EX-99.1 2 unauditedcondensedconsolid.htm EX-99.1 Document

Exhibit 99.1

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Condensed Consolidated Interim Financial Statements
March 31, 2022 and 2021
(Unaudited)
(Expressed in thousands of U.S. dollars)








Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position    
As at March 31, 2022 and December 31, 2021
(Unaudited – in thousands of U.S. dollars)
As atNoteMarch 31, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$374,677 $481,327 
Term deposits60,000 — 
Accounts receivable and other561,031 68,745 
Inventories6185,707 178,163 
681,415 728,235 
Restricted cash2,201 2,674 
Other assets109,255 104,023 
Property, plant and equipment3,625,931 4,003,211 
Goodwill92,591 92,591 
$4,511,393 $4,930,734 
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities$178,017 $195,334 
Current portion of lease liabilities5,973 7,228 
Current portion of asset retirement obligations4,088 4,088 
188,078 206,650 
Debt7482,770 489,763 
Lease liabilities14,151 14,895 
Employee benefit plan obligations9,011 8,942 
Asset retirement obligations131,615 131,367 
Deferred income tax liabilities428,907 439,195 
1,254,532 1,290,812 
Equity
Share capital113,240,665 3,225,326 
Treasury stock(20,454)(10,289)
Contributed surplus2,610,136 2,615,459 
Accumulated other comprehensive loss(19,773)(20,905)
Deficit(2,556,048)(2,239,226)
Total equity attributable to shareholders of the Company3,254,526 3,570,365 
Attributable to non-controlling interests2,335 69,557 
3,256,861 3,639,922 
$4,511,393 $4,930,734 


Approved on behalf of the Board of Directors
(signed) John Webster    Director         (signed) George Burns    Director
    
Date of approval: April 28, 2022
The accompanying notes are an integral part of these condensed consolidated interim financial statements.



Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations        
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            
NoteThree months ended March 31, 2022Three months ended March 31, 2021
Revenue
  Metal sales8$194,672 $224,619 
Cost of sales
  Production costs104,556 108,560 
  Depreciation and amortization50,635 52,486 
155,191 161,046 
Earnings from mine operations39,481 63,573 
Exploration and evaluation expenses5,861 4,008 
Mine standby costs911,708 1,611 
General and administrative expenses8,291 10,140 
Employee benefit plan expense1,841 749 
Share-based payments expense123,650 1,781 
Impairment of property, plant, and equipment4365,426 — 
Write-down (recovery) of assets24,141 (750)
Foreign exchange gain(2,720)(6,080)
(Loss) earnings from operations(378,717)52,114 
Other income101,743 1,299 
Finance costs10(2,166)(10,335)
(Loss) earnings from continuing operations before income tax(379,140)43,078 
Income tax expense5,074 26,838 
Net (loss) earnings from continuing operations(384,214)16,240 
Net loss from discontinued operations, net of tax— (2,394)
Net (loss) earnings for the period$(384,214)$13,846 
Attributable to:
Shareholders of the Company(316,822)11,941 
Non-controlling interests(67,392)1,905 
Net (loss) earnings for the period$(384,214)$13,846 
(Loss) earnings attributable to shareholders of the Company:
Continuing operations(316,822)14,335 
Discontinued operations— (2,394)
$(316,822)$11,941 
Weighted average number of shares outstanding (thousands)
Basic182,362 174,534 
Diluted182,362 177,234 
Net (loss) earnings per share attributable to shareholders of the Company:
Basic (loss) earnings per share$(1.74)$0.07 
Diluted (loss) earnings per share$(1.74)$0.07 
Net (loss) earnings per share attributable to shareholders of the Company - Continuing operations
Basic (loss) earnings per share$(1.74)$0.08 
Diluted (loss) earnings per share$(1.74)$0.08 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.



Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars)                        
Three months ended March 31, 2022Three months ended March 31, 2021
Net (loss) earnings for the period$(384,214)$13,846 
Other comprehensive (loss) income:
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in marketable securities, net of tax2,049 (125)
Actuarial losses on employee benefit plans, net of tax(917)(34)
Total other comprehensive earnings (loss) for the period1,132 (159)
Total comprehensive (loss) income for the period$(383,082)$13,687 
Attributable to:
Shareholders of the Company(315,690)11,782 
Non-controlling interests(67,392)1,905 
$(383,082)$13,687 

























The accompanying notes are an integral part of these condensed consolidated interim financial statements.



Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows            
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars)
NoteThree months ended March 31, 2022Three months ended March 31, 2021
Cash flows generated from (used in):
Operating activities
Net (loss) earnings for the period from continuing operations$(384,214)$16,240 
Adjustments for:
Depreciation and amortization51,226 53,063 
Finance costs2,166 10,338 
Interest income(475)(302)
Unrealized foreign exchange gain(484)(2,364)
Income tax expense5,074 26,838 
(Gain) loss on disposal of assets (582)324 
Impairment of property, plant, and equipment365,426 — 
Write-down (recovery) of assets24,141 (750)
Share-based payments expense123,650 1,781 
Employee benefit plan expense1,841 749 
67,769 105,917 
Property reclamation payments(312)(335)
Employee benefit plan payments(2,250)(232)
Income taxes paid(15,939)(24,496)
Interest received475 302 
Changes in non-cash working capital13(14,499)17,970 
Net cash generated from operating activities of continuing operations35,244 99,126 
Net cash used in operating activities of discontinued operations— (6,051)
Investing activities
Purchase of property, plant and equipment(51,996)(63,991)
Proceeds from the sale of property, plant and equipment1,076 792 
Value added taxes related to mineral property expenditures, net(11,133)(2,568)
(Increase) decrease in term deposits(60,000)56,130 
Increase in restricted cash— (73)
Net cash used in investing activities of continuing operations(122,053)(9,710)
Net cash used in investing activities of discontinued operations— (507)
Financing activities
Issuance of common shares, net of issuance costs13,118 11,834 
Contributions from non-controlling interests170 324 
Repayments of borrowings— (11,100)
Interest paid(16,888)(2,205)
Principal portion of lease liabilities (2,272)(2,758)
Purchase of treasury stock(13,969)— 
Net cash used in financing activities of continuing operations(19,841)(3,905)
Net cash used in financing activities of discontinued operations— (12)
Net (decrease) increase in cash and cash equivalents(106,650)78,941 
Cash and cash equivalents - beginning of period481,327 451,962 
Cash and cash equivalents - end of period$374,677 $530,903 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.



Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity        
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars)
NoteThree months ended March 31, 2022Three months ended March 31, 2021
Share capital
Balance beginning of period$3,225,326 $3,144,644 
Shares issued upon exercise of share options3,872 717 
Shares issued upon exercise of performance share units2,256 — 
Transfer of contributed surplus on exercise of options1,563 285 
Shares issued to the public, net of share issuance costs7,648 11,471 
Balance end of period11$3,240,665 $3,157,117 
Treasury stock
Balance beginning of period$(10,289)$(11,452)
Purchase of treasury stock(13,969)— 
Shares redeemed upon exercise of restricted share units3,804 573 
Balance end of period$(20,454)$(10,879)
Contributed surplus
Balance beginning of period$2,615,459 $2,638,008 
Share-based payments arrangements2,300 1,917 
Shares redeemed upon exercise of restricted share units(3,804)(573)
Shares redeemed upon exercise of performance share units(2,256)— 
  Transfer to share capital on exercise of options(1,563)(285)
Balance end of period$2,610,136 $2,639,067 
Accumulated other comprehensive loss
Balance beginning of period$(20,905)$(21,822)
Other comprehensive earnings (loss) for the period attributable to shareholders of the Company1,132 (159)
Balance end of period$(19,773)$(21,981)
Deficit
Balance beginning of period$(2,239,226)$(2,103,206)
Net (loss) earnings attributable to shareholders of the Company(316,822)11,941 
Balance end of period$(2,556,048)$(2,091,265)
Total equity attributable to shareholders of the Company$3,254,526 $3,672,059 
Non-controlling interests
Balance beginning of period$69,557 $40,873 
(Loss) earnings attributable to non-controlling interests(67,392)1,905 
Contributions from non-controlling interests170 324 
Balance end of period$2,335 $43,102 
Total equity$3,256,861 $3,715,161 
The accompanying notes are an integral part of these condensed consolidated interim financial statements.



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
1. General Information
Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, “Eldorado” or the “Company”) is a gold and base metals mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkey, Canada, Greece, and Romania.
Eldorado is a public company listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and is incorporated under the Canada Business Corporations Act.
The Company’s head office, principal address and records are located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

2. Basis of preparation
(a) Statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’. They do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board for full annual financial statements and should be read in conjunction with the Company’s annual audited consolidated financial statements as at and for the year ended December 31, 2021.
Except as described in Note 3, the same accounting policies were used in the preparation of these unaudited condensed consolidated interim financial statements as for the most recent audited annual consolidated financial statements and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.
These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on April 28, 2022.
(b) Critical accounting estimates and judgements
The preparation of these unaudited condensed consolidated interim 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 and liabilities, income and expense. Actual results may differ from these estimates.
Significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the annual audited consolidated financial statements as at and for the year ended December 31, 2021.

3. Significant accounting policies
Adoption of new accounting standards
A number of new standards and amendments to standards are effective for annual periods beginning on or after January 1, 2022 and earlier application is permitted; however, the Company has not early adopted and continues to evaluate the impact of the forthcoming or amended standards in preparing these condensed consolidated interim financial statements.

(1)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
4. Impairment of Certej project
The Company recorded an impairment of the Certej project, a non-core gold asset in the Romania segment of $365,426 ($345,386 net of deferred tax) at March 31, 2022. The impairment was recorded as a result of a plan to consider selling Certej and recognizes mineral properties and capitalized evaluation at their estimated fair value. The non-recurring fair value measurement of $52,000 has been categorized as a Level 3 fair value based on the expected consideration of a sale, less estimated costs of disposal.

5. Accounts receivable and other
March 31, 2022December 31, 2021
Trade receivables$30,719 $23,020 
Value added tax and other taxes recoverable9,673 17,782 
Other receivables and advances7,181 9,946 
Prepaid expenses and deposits13,263 17,834 
Investment in marketable securities195 163 
$61,031 $68,745 

6. Inventories
March 31, 2022December 31, 2021
Ore stockpiles$9,369 $10,097 
In-process inventory and finished goods62,722 63,513 
Materials and supplies113,616 104,553 
$185,707 $178,163 

Charges of $388 and $992 were recognized in production costs and depreciation, respectively, in the three months ended March 31, 2022 to reduce the cost of gold concentrate inventory at Olympias to net realizable value (three months ended March 31, 2021 – $570 and $51 recognized in production costs and depreciation relating to zinc concentrate inventory at Stratoni).

(2)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
7. Debt
March 31, 2022December 31, 2021
Senior notes due 2029, net of unamortized transaction fees of $6,611 (2021 - $6,783) and initial redemption option of $4,533$497,922 $497,868 
Redemption option derivative asset(15,152)(8,105)
$482,770 $489,763 

Senior Notes due 2029
On August 26, 2021, the Company completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the “senior notes”). The senior notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022.
The senior notes are guaranteed by Eldorado Gold (Netherlands) B.V., SG Resources B.V., Tüprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.
The senior notes contain certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit and loss. The increase in fair value for the three months ended March 31, 2022 is $7,047, which is recognized in finance costs.
The senior notes contain covenants that restrict, among other things, distributions in certain circumstances and sales of certain material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants at March 31, 2022.
The fair market value of the senior notes as at March 31, 2022 is $504,310.

