those operations.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Condition &amp; Liquidity</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operating Activities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Operating activities before changes in non-cash working capital (including
discontinued operations) generated $142.0 million in cash in 2016, compared to $192.3 million in 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investing Activities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company invested $320.3 million in capital expenditures this
year including discontinued operations. Evaluation and development expenditures, including capitalized drilling programs and Olympias
tailings retreatment, totalled $199.5 million while sustaining capital spending at our producing mines totalled $85.2 million ($82.0
million at our producing gold mines and $3.2 million at Stratoni). We also spent $3.4 million on land acquisitions in Turkey and
Romania. A total of $31.7 million in bond interest was also charged to capital projects. The remaining $0.5 million related to
fixed assets for our corporate offices in Canada, Brazil, Turkey, Greece, and Romania. In addition, cash proceeds of $3.7 million
related to gold concentrate sales proceeds from tailings retreatment were recorded as cash flows from investing activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financing Activities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company drew down $70 million on its revolving credit facility
during the year. This amount was fully repaid as at October 6, 2016.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Capital Resources</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 57%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash, cash equivalents and term deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">888.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">292.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,001.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">335.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Restricted collateralized accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Debt &#8211; current and long-term</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">591.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">589.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management believes that the working capital at December 31, 2016,
together with future cash flows from operations and, where appropriate, selected financing sources, including available credit
lines, are sufficient to support our planned and foreseeable commitments, and dividends, if declared, in 2017 and beyond.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Contractual Obligations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">As at December 31, 2016</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Within 1 year</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2 to 3 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4 to 5 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Over 5 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Debt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">600.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">600.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital leases</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Operating leases</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Purchase obligations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">73.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">74.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">604.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">703.3</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 76.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Purchase obligations relate primarily to mine development expenditures
in Greece and mine operating costs in Turkey. The table does not include interest on debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2016, Hellas Gold (&#8220;Hellas&#8221;) had entered
into off-take agreements pursuant to which Hellas agreed to sell a total of 65,000 dry metric tonnes of zinc concentrates, 15,000
dry metric tonnes of lead/silver concentrates, and 18,000 dry metric tonnes of gold concentrate through the financial year ending
December 31, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In April 2007, Hellas agreed to sell to Silver Wheaton (Caymans)
Ltd. (&#8220;Silver Wheaton&#8221;) all of the payable silver contained in lead concentrate produced within an area of approximately
seven square kilometres around Stratoni. The sale was made in consideration of a prepayment to Hellas of $57.5 million in cash,
plus a fixed price per ounce of payable silver to be delivered of the lesser of $3.90 and the prevailing market price per ounce,
adjusted higher every April by 1%. For the period April 2016 through March 2017, this amount is equal to $4.14 per ounce. In October
2015 the agreement with Silver Wheaton was amended to provide an increase in the price per ounce of payable silver to be delivered
to Hellas based on Hellas achieving certain exploration drilling milestones.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In May 2013, the Company, in connection with Hellas Gold, entered
into a Letter of Guarantee in favour of the Greek Ministry of Environment, Energy and Climate Change, in the amount of EUR50.0
million, as security for the due and proper performance of rehabilitation works committed in connection with the Environmental
Impact Assessment approved for the Kassandra Mines (Stratoni, Olympias and Skouries). The Letter of Guarantee is renewed annually
and expires on July 26, 2026. The Letter of Guarantee has an annual fee of 57 basis points.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2016, Tuprag Metal Madencilik Sanayi Ve Ticaret
A.S. (&#8220;Tuprag&#8221;) had entered into off-take agreements pursuant to which Tuprag agreed to sell a total of 45,000 dry
metric tonnes of gold concentrate through the financial year ending December 31, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Debt</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Revolving Credit Facility</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In November 2012, the Company entered into a $375.0 million revolving
credit facility with a syndicate of banks (&#8220;the credit facility&#8221;). The credit facility was due to mature on November
23, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In June 2016, the Company amended and restated the existing revolving
credit agreement (&#8220;the amended and restated credit agreement&#8221; or &#8220;ARCA&#8221;) and reduced the available credit
to $250.0 million with the option to increase by an additional $100.0 million through an accordion feature. The maturity date was
also extended to June 13, 2020. The ARCA continues to be secured by the shares of SG Resources and Tuprag, wholly owned subsidiaries
of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The ARCA contains covenants that restrict, among other things, the
ability of the Company to incur aggregate unsecured indebtedness exceeding $850.0 million, incur secured indebtedness exceeding
$200.0 million and permitted unsecured indebtedness exceeding $150.0 million. The ARCA also contains restrictions for making distributions
in certain circumstances, selling material assets and conducting business other than that which relates to the mining industry.
