EX-99.1 2 unauditedcondensedconsolid.htm EX-99.1 Document

Exhibit 99.1

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Condensed Consolidated Interim Financial Statements
September 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 September 30, 2024 and December 31, 2023
(Unaudited – in thousands of U.S. dollars)
As atNoteSeptember 30, 2024December 31, 2023
ASSETS
Current assets
Cash and cash equivalents$676,590 $540,473 
Term deposits— 1,136 
Accounts receivable and other5195,246 122,778 
Inventories6290,376 235,890 
Current derivative assets181,024 2,502 
Assets held for sale418,182 27,627 
1,181,418 930,406 
Restricted cash2,380 2,085 
Deferred tax assets14,748 14,748 
Other assets7261,925 185,209 
Non-current derivative assets185,025 7,036 
Property, plant and equipment4,007,052 3,755,559 
Goodwill92,591 92,591 
$5,565,139 $4,987,634 
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities$307,106 $254,030 
Current portion of lease liabilities5,073 5,020 
Current portion of asset retirement obligation2,367 4,019 
Current derivative liabilities1824,957 279 
Liabilities associated with assets held for sale411,182 10,867 
350,685 274,215 
Debt8849,196 636,059 
Lease liabilities11,194 12,092 
Employee benefit plan obligations11,137 10,261 
Asset retirement obligations128,153 125,090 
Non-current derivative liabilities1852,539 18,843 
Deferred income tax liabilities399,986 399,109 
1,802,890 1,475,669 
Equity
Share capital143,433,327 3,413,365 
Treasury stock(11,966)(19,263)
Contributed surplus2,609,850 2,617,216 
Accumulated other comprehensive income (loss)45,186 (4,751)
Deficit(2,304,364)(2,488,420)
Total equity attributable to shareholders of the Company3,772,033 3,518,147 
Attributable to non-controlling interests(9,784)(6,182)
3,762,249 3,511,965 
$5,565,139 $4,987,634 
Subsequent events (Note 4)
Approved on behalf of the Board of Directors
    (signed) John Webster    Director        (signed) George Burns    Director
Date of approval: October 31, 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 nine months ended September 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            
Three months ended
Nine months ended
September 30,September 30,
Note2024202320242023
Revenue
  Metal sales9$331,758 $244,828 $886,866 $701,636 
Cost of sales
  Production costs141,225 115,502 392,040 341,347 
  Depreciation and amortization64,056 62,983 177,973 189,422 
205,281 178,485 570,013 530,769 
Earnings from mine operations126,477 66,343 316,853 170,867 
Exploration and evaluation expenses8,310 6,288 16,129 16,758 
Mine standby costs103,198 3,382 7,821 11,999 
General and administrative expenses7,281 9,291 27,040 29,256 
Employee benefit plan expense1,115 1,277 3,153 3,496 
Share-based payments expense154,083 2,045 9,808 5,573 
Write-down of assets2 2,924 1,412 4,972 
Foreign exchange loss (gain)2,527 (1,726)979 (15,480)
Earnings from operations99,961 42,862 250,511 114,293 
Other income1132,773 11,366 18,553 30,454 
Finance costs12(3,476)(8,910)(10,529)(27,053)
Earnings from continuing operations before income tax129,258 45,318 258,535 117,694 
Income tax expense1328,223 51,984 65,986 103,581 
Net earnings (loss) from continuing operations
101,035 (6,666)192,549 14,113 
Net loss from discontinued operations, net of tax4(9,770)(1,201)(12,268)(3,267)
Net earnings (loss) for the period
$91,265 $(7,867)$180,281 $10,846 
Net earnings (loss) attributable to:
Shareholders of the Company94,971 (7,998)184,056 12,207 
Non-controlling interests(3,706)131 (3,775)(1,361)
Net earnings (loss) for the period
$91,265 $(7,867)$180,281 $10,846 
Net earnings (loss) attributable to shareholders of the Company:
Continuing operations101,113 (6,557)192,691 14,361 
Discontinued operations(6,142)(1,441)(8,635)(2,154)
$94,971 $(7,998)$184,056 $12,207 
Net (loss) earnings attributable to non-controlling interests:
Continuing operations(78)(109)(142)(248)
Discontinued operations(3,628)240 (3,633)(1,113)
$(3,706)$131 $(3,775)$(1,361)
Weighted average number of shares outstanding:
Basic14204,520,670 202,471,872 203,770,089 191,786,143 
Diluted14206,146,570 202,471,872 205,257,479 192,642,696 
Net earnings (loss) per share attributable to shareholders of the Company:
Basic earnings (loss) per share
$0.46 $(0.04)$0.90 $0.06 
Diluted earnings (loss) per share
$0.46 $(0.04)$0.90 $0.06 
Net earnings (loss) per share attributable to shareholders of the Company - Continuing operations:
Basic earnings (loss) per share
$0.49 $(0.03)$0.95 $0.07 
Diluted earnings (loss) per share
$0.49 $(0.03)$0.94 $0.07 
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 nine months ended September 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars)                            
Three months ended
Nine months ended
September 30,September 30,
2024202320242023
Net earnings (loss) for the period
$91,265 $(7,867)$180,281 $10,846 
Other comprehensive income (loss):
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in marketable securities2,739 3,375 57,984 30,872 
Income tax expense on change in fair value of investments in marketable securities(339)(476)(7,787)(1,657)
Actuarial gains (losses) on employee benefit plans413 (2,028)(342)(5,693)
Income tax (expense) recovery on actuarial losses on employee benefit plans(96)386 82 1,082 
Total other comprehensive income for the period2,717 1,257 49,937 24,604 
Total comprehensive income (loss) for the period$93,982 $(6,610)$230,218 $35,450 
Attributable to:
Shareholders of the Company
97,688 (6,741)233,993 36,811 
Non-controlling interests
(3,706)131 (3,775)(1,361)
$93,982 $(6,610)$230,218 $35,450 




