(3)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
8. Revenue
For the three months ended March 31, 2022, revenue from contracts with customers by product and segment was as follows:
TurkeyCanadaGreeceTotal
Gold revenue - doré$55,868 $64,597 $— $120,465 
Gold revenue - concentrate39,788 — 13,736 53,524 
Silver revenue - doré744 342 — 1,086 
Silver revenue - concentrate916 — 4,703 5,619 
Lead concentrate— — 3,737 3,737 
Zinc concentrate— — 8,308 8,308 
Revenue from contracts with customers$97,316 $64,939 $30,484 $192,739 
Gain on revaluation of derivatives in trade receivables - gold625 — 1,188 1,813 
Gain on revaluation of derivatives in trade receivables - other metals— — 120 120 
$97,941 $64,939 $31,792 $194,672 

For the three months ended March 31, 2021, revenue from contracts with customers by product and segment was as follows:
TurkeyCanadaGreeceTotal
Gold revenue - doré$84,952 $51,582 $— $136,534 
Gold revenue - concentrate40,631 — 21,455 62,086 
Silver revenue - doré758 376 — 1,134 
Silver revenue - concentrate1,133 — 9,880 11,013 
Lead concentrate— — 9,252 9,252 
Zinc concentrate— — 8,375 8,375 
Revenue from contracts with customers$127,474 $51,958 $48,962 $228,394 
Loss on revaluation of derivatives in trade receivables - gold(1,916)— (1,030)(2,946)
Loss on revaluation of derivatives in trade receivables - other metals— — (829)(829)
$125,558 $51,958 $47,103 $224,619 

9. Mine standby costs
Three months ended March 31, 2022Three months ended March 31, 2021
Stratoni$9,449 $— 
Skouries1,539 1,278 
Other mine standby costs 720 333 
$11,708 $1,611 

(4)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
10. Other income and finance costs
(a) Other incomeThree months ended March 31, 2022Three months ended March 31, 2021
Gain (loss) on disposal of assets$582 $(324)
Interest and other income1,161 1,623 
$1,743 $1,299 

(b) Finance costsThree months ended March 31, 2022Three months ended March 31, 2021
Interest cost on senior notes due 2029$7,726 $— 
Interest cost on senior secured notes due 2024— 6,195 
Interest cost on term loan— 960 
Other interest and financing costs927 2,155 
(Gain) loss on redemption option derivative (Note 7)
(7,047)675 
Asset retirement obligation accretion 560 350 
$2,166 $10,335 

11. Share capital and (loss) earnings per share
(a) Share capital
20222021
Voting common sharesNumber of SharesTotalNumber of SharesTotal
Balance at January 1,182,673,118 $3,225,326 174,931,381 $3,144,644 
Shares issued upon exercise of share options758,778 3,872 142,046 717 
Shares issued on redemption of performance share units528,166 2,256 — — 
Estimated fair value of share options exercised transferred from contributed surplus— 1,563 — 285 
Flow-through and other shares issued, net of issuance costs and premium831,466 7,648 1,100,000 11,471 
Balance at March 31,184,791,528 $3,240,665 176,173,427 $3,157,117 

On March 14, 2022, the Company completed a private placement of 442,700 common shares at a price of CDN $18.07 per share for proceeds of CDN $8,000 ($6,378), which will be used to fund continued exploration. On the same date, the Company also completed a private placement of 251,800 common shares at a price of CDN $15.88 per share for proceeds of CDN $4,000 ($3,189), which will be used to fund the Triangle deposit ramp development. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $4.19 and CDN $2.00 per share respectively to the closing market price of the Company’s common shares at the date of issue. The premium of $1,880 was recognized in accounts payable and accrued liabilities and will be recognized in other income once required expenditures are incurred and related tax benefits are renounced.

(5)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
11. Share capital and (loss) earnings per share (continued)
In March 2022, the warrantholders of Eldorado Gold (Quebec) Inc. (formerly QMX Gold Corporation) exercised 1,250,000 warrants that were issued and outstanding prior to the closing of the arrangement between the Company and QMX Gold Corporation on April 7, 2021, which resulted in the Company issuing 19,037 common shares in April 2022 in relation to this exercise. The remaining 500,000 warrants outstanding of Eldorado Gold (Quebec) Inc. expired during the quarter.
(b) Earnings per share
The weighted average number of common shares for the purposes of diluted (loss) earnings per share reconciles to the weighted average number of common shares used in the calculation of basic (loss) earnings per share as follows:
Three months ended March 31, 2022Three months ended March 31, 2021
Weighted average number of common shares used in the calculation of basic (loss) earnings per share182,361,647 174,533,634 
Dilutive impact of share options908,069 1,359,660 
Dilutive impact of restricted share units and restricted share units with performance criteria526,844 437,309 
Dilutive impact of performance share units167,121 903,333 
Weighted average number of common shares used in the calculation of diluted (loss) earnings per share183,963,681 177,233,936 

As the three months ended March 31, 2022 was in a net loss position, the effect of all share instruments were anti-dilutive.

12. Share-based payment arrangements
Share-based payments expense consists of:
Three months ended March 31, 2022Three months ended March 31, 2021
Share options$1,040 $753 
Restricted shares with no performance criteria420 235 
Restricted shares with performance criteria499 645 
Performance shares341 284 
Deferred units1,350 (136)
$3,650 $1,781 

(6)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
13. Supplementary cash flow information
Three months ended March 31, 2022Three months ended March 31, 2021
Changes in non-cash working capital:
Accounts receivable and other$16,936 $15,906 
Inventories(10,744)1,733 
Accounts payable and accrued liabilities(20,691)331 
$(14,499)$17,970 

14. Commitments and Contractual Obligations
Significant changes to the Company’s commitments and contractual obligations as at March 31, 2022, include:
Within 1 year2 years3 years4 years5 yearsOver 5 yearsTotal
Purchase obligations and other commitments$35,711 $1,612 $— $— $— $— $37,323 
$35,711 $1,612 $— $— $— $— $37,323 

Purchase obligations relate primarily to operating costs at all mines and capital projects at Kişladağ.

(7)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
15. Financial instruments by category
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.
The three levels of the fair value hierarchy are described below:
•Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•Level 2 – 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).
•Level 3 – 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).
Assets measured at fair value as at March 31, 2022 include marketable securities of $56,190 (December 31, 2021 – $53,352), comprised of publicly-traded equity investments classified as fair value through other comprehensive income, and investments in debt securities of $6,134 (December 31, 2021 – $6,660), comprised of publicly-traded debt securities classified as fair value through other comprehensive income. At March 31, 2022, assets measured at fair value also include settlement receivables of $23,782 (December 31, 2021 – $28,523) arising from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss and a derivative asset of $15,152 (December 31, 2021 – $8,105), related to the redemption options associated with the senior secured notes classified as fair value through profit and loss, and term deposits of $60,000 (December 31, 2021 – $nil), comprised of a Turkish Lira deposit protected against the weakening of the Turkish Lira against the U.S. dollar and measured at fair value through profit and loss. Changes in the fair value of settlement receivables are recorded in revenue, changes in the fair value of the redemption option derivative asset are recorded in finance costs and there were no changes in the fair value of the term deposits in the three months ended March 31, 2022. Valuation of the contingent consideration on the May 2020 acquisition of interest in Hellas Gold is measured at fair value, with any changes in fair value recorded in profit or loss. No other liabilities are measured at fair value on a recurring basis as at March 31, 2022.
The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. 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’s length basis. The quoted market price used for financial assets held by the group is the current bid price. The Company’s marketable securities and investments in debt securities are included in Level 1. Instruments included in Level 2 comprise settlement receivables, the redemption option derivative asset, term deposit and the fair market value of the Company’s senior secured notes (Note 7). The fair value of settlement receivables is determined based on forward metal prices for the quotational period; the fair value of the Company’s redemption option derivative asset is based on models using observable interest rate inputs; the fair value of term deposits is based on an observable foreign exchange rate; and the fair value of the Company’s senior notes is based on observable prices in inactive markets. The fair value measurement of contingent consideration related to the acquisition of the minority interest in Hellas Gold is categorized as a Level 3 fair value. For all other financial instruments, carrying amounts approximate fair value.

(8)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
16. Financial risk management
Eldorado’s activities expose it to a variety of financial risks. Significant changes to the Company’s financial risks arising from financial instruments and overall risk management program as at March 31, 2022 are outlined below.
Credit risk
The Company manages credit 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. The Company also monitors the credit ratings of all financial institutions in which it holds cash and investments. At March 31, 2022, term deposits of $60,000 are held in a Turkish banking institution with lower credit ratings as compared to other financial institutions at which the Company holds cash and investments. This, combined with recent downgrades in Turkey’s sovereign credit rating, expose the Company to greater credit risk.

17. Segment information
Identification of reportable segments
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.
The CODM consider the business from both a geographic and product perspective and assess the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings from mine operations, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at March 31, 2022, Eldorado had five reportable segments based on the geographical location of mining and exploration and development activities.
Geographical segments
Geographically, the operating segments are identified by country and by operating mine. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Canada reporting segment includes the Lamaque operations and exploration activities in Canada. The Greece reporting segment includes the Olympias mine, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Greece segment also includes the Stratoni mine which is transferring to care and maintenance during 2022. The Romania reporting segment includes the Certej project and exploration activities in Romania. Other reporting segment includes operations of Eldorado’s corporate offices.
Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in the Turkey reporting segments share similar economic characteristics and have been aggregated accordingly.
(9)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
17. Segment information (continued)
For the three months ended March 31, 2022
TurkeyCanadaGreeceRomaniaOtherTotal
Earnings and loss information
Revenue$97,941 $64,939 $31,792 $— $— $194,672 
Production costs47,054 27,212 30,290 — — 104,556 
Depreciation and amortization23,373 16,106 11,156 — — 50,635 
Earnings (loss) from mine operations$27,514 $21,621 $(9,654)$— $— $39,481 
Other significant items of income and expense
Impairment of property, plant and equipment$— $— $— $365,426 $— $365,426 
Write-down of assets24,111 — 30 — — 24,141 
Exploration and evaluation expenses689 3,651 162 875 484 5,861 
Income tax expense (recovery)12,115 8,724 4,677 (20,039)(403)5,074 
Capital expenditure information
Additions to property, plant and equipment during the period *
$27,212 $18,166 $14,729 $33 $629 $60,769 
Information about assets and liabilities
Property, plant and equipment$825,207 $705,183 $2,021,642 $57,945 $15,954 $3,625,931 
Goodwill— 92,591 — — — 92,591 
$825,207 $797,774 $2,021,642 $57,945 $15,954 $3,718,522 
Debt$— $— $— $— $482,770 $482,770 
* Presented on an accrual basis, excludes asset retirement adjustments.














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Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
17. Segment information (continued)
For the three months ended March 31, 2021TurkeyCanadaGreeceRomaniaBrazil**OtherTotal
Earnings and loss information
Revenue$125,558 $51,958 $47,103 $— $— $— $224,619 
Production costs40,912 22,983 44,665 — — — 108,560 
Depreciation and amortization22,412 16,564 13,510 — — — 52,486 
Earnings (loss) from mine operations$62,234 $12,411 $(11,072)$— $— $— $63,573 
Other significant items of income and expense
Write-down (recovery) of assets$(750)$— $— $— $— $— $(750)
Exploration and evaluation expenses821 1,483 137 996 — 571 4,008 
Income tax expense (recovery)23,863 4,712 (8,154)6,417 — — 26,838 
Loss from discontinued operations,
net of tax attributable to shareholders
of the Company		— — — — (2,394)— (2,394)
Capital expenditure information
Additions to property, plant and equipment during the period*$31,021 $17,444 $10,611 $— $— $333 $59,409 
* Presented on an accrual basis, excludes asset retirement adjustments.
**The Brazil reporting segment included the Tocantinzinho project and exploration activities up until the sale of Tocantinzinho in October 2021.

For the year ended December 31, 2021TurkeyCanadaGreeceRomaniaBrazilOtherTotal
Information about assets and liabilities
Property, plant and equipment$841,000 $704,663 $2,018,440 $423,503 $— $15,605 $4,003,211 
Goodwill— 92,591 — — — — 92,591 
$841,000 $797,254 $2,018,440 $423,503 $— $15,605 $4,095,802 
Debt$— $— $— $— $— $489,763 $489,763 

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