Significant financial covenants include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (&#8220;EBITDA&#8221;)
of 3.5:1 and a minimum EBITDA to Interest of 3:1. The Company is in compliance with these covenants at December 31, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Loan interest is variable dependent on a Net Leverage ratio pricing
grid. The Company&#8217;s current net leverage ratio is approximately -1.9:1. At this ratio, interest charges and fees are as follows:
LIBOR plus margin of 2.0% and undrawn standby fee of 0.50%. Fees of $2.0 million were paid on the amendment dated June 2016. This
amount has been deferred as pre-payment for liquidity services and is being amortized to financing costs over the term of the credit
facility. As at December 31, 2016, the prepaid loan cost on the balance sheet was $1.8 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No amounts were drawn down under the ARCA as at December 31, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Senior Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On December 10, 2012, the Company completed an offering of $600.0
million senior notes (&quot;the notes&quot;) at par value, with a coupon rate of 6.125% due December 15, 2020. The notes pay interest
semi-annually on June 15 and December 15. The Company received proceeds of $589.5 million from the offering, which is net of the
commission payment. The notes are redeemable by the Company in whole or in part, for cash:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal amount of the notes at
the treasury yield plus 50 basis points, and any accrued and unpaid interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>b) on and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the notes
to be redeemed, set forth below, plus accrued and unpaid interest on the notes:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">December 15, 2016&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;103.063%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">December 15, 2017&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;101.531%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">2018 and thereafter&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The early prepayment prices are to reimburse the lender for
lost interest for the remaining term. The fair market value of the notes as at December 31, 2016 is $609.0 million.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Defined Benefit Plans</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company operates defined benefit pension plans in Canada with
two components: a registered pension plan (&#8220;the Canadian Pension Plan&#8221;) and a supplementary pension plan (&#8220;the
SERP&#8221;). During the second quarter of 2012, the SERP was converted into a Retirement Compensation Arrangement (&#8220;RCA&#8221;),
a trust account. As it is a trust account, the assets in the account are protected from the Company&#8217;s creditors. The RCA
requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver General of Canada as refundable
tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">These plans, which are only available to certain qualifying employees,
provide benefits based on an employee&#8217;s years of service and final average earnings at retirement. Annual contributions related
to these plans are actuarially determined and made at or in excess of minimum requirements prescribed by legislation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eldorado&#8217;s plans have actuarial valuations performed for funding
purposes. The Canadian Pension Plan last had an actuarial valuation performed as of January 1, 2014 for funding purposes with the
next required valuation as of January 1, 2017. The SERP&#8217;s last valuation was on January 1, 2016 for funding purposes and
the next valuation will be prepared in accordance with the terms of the pension plan. The measurement date to determine the pension
obligation and assets for accounting purposes was December 31, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The SERP is designed to provide supplementary pension benefits to
qualifying employees affected by the maximum pension limits under the <I>Income Tax Act</I> pursuant to the registered Canadian
Pension Plan. Further, the Company is not required to pre-fund any benefit obligation under the SERP.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cash contributed to the Canadian Pension Plan and the SERP was $1.7
million (2015 &#8211; $2.8 million). Cash payments totaling $0.5 million were made directly to beneficiaries during the year (2015
&#8211; $0.1 million). The Company expects to contribute $0.1 million to the Canadian Pension Plan and $1.1 million to the SERP
in 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Equity</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt"><B>Common Shares Outstanding
        </B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of February 23, 2017</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of December 31, 2016</P></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">716,587,134</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">716,587,134</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt">Share purchase options - as of
        February 23, 2017</P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">(Weighted average exercise price per share: Cdn$7.04)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">34,047,084&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Managing Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This section describes the types of risks we are exposed to and our
objectives and policies for managing them (please read the Company&#8217;s AIF for additional information).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We monitor risk using our risk management review process. Management
prepares a risk assessment report every quarter outlining our operational and financial risks. The Board reviews the report to
evaluate and assess the risks we are exposed to in various markets, and discusses the steps management takes to manage and mitigate
them.</P>

<P STYLE="font: 10pt FranklinGothic-Book; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Liquidity Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Liquidity risk is the risk that we cannot meet our financial obligations.
The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates
of investments over time, managing its capital expenditures and operational
cash flows, and by maintaining adequate lines of credit. We use a rigorous planning, budgeting and forecasting process to help
determine the funds we will need to support our ongoing operations and our expansion plans. Management believes that the working
capital at December 31, 2016, together with future cash flows from operations and, where appropriate, selected financing sources,
is sufficient to support our planned and foreseeable commitments in 2017 and beyond.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Credit Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Credit risk is the risk that the counterparty to a financial instrument
will not meet its obligations and will cause the Company to incur a financial loss. The Company limits counterparty risk by entering
into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring
the financial condition of counterparties. For cash, cash equivalents and accounts receivable, credit risk is represented by the
carrying amount on the balance sheet.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Payment for metal sales is normally in advance or within fifteen
days of shipment depending on the buyer. The historical level of customer defaults is negligible which reduces the credit risk
associated with trade receivables at December 31, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We invest our cash and cash equivalents in major financial institutions
and in government issuances, according to our short-term investment policy. The credit risk associated with these investments is
considered to be low. As at December 31, 2016, we hold a significant amount of cash and cash equivalents with two financial institutions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Currency Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We sell gold in US dollars, but our costs are mainly in US dollars,
Canadian dollars, Turkish lira, Brazilian real, Euros, Romanian lei. An increase in the value of any of these currencies against
the US dollar can increase our production costs and capital expenditures, which can affect future cash flows. The Company has a
risk management policy that includes hedging its foreign exchange exposure to reduce the risk associated with currency fluctuations.
The Company currently does not have any currency hedges, but may hedge in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table below shows our assets and liabilities and debt denominated
in currencies other than the US dollar at December 31, 2016. We recognized a loss of $2.7 million on foreign exchange this year,
compared to a loss of $15.0 million in 2015.</P>

<P STYLE="font: 9pt FranklinGothic-Book; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>(thousands)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Canadian</B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>dollar</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Australian</B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>dollar</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Euro</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Turkish lira</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Chinese renminbi</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Swedish krona</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Romanian lei</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Great British pound</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Brazilian real</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">7,985</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">461</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">25,743</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2,423</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">11,799</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,774</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">11,147</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">217</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">22,035</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">38,036</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Accounts receivable and</FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,694</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,045</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41,600</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,052</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,756</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">8,350</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Accounts payable and</FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(13,211)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(663)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(39,138)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(38,043)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(10,239)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,085)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(5,505)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Other non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,596)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(14,741)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Net balance</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>34,504</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(198)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>54</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(8,761)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,612</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,774</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11,818</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>217</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>24,880</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Equivalent in US dollars</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,697</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(143)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">57</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2,489)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">665</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">195</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,746</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">268</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">7,634</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt FranklinGothic-Book; margin: 0">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Accounts receivable and other current and long-term assets relate
to goods and services taxes, income taxes, value-added taxes and insurance receivables. Based on the balances at December 31, 2016,
a 10% increase/decrease in the exchange rates on that date would have resulted in a decrease/increase of approximately $3.5 million
in profit before taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Interest Rate Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Interest rates determine how much interest we pay on our debt, and
how much we earn on our cash and cash equivalents, which can affect future cash flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All of our debt is in the form of notes with a fixed interest rate
of 6.125%. However borrowings under the ARCA are at variable rates of interest and any borrowings would expose the Company to interest
rate cost and interest rate risk. In the future we may enter into interest rate swaps that involve the exchange of floating for
fixed rate interest payments in order to reduce interest rate volatility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Price Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Our profitability depends on the price of gold, which can fluctuate
widely, and is affected by many factors beyond our control, including the sale or purchase of gold by central banks and financial
institutions, interest rates, exchange rates, inflation or deflation, fluctuations in the value of the US dollar and foreign currencies,
global and regional supply and demand, speculative actions, and the political and economic conditions of the world&#8217;s major
gold-producing countries. The cost of production, development and exploration varies depending on the market prices of certain
mining consumables, including diesel fuel and electricity. Electricity is regionally priced in Turkey and semi-regulated by the
Turkish government, which reduces the risk of price fluctuations. The Company currently does not have any long term gold hedges
or other commodity hedges, but we may hedge in the future.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0"><I>&nbsp;</I></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0"><I>Sensitivity Analysis for Key Variables</I></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>A change of</B></FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Would change our </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>after-tax net earnings by</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Currency values against the US dollar</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10% </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.5 million</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Price of gold (based on the expectations and assumptions we used in our 2017 outlook)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$34.4 million</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Interest rate on variable interest debt </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">n/a <SUP>(1)</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Price of diesel fuel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.5 million</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>The Company did not have any variable interest debt outstanding
at the end of 2016.</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Risks and Uncertainties</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to the financial risks identified above, we face a number
of other risks and uncertainties. Certain key risks are set out below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Geopolitical Climate </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We operate in five countries outside of North America: Turkey, Brazil,
Romania, Serbia and Greece. Our operations in these countries may be subject to political, economic and other risks that may affect
our future operations and financial position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We review these and other risks related to the business in foreign
countries on an ongoing basis. Such reviews may cause us to re-evaluate and realign our business objectives and strategic direction
from time to time, including considering suspension of projects or disposition of certain assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Mineral Tenure and Permits</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Acquiring title to mineral properties is a detailed and time-consuming
process. We take steps, in accordance with industry standards, to verify and secure legal title to mineral properties that we have,
or are seeking, an interest in. Although we take every precaution to ensure that legal title to our properties is properly recorded in our name, there can be no assurance we will
ultimately secure title on every property. Legal title to our properties depends on the laws in the countries we operate in, and
their appropriate and consistent application.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Activities
in the nature of our business and operations can only be conducted pursuant to a wide range of permits and licenses obtained or
renewed in accordance with the relevant laws and regulations in the countries in which we operate.</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
duration and success of each permitting process are contingent upon many factors that we do not control. In the case of foreign
operations, granting of government approvals, permits and licenses is, as a practical matter, subject to the discretion of the
applicable governments or government officials</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There is no assurance that we will be able to obtain or renew the
permits we need to conduct our business and operations, in a timely manner, or at all, or that we will be in a position to comply
with all conditions that are imposed. The failure to obtain or renew certain permits, or the imposition of extensive conditions
upon certain permits, could have a material adverse effect on our business, results of operations, financial condition and share
price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Metal Price Volatility </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The profitability of our operations is significantly affected by
changes in gold and other metal prices. Gold and metal prices can fluctuate widely and are influenced by many factors as noted
above, beyond our control,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If metal prices decline significantly, or decline for an extended
period of time, we might not be able to continue our operations, develop our properties, or fulfill our obligations under our permits
and licenses, or under our agreements with our partners. This could result in losing our interest in some or all of our properties,
or being forced to sell them, which could have a negative effect on our business, results of operations, financial condition and
share price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Development and Mining Operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Substantial expenditures are required to build mining and processing
facilities for new properties. The capital expenditures and time required to develop new mines are considerable and changes in
cost or construction schedules can significantly increase both the time and capital required to build the project. The project
development schedules are dependent on obtaining the governmental approvals necessary for the operation of a project, and the timeline
to obtain these government approvals is often beyond our control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mine development projects typically require a number of years and
significant expenditures during the development phase before production is possible .It is not unusual in the mining industry for
new mining operations to experience unexpected problems during the start-up phase, resulting in delays and requiring more capital
than anticipated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The business of gold mining involves many operational risks and hazards.
We work to reduce the risks associated with our projects by setting high operational standards, hiring and training appropriately
skilled personnel, and making improvements to our operations. We maintain adequate insurance to cover normal business risk. We
rely on a number of key employees. Our success depends on attracting and retaining qualified personnel in a competitive labour
environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The cost and results of our exploration and development programs
affect our profitability and value. The life of a mine is fixed based on its mineral reserves, so we actively seek to replace and
expand our reserves, mainly through exploration, acquisition and the development of our existing operations. Exploring for minerals
involves many risks and may not lead to new economically viable mining operations or yield new reserves to replace and expand current
reserves. Our reserve estimates are based on certain assumptions and affected by the inherent limitations of the estimation process.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 19 -->
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Foreign Investment and Operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Most of our activities and investments are in foreign countries including
operations and / or exploration and development projects in Brazil, Greece, Romania, Serbia and Turkey.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">These investments are subject to risks normally associated with conducting
business in foreign countries. Some risks are more prevalent in less developed countries or those with emerging economies, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;uncertain political and economic environments;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;risks of war, regime changes and civil disturbances or
other risks;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;risk of adverse changes in laws or policies of particular
countries, including government royalties and taxation;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;delays in or the inability to obtain necessary government
permits, approvals and consents;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;limitations on ownership and repatriation of earnings;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;foreign exchange controls and currency devaluations;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;import and export regulations, including restrictions
on exporting gold; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;exposure to occupation of our project sites for political
or other purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In all jurisdictions where we operate, we are regarded as a foreign
entity and consequently we may be subject to greater restrictions and requirements in these jurisdictions. The occurrence of any
of these risks could have a material adverse effect on our business, results of operations, financial condition and share price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We review these and other risks related to the business in foreign
countries on an ongoing basis. Such reviews may cause us to re-evaluate and realign our business objectives and strategic direction
from time to time, including considering suspension of projects or disposition of certain assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Environment</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There may be environmental hazards at our mines or projects that
we are unaware of. We may be liable for any associated losses, or be forced to do extensive remedial cleanup or pay for governmental
remedial cleanup, even if the hazards were caused by previous or existing owners or operators of the property, past or present
owners of adjacent properties or by natural conditions. The costs of any cleanup could have a material and adverse effect on our
operations and profitability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Laws, Regulations and Permits </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Our activities are subject to extensive federal, provincial, state
and local laws and regulations governing environmental protection and employee health and safety. We must obtain government permits
and provide associated financial assurance to conduct certain activities. We are also subject to various conditions related to
reclamation that are imposed under federal, state or provincial air, water quality and mine reclamation rules and permits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We have budgeted for future capital and operating expenditures to
obtain such permits and maintain compliance with these environmental, health and safety laws, however, any changes to these laws
in the future could have an adverse effect on our financial condition, liquidity or results of operations and could delay our ability
to obtain such permits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If these laws are not complied with, we may face injunctions, damages
and penalties, or our permits could be suspended or revoked. There is no assurance that we have been, or will be, in compliance
with environmental, health and safety laws at all times, that our compliance will not be challenged, or that the cost of complying
with current or future laws will not have a material and adverse effect on our future cash flow, results of operations and financial
condition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Litigation</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All industries, including the mining industry, are subject to legal
claims that are with and without merit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We are currently involved in various routine legal and regulatory
proceedings. It&#8217;s unlikely that the final outcome of these routine proceedings will have a material and adverse effect on
our financial condition or results of operations; however, defense and settlement costs can
be substantial, even for claims that are without merit. Due to the inherent uncertainty of the litigation process and dealings
with regulatory bodies, there is no assurance that any legal or regulatory proceeding will be resolved in a manner that will not
have a material and adverse effect on our future cash flow, results of operations or financial condition.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>These are not the only risks that could have a material
adverse effect on our business, results of operations, financial condition and share price and other risks may become more material
to the Company in the future or the above risks could diminish in importance, depending on the current circumstances of our business
and operations. </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>You should carefully review each of the risk factors set
out in our most recently filed AIF, which risk factors provide a detailed discussion of the foregoing risks as well as a detailed
discussion of other relevant risks. The discussion under &#8220;Risk Factors in our Business&#8221; in our most recent AIF, filed
on SEDAR under our Company name, is incorporated by reference in this document.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Information </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We are required to make estimates that affect the amount of assets,
liabilities, contingent liabilities revenue and expenses we report. We have identified the following critical accounting policies
and estimates. You can find all of our significant accounting policies in note 3 of our 2016 consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Inventories</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We value finished goods (including metal concentrates, dore and iron
ore), work-in-process, heap leach ore and stockpiled ore at the average production cost or its net realizable value &#8211;&nbsp;whichever
is lower.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We consider ore stacked on our leach pads and in process at our mines
as work-in-process inventory and record their value in earnings, and include them in the cost of sales based on ounces of gold
sold, using the following assumptions in our estimates:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold we estimate is in the ore stacked on the leach pads</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold we expect to recover from the stacks</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold and other metals in the mill circuits</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold and other metals in concentrates</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the gold and other metal prices we expect to realize when the gold and other metals is sold.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If our estimates or assumptions are inaccurate, we could be required
to write down the value we have recorded on our work-in-process inventories, which would reduce our earnings and working capital.
At December 31, 2016, the average cost of inventory was below its net realizable value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Reserves and Resources</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Our estimates for Kisladag, Efemcukuru, Perama Hill, Tocantinzinho,
Skouries, Olympias, Stratoni, Piavitsa, Sapes, Certej and Vila Nova are based on the definitions adopted by the Canadian Institute
of Mining, Metallurgy and Petroleum, and in compliance with <I>Canadian National Instrument 43-101 &#8211; Standards of Disclosure
for Mineral Projects </I>(NI 43-101), developed by the Canadian Securities Administrators.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">You will not be able to compare the mineral reserve and resources
information in this report with similar information from U.S. companies. The United States Securities &amp; Exchange Commission
(SEC) defines a mineral reserve as the part of a mineral deposit that can be economically
and legally extracted or produced. It does not recognize the terms measured, indicated and inferred mineral resources</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(mining terms under NI 43-101), and does not accept them in reports
and registration statements. You should not assume that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the mineral reserves defined in this report qualify as reserves under SEC standards</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the measured and indicated mineral resources in this report will ever be converted to reserves</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the inferred mineral resources in this report are economically mineable, or will ever be upgraded to a higher category.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">Mineral resources which are not mineral reserves
do not have demonstrated economic viability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Value Beyond Proven and Probable Reserves (&#8220;VBPP&#8221;)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On acquisition of a mineral property, we prepare an estimate of the
fair value of the exploration potential of that property and record this amount as an asset, called <I>value beyond proven and
probable</I>, as at the date of acquisition. As part of our annual business cycle, we prepare estimates of proven and probable
reserves for each mineral property. The change in reserves, net of production, is used to determine the amount to be converted
from VBPP to proven and probable reserves subject to amortization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Property, Plant and Equipment</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We depreciate most of our mining properties, plant and equipment
using the unit-of-production method, where the value of property is reduced as reserves are depleted. We base this on mining rates
and our estimates of reserves. If these change, we could be required to write down the recorded value of our mining properties,
plant and equipment, or to increase the amount of future depreciation, depletion and amortization expense, both of which would
reduce our earnings and net assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At each reporting period if there are indicators of an impairment
of property, plant and equipment we assess whether there has been impairment. In the event of impairment we would be required to
write down the recorded value of our mining properties, plant and equipment, which would reduce our earnings and net assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For producing properties, we base our assessment on the future net
cash flows we expect the property will generate. There may be an impairment if metal prices have declined, production costs have
increased, or metal recoveries are lower than previously estimated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For non-producing properties, we base our assessment on whether there
are factors that might indicate the need for a write-down. There may be an impairment if we believe current economics or permitting
issues will prevent us from recovering the costs we have deferred for the property.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Goodwill and Impairment Testing</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We account for business combinations using the purchase method of
accounting. We record the fair market value of assets acquired and liabilities assumed as of the date of acquisition, and record
any excess of the purchase price over fair value as goodwill. When the excess is negative it is recognized immediately in income.
The assumptions underlying fair value estimates are subject to significant risks and uncertainties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We review and evaluate the carrying amount of goodwill in the fourth
quarter of every fiscal year, and when events or changes in circumstances suggest that the carrying amount may not be fully recoverable.
Management is required to make a judgment with respect to which CGU&#8217;s should be grouped together for goodwill testing purposes,
including the assessment of operating segments, the highest level at which goodwill can be tested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To test the recoverability of the carrying amount of goodwill we
compare the fair value of our cash generating units (&#8220;CGU&#8217;s&#8221;) or operating segments to their carrying amounts.
Calculating the estimated fair values of these CGU&#8217;s or operating segments requires management to make estimates and assumptions
with respect to future production levels, operating and capital costs in our life-of-mine (&#8220;LOM&#8221;) plans, long-term
metal prices, foreign exchange rates and discount rates. Changes in any of the assumptions or estimates used in determining the
fair values could impact the impairment analysis. If a CGU&#8217;s or operating segment&#8217;s carrying value exceeds its fair
value, we compare its carrying value to the implied fair value of its goodwill, and charge the amount the carrying value exceeds
fair value to operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Asset Retirement Obligations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We estimate the mine closure date, the discount rate, the inflation
rate and the timing reclamation costs to determine the carrying value of an asset retirement obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Income Taxes</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We record income taxes using income tax rates we expect to apply
in the years we estimate the various temporary differences will be recovered or settled. Where the tax laws and regulations are
unclear or subject to varying interpretations, these estimates could change, and materially affect the amount of income tax liabilities
recorded at the balance sheet date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Pension Plans</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We use various actuarial assumptions to estimate our obligations
and expenses, including a long-term estimate of the expected rate of return on plan assets, the discount rate, the rate of salary
escalation and the average remaining service period of active employees expected to receive benefits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Key assumptions &#8211;&nbsp;<BR>
        pension plans</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31, 2016</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31, 2015</B></FONT></TD></TR>
<TR STYLE="background-color: #EAF1DD">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Pension</B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Pension plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>SERP</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 53%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Expected long-term rate of return on plan assets</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4.0%</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4.0%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Discount rate beginning of year </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.0%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Discount rate end of year </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.0%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Rate of salary escalation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average remaining service period of active employees expected to receive benefits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.1 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.1 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.5 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.5 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Upcoming Changes in Accounting Standards</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following standards have been published and are mandatory for
Eldorado&#8217;s annual accounting periods no earlier than January 1, 2018:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 2 <I>&#8216;Share-Based Payments&#8217;</I> &#8211;
In June 2016, the IASB issued final amendments to this standard. IFRS 2 clarifies the classification and measurement of share-based
payment transactions. These amendments deal with variations in the final settlement arrangements including: (a) accounting for
cash-settled share-based payment transactions that include a performance condition, (b) classification of share-based payment transactions
with net settlement features, and (c) accounting for modifications of share-based payment transactions from cash-settled to equity.
IFRS 2 is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company
is currently evaluating the extent of the impact of the adoption of this standard.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 9 <I>&#8216;Financial Instruments&#8217;</I> &#8211;
This standard was published in July 2014 and replaces the existing guidance in IAS 39, &#8216;Financial Instruments: Recognition
and Measurement&#8217;. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including
a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements.
It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective
for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company is currently evaluating
the extent of the impact of the new standard, particularly in the accounting of its long-term receivables and assets available-for-sale.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 15 <I>&#8216;Revenue from Contracts with Customers&#8217;</I>
&#8211; This standard contains a single model that applies to contracts with customers and two approaches to recognising revenue:
at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how
much and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount
and/or timing of revenue recognized. This standard is effective for annual reporting periods beginning on or after January 1, 2018,
with early adoption permitted. The Company is currently evaluating the extent of the impact of the adoption of this standard as
some of its gold sales are subject to pricing adjustments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 16 <I>&#8216;Leases&#8217;</I> &#8211; This standard
was published in January 2016 and replaces the existing guidance in IAS 17, &#8216;Leases&#8217;. IFRS 16 introduces a single accounting
model for lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee
will be required to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability,
representing its obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under
IAS 17. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019, with early adoption permitted.
Although it is anticipated for all office building leases to come on balance sheet at the time of adoption, this is not expected
to have a significant impact on the Company&#8217;s consolidated financial statements. However, the Company continues its evaluation
of other leases that might have an impact on its consolidated financial statements with the adoption of this standard.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There are other new standards, amendments to standards and interpretations
that have been published and are not yet effective. The Company believes they will have no material impact on its consolidated
financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Disclosure controls and procedures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Disclosure controls and procedures are designed to provide reasonable
assurance that material information is gathered and reported to senior management, including the CEO and CFO, as appropriate to
allow for timely decisions about public disclosure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management, including the CEO and CFO, has evaluated the effectiveness
of the design and operation of our disclosure controls and procedures as at December 31, 2016, as defined in the rules of the U.S.
Securities and Exchange Commission and Canadian Securities Administrators. Based on this evaluation, they concluded that our disclosure
controls and procedures are effective in providing reasonable assurance that the information required to be disclosed in reports
we filed or submitted under United States and Canadian securities legislation was recorded, processed, summarized and reported
within the time periods specified in those rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Internal controls over financial reporting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">Management, including the CEO and
CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, and used the framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) to evaluate the effectiveness of our controls
in 2016. Based on this evaluation, management concluded that our internal control over financial reporting was effective as at
December 31, 2016 and provided a reasonable assurance of the reliability of our financial reporting and preparation of the financial
statements.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">No matter how well designed; however,
any system of internal control has inherent limitations. Even systems determined to be effective can provide only reasonable assurance
of the reliability of financial statement preparation and presentation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">KPMG LLP, an independent registered
public accounting firm, has audited the effectiveness of internal control over financial reporting, and has expressed their opinion
in their report included with our annual consolidated financial statements in Form 40-F.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Changes in internal control over financial reporting</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">There have been no changes in our
internal control over financial reporting during the year ended December 31, 2016 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial-BoldMT,sans-serif; margin: 0"><B>Qualified Person</B></P>

<P STYLE="font: 10pt ArialMT,sans-serif; margin: 0">Except as otherwise noted, Paul Skayman, P. Eng., the Company&#8217;s Chief
Operating Officer, is the Qualified Person under NI 43-101 who approved the scientific or technical information contained in this
MD&amp;A and has verified the technical data disclosed in this document.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-looking information and risks</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This MD&amp;A includes statements and information about what we expect
to happen in the future. When we discuss our strategy, plans, outlook, and future financial and operating performance, price of
gold and other commodities, cash costs targets; production and expenditures, our mineral reserve and resource estimates, our proposed
exploration, development and acquisitions; our expectations as to future performance at our mines, or other things that have not
yet happened in this review, we are making statements considered to be <I>forward-looking information </I>or<I> forward-looking
statements</I> under Canadian and United States securities laws. We refer to them in this document as <I>forward-looking information</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt">Key things to understand about the forward-looking information
in this document:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It typically includes words and phrases about the future, such as: <I>plan, expect, forecast, intend, anticipate, believe,
estimate, budget, continue, projected, scheduled, may, could, would, might, will</I>, as well as the negative of these words and
phrases.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>Although it represents our current views, which we consider to be reasonable, we can give no assurance that the forward-looking
information will prove to be accurate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It is based on a number of assumptions, estimates and opinions including things like the future price of gold and other commodities,
the political, economic, permitting and legal environment in which we operate, currency exchange rates, anticipated costs and spending,
production, mineral reserve and resource estimates and metallurgical recoveries, impact of acquisitions, dispositions, suspensions
or delays on our business and our ability to achieve our goals.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It is also subject to the risks associated with our business, including</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>volatility of global and local economic climate and geopolitical risk</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>title, permitting and licensing risks,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>gold and other metal price and currency volatility and the impact of any hedging activities,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>risks associated with mining operations and development,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>risks of operating in foreign countries,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>regulatory risks,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>actual and estimated production and cost of production,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>discrepancies between actual and estimated mineral reserves and resources,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>the speculative nature of gold exploration,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>acquisition risks, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>other risks that are set out in our Annual Information Form.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">If our assumptions prove to be incorrect or the risks materialize,
our actual results and events may vary materially from what we currently expect.</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2016</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Forward-looking information is designed to help you understand
management&#8217;s current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will
not necessarily update this information unless we are required to by securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Company&#8217;s operations are subject to a number of
risks and other uncertainties, including risks related to the Company&#8217;s foreign operations, government, environmental and
other regulations and operating costs. Occurrence of various factors and uncertainties of risk cannot be accurately predicted and
could cause actual results to differ significantly from our current expectations and result in a material adverse effect on the
Company&#8217;s operations or profitability. A comprehensive discussion of the Company&#8217;s risks and uncertainties is set out
in our Annual Information Form dated March 30, 2016. By this reference we hereby incorporate this discussion as a part of this
MD&amp;A. The reader is directed to carefully review this discussion for a proper understanding of these risks and uncertainties.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-99.8
<SEQUENCE>5
<FILENAME>ex998.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: left"><B></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2" style="vertical-align: top; font: 9pt/13pt Times New Roman, Times, Serif"><IMG SRC="kpmg-image_001.jpg" ALT="" STYLE="height: 40px; width: 104px"></td>
    <td style="vertical-align: top; font: 11pt/13pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; font: 11pt/13pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 11pt/13pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr>
    <td style="font: 11pt/13pt Times New Roman, Times, Serif">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; font-size: 7.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>KPMG LLP</B></P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><B>Chartered Professional
                                         Accountants</B></P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">PO Box 10426 777
                                         Dunsmuir Street</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Vancouver BC V7Y
                                         1K3&nbsp;</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Canada</P></td>
    <td colspan="2" style="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt; text-align: left">Telephone &#9;(604) 691-3000</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">Fax&#9;&#9;(604) 691-3031</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Internet&#9;&#9;www.kpmg.ca</P></td></tr>
</table>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6.5pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6.5pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6.5pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To the Board of Directors of Eldorado Gold
Corporation.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6.5pt 0; text-align: justify">We consent to the use of our reports,
each dated February 23, 2017, with respect to the consolidated financial statements and the effectiveness of internal control over
financial reporting included in this annual report on Form 40-F.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 6.5pt 0; text-align: justify">We also consent to the incorporation
by reference of such reports into the Registration Statements (Nos. 333-103898, 333-107138, 333-122683, 333-145854, 333-153894,
333-160349, 333-176184, 333-180504 and 333-197861) on Form S-8 of Eldorado Gold Corporation filed with the United States Securities
and Exchange Commission.</P>

<P STYLE="font: 11pt/normal TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>//s// KPMG LLP</B></P>

<P STYLE="font: 11pt/normal TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Chartered Professional Accountants</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Vancouver, Canada</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 5.5pt/normal Univers 45 Light, Helvetica, Sans-Serif; margin: 0 37.45pt 0 1.75in">KPMG LLP is a Canadian limited
liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
(&ldquo;KPMG International&rdquo;), a Swiss entity.</P>

<P STYLE="font: 5.5pt/normal Univers 45 Light, Helvetica, Sans-Serif; margin: 0 37.45pt 0 1.75in">KPMG Canada provides services
to KPMG LLP.</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>6
<FILENAME>ex999.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Antony Francis, do hereby consent to the
filing of the written disclosure regarding the technical reports entitled (i) the &#8220;Skouries Cu/Au Project, Greece &#8211;
NI43-101 Technical Report&#8221; dated July 14, 2011, and (ii) the &#8220;Technical Report on the Olympias Project, Au Pb Zn Ag
Deposit, Northern Greece&#8221; dated July 14, 2011 and of extracts from or a summary of the technical reports and other information
pertaining to these projects, and the use of my name in the Annual Information Form and Annual Report on Form 40-F of Eldorado
Gold Corporation (the &#8220;Company&#8221;) for the year ended December 31, 2016 and any amendments thereto and any Registration
Statement on Form S-8 incorporating by reference the Company&#8217;s Annual Information Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid"><I>/s/A.D. Francis</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Antony Francis, FIMMM</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>7
<FILENAME>ex9910.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
I, Colm Keogh, do hereby consent to the filing of the written disclosure regarding the description of mineral reserves of Skouries
(underground) properties and of extracts from or a summary of other information pertaining to this project, and the use of my name
in the Annual Information Form and Annual Report on Form 40-F of Eldorado Gold Corporation (the &#8220;Company&#8221;) for the
year ended December 31, 2016 and any amendments thereto and any Registration Statement on Form S-8 incorporating by reference the
Company&#8217;s Annual Information Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid"><I>/s/ Colm Keogh</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Colm Keogh, P. Eng.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>AMC Mining Consultants (Canada) Ltd.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>8
<FILENAME>ex9911.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Patrick Forward, do hereby consent to the
filing of the written disclosure regarding the technical reports entitled (i) the &#8220;Skouries Cu/Au Project, Greece &#8211;
NI43-101 Technical Report&#8221; dated July 14, 2011 and (ii) the &#8220;Technical Report on the Olympias Project, Au Pb Zn Ag
Deposit, Northern Greece&#8221; dated July 14, 2011 and of extracts from or a summary of the technical reports and other information
pertaining to these projects, and the use of my name in the Annual Information Form and Annual Report on Form 40-F of Eldorado
Gold Corporation (the &#8220;Company&#8221;) for the year ended December 31, 2016 and any amendments thereto and any Registration
Statement on Form S-8 incorporating by reference the Company&#8217;s Annual Information Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid"><I>/s/ Patrick Forward</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick Forward, FIMMM</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>9
<FILENAME>ex9912.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Rick Alexander, do hereby consent to the
filing of the written disclosure regarding the technical report entitled &#8220;Technical Report on the Efemcukuru Project&#8221;
dated September 17, 2007 and of extracts from or a summary of the technical report, and the use of my name in the Annual Information
Form and Annual Report on Form 40-F of Eldorado Gold Corporation (the &#8220;Company&#8221;) for the year ended December 31, 2016
and any amendments thereto and any Registration Statement on Form S-8 incorporating by reference the Company&#8217;s Annual Information
Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid"><I>/s/ Rick Alexander</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Rick Alexander, P. Eng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Eldorado Gold Corporation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Project Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>10
<FILENAME>ex9913.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Richard Miller, do hereby consent to the
filing of the written disclosure regarding the technical report entitled the &#8220;Technical Report for Kisladag Gold Mine, Turkey&#8221;,
dated March 15, 2010 and effective January 2010 and of extracts from or a summary of the technical report and other information
pertaining to the project, and the use of my name in the Annual Information Form and Annual Report on Form 40-F of Eldorado Gold
Corporation (the &#8220;Company&#8221;) for the year ended December 31, 2016 and any amendments thereto and any Registration Statement
on Form S-8 incorporating by reference the Company&#8217;s Annual Information Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid"><I>/s/ Richard Miller</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Richard Miller, P.Eng.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Eldorado Gold Corporation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>General Manager, Kisladag Mine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14
<SEQUENCE>11
<FILENAME>ex9914.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Paul Skayman, do hereby consent to the filing
of:</P>

<OL START="1" STYLE="list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0">the written disclosure regarding the technical report entitled the &#8220;Technical
Report for Kisladag Gold Mine, Turkey&#8221;, dated March 15, 2010 and effective January 2010 in the Annual Information Form (the
&#8220;AIF&#8221;) of Eldorado Gold Corporation (the &#8220;Company&#8221;) being filed with the United States Securities and Exchange
Commission as part of the Company&#8217;s Annual Report on Form 40-F for the year ended December 31, 2016 (the &#8220;Form 40-F&#8221;);</LI>

<LI STYLE="text-align: justify; margin: 0">the scientific or technical information contained in the AIF for all the properties
described in the AIF and the technical data disclosed in the AIF relating to Kisladag, Efemcukuru, Olympias and Skouries; and</LI>

<LI STYLE="text-align: justify; margin: 0">except as otherwise noted, all scientific and technical information contained in the
Company&#8217;s Management Discussion and Analysis of Financial Condition and Results of Operation for the year ended December
31, 2016 (the &#8220;MD&amp;A&#8221;),&nbsp;</LI>

</OL>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">and the use of my name in the AIF and in the Form 40-F and any amendments
thereto, and the Company&#8217;s MD&amp;A, and any amendments thereto, and any Registration Statement on Form S-8 incorporating
by reference the Company&#8217;s AIF, MD&amp;A and Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">By:</TD>
    <TD STYLE="vertical-align: top; width: 51%; border-bottom: Black 1pt solid"><I>/s/ Paul Skayman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Paul Skayman, FAusIMM</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Eldorado Gold Corporation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15
<SEQUENCE>12
<FILENAME>ex9915.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Stephen Juras, do hereby consent to the
filing of the written disclosure regarding the technical reports entitled (i) the &#8220;Technical Report for Ki&#351;lada&#287;
Gold Mine, Turkey&#8221; dated March 15, 2010 and effective January 2010 and (ii) the &#8220;Technical Report on the Efem&ccedil;ukuru
Project&#8221; dated September 17, 2007 and of extracts from or a summary of the respective technical reports and other information
pertaining to these projects, and the description of all mineral resources, with the exception of the Sapes Project, of Eldorado
Gold Corporation (the &#8220;Company&#8221;) in the Annual Information Form for the year ended December 31, 2016 (the &#8220;AIF&#8221;)
being filed with the United States Securities and Exchange Commission as part of the Company&#8217;s Form 40-F Annual Report for
the year ended December 31, 2016 (the &#8220;Form 40-F&#8221;), and the use of my name in the AIF and the Form 40-F and any amendments
thereto and any Registration Statement on Form S-8 incorporating by reference the Company&#8217;s AIF and Annual Report on Form
40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid"><I>/s/ Stephen Juras</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Stephen Juras, P.Geo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Eldorado Gold Corporation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Director, Technical Services</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>13
<FILENAME>ex9916.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Douglas Jones, do hereby consent to the
filing of the written disclosure regarding the description of mineral reserves of the Stratoni, Olympias, Perama Hill, and Efemcukuru
properties and of extracts from or a summary of other information pertaining to these projects, and the use of my name in the Annual
Information Form and Annual Report on Form 40-F of Eldorado Gold Corporation (the &#8220;Company&#8221;) for the year ended December
31, 2016 and any amendments thereto and any Registration Statement on Form S-8 incorporating by reference the Company&#8217;s Annual
Information Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid"><I>/s/ Douglas Jones</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Douglas Jones, SME Registered Member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17
<SEQUENCE>14
<FILENAME>ex9917.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, John Nilsson, do hereby consent to the filing
of the written disclosure regarding the description of mineral reserves of Kisladag, Certej, Tocantinzinho and Skouries (open pit)
properties and of extracts from or a summary of other information pertaining to this project, and the use of my name in the Annual
Information Form and Annual Report on Form 40-F of Eldorado Gold Corporation (the &#8220;Company&#8221;) for the year ended December
31, 2016 and any amendments thereto and any Registration Statement on Form S-8 incorporating by reference the Company&#8217;s Annual
Information Form and Annual Report on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid"><I>/s/ John Nilsson</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John Nilsson, P.Eng</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Nilsson Mine Services Ltd.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.18
<SEQUENCE>15
<FILENAME>ex9918.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF EXPERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">March 30, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><BR>
Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><B>Re: Eldorado Gold Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Peter Lewis, do hereby consent to the filing
of the written disclosure regarding the description of mineral resources of the Sapes Project and of extracts from or a summary
of other information pertaining to this project, and the use of my name in the Annual Information Form and Annual Report on Form
40-F of Eldorado Gold Corporation (the &#8220;Company&#8221;) for the year ended December 31, 2016 and any amendments thereto and
any Registration Statement on Form S-8 incorporating by reference the Company&#8217;s Annual Information Form and Annual Report
on Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid"><I>/s/ Peter Lewis</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Peter Lewis, P.Geo</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vice President, Exploration</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<DOCUMENT>
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<DESCRIPTION>GRAPHIC
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