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 nine months ended September 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars)
Three months ended
Nine months ended
September 30,September 30,
Note2024202320242023
Cash flows generated from (used in):
Operating activities
Net earnings (loss) from continuing operations$101,035 $(6,666)$192,549 $14,113 
Adjustments for:
Depreciation and amortization64,944 63,789 180,608 191,803 
Finance costs123,476 8,910 10,529 27,053 
Interest income11(6,060)(5,334)(17,346)(11,784)
Unrealized foreign exchange loss (gain) 1,797 (1,736)3,134 (13,961)
Income tax expense1328,223 51,984 65,986 103,581 
Loss (gain) on disposal of assets273 (60)830 707 
Unrealized loss (gain) on derivative contracts1133,055 (5,957)61,908 (14,979)
Write-down of assets2 2,924 1,412 4,972 
Realized loss (gain) on derivative contracts1139 (7)(423)(2)
Share-based payments expense154,083 2,045 9,808 5,573 
Non-cash gain on deferred consideration
5
(60,000)— (60,000)— 
Employee benefit plan expense1,115 1,277 3,153 3,496 
171,982 111,169 452,148 310,572 
Property reclamation payments(926)(583)(2,419)(2,539)
Employee benefit plan payments(255)(704)(1,175)(4,815)
Settlement of derivative contracts(39)7 423 2 
Income taxes paid(10,308)(17,727)(59,349)(41,864)
Interest received6,060 5,334 17,346 11,784 
Changes in non-cash working capital1614,385 10,584 (18,575)(49,872)
Net cash generated from operating activities of continuing operations180,899 108,080 388,399 223,268 
Net cash used in operating activities of discontinued operations4(75)(84)(293)(15)
Investing activities
Additions to property, plant and equipment(169,337)(114,597)(423,117)(273,101)
Capitalized interest paid(9,136)(7,302)(23,224)(7,829)
Proceeds from the sale of property, plant and equipment232 201 248 1,386 
Value added taxes related to mineral property expenditures, net(5,968)(5,656)(8,593)(20,158)
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(184,209)(127,354)(464,680)(265,335)
Financing activities
Issuance of common shares for cash, net of share issuance costs1,340 (62)13,659 166,747 
Contributions from non-controlling interests— — 173 265 
Proceeds from Term Facility - commercial loans and RRF loans892,207 43,529 218,810 114,737 
Proceeds from Term Facility - VAT facility818,034 8,517 37,340 9,052 
Repayments of Term Facility - VAT facility8(15,473)— (30,962)— 
Term Facility loan financing costs— (102)— (17,274)
Term Facility commitment fees— — (2,201)(2,529)
Senior Secured Credit Facility refinancing costs
(2,072)— (2,222)— 
Interest paid(7,986)(10,063)(17,875)(27,762)
Principal portion of lease liabilities (1,202)(948)(3,366)(2,793)
Purchase of treasury stock— (1,131)(958)(1,131)
Net cash generated from financing activities of continuing operations84,848 39,740 212,398 239,312 
Net increase in cash and cash equivalents81,463 20,382 135,824 197,230 
Cash and cash equivalents - beginning of period595,052 456,583 540,473 279,735 
Change in cash in disposal group held for sale75 (341)293 (341)
Cash and cash equivalents - end of period $676,590 $476,624 $676,590 $476,624 
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 nine months ended September 30, 2024 and 2023
(Unaudited – in thousands of U.S. dollars)
Three months ended
Nine months ended
September 30,September 30,
Note2024202320242023
Share capital
Balance beginning of period$3,431,267 $3,410,609 $3,413,365 $3,241,644 
Shares issued upon exercise of share options1,465 71 13,784 5,211 
Shares issued upon exercise of performance share units— — 499 — 
Transfer of contributed surplus on exercise of options595 31 5,679 2,199 
Shares issued in private placements, net of share issuance costs— (12)— 66,764 
Shares issued to the public, net of share issuance costs— (163)— 94,718 
Balance end of period14$3,433,327 $3,410,536 $3,433,327 $3,410,536 
Treasury stock
Balance beginning of period$(12,157)$(14,821)$(19,263)$(20,454)
Purchase of treasury stock— (1,131)(958)(1,131)
Shares redeemed upon exercise of restricted share units191 — 8,255 5,633 
Balance end of period$(11,966)$(15,952)$(11,966)$(15,952)
Contributed surplus
Balance beginning of period$2,607,572 $2,612,685 $2,617,216 $2,618,212 
Share-based payment arrangements3,064 2,523 7,067 4,797 
Shares redeemed upon exercise of restricted share units(191)— (8,255)(5,633)
Shares redeemed upon exercise of performance share units— — (499)— 
Transfer to share capital on exercise of options(595)(31)(5,679)(2,199)
Balance end of period$2,609,850 $2,615,177 $2,609,850 $2,615,177 
Accumulated other comprehensive income (loss)
Balance beginning of period$42,469 $(18,937)$(4,751)$(42,284)
Other comprehensive income for the period attributable to shareholders of the Company2,717 1,257 49,937 24,604 
Balance end of period$45,186 $(17,680)$45,186 $(17,680)
Deficit
Balance beginning of period$(2,399,335)$(2,572,845)$(2,488,420)$(2,593,050)
Net earnings (loss) attributable to shareholders of the Company94,971 (7,998)184,056 12,207 
Balance end of period$(2,304,364)$(2,580,843)$(2,304,364)$(2,580,843)
Total equity attributable to shareholders of the Company$3,772,033 $3,411,238 $3,772,033 $3,411,238 
Non-controlling interests
Balance beginning of period$(6,078)$(4,427)$(6,182)$(3,200)
(Loss) earnings attributable to non-controlling interests(3,706)131 (3,775)(1,361)
Contributions from non-controlling interests— — 173 265 
Balance end of period$(9,784)$(4,296)$(9,784)$(4,296)
Total equity$3,762,249 $3,406,942 $3,762,249 $3,406,942 

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 nine months ended September 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 October 31, 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 nine months ended September 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
On October 7, 2024, the Company entered into a share purchase agreement ("SPA") to sell the Certej project, a non-core gold asset in the Romania segment. The sale is subject to certain closing conditions.
Consideration includes:
•$0.5 million cash deposit received upon signing of the SPA;
•$3.5 million cash upon closing of the transaction;
•$4.0 million of common shares of the purchasing company upon closing;
•deferred consideration of $22.0 million in cash, with $2.0 million payable within 45 days after the issuance of a zonal urbanization plan ("PUZ"), and $10.0 million payable on both the first and second anniversary following the receipt of both the PUZ and the building permit; and
•the Company will retain a 1.5% net smelter return royalty on the project.
During the third quarter of 2024, the Company recorded impairment of $8.7 million on the Certej project to recognize property, plant and equipment expenditures at their estimated fair value, based on a plan to sell the asset and completion of the agreement.
At September 30, 2024, the disposal group was stated at fair value less costs to sell and comprised the following assets and liabilities:
September 30, 2024December 31, 2023
Cash$477 $770 
Accounts receivable and other1,118 1,276 
Inventories1,657 1,586 
Property, plant, and equipment14,930 23,995 
Assets held for sale$18,182 $27,627 
Accounts payable and accrued liabilities$(208)$(228)
Asset retirement obligations(10,974)(10,639)
Liabilities associated with assets held for sale$(11,182)$(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.










(2)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 (continued)
The results from operations of the Romanian reporting segment include:
Three months ended September 30,Nine months ended September 30,
2024 2023 2024 2023 
Expenses$(1,083)$(1,201)$(3,581)$(3,267)
Impairment of property and equipment
(8,687)— (8,687)— 
Loss from operations(9,770)(1,201)(12,268)(3,267)
Income tax expense— — — — 
Loss from discontinued operations, net of tax$(9,770)$(1,201)$(12,268)$(3,267)
Loss from discontinued operations attributable to shareholders of the Company$(6,142)$(1,441)$(8,635)$(2,154)
(Loss) earnings from discontinued operations attributable to non-controlling interest$(3,628)$240 $(3,633)$(1,113)
Basic and diluted loss per share attributable to shareholders of the Company$(0.03)$(0.01)$(0.04)$(0.01)

Net cash used in operating activities of the Romanian reporting segment during the three and nine months ended September 30, 2024 was $0.1 million and $0.3 million, respectively. Net cash used in operating activities during the three and nine months ended September 30, 2023 was $0.1 million and $0.0 million, respectively.

(3)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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
September 30, 2024December 31, 2023
Trade receivables$53,594 $49,387 
Value added tax and other taxes recoverable29,685 29,465 
Other receivables and advances26,067 21,097 
Prepaid expenses and deposits24,730 19,997 
Investment in marketable securities and debt securities1,170 2,832 
Deferred consideration (i)
60,000 — 
$195,246 $122,778 

(i) 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 following TZ commencing commercial production, payable on or before the first anniversary of commercial production (“Deferred Consideration”). GMIN declared commercial production on September 3, 2024. Six to nine months after commercial production is achieved, GMIN has the option to notify Eldorado and 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.

6. Inventories
September 30, 2024December 31, 2023
Ore stockpiles$12,421 $9,856 
In-process inventory and finished goods154,568 102,884 
Materials and supplies123,387 123,150 
$290,376 $235,890 

7. Other assets
September 30, 2024December 31, 2023
Investments in marketable securities and debt securities$173,252 $105,966 
Long-term value added tax and other taxes recoverable83,797 74,495 
Prepaid loan costs3,841 3,175 
Prepaid forestry fees982 1,403 
Other 53 170 
$261,925 $185,209 


(4)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
8. Debt
September 30, 2024December 31, 2023
Senior Notes, net of unamortized transaction fees of $4,729 (2023 – $5,325) and initial redemption option of $3,243
$498,514 $498,326 
Redemption option derivative asset(12,684)(5,635)
Term Facility commercial loans, net of unamortized transaction fees of $21,602
251,573 100,890 
Term Facility RRF loans, net of unamortized transaction fees of $5,631
102,690 39,209 
Term Facility revolving VAT facility, net of unamortized transaction fees of $615
9,103 3,269 
$849,196 $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 nine months ended September 30, 2024 of $7.0 million and the increase in fair value for the three months ended September 30, 2024 of $5.0 million is recognized in finance costs (the decrease in fair value for the three and nine months ended September 30, 2023 was $1.5 million and $2.0 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 September 30, 2024.
The fair market value of the Senior Notes as at September 30, 2024 is $498.0 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 ($141.3 million) as at September 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.
(5)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 nine months ended September 30, 2024, the Company completed five drawdowns on the Term Facility totalling €201.8 million ($218.8 million), including €138.7 million ($150.4 million) of commercial loans and €63.1 million ($68.4 million) from the RRF loans. Additionally, in the nine months ended September 30, 2024, the Company completed drawdowns on the VAT revolving credit facility totalling €34.3 million ($37.3 million) and made repayments of €28.6 million ($31.0 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 September 30, 2024.
As at September 30, 2024, €126.7 million ($141.8 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 September 30, 2024, this amount includes proceeds from the Term Facility of €126.7 million ($141.8 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 September 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 ($141.3 million) and the Company's available balance under the Credit Facility was $208.4 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries project.

(6)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 September 30, 2024, revenue from contracts with customers by product and segment was as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$101,491 $111,166 $— $212,657 
Gold revenue - concentrate50,960 — 40,464 91,424 
Silver revenue - doré728 387 — 1,115 
Silver revenue - concentrate1,385 — 10,271 11,656 
Lead concentrate— — 6,006 6,006 
Zinc concentrate— — 8,567 8,567 
Revenue from contracts with customers$154,564 $111,553 $65,308 $331,425 
(Loss) gain on revaluation of derivatives in trade receivables - gold(65)— 816 751 
Loss on revaluation of derivatives in trade receivables - other metals— — (418)(418)
$154,499 $111,553 $65,706 $331,758 

For the three months ended September 30, 2023, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$74,486 $78,745 $— $153,231 
Gold revenue - concentrate39,860 — 30,299 70,159 
Silver revenue - doré677 378 — 1,055 
Silver revenue - concentrate990 — 8,998 9,988 
Lead concentrate— — 7,487 7,487 
Zinc concentrate— — 3,661 3,661 
Revenue from contracts with customers$116,013 $79,123 $50,445 $245,581 
Loss on revaluation of derivatives in trade receivables - gold(1,749)— (501)(2,250)
Gain on revaluation of derivatives in trade receivables - other metals— — 1,497 1,497 
$114,264 $79,123 $51,441 $244,828 
(7)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 nine months ended September 30, 2024, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$270,772 $306,552 $— $577,324 
Gold revenue - concentrate143,102 — 100,835 243,937 
Silver revenue - doré2,490 1,294 — 3,784 
Silver revenue - concentrate4,739 — 22,973 27,712 
Lead concentrate— — 14,324 14,324 
Zinc concentrate— — 16,717 16,717 
Revenue from contracts with customers$421,103 $307,846 $154,849 $883,798 
Gain on revaluation of derivatives in trade receivables - gold1,076 — 191 1,267 
Gain on revaluation of derivatives in trade receivables - other metals— — 1,801 1,801 
$422,179 $307,846 $156,841 $886,866 

For the nine months ended September 30, 2023, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$209,613 $230,217 $— $439,830 
Gold revenue - concentrate122,263 — 81,071 203,334 
Silver revenue - doré2,307 1,157 — 3,464 
Silver revenue - concentrate3,285 — 23,892 27,177 
Lead concentrate— — 20,450 20,450 
Zinc concentrate— — 12,018 12,018 
Revenue from contracts with customers$337,468 $231,374 $137,431 $706,273 
Loss on revaluation of derivatives in trade receivables - gold(1,683)— (1,321)(3,004)
Loss on revaluation of derivatives in trade receivables - other metals— — (1,633)(1,633)
$335,785 $231,374 $134,477 $701,636 

10. Mine standby costs
Three months ended September 30,Nine months ended September 30,
2024 2023 2024 2023 
Stratoni$1,842 $2,960 $4,866 $8,858 
Other mine standby costs1,356 422 2,955 3,141 
$3,198 $3,382 $7,821 $11,999 

(8)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
11. Other income
Three months ended September 30,Nine months ended September 30,
2024202320242023
Unrealized (loss) gain on derivative instruments$(33,055)$5,957 $(61,908)$14,979 
Interest income6,060 5,334 17,346 11,784 
Realized (loss) gain on derivative instruments(39)7 423 2 
Gain on sale of the Tocantinzinho project (Note 5)
60,000 — 60,000 — 
Other(193)68 2,692 3,689 
$32,773 $11,366 $18,553 $30,454 

12. Finance costs
Three months ended September 30,Nine months ended September 30,
2024202320242023
Interest cost on Senior Notes $7,876 $7,872 $23,625 $23,613 
Interest cost on Term Facility 5,270 1,374 11,581 2,002 
Other interest and financing costs2,561 2,131 1,013 5,458 
Change in fair value of redemption option derivative (Note 8)
(5,020)1,471 (7,049)2,022 
Asset retirement obligation accretion1,217 1,075 3,651 3,224 
Interest expense on lease liabilities431 428 1,222 1,303 
Total finance costs$12,335 $14,351 $34,043 $37,622 
Less: capitalized interest(8,859)(5,441)(23,514)(10,569)
$3,476 $8,910 $10,529 $27,053 

13. Income tax expense
Three months ended September 30,Nine months ended September 30,
2024202320242023
Current tax expense$39,634 $21,343 $72,813 $63,642 
Deferred tax (recovery) expense
(11,411)30,641 (6,827)39,939 
$28,223 $51,984 $65,986 $103,581 
(9)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 options1,743,271 13,784 716,415 5,211 
Shares issued on redemption of performance share units27,874 499 — — 
Estimated fair value of share options exercised transferred from contributed surplus— 5,679 — 2,199 
Shares issued for private placement with EBRD, net of issuance costs— — 6,269,231 60,136 
Shares issued for bought deal offering, net of issuance costs— — 10,400,000 94,718 
Flow-through shares issued, net of issuance costs and premium— — 680,900 6,628 
Balance at September 30,
204,909,496 $3,433,327 202,867,117 $3,410,536 

(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 September 30,Nine months ended September 30,
2024202320242023
Weighted average number of common shares used in the calculation of basic earnings per share
204,520,670 202,471,872 203,770,089 191,786,143 
Dilutive impact of share options762,096 — 639,606 506,863 
Dilutive impact of restricted share units and restricted share units with performance criteria294,125 — 428,958 344,631 
Dilutive impact of performance share units569,679 — 418,826 5,059 
Weighted average number of common shares used in the calculation of diluted earnings per share
206,146,570 202,471,872 205,257,479 192,642,696 

As at September 30, 2024, 16,218 options (September 30, 2023 – 2,555,054) 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 September 30, 2023 was in a net loss position, 410,312 share options, 272,210 restricted stock units ("RSU's") and RSU's with performance criteria, and 7,059 performance share units ("PSU's") were anti-dilutive.
(10)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 September 30,Nine months ended September 30,
2024202320242023
Share options$1,009 $599 $2,794 $1,832 
Restricted shares with no performance criteria966 668 2,569 1,099 
Restricted shares with performance criteria— 342 (630)130 
Performance shares1,089 914 2,334 1,736 
Deferred units1,019 (478)2,741 776 
$4,083 $2,045 $9,808 $5,573 


16. Supplementary cash flow information
Three months ended September 30,Nine months ended September 30,
2024202320242023
Changes in non-cash working capital:
Accounts receivable and other$(19,553)$(10,107)$(20,586)$(14,620)
Inventories(13,670)(2,996)(31,515)(29,591)
Accounts payable and accrued liabilