EX-99.1 2 unauditedcondensedconsolid.htm EX-99.1 Document

Exhibit 99.1

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Condensed Consolidated Interim Financial Statements
March 31, 2023 and 2022
(Unaudited)
(Expressed in thousands of U.S. dollars)









Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position    
As at March 31, 2023 and December 31, 2022
(Unaudited – in thousands of U.S. dollars)
As atNoteMarch 31, 2023December 31, 2022
ASSETS
Current assets
Cash and cash equivalents$262,277 $279,735 
Term deposits— 35,000 
Accounts receivable and other5123,510 91,113 
Inventories6218,037 198,872 
Assets held for sale427,867 27,738 
631,691 632,458 
Restricted cash2,035 2,033 
Deferred tax assets14,507 14,507 
Other assets144,097 120,065 
Property, plant and equipment3,618,070 3,596,262 
Goodwill92,591 92,591 
$4,502,991 $4,457,916 
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities$195,886 $191,705 
Current portion of lease liabilities4,552 4,777 
Current portion of asset retirement obligations5,277 3,980 
Liabilities associated with assets held for sale
4
10,827 10,479 
216,542 210,941 
Debt7493,420 494,414 
Lease liabilities11,664 12,164 
Employee benefit plan obligations9,868 8,910 
Asset retirement obligations110,664 105,893 
Deferred income tax liabilities417,158 424,726 
1,259,316 1,257,048 
Equity
Share capital113,242,668 3,241,644 
Treasury stock(20,414)(20,454)
Contributed surplus2,618,045 2,618,212 
Accumulated other comprehensive loss(20,858)(42,284)
Deficit(2,571,728)(2,593,050)
Total equity attributable to shareholders of the Company3,247,713 3,204,068 
Attributable to non-controlling interests(4,038)(3,200)
3,243,675 3,200,868 
$4,502,991 $4,457,916 
Subsequent events (Note 7, Note 15)
Approved on behalf of the Board of Directors
(signed) John Webster    Director         (signed) George Burns    Director    

Date of approval: April 27, 2023
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, 2023 and 2022
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            
NoteThree months ended March 31, 2023Three months ended March 31, 2022
Revenue
  Metal sales8$229,354 $194,672 
Cost of sales
  Production costs109,932 104,556 
  Depreciation and amortization61,669 51,598 
171,601 156,154 
Earnings from mine operations57,753 38,518 
Exploration and evaluation expenses5,836 4,986 
Mine standby costs93,504 11,688 
General and administrative expenses10,600 8,003 
Employee benefit plan expense1,513 1,841 
Share-based payments expense12852 3,650 
Write-down of assets162 24,141 
Foreign exchange loss (gain)927 (1,332)
Earnings (loss) from operations34,359 (14,459)
Other income108,508 1,737 
Finance costs10(8,793)(2,101)
Earnings (loss) from continuing operations before income tax34,074 (14,823)
Income tax expense12,731 24,930 
Net earnings (loss) from continuing operations21,343 (39,753)
Net loss from discontinued operations, net of tax(1,124)(345,240)
Net earnings (loss) for the period$20,219 $(384,993)
Net earnings (loss) attributable to:
Shareholders of the Company21,322 (317,601)
Non-controlling interests(1,103)(67,392)
Net earnings (loss) for the period$20,219 $(384,993)
Net earnings (loss) attributable to Shareholders of the Company:
Continuing operations21,383 (39,710)
Discontinued operations(61)(277,891)
$21,322 $(317,601)
Net loss attributable to Non-Controlling Interest:
Continuing operations(40)(43)
Discontinued operations(1,063)(67,349)
$(1,103)$(67,392)
Weighted average number of shares outstanding (thousands)
Basic11184,020 182,362 
Diluted11184,872 182,362 
Net earnings (loss) per share attributable to Shareholders of the Company:
Basic earnings (loss) per share$0.12 $(1.74)
Diluted earnings (loss) per share$0.12 $(1.74)
Net earnings (loss) per share attributable to shareholders of the Company - Continuing operations:
Basic earnings (loss) per share$0.12 $(0.22)
Diluted earnings (loss) per share$0.12 $(0.22)
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, 2023 and 2022
(Unaudited – in thousands of U.S. dollars)                        
Three months ended March 31, 2023Three months ended March 31, 2022
Net earnings (loss) for the period$20,219 $(384,993)
Other comprehensive income (loss):
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in marketable securities23,442 2,049 
Income tax expense on change in fair value of investments in marketable securities(635)— 
Actuarial losses on employee benefit plans(1,834)(917)
Income tax recovery on actuarial losses on employee benefit plans453 — 
Total other comprehensive earnings for the period21,426 1,132 
Total comprehensive income (loss) for the period$41,645 $(383,861)
Attributable to:
Shareholders of the Company42,748 (316,469)
Non-controlling interests(1,103)(67,392)
$41,645 $(383,861)

























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, 2023 and 2022
(Unaudited – in thousands of U.S. dollars)
NoteThree months ended March 31, 2023Three months ended March 31, 2022
Cash flows generated from (used in):
Operating activities
Net earnings (loss) for the period from continuing operations$21,343 $(39,753)
Adjustments for:
Depreciation and amortization62,437 52,024 
Finance costs8,793 2,101 
Interest income(3,731)(475)
Unrealized foreign exchange gain(487)(484)
Income tax expense12,731 24,930 
Loss (gain) on disposal of assets 85 (582)
Unrealized gain on derivative contracts15(625)— 
Write-down of assets162 24,141 
Share-based payments expense12852 3,650 
Employee benefit plan expense1,513 1,841 
103,073 67,393 
Property reclamation payments(912)(312)
Employee benefit plan payments(2,328)(2,250)
Income taxes paid(9,036)(15,939)
Interest received3,731 475 
Changes in non-cash working capital13(53,549)(14,077)
Net cash generated from operating activities of continuing operations40,979 35,290 
Net cash generated from (used in) operating activities of discontinued operations316 (47)
Investing activities
Additions to property, plant and equipment(72,271)(51,996)
Proceeds from the sale of property, plant and equipment— 1,076 
Value added taxes related to mineral property expenditures, net(3,061)(11,133)
Purchase of marketable securities and investment in debt securities(633)— 
Decrease (increase) in term deposits35,000 (60,000)
Net cash used in investing activities of continuing operations(40,965)(122,053)
Financing activities
Issuance of common shares, net of issuance costs434 13,118 
Contributions from non-controlling interests265 170 
Interest paid(16,814)(16,888)
Principal portion of lease liabilities (1,001)(2,272)
Purchase of treasury stock— (13,969)
Net cash used in financing activities of continuing operations(17,116)(19,841)
Net decrease in cash and cash equivalents(16,786)(106,651)
Cash and cash equivalents - beginning of period279,735 481,327 
Cash in disposal group held for sale4(672)— 
Cash and cash equivalents - end of period$262,277 $374,676 

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, 2023 and 2022
(Unaudited – in thousands of U.S. dollars)
NoteThree months ended March 31, 2023Three months ended March 31, 2022
Share capital
Balance beginning of period$3,241,644 $3,225,326 
Shares issued upon exercise of share options717 3,872 
Shares issued upon exercise of performance share units— 2,256 
Transfer of contributed surplus on exercise of options307 1,563 
Shares issued to the public, net of share issuance costs— 7,648 
Balance end of period11$3,242,668 $3,240,665 
Treasury stock
Balance beginning of period$(20,454)$(10,289)
Purchase of treasury stock— (13,969)
Shares redeemed upon exercise of restricted share units40 3,804 
Balance end of period$(20,414)$(20,454)
Contributed surplus
Balance beginning of period$2,618,212 $2,615,459 
Share-based payments arrangements180 2,300 
Shares redeemed upon exercise of restricted share units(40)(3,804)
Shares redeemed upon exercise of performance share units— (2,256)
  Transfer to share capital on exercise of options(307)(1,563)
Balance end of period$2,618,045 $2,610,136 
Accumulated other comprehensive loss
Balance beginning of period$(42,284)$(20,905)
Other comprehensive earnings for the period attributable to shareholders of the Company21,426 1,132 
Balance end of period$(20,858)$(19,773)
Deficit
Balance beginning of period$(2,593,050)$(2,239,226)
Net earnings (loss) attributable to shareholders of the Company21,322 (317,601)
Balance end of period$(2,571,728)$(2,556,827)
Total equity attributable to shareholders of the Company$3,247,713 $3,253,747 
Non-controlling interests
Balance beginning of period$(3,200)$69,557 
Loss attributable to non-controlling interests(1,103)(67,392)
Contributions from non-controlling interests265 170 
Balance end of period$(4,038)$2,335 
Total equity$3,243,675 $3,256,082 
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, 2023 and 2022
(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 Turkiye, 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, 2022.
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 27, 2023.
(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, 2022.

3. Significant accounting policies
Adoption of new accounting standards
A number of amendments to standards were effective for annual periods beginning on or after January 1, 2023, including amendments to IAS 1, IFRS Practice Statement 2, IAS 8 and IAS 12. There was no material impact on the Company's consolidated financial statements from the adoption of these amendments.

(1)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
4. Disposal group held for sale & discontinued operations
(a) Certej project
On October 26, 2022, the Company entered into a share purchase agreement to sell the Certej project, a non-core gold asset in the Romania segment. While the agreement expired on March 24, 2023, the Company is committed to continue its plan to sell the disposal group within the next twelve months.
As at March 31, 2023, the disposal group was stated at fair value less costs to sell and comprised the following assets and liabilities:

March 31, 2023December 31, 2022
Cash$672 $356 
Accounts receivable and other1,133 1,150 
Property, plant, and equipment24,582 24,731 
Inventories1,480 1,501 
Assets held for sale$27,867 $27,738 
Accounts payable and accrued liabilities$(409)$(168)
Asset retirement obligations(10,418)(10,311)
Liabilities associated with assets held for sale$(10,827)$(10,479)

During the year ended December 31, 2022, the Company recorded impairment of $394,723 ($374,684 net of deferred tax) on the Certej project. The fair value measurement for the disposal group has been categorized as a Level 3 fair value based on the expected cash consideration of a sale, less estimated costs of disposal.
The results from operations of the Romanian reporting segment include:
Three months endedThree months ended
March 31, 2023March 31, 2022
(Expenses) income $(1,124)$147 
Impairment of property and equipment— (365,426)
Loss from operations(1,124)(365,279)
Income tax recovery— (20,039)
Loss from discontinued operations, net of tax$(1,124)$(345,240)
Loss from discontinued operations attributable to non-controlling interest$(1,063)$(67,349)
Loss from discontinued operations attributable to shareholders of the Company$(61)$(277,891)
Basic and diluted loss per share attributable to shareholders of the Company$— $(1.52)

Net cash generated from operating activities of the Romanian reporting segment during the three months ended March 31, 2023 was $316. Net cash used in operating activities during the three months ended March 31, 2022 was $47.
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Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
5. Accounts receivable and other
March 31, 2023December 31, 2022
Trade receivables$56,024 $33,746 
Value added tax and other taxes recoverable24,143 19,679 
Other receivables and advances17,842 13,610 
Prepaid expenses and deposits24,605 23,940 
Investment in marketable securities153 138 
Derivative assets743 — 
$123,510 $91,113 

6. Inventories
March 31, 2023December 31, 2022
Ore stockpiles$12,029 $10,521 
In-process inventory and finished goods77,290 67,261 
Materials and supplies128,718 121,090 
$218,037 $198,872 



(3)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
7. Debt
March 31, 2023December 31, 2022
Senior notes due 2029, net of unamortized transaction fees of $5,894 (2022 – $6,077) and initial redemption option of $4,042
$498,148 $498,090 
Redemption option derivative asset(4,728)(3,676)
$493,420 $494,414 

Project Financing Facility
On April 5, 2023, the Company achieved financial close of the €680,400 project financing facility ("Term Facility") for the development of the Skouries project in Northern Greece. The Term Facility will provide 80% of the expected future funding required to complete the Skouries project and includes €200,000 of funds from the Greek Recovery and Resilience Facility (the "RRF"). The Term Facility will also provide a €30,000 revolving credit facility to fund reimbursable value added tax ("VAT") expenditures relating to the Skouries project. The Term Facility is non-recourse to Eldorado Gold Corporation and the collateral securing the Term Facility covers the Skouries project and the Hellas operating assets.
The remaining 20% of expected future funding for the Skouries project will be funded by the Company. In April 2023, the Company's equity commitment for the project was backstopped by a letter of credit in the amount of €190,000 under the Company's $250,000 amended and restated fourth senior secured credit facility (the "Fourth ARCA"), reducing the availability of the revolving credit facility by a corresponding amount.
The Term Facility includes the following components:
i.€480,400 commercial loan at a variable interest rate comprised of six-months EURIBOR plus a fixed margin, with 70% of the variable rate exposure to be hedged through an interest rate swap for the term of the facility (Note 15(c)).
ii.€100,000 initial RRF loan at a fixed interest rate of 3.04% for the term of the facility.
iii.€100,000 additional RRF loan at a fixed interest rate of 4.06% for the term of the facility.
On April 11, 2023, the Company completed the first drawdown on the Term Facility totalling €32,250. In April 2023, in accordance with the requirements of the Term Facility, the Company additionally entered into a secured hedging program that covers gold and copper prices and U.S. dollar to Euro exchange rate arrangements (Note 15(b), (d)).
Senior Notes
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., Tuprag 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, 2023 is $1,052 (three months ended March 31, 2022 – $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, 2023.
(4)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
7. Debt (continued)
The fair market value of the senior notes as at March 31, 2023 is $464,900.
Senior Secured Credit Facility
On October 15, 2021, the Company executed the Fourth ARCA with an option to increase the available credit by $100 million through the accordion feature, and with a maturity date of October 15, 2025.
In April 2023, the €190,000 letter of credit backstopping the Company's equity commitment for the Skouries project reduced the availability of the Company's revolving credit facility by a corresponding amount. The letter of credit will be reduced Euro for Euro as the Company invests further in the Skouries project.

8. Revenue
For the three months ended March 31, 2023, revenue from contracts with customers by product and segment was as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$71,220 $73,199 $— $144,419 
Gold revenue - concentrate36,731 — 24,570 61,301 
Silver revenue - doré834 441 — 1,275 
Silver revenue - concentrate929 — 8,306 9,235 
Lead concentrate— — 6,970 6,970 
Zinc concentrate— — 4,150 4,150 
Revenue from contracts with customers$109,714 $73,640 $43,996 $227,350 
Gain on revaluation of derivatives in trade receivables - gold3,010 — 331 3,341 
Loss on revaluation of derivatives in trade receivables - other metals— — (1,337)(1,337)
$112,724 $73,640 $42,990 $229,354 

For the three months ended March 31, 2022, revenue from contracts with customers by product and segment was as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$55,868 $64,597 $— $120,465 
Gold revenue - concentrate39,788 — 15,213 55,001 
Silver revenue - doré744 342 — 1,086 
Silver revenue - concentrate916 — 4,703 5,619 
Lead concentrate— — 3,961 3,961 
Zinc concentrate— — 6,874 6,874 
Revenue from contracts with customers$97,316 $64,939 $30,751 $193,006 
Gain (loss) on revaluation of derivatives in trade receivables - gold625 — (289)336 
Gain on revaluation of derivatives in trade receivables - other metals— — 1,330 1,330 
$97,941 $64,939 $31,792 $194,672 

(5)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
9. Mine standby costs
Three months ended March 31, 2023Three months ended March 31, 2022
Stratoni$2,952 $9,449 
Skouries— 1,539 
Other mine standby costs 552 700 
$3,504 $11,688 


10. Other income and finance costs
(a) Other incomeThree months ended March 31, 2023Three months ended March 31, 2022
(Loss) gain on disposal of assets$(85)$582 
Unrealized gain on derivative instruments (Note 15(a))
625 — 
Interest and other income7,968 1,155 
$8,508 $1,737 

(b) Finance costsThree months ended March 31, 2023Three months ended March 31, 2022
Interest cost on senior notes due 2029$7,870 $7,780 
Other interest and financing costs456 458 
Gain on redemption option derivative (Note 7)
(1,052)(7,047)
Interest expense on lease liability 444 415 
Asset retirement obligation accretion 1,075 495 
$8,793 $2,101 

(6)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
11. Share capital and earnings (loss) per share
(a) Share capital
20232022
Voting common sharesNumber of SharesTotalNumber of SharesTotal
Balance at January 1,184,800,571 $3,241,644 182,673,118 $3,225,326 
Shares issued upon exercise of share options87,163 717 758,778 3,872 
Shares issued on redemption of performance share units— — 528,166 2,256 
Estimated fair value of share options exercised transferred from contributed surplus— 307 — 1,563 
Flow-through and other shares issued, net of issuance costs and premium— — 831,466 7,648 
Balance at March 31,184,887,734 $3,242,668 184,791,528 $3,240,665 

(b) Earnings (loss) per share
The weighted average number of common shares for the purposes of diluted earnings (loss) per share reconciles to the weighted average number of common shares used in the calculation of basic earnings (loss) per share as follows:
Three months ended March 31, 2023Three months ended March 31, 2022
Weighted average number of common shares used in the calculation of basic earnings (loss) per share184,020,335 182,361,647 
Dilutive impact of share options557,184 — 
Dilutive impact of restricted share units and restricted share units with performance criteria291,964 — 
Dilutive impact of performance share units2,309 — 
Weighted average number of common shares used in the calculation of diluted earnings (loss) per share184,871,792 182,361,647 

As at March 31, 2023, 2,387,247 options (March 31, 2022 – 2,912,684) were excluded from the dilutive weighted-average number of common shares calculation because their effect would have been anti-dilutive.
As the three months ended March 31, 2022 was in a net loss position, 908,069 share options, 526,844 restricted stock units ("RSU's") and RSU's with performance criteria, and 167,121 performance share units ("PSU's") were anti-dilutive.

(7)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
12. Share-based payment arrangements
Share-based payments expense consists of:
Three months ended March 31, 2023Three months ended March 31, 2022
Share options$490 $1,040 
Restricted shares with no performance criteria(33)420 
Restricted shares with performance criteria(448)499 
Performance shares171 341 
Deferred units672 1,350 
$852 $3,650 

13. Supplementary cash flow information
Three months ended March 31, 2023Three months ended March 31, 2022
Changes in non-cash working capital:
Accounts receivable and other$(38,365)$16,936 
Inventories(14,390)(10,682)
Accounts payable and accrued liabilities(794)(20,331)
$(53,549)$(14,077)

14. Commitments and contractual obligations
Significant changes to the Company’s commitments and contractual obligations as at March 31, 2023, include:
Within 1 year2 years3 years4 years5 yearsOver 5 yearsTotal
Purchase obligations and other commitments$29,702 $2,698 $300 $— $— $— $32,700 

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

(8)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
15. Derivative financial instruments
(a)Currency Derivative Instruments
The Company has entered into zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar at the Olympias mine and Lamaque operations, respectively. These derivatives set a band within which the Company expects to be able to protect against currency movements, either above or below specific strike prices. These derivatives are not designated as hedging instruments. Changes in the fair value of the currency derivative instruments are recorded in other income and expense.
As at March 31, 2023, the Company's outstanding currency derivative instruments were as follows:
20232024
Canadian dollar zero-cost collars
   Canadian dollar contracts US$75,000 US$18,000 
   Weighted average put strike price (USD:CDN)1.291.30
   Weighted average call strike price (USD:CDN)1.431.46
Euro zero-cost collars
   Euro contracts€56,700 — 
   Weighted average put strike price (EUR:USD)1.11— 
   Weighted average call strike price (EUR:USD)0.98— 
The fair value of currency derivative instruments in an asset position was $743 at March 31, 2023 (December 31, 2022 – nil). The fair value of currency derivative instruments in a liability position was $118 at March 31, 2023 (December 31, 2022 – nil).
(b)Gold and Copper Forward Sales
In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts for settlement on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026. The gold commodity swap contracts total 32,000 ounces at a forward price of U.S.$2,160 per ounce and will be financially settled. The copper commodity swap contracts total 6,160 tonnes of copper at a forward price of U.S.$8,525 per tonne and will be financially settled.
These derivatives will not be designated as hedging instruments. Changes in the fair value of the gold and copper forward sales contracts will be recorded in other income and expense.
(c) Interest Rate Swap
In April 2023, in conjunction with the Term Facility, the Company entered into an interest rate swap covering 70% of the variable interest rate exposure, under the six-months EURIBOR index. The interest rate swap has a fixed rate of 3.11% and matures on December 31, 2032. The interest payment frequency is every six months.
The interest rate swap will not be designated as a hedging instrument. Changes in the fair value of the interest rate swap will be recorded in other income and expense.
(d) U.S. Dollar to Euro Exchange Rate Arrangements
In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments. From June 30, 2026 to December 31, 2029, €17,000 will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1473. From June 28, 2030 to December 30, 2032, €11,350 will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1704.
These derivatives will not be designated as hedging instruments. Changes in the fair value of the exchange rate arrangements will be recorded in other income and expense.
(9)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
16. 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 and liabilities measured at fair value as at March 31, 2023 and December 31, 2022 are as follows:
March 31, 2023
Level 1 (7)
Level 2Level 3Total  
Marketable securities(1)
$77,736 $— $— $77,736 
Investments in debt securities(2)
7,158 — — 7,158 
Settlement receivables(3)
— 55,835 — 55,835 
Redemption option derivative asset(4)
— 4,728 — 4,728 
Currency derivative instruments - assets(5)
— 743 — 743 
Currency derivative instruments - liabilities(5)
— (118)— (118)
Net financial assets (liabilities)$84,894 $61,188 $— $146,082 
December 31, 2022
Level 1 (7)
Level 2Level 3Total  
Marketable securities(1)
$54,706 $— $— $54,706 
Investments in debt securities(2)
7,043 — — 7,043 
Settlement receivables(3)
— 33,393 — 33,393 
Redemption option derivative asset(4)
— 3,676 — 3,676 
Currency derivative instruments - assets(5)
— — — — 
Currency derivative instruments - liabilities (5)
— — — — 
Turkish Lira deposits(6)
— 35,000 — 35,000 
Net financial assets (liabilities)$61,749 $72,069 $— $133,818 

(1)Marketable securities include publicly-traded equity investments classified as fair value through other comprehensive income.
(2)Investments in debt securities include publicly-traded debt securities classified as fair value through other comprehensive income.
(3)Settlement receivables arise from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss with fair value determined based on forward metal prices for the quotational period.
(4)The redemption option derivative asset is an embedded derivative separately recognized to reflect the redemption features of the senior notes and is classified as fair value through profit and loss (Note 7) with fair value based on models using observable interest rate inputs.
(5)Currency derivative instruments include Canadian dollar and Euro zero-cost collars classified as fair value through profit and loss (Note 15(a)) with fair value based on observable forward foreign exchange rates.
(6)Turkish Lira deposits protected from the weakening of the Turkish Lira against the U.S. dollar and measured at fair value through profit and loss using an observable foreign exchange rate.
(7)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.


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Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
16. Financial instruments by category (continued)
There were no amounts transferred between levels of the fair value hierarchy during the three months ended March 31, 2023 and 2022. For all other financial instruments, carrying amounts approximate fair value.

17. Financial risk management
Eldorado’s activities expose it to a variety of financial risks. Significant changes to the Company’s financial risks and overall risk management program as at March 31, 2023 are outlined below.
Foreign Exchange Risk
The Company is exposed to foreign exchange risk arising from transactions denominated in foreign currencies.
In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments (Note 15(d)), reducing its exposure to foreign exchange risk.
The Company continues to use zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar at the Olympias mine and Lamaque operations, respectively.
Metal Price and Global Market Risk
The Company is subject to price risk for fluctuations in the market price of gold and other metals.
In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts for settlement on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026 (Note 15(b)), reducing its exposure to fluctuations in future metal prices.
Interest Rate Risk
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.
Borrowings under the Term Facility are at variable rates based on EURIBOR. In mid-April 2023, the Company completed the first drawdown on the Term Facility totalling €32,250. To reduce interest rate risk, the Company has entered into an interest rate swap covering 70% of the variable interest rate exposure related to the Term Facility (Note 15(c)).
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.
Turkish Lira deposits held at a Turkish banking institution equivalent to $35,000 matured in February 2023, reducing the Company's exposure to credit risk.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments.
In April 2023, the €190,000 letter of credit backstopping the Company's equity commitment for the Skouries project reduced the availability of the Company's revolving credit facility by a corresponding amount. The letter of credit will be reduced Euro for Euro as the Company invests further in the Skouries project.
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Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
18. 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 (loss) from mine operations, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at March 31, 2023, 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 Turkiye reporting segment includes the Kisladag and the Efemcukuru mines and exploration activities in Turkiye. The Canada reporting segment includes the Lamaque Triangle mine and exploration activities in Canada. The Greece reporting segment includes the Olympias mine, the Skouries and Perama Hill projects and exploration activities in Greece. The Greece segment also includes the Stratoni mine and mill, which transitioned to care and maintenance during 2022. The Romania reporting segment includes the Certej project and exploration activities in Romania, and is classified as a disposal group held for sale at March 31, 2023. 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 each of the reporting segments share similar economic characteristics and have been aggregated accordingly.
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Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
18. Segment information (continued)
For the three months ended March 31, 2023
TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$112,724 $73,640 $42,990 $— $— $229,354 
Production costs48,243 29,202 32,487 — — 109,932 
Depreciation and amortization30,806 18,553 12,310 — — 61,669 
Earnings (loss) from mine operations$33,675 $25,885 $(1,807)$— $— $57,753 
Other significant items of income and expense
Write-down of assets$162 $— $— $— $— $162 
Exploration and evaluation expenses1,896 3,236 184 — 520 5,836 
Mine standby costs— — 3,504 — — 3,504 
Income tax expense (recovery)11,722 6,832 (5,188)— (635)12,731 
Loss from discontinued operations,
net of tax attributable to shareholders
of the Company		— — — (61)— (61)
Capital expenditure information
Additions to property, plant and equipment during the period **
$24,654 $20,427 $35,033 $— $3,243 $83,357 
Information about assets and liabilities
Property, plant and equipment$821,831 $712,513 $2,068,897 $— $14,829 $3,618,070 
Goodwill— 92,591 — — — 92,591 
$821,831 $805,104 $2,068,897 $— $14,829 $3,710,661 
Debt$— $— $— $— $493,420 $493,420 
* Discontinued Operations (Note 4).
** Presented on an accrual basis; excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.













(13)



Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2023 and 2022
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
18. Segment information (continued)
For the three months ended March 31, 2022
TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$97,941 $64,939 $31,792 $— $— $194,672 
Production costs47,054 27,212 30,290 — — 104,556 
Depreciation and amortization24,336 16,106 11,156 — — 51,598 
Earnings (loss) from mine operations$26,551 $21,621 $(9,654)$— $— $38,518 
Other significant items of income and expense
Write-down of assets$24,111 $— $30 $— $— $24,141 
Exploration and evaluation expenses689 3,651 162 — 484 4,986 
Mine standby costs— — 11,688 — — 11,688 
Income tax expense (recovery)11,932 8,724 4,677 — (403)24,930 
Loss from discontinued operations,
net of tax attributable to shareholders
of the Company		— — — (277,891)— (277,891)
Capital expenditure information
Additions to property, plant and equipment during the period**$27,212 $18,166 $14,729 $— $629 $60,736 
* Discontinued Operations (Note 4).
** Presented on an accrual basis; excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.

For the year ended December 31, 2022
TurkiyeCanadaGreeceRomania*OtherTotal
Information about assets and liabilities
Property, plant and equipment$823,125 $711,178 $2,046,759 $— $15,200 $3,596,262 
Goodwill— 92,591 — — — 92,591 
$823,125 $803,769 $2,046,759 $— $15,200 $3,688,853 
Debt$— $— $— $— $494,414 $494,414 
* Discontinued Operations (Note 4).
(14)