EX-99.1 2 unauditedcondensedconsolid.htm EX-99.1 Document

Exhibit 99.1

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Condensed Consolidated Interim Financial Statements
June 30, 2024 and 2023
(Unaudited)
(Expressed in U.S. dollars unless otherwise noted)










Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position    
As at June 30, 2024 and December 31, 2023
(Unaudited – in thousands of U.S. dollars)
As atNoteJune 30, 2024December 31, 2023
ASSETS
Current assets
Cash and cash equivalents$595,052 $540,473 
Term deposits— 1,136 
Accounts receivable and other5107,741 122,778 
Inventories6269,042 235,890 
Current derivative assets18979 2,502 
Assets held for sale427,058 27,627 
999,872 930,406 
Restricted cash2,336 2,085 
Deferred tax assets14,748 14,748 
Other assets7253,233 185,209 
Non-current derivative assets18— 7,036 
Property, plant and equipment3,917,785 3,755,559 
Goodwill92,591 92,591 
$5,280,565 $4,987,634 
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities$250,167 $254,030 
Current portion of lease liabilities4,614 5,020 
Current portion of asset retirement obligation2,881 4,019 
Current derivative liabilities187,174 279 
Liabilities associated with assets held for sale411,119 10,867 
275,955 274,215 
Debt8748,033 636,059 
Lease liabilities11,207 12,092 
Employee benefit plan obligations11,127 10,261 
Asset retirement obligations127,288 125,090 
Non-current derivative liabilities1832,254 18,843 
Deferred income tax liabilities410,963 399,109 
1,616,827 1,475,669 
Equity
Share capital143,431,267 3,413,365 
Treasury stock(12,157)(19,263)
Contributed surplus2,607,572 2,617,216 
Accumulated other comprehensive income (loss)42,469 (4,751)
Deficit(2,399,335)(2,488,420)
Total equity attributable to shareholders of the Company3,669,816 3,518,147 
Attributable to non-controlling interests(6,078)(6,182)
3,663,738 3,511,965 
$5,280,565 $4,987,634 
Approved on behalf of the Board of Directors

    (signed) John Webster    Director        (signed) George Burns    Director
Date of approval: July 25, 2024
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 and six months ended June 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            
Three months ended
Six months ended
June 30,June 30,
Note2024202320242023
Revenue
  Metal sales9$297,141 $228,993 $555,108 $456,808 
Cost of sales
  Production costs127,809 116,134 250,815 225,845 
  Depreciation and amortization59,438 64,086 113,917 126,439 
187,247 180,220 364,732 352,284 
Earnings from mine operations109,894 48,773 190,376 104,524 
Exploration and evaluation expenses3,386 4,634 7,819 10,470 
Mine standby costs101,937 5,113 4,623 8,617 
General and administrative expenses10,265 9,365 19,759 19,965 
Employee benefit plan expense864 706 2,038 2,219 
Share-based payments expense153,676 2,676 5,725 3,528 
Write-down of assets688 1,886 1,410 2,048 
Foreign exchange gain(1,376)(14,681)(1,548)(13,754)
Earnings from operations90,454 39,074 150,550 71,431 
Other (expense) income11(5,286)10,580 (14,220)19,088 
Finance costs12(7,085)(9,350)(7,053)(18,143)
Earnings from continuing operations before income tax78,083 40,304 129,277 72,376 
Income tax expense1321,711 38,866 37,763 51,597 
Net earnings from continuing operations56,372 1,438 91,514 20,779 
Net loss from discontinued operations, net of tax4(1,117)(942)(2,498)(2,066)
Net earnings for the period$55,255 $496 $89,016 $18,713 
Net earnings (loss) attributable to:
Shareholders of the Company55,480 885 89,085 20,205 
Non-controlling interests(225)(389)(69)(1,492)
Net earnings for the period$55,255 $496 $89,016 $18,713 
Net earnings (loss) attributable to shareholders of the Company:
Continuing operations56,384 1,537 91,578 20,918 
Discontinued operations(904)(652)(2,493)(713)
$55,480 $885 $89,085 $20,205 
Net loss attributable to non-controlling Interests:
Continuing operations(12)(99)(64)(139)
Discontinued operations(213)(290)(5)(1,353)
$(225)$(389)$(69)$(1,492)
Weighted average number of shares outstanding:
Basic14204,075,131 188,803,605 203,390,674 186,354,723 
Diluted14205,490,897 189,680,430 204,712,604 187,136,303 
Net earnings per share attributable to shareholders of the Company:
Basic earnings per share$0.27 $0.00 $0.44 $0.11 
Diluted earnings per share$0.27 $0.00 $0.44 $0.11 
Net earnings per share attributable to shareholders of the Company - Continuing operations:
Basic earnings per share$0.28 $0.01 $0.45 $0.11 
Diluted earnings per share$0.27 $0.01 $0.45 $0.11 
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 and six months ended June 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars)                            
Three months ended
Six months ended
June 30,June 30,
2024202320242023
Net earnings for the period$55,255 $496 $89,016 $18,713 
Other comprehensive income (loss):
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in marketable securities20,372 4,055 55,245 27,497 
Income tax expense on change in fair value of investments in marketable securities(2,745)(546)(7,448)(1,181)
Actuarial losses on employee benefit plans(838)(1,831)(755)(3,665)
Income tax recovery on actuarial losses on employee benefit plans200 243 178 696 
Total other comprehensive income for the period16,989 1,921 47,220 23,347 
Total comprehensive income for the period$72,244 $2,417 $136,236 $42,060 
Attributable to:
Shareholders of the Company
72,469 2,806 136,305 43,552 
Non-controlling interests
(225)(389)(69)(1,492)
$72,244 $2,417 $136,236 $42,060 




























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 and six months ended June 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars)
Three months ended
Six months ended
June 30,June 30,
Note2024202320242023
Cash flows generated from (used in):
Operating activities
Net earnings from continuing operations$56,372 $1,438 $91,514 $20,779 
Adjustments for:
Depreciation and amortization60,320 64,893 115,664 128,014 
Finance costs127,085 9,350 7,053 18,143 
Interest income11(6,235)(2,719)(11,286)(6,450)
Unrealized foreign exchange (gain) loss(325)(11,738)1,337 (12,225)
Income tax expense1321,711 38,866 37,763 51,597 
Loss on disposal of assets375 682 557 767 
Unrealized loss (gain) on derivative contracts1111,966 (8,397)28,853 (9,022)
Realized (gain) loss on derivative contracts11(462)5 (462)5 
Write-down of assets688 1,886 1,410 2,048 
Share-based payments expense153,676 2,676 5,725 3,528 
Employee benefit plan expense864 706 2,038 2,219 
156,035 97,648 280,166 199,403 
Property reclamation payments(658)(1,044)(1,493)(1,956)
Employee benefit plan payments(326)(1,783)(920)(4,111)
Settlement of derivative contracts462 (5)462 (5)
Income taxes paid(29,567)(15,101)(49,041)(24,137)
Interest received6,235 2,719 11,286 6,450 
Changes in non-cash working capital16(19,936)(7,129)(32,960)(60,032)
Net cash generated from operating activities of continuing operations112,245 75,305 207,500 115,612 
Net cash (used in) generated from operating activities of discontinued operations4(328)(247)(218)69 
Investing activities
Additions to property, plant and equipment(133,092)(86,233)(253,780)(158,504)
Capitalized interest paid(5,180)(527)(14,088)(527)
Proceeds from the sale of property, plant and equipment4 1,185 16 1,185 
Value added taxes related to mineral property expenditures, net(6,021)(11,441)(2,625)(14,502)
Purchase of marketable securities and investment in debt securities— — (11,130)(633)
Decrease in term deposits— — 1,136 35,000 
Net cash used in investing activities of continuing operations(144,289)(97,016)(280,471)(137,981)
Financing activities
Issuance of common shares for cash, net of share issuance costs7,703 166,375 12,319 166,809 
Contributions from non-controlling interests— — 173 265 
Proceeds from Term Facility - commercial loans and RRF loans8111,291 71,208 126,603 71,208 
Proceeds from Term Facility - VAT facility813,789 535 19,306 535 
Repayments of Term Facility - VAT facility8(15,489)— (15,489)— 
Term Facility loan financing costs— (17,172)— (17,172)
Term Facility commitment fees(2,201)(2,529)(2,201)(2,529)
Senior Secured Credit Facility refinancing costs
(150)— (150)— 
Interest paid(1,542)(885)(9,889)(17,699)
Principal portion of lease liabilities (1,052)(844)(2,164)(1,845)
Purchase of treasury stock— — (958)— 
Net cash generated from financing activities of continuing operations112,349 216,688 127,550 199,572 
Net increase in cash and cash equivalents79,977 194,730 54,361 177,272 
Cash and cash equivalents - beginning of period514,747 262,277 540,473 279,735 
Change in cash in disposal group held for sale4328 (424)218 (424)
Cash and cash equivalents - end of period $595,052 $456,583 $595,052 $456,583 
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 and six months ended June 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars)
Three months ended
Six months ended
June 30,June 30,
Note2024202320242023
Share capital
Balance beginning of period$3,419,937 $3,242,668 $3,413,365 $3,241,644 
Shares issued upon exercise of share options7,703 4,423 12,319 5,140 
Shares issued upon exercise of performance share units499 — 499 — 
Transfer of contributed surplus on exercise of options3,128 1,861 5,084 2,168 
Shares issued in private placements, net of share issuance costs— 66,776 — 66,776 
Shares issued to the public, net of share issuance costs— 94,881 — 94,881 
Balance end of period14$3,431,267 $3,410,609 $3,431,267 $3,410,609 
Treasury stock
Balance beginning of period$(13,128)$(20,414)$(19,263)$(20,454)
Purchase of treasury stock— — (958)— 
Shares redeemed upon exercise of restricted share units971 5,593 8,064 5,633 
Balance end of period$(12,157)$(14,821)$(12,157)$(14,821)
Contributed surplus
Balance beginning of period$2,608,886 $2,618,045 $2,617,216 $2,618,212 
Share-based payment arrangements3,284 2,094 4,003 2,274 
Shares redeemed upon exercise of restricted share units(971)(5,593)(8,064)(5,633)
Shares redeemed upon exercise of performance share units(499)— (499)— 
Transfer to share capital on exercise of options(3,128)(1,861)(5,084)(2,168)
Balance end of period$2,607,572 $2,612,685 $2,607,572 $2,612,685 
Accumulated other comprehensive income (loss)
Balance beginning of period$25,480 $(20,858)$(4,751)$(42,284)
Other comprehensive income for the period attributable to shareholders of the Company16,989 1,921 47,220 23,347 
Balance end of period$42,469 $(18,937)$42,469 $(18,937)
Deficit
Balance beginning of period$(2,454,815)$(2,573,730)$(2,488,420)$(2,593,050)
Net earnings attributable to shareholders of the Company55,480 885 89,085 20,205 
Balance end of period$(2,399,335)$(2,572,845)$(2,399,335)$(2,572,845)
Total equity attributable to shareholders of the Company$3,669,816 $3,416,691 $3,669,816 $3,416,691 
Non-controlling interests
Balance beginning of period$(5,853)$(4,038)$(6,182)$(3,200)
Loss attributable to non-controlling interests(225)(389)(69)(1,492)
Contributions from non-controlling interests— — 173 265 
Balance end of period$(6,078)$(4,427)$(6,078)$(4,427)
Total equity$3,663,738 $3,412,264 $3,663,738 $3,412,264 

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 and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, 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, and Greece.
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 and principal address is 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 audited annual consolidated financial statements as at and for the year ended December 31, 2023.
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 except as described below for adoption of new accounting standards and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.
All amounts are presented in U.S. dollars ("$") unless otherwise stated.
These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on July 25, 2024.
(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 audited annual consolidated financial statements as at and for the year ended December 31, 2023.

3. Material accounting policies
Adoption of new accounting standards
The following amendments to standards were effective for annual periods beginning on or after January 1, 2024:
•Narrow scope amendments to IAS 1 Presentation of Financial Statements - Classification of liabilities as current or non-current.
•Narrow scope amendments to IAS 1 Presentation of Financial Statements - Non-current liabilities with covenants.
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 and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
4. Disposal group held for sale & discontinued operations
Certej project
The Company is committed to a plan to sell the Certej project and has initiated an active program to locate a buyer. The Company is engaged in negotiations with potential buyers who are in the process of completing their due diligence. The Certej project has been actively marketed for sale at a price that is reasonable in relation to its current estimated fair value. The Company expects the sale to qualify for recognition as a completed sale within one year.
As at June 30, 2024, the disposal group was stated at fair value less costs to sell and comprised the following assets and liabilities:
June 30, 2024December 31, 2023
Cash$552 $770 
Accounts receivable and other1,146 1,276 
Inventories1,621 1,586 
Property, plant, and equipment23,739 23,995 
Assets held for sale$27,058 $27,627 
Accounts payable and accrued liabilities$(256)$(228)
Asset retirement obligations(10,863)(10,639)
Liabilities associated with assets held for sale$(11,119)$(10,867)

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 ended June 30,Six months ended June 30,
2024 2023 2024 2023 
Expenses$(1,117)$(942)$(2,498)$(2,066)
Loss from operations(1,117)(942)(2,498)(2,066)
Income tax expense— — — — 
Loss from discontinued operations, net of tax$(1,117)$(942)$(2,498)$(2,066)
Loss from discontinued operations attributable to shareholders of the Company$(904)$(652)$(2,493)$(713)
Loss from discontinued operations attributable to non-controlling interest$(213)$(290)$(5)$(1,353)
Basic and diluted loss per share attributable to shareholders of the Company$0.00 $0.00 $(0.01)$0.00 
Net cash used in operating activities of the Romanian reporting segment during the three and six months ended June 30, 2024 was $0.3 million and $0.2 million, respectively. Net cash used in operating activities during the three months ended June 30, 2023 was $0.2 million, and net cash generated from operating activities during the six months ended June 30, 2023 was $0.1 million.

(2)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
5. Accounts receivable and other
June 30, 2024December 31, 2023
Trade receivables$46,458 $49,387 
Value added tax and other taxes recoverable16,775 29,465 
Other receivables and advances22,878 21,097 
Prepaid expenses and deposits20,503 19,997 
Investment in marketable securities and debt securities1,127 2,832 
$107,741 $122,778 

6. Inventories
June 30, 2024December 31, 2023
Ore stockpiles$11,203 $9,856 
In-process inventory and finished goods138,286 102,884 
Materials and supplies119,553 123,150 
$269,042 $235,890 

7. Other assets
June 30, 2024December 31, 2023
Investments in marketable securities and debt securities$168,091 $105,966 
Long-term value added tax and other taxes recoverable79,974 74,495 
Prepaid loan costs4,183 3,175 
Prepaid forestry fees982 1,403 
Other 3 170 
$253,233 $185,209 

Deferred Consideration
On October 27, 2021, the Company completed a sale of the Tocantinzinho Project ("TZ"), a non-core gold asset, located in Brazil. The Company entered into a definitive agreement (the "GMIN Agreement") with G Mining Ventures Corp. (“GMIN”) to divest TZ. Under the terms of the GMIN Agreement, Eldorado will receive a deferred consideration of $60 million in cash to be paid subject to TZ commencing commercial production, payable on the first anniversary of commercial production (“Deferred Consideration”). GMIN has the option to defer 50% of the Deferred Consideration at a cost of $5 million, in which case $30 million is payable upon the first anniversary of the commencement of commercial production and $35 million is payable upon the second anniversary of the commencement of commercial production. The Company has not recorded any asset or income for the Deferred Consideration.



(3)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
8. Debt
June 30, 2024December 31, 2023
Senior Notes, net of unamortized transaction fees of $4,931 (2023 – $5,325) and initial redemption option of $3,382
$498,450 $498,326 
Redemption option derivative asset(7,664)(5,635)
Term Facility commercial loans, net of unamortized transaction fees of $20,900
178,733 100,890 
Term Facility RRF loans, net of unamortized transaction fees of $5,785
72,207 39,209 
Term Facility revolving VAT facility, net of unamortized transaction fees of $671
6,307 3,269 
$748,033 $636,059 

(a) 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 six months ended June 30, 2024 of $2.0 million and the decrease in fair value for the three months ended June 30, 2024 of $0.1 million is recognized in finance costs (the decrease in fair value for the three and six months ended June 30, 2023 was $1.6 million and $0.6 million respectively).
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 as at June 30, 2024.
The fair market value of the Senior Notes as at June 30, 2024 is $479.6 million (December 31, 2023 – $471.6 million).
(b) Skouries Project Financing Facility ("Term Facility")
On April 5, 2023, the Company completed the €680.4 million Term Facility for the development of the Skouries project in Northern Greece. The Term Facility includes €200.0 million of funds from the Greek Recovery and Resilience Facility (the "RRF"). The Term Facility also provides a €30.0 million revolving credit facility to fund reimbursable value added tax ("VAT") expenditures relating to the Skouries project. The project financing further includes a Contingent Overrun Facility for an additional 10% of capital costs, funded as to 80% by the lenders and as to 20% by Hellas Gold Single Member S.A. ("Hellas"). The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries project and the Hellas operating assets.
The Company's equity commitment for the project is backstopped by a letter of credit in the amount of €126.2 million ($135.1 million) as at June 30, 2024, issued under the Company's $350 million senior secured credit facility ("Credit Facility") (Note 8(c)). The letter of credit will be reduced Euro for Euro as the Company invests further in the Skouries project.
(4)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
8. Debt (continued)
(b) Skouries Project Financing Facility ("Term Facility") (continued)
The Term Facility includes the following components:
i.€480.4 million commercial loans at a variable interest rate comprised of six-months EURIBOR plus a fixed margin, with 70% of the variable rate exposure to be economically hedged through an interest rate swap for the term of the facility (Note 18(e)).
ii.€100.0 million initial RRF loans at a fixed interest rate of 3.04% for the term of the facility.
iii.€100.0 million additional RRF loan at a fixed interest rate of 4.06% for the term of the facility.
In the six months ended June 30, 2024, the Company completed two drawdowns on the Term Facility totalling €118.1 million ($126.6 million), including €81.2 million ($87.0 million) of commercial loans and €36.9 million ($39.6 million) from the RRF loans. Additionally, in the six months ended June 30, 2024, the Company completed drawdowns on the VAT revolving credit facility totalling €17.9 million ($19.3 million) and made repayments of €14.4 million ($15.5 million) during the period.
In April 2023, in accordance with the requirements of the Term Facility, the Company entered into a secured hedging program including gold and copper commodity swaps, an interest rate swap and U.S. dollar to Euro forward contracts (Note 18(d),(e),(f)).
Drawings from the Term Facility will continue on a periodic basis through the earlier of March 31, 2026 or three months following completion of the Skouries project. There is a deferral option, which if exercised, will extend drawings from the facility through the earlier of August 26, 2026 or three months following completion of the Skouries project.
Repayment of the commercial loans, the RRF loans, and the Contingent Overrun Facility will commence on June 30, 2026, with 14 semi-annual installments, through to December 31, 2032. If the deferral option is exercised, repayment will commence on December 31, 2026, with 13 semi-annual installments, through to December 31, 2032.
Proceeds from the VAT Facility will be drawn and repaid on a revolving basis, with a maturity date of the earlier of June 30, 2027 or 18 months following completion of the Skouries project.
The Term Facility contains a number of standard financial covenants, including debt service and leverage ratios. The Company is in compliance with its covenants as at June 30, 2024.
As at June 30, 2024, €138.0 million ($147.8 million) (December 31, 2023 - €86.8 million ($95.9 million)) of cash and cash equivalents are designated for the use of constructing the Skouries project and to fund reimbursable VAT expenditures relating to the Skouries project. As at June 30, 2024, this amount includes proceeds from the Term Facility of €137.8 million ($147.5 million) (December 31, 2023 - €86.8 million ($95.9 million)).
(c) Senior Secured Credit Facility
On June 27, 2024, the Company entered into an agreement with a syndicate of lenders to increase the existing Credit Facility from $250 million to $350 million, with an option to increase the available credit by $100 million through an accordion feature, and to extend the facility to a maturity date of June 27, 2028.
The Company's equity commitment for the Skouries project is backstopped by a letter of credit issued under the Credit Facility. As at June 30, 2024, after giving effect to investments in the project to date (including the proceeds of an equity investment in Eldorado of C$81.5 million by the European Bank for Reconstruction and Development in June, 2023), the amount outstanding under the letter of credit for Skouries was €126.2 million ($135.1 million) and the Company's available balance under the Credit Facility was $214.6 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries project.

(5)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
9. Revenue
For the three months ended June 30, 2024, revenue from contracts with customers by product and segment was as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$93,059 $102,388 $— $195,447 
Gold revenue - concentrate52,586 — 31,304 83,890 
Silver revenue - doré918 452 — 1,370 
Silver revenue - concentrate1,709 — 5,915 7,624 
Lead concentrate— — 4,172 4,172 
Zinc concentrate— — 3,805 3,805 
Revenue from contracts with customers$148,272 $102,840 $45,196 $296,308 
Gain (loss) on revaluation of derivatives in trade receivables - gold1,054 — (1,107)(53)
Gain on revaluation of derivatives in trade receivables - other metals— — 886 886 
$149,326 $102,840 $44,975 $297,141 

For the three months ended June 30, 2023, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$63,907 $78,273 $— $142,180 
Gold revenue - concentrate45,672 — 27,741 73,413 
Silver revenue - doré796 338 — 1,134 
Silver revenue - concentrate1,366 — 6,588 7,954 
Lead concentrate— — 5,993 5,993 
Zinc concentrate— — 4,207 4,207 
Revenue from contracts with customers$111,741 $78,611 $44,529 $234,881 
Loss on revaluation of derivatives in trade receivables - gold(2,944)— (1,151)(4,095)
Loss on revaluation of derivatives in trade receivables - other metals— — (1,793)(1,793)
$108,797 $78,611 $41,585 $228,993 
(6)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
9. Revenue (continued)
For the six months ended June 30, 2024, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$169,281 $195,386 $— $364,667 
Gold revenue - concentrate92,142 — 60,371 152,513 
Silver revenue - doré1,762 907 — 2,669 
Silver revenue - concentrate3,354 — 12,702 16,056 
Lead concentrate— — 8,318 8,318 
Zinc concentrate— — 8,150 8,150 
Revenue from contracts with customers$266,539 $196,293 $89,541 $552,373 
Gain (loss) on revaluation of derivatives in trade receivables - gold1,141 — (625)516 
Gain on revaluation of derivatives in trade receivables - other metals— — 2,219 2,219 
$267,680 $196,293 $91,135 $555,108 

For the six months ended June 30, 2023, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$135,127 $151,472 $— $286,599 
Gold revenue - concentrate82,403 — 50,772 133,175 
Silver revenue - doré1,630 779 — 2,409 
Silver revenue - concentrate2,295 — 14,894 17,189 
Lead concentrate— — 12,963 12,963 
Zinc concentrate— — 8,357 8,357 
Revenue from contracts with customers$221,455 $152,251 $86,986 $460,692 
Gain (loss) on revaluation of derivatives in trade receivables - gold66 — (820)(754)
Loss on revaluation of derivatives in trade receivables - other metals— — (3,130)(3,130)
$221,521 $152,251 $83,036 $456,808 
(7)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
10. Mine standby costs
Three months ended June 30,Six months ended June 30,
2024 2023 2024 2023 
Stratoni$1,129 $2,946 $3,024 $5,898 
Other mine standby costs808 2,167 1,599 2,719 
$1,937 $5,113 $4,623 $8,617 

11. Other (expense) income
Three months ended June 30,Six months ended June 30,
2024202320242023
Unrealized (loss) gain on derivative instruments$(11,966)$8,397 $(28,853)$9,022 
Interest income6,235 2,719 11,286 6,450 
Realized gain (loss) on derivative instruments462 (5)462 (5)
Other(17)(531)2,885 3,621 
$(5,286)$10,580 $(14,220)$19,088 

12. Finance costs
Three months ended June 30,Six months ended June 30,
2024202320242023
Interest cost on Senior Notes $7,875 $7,871 $15,749 $15,741 
Interest cost on Term Facility 2,608 628 6,311 628 
Other interest and financing (recovery) costs1,585 2,871 (1,548)3,327 
Change in fair value of redemption option derivative (Note 8)
114 1,603 (2,029)551 
Asset retirement obligation accretion1,217 1,074 2,434 2,149 
Interest expense on lease liabilities392 431 791 875 
Total finance costs$13,791 $14,478 $21,708 $23,271 
Less: capitalized interest(6,706)(5,128)(14,655)(5,128)
$7,085 $9,350 $7,053 $18,143 

13. Income tax expense
Three months ended June 30,Six months ended June 30,
2024202320242023
Current tax expense$20,741 $21,818 $33,179 $42,299 
Deferred tax expense 970 17,048 4,584 9,298 
$21,711 $38,866 $37,763 $51,597 
(8)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
14. Share capital and earnings per share
(a) Share capital     
2024
2023
Voting common sharesNumber of SharesTotalNumber of SharesTotal
Balance at January 1,203,138,351 $3,413,365 184,800,571 $3,241,644 
Shares issued upon exercise of share options1,595,053 12,319 700,134 5,140 
Shares issued on redemption of performance share units27,874 499 — — 
Estimated fair value of share options exercised transferred from contributed surplus— 5,084 — 2,168 
Shares issued for private placement with EBRD, net of issuance costs— — 6,269,231 60,142 
Shares issued for bought deal offering, net of issuance costs— — 10,400,000 94,881 
Flow-through shares issued, net of issuance costs and premium— — 680,900 6,634 
Balance at June 30,
204,761,278 $3,431,267 202,850,836 $3,410,609 

(b) Earnings per share
The weighted average number of common shares for the purposes of diluted earnings per share reconciles to the weighted average number of common shares used in the calculation of basic earnings per share as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
Weighted average number of common shares used in the calculation of basic earnings per share
204,075,131 188,803,605 203,390,674 186,354,723 
Dilutive impact of share options608,148 577,191 542,170 492,889 
Dilutive impact of restricted share units and restricted share units with performance criteria333,791 294,024 445,864 282,494 
Dilutive impact of performance share units473,827 5,610 333,896 6,197 
Weighted average number of common shares used in the calculation of diluted earnings per share
205,490,897 189,680,430 204,712,604 187,136,303 

As at June 30, 2024, 29,881 options (June 30, 2023 – 2,529,868) were excluded from the dilutive weighted-average number of common shares calculation because their effect would have been anti-dilutive.
(9)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
15. Share-based payments expense
Three months ended June 30,Six months ended June 30,
2024202320242023
Share options$1,130 $743 $1,785 $1,233 
Restricted shares with no performance criteria1,076 464 1,603 431 
Restricted shares with performance criteria— 236 (630)(212)
Performance shares1,078 651 1,245 822 
Deferred units392 582 1,722 1,254 
$3,676 $2,676 $5,725 $3,528 

16. Supplementary cash flow information
Three months ended June 30,Six months ended June 30,
2024202320242023
Changes in non-cash working capital:
Accounts receivable and other$(19,292)$33,852 $(1,033)$(4,513)
Inventories(6,053)(13,523)(17,845)(26,595)
Accounts payable and accrued liabilities5,409 (27,458)(14,082)(28,924)
$(19,936)$(7,129)$(32,960)$(60,032)

17. Commitments and contractual obligations
The Company's commitments and contractual obligations that had significant changes as at June 30, 2024 compared to December 31, 2023 include:
Within 1 Year2 Years3 Years4 Years5 YearsOver 5 YearsTotal
Debt - Term Facility*$— $43,395 $72,837 $72,837 $72,837 $35,527 $297,433 
Purchase obligations and other commitments$20,863 $83 $— $— $— $— $20,946 
* Does not include interest on debt.
Purchase obligations relate primarily to operating costs at all mines and capital projects at Kisladag, Skouries, and Efemcukuru.

(10)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
18. Derivative financial instruments
June 30, 2024December 31, 2023
Assets
Foreign currency collars$— $1,338 
Euro forward contracts91 1,513 
Interest rate swaps888 458 
Foreign currency forward contracts— 6,229 
Total derivative assets$979 $9,538 
Classified as:June 30, 2024December 31, 2023
Current$979 $2,502 
Non-current— 7,036 
$979 $9,538 
June 30, 2024December 31, 2023
Liabilities
Foreign currency collars$97 $— 
Euro forward contracts1,932 35 
Gold collars13,727 3,026 
Gold commodity swaps10,739 2,966 
Copper commodity swaps7,227 1,032 
Interest rate swaps4,948 12,063 
Foreign currency forward contracts758 — 
Total derivative liabilities$39,428 $19,122 
Classified as:June 30, 2024December 31, 2023
Current$7,174 $279 
Non-current32,254 18,843 
$39,428 $19,122 

(11)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
18. Derivative financial instruments (continued)
(a)Foreign Currency Collars
During 2023, the Company entered into zero-cost collars (purchase of a put option and sale of a call option) to reduce the risk associated with fluctuations of the Euro and Canadian dollar at Olympias and Lamaque, 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 foreign currency collars are recorded in other (expense) income.
As at June 30, 2024, the Company's outstanding currency derivative instruments were as follows:
2024
Canadian dollar collars
   Canadian dollar contracts US$54,000 
   Weighted average put strike price (USD:CDN)1.30
   Weighted average call strike price (USD:CDN)1.44
Euro collars
   Euro contracts€39,000 
   Weighted average put strike price (EUR:USD)1.14
   Weighted average call strike price (EUR:USD)1.03

Canadian dollar collars totalling $54.0 million and Euro collars totalling €39.0 million expired in the six months ended June 30, 2024 without financial settlement.

(b)Euro Forward Contracts
In August 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company’s equity commitment for the Skouries project. From July 2024 to May 2025, €5.0 million will be delivered to the Company every month at a forward rate of EUR/USD 1.1160.
In October 2023, the Company entered into additional foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate. From July 2024 to May 2025, €2.5 million will be delivered to the Company every month at a forward rate of EUR/USD 1.0785.
The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts and settlement (losses) and gains will be recorded in other (expense) income.
During the three and six months ended June 30, 2024, €7.5 million was delivered to the Company, on which a $0.2 million realized loss was recognized.

(c)Gold Collars
In May 2023, the Company entered into zero-cost collars (purchase of a put option and sale of a call option) to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. These derivatives set a band within which the Company expects to be able to protect against gold price movements, either above or below specific strike prices. Under the gold collars, 16,667 ounces settle monthly during the period from June 2023 through December 2025.
(12)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
18. Derivative financial instruments (continued)
(c)     Gold Collars (continued)
These derivatives are not designated as hedging instruments. Changes in the fair value of the gold collars are recorded in other (expense) income.
As at June 30, 2024, the Company's outstanding gold collars were as follows:
20242025
Gold ounces 100,002 200,004 
Weighted average put strike price per ounceUS$1,800 US$1,900 
Weighted average call strike price per ounceUS$2,765 US$2,667 
Gold collars totalling 100,002 ounces expired in the six months ended June 30, 2024 without financial settlement.

(d)Gold and Copper Commodity Swaps
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 US$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 US$8,525 per tonne and will be financially settled.
These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold and copper forward sales contracts are recorded in other (expense) income.

(e)Interest Rate Swaps
In April 2023, in conjunction with the Term Facility, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure under the six-months EURIBOR index. The interest rate swaps have a fixed rate of 3.11% and mature on December 31, 2032. The interest payment frequency is every six months.
The interest rate swaps have not been designated as hedging instruments. Changes in the fair value of the interest rate swaps are recorded in other (expense) income.
During the three and six months ended June 30, 2024, the Company recognized a $0.7 million gain on interest rate swap settlements.
In June 2024, the Company entered into interest rate swaps with an effective date of December 31, 2025, for a notional amount of €42.0 million, under the six-months EURIBOR index. The interest rate swaps have a fixed rate of 2.748% and mature on December 31, 2032. The interest payment frequency is every six months.

(f)Foreign Currency Forward Contracts
In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange forward 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, €17.0 million 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, €11.4 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1704.
The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts will be recorded in other (expense) income.

(13)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
19. 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 June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024December 31, 2023
Carrying amountFair valueCarrying amountFair value
Level 1(13)
Level 2
Level 1(13)
Level 2
Marketable securities (1)
162,857 — 162,857 100,794 — 100,794 
Investments in debt securities (2)
6,361 — 6,361 8,004 — 8,004 
Settlement receivables (3)
— 46,458 46,458 — 49,387 49,387 
Redemption option derivative asset (4)
— 7,664 7,664 — 5,635 5,635 
Senior Notes, excluding derivative asset (5)
— (498,450)(479,600)— (498,326)(471,600)
Term Facility - commercial loans (6)
— (178,733)(178,733)— (100,890)(100,890)
Term Facility - RRF loans (6)
— (72,207)(72,207)— (39,209)(39,209)
Term Facility - revolving VAT facility (6)
— (6,307)(6,307)— (3,269)(3,269)
Foreign currency collars - assets (7)
— — — — 1,338 1,338 
Foreign currency collars - liabilities (7)
— (97)(97)— — — 
Euro forward contracts - assets (8)
— 91 91 — 1,513 1,513 
Euro forward contracts - liabilities (8)
— (1,932)(1,932)— (35)(35)
Gold collars - liabilities (9)
— (13,727)(13,727)— (3,026)(3,026)
Gold commodity swaps - liabilities (10)
— (10,739)(10,739)— (2,966)(2,966)
Copper commodity swaps - liabilities (10)
— (7,227)(7,227)— (1,032)(1,032)
Interest rate swaps - assets (11)
— 888 888 — 458 458 
Interest rate swaps - liabilities (11)
— (4,948)(4,948)— (12,063)(12,063)
Foreign currency forward contracts - assets (12)
— — — — 6,229 6,229 
Foreign currency forward contracts - liabilities (12)
— (758)(758)— — — 
Net financial assets (liabilities)$169,218 $(740,024)$(551,956)$108,798 $(596,256)$(460,732)
(14)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
19. Financial instruments by category (continued)
(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. Changes in fair value are recorded in revenue.
(4)The redemption option derivative asset associated with the Senior Notes 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 8) with fair value based on models using observable interest rate inputs. Changes in fair value are recorded in finance costs.
(5)Senior Notes, excluding the redemption option derivative asset (Note 8), is carried at amortized cost. The fair value of the Senior Notes is based on observable prices in active markets.
(6)The Term Facility (Note 8) is carried at amortized cost. The fair value of the Term Facility approximates the carrying amount.
(7)Canadian dollar and Euro zero-cost collars classified as fair value through profit and loss (Note 18(a)) with fair value based on observable forward foreign exchange rates.
(8)Euro forward contracts classified as fair value through profit and loss (Note 18(b)) with fair value based on observable forward foreign exchange rates.
(9)Gold zero-cost collars classified as fair value through profit and loss (Note 18(c)) with fair value based on observable forward metal prices.
(10)Gold and copper commodity swaps classified as fair value through profit and loss (Note 18(d)) with fair value based on observable forward metal prices.
(11)Interest rate swaps classified as fair value through profit and loss (Note 18(e)) with fair value based on observable forward interest rates.
(12)U.S. dollar to Euro forward contracts classified as fair value through profit and loss (Note 18(f)) with fair value based on observable forward foreign exchange rates.
(13)The fair value of financial instruments traded in active markets are based on quoted market prices at the date of the statements 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.

There were no amounts transferred between levels of the fair value hierarchy during the six months ended June 30, 2024. Financial assets and liabilities carried at amortized cost and whose carrying amount approximates fair values due to their short-term maturities are excluded from the table. This includes cash and cash equivalents, term deposits, other receivables and advances, accounts payable and accrued liabilities.
(15)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
20. 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 June 30, 2024 are outlined below.
Foreign Exchange Risk
The Company is exposed to foreign exchange risk arising from transactions denominated in foreign currencies, particularly from its operations in Turkiye, Canada and Greece.
The Company continues to use zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar (Note 18(a)) at the Olympias mine and Lamaque operations, respectively.
In conjunction with the Term Facility, the Company also uses foreign currency forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company’s equity commitment for the Skouries project (Note 18(b)), and a portion of the Term Facility repayments (Note 18(f)), reducing its exposure to foreign exchange risk.
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 conjunction with the Term Facility, the Company continues to use gold and copper commodity swap contracts, reducing its exposure to fluctuations in future metal prices. The contracts settle on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026 (Note 18(d)).
The Company also uses zero-cost gold collars to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. Under the gold collars, 16,667 ounces settle monthly during the period from June 2023 through December 2025 (Note 18(c)).
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 include amounts at variable rates based on six-months EURIBOR index. 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 18(e)).
Credit Risk
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.
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.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments.
The Company's equity commitment for the Skouries project is backstopped by a letter of credit issued under the Credit Facility. On June 27, 2024, the Company entered into an agreement with a syndicate of lenders to extend and increase the Credit Facility from $250 million to $350 million. As at June 30, 2024, after giving effect to investments in the project to date (including the proceeds of an equity investment in Eldorado of C$81.5 million by the European Bank for Reconstruction and Development in June 2023), the amount outstanding under the letter of credit for Skouries was €126.2 million ($135.1 million) and the Company's available balance under the Credit Facility was $214.6 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries project.
(16)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
21. 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 June 30, 2024, 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 Kişladağ and the Efemçukuru mines and exploration activities in Turkiye. The Canada reporting segment includes Lamaque 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 June 30, 2024. 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.

As at and for the three months ended June 30, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$149,326 $102,840 $44,975 $— $— $297,141 
Production costs63,002 33,574 31,233 — — 127,809 
Depreciation and amortization30,769 16,636 12,033 — — 59,438 
Earnings from mine operations$55,555 $52,630 $1,709 $— $— $109,894 
Other significant items of income and expense
Write-down of assets$688 $— $— $— $— $688 
Exploration and evaluation expenses1,642 961 119 — 664 3,386 
Mine standby costs— 356 1,581 — — 1,937 
Income tax expense (recovery)10,461 15,608 (1,613)— (2,745)21,711 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (904)— (904)
Capital expenditure information
Additions to property, plant and equipment during the period**$40,325 $27,798 $97,944 $— $(400)$165,667 
Capitalized interest— — 6,706 — — 6,706 
* Discontinued Operations (Note 4).
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.
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Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
21. Segment information (continued)
As at and for the three months ended June 30, 2023TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$108,797 $78,611 $41,585 $— $— $228,993 
Production costs47,854 28,305 39,975 — — 116,134 
Depreciation and amortization28,700 18,950 16,436 — — 64,086 
Earnings (loss) from mine operations$32,243 $31,356 $(14,826)$— $— $48,773 
Other significant items of income and expense
Write-down of assets$138 $— $1,748 $— $— $1,886 
Exploration and evaluation expenses2,274 1,643 155 — 562 4,634 
Mine standby costs— 1,723 3,390 — — 5,113 
Income tax expense (recovery)34,933 5,578 (1,098)— (547)38,866 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (652)— (652)
Capital expenditure information
Additions to property, plant and equipment during the period**$26,841 $21,068 $49,860 $— $1,695 $99,464 
Capitalized interest— — 5,128 — — 5,128 
* Discontinued Operations (Note 4).
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.



















(18)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
21. Segment information (continued)
As at and for the six months ended June 30, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$267,680 $196,293 $91,135 $— $— $555,108 
Production costs115,784 68,775 66,256 — — 250,815 
Depreciation and amortization53,587 35,287 25,043 — — 113,917 
Earnings (loss) from mine operations$98,309 $92,231 $(164)$— $— $190,376 
Other significant items of income and expense
Write-down (recovery) of assets$1,752 $— $(342)$— $— $1,410 
Exploration and evaluation expenses2,813 3,491 260 — 1,255 7,819 
Mine standby costs— 633 3,990 — — 4,623 
Income tax expense (recovery)13,983 28,448 2,780 — (7,448)37,763 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (2,493)— (2,493)
Capital expenditure information
Additions to property, plant and equipment during the period**$71,586 $54,320 $155,101 $— $6,662 $287,669 
Capitalized interest — — 14,655 — — 14,655 
Information about assets and liabilities
Property, plant and equipment$834,590 $747,305 $2,322,063 $— $13,827 $3,917,785 
Goodwill— 92,591 — — — 92,591 
$834,590 $839,896 $2,322,063 $— $13,827 $4,010,376 
Debt$— $— $257,247 $— $490,786 $748,033 
* Discontinued Operations (Note 4).
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.
(19)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and six months ended June 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
21. Segment information (continued)
As at and for the six months ended June 30, 2023TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$221,521 $152,251 $83,036 $— $— $456,808 
Production costs96,097 57,507 72,241 — — 225,845 
Depreciation and amortization59,506 37,503 29,430 — — 126,439 
Earnings (loss) from mine operations$65,918 $57,241 $(18,635)$— $— $104,524 
Other significant items of income and expense
Write-down of assets$300 $— $1,748 $— $— $2,048 
Exploration and evaluation expenses4,170 4,879 339 — 1,082 10,470 
Mine standby costs— 2,028 6,589 — — 8,617 
Income tax expense (recovery)46,655 12,410 (6,286)— (1,182)51,597 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (713)— (713)
Capital expenditure information
Additions to property, plant and equipment during the period**$51,495 $41,495 $84,893 $— $4,938 $182,821 
Capitalized interest— — 5,128 — — 5,128 
* 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, 2023TurkiyeCanadaGreeceRomania*OtherTotal
Information about assets and liabilities
Property, plant and equipment$831,756 $729,685 $2,179,782 $— $14,336 $3,755,559 
Goodwill— 92,591 — — — 92,591 
$831,756 $822,276 $2,179,782 $— $14,336 $3,848,150 
Debt$— $— $143,368 $— $492,691 $636,059 
* Discontinued Operations (Note 4).

(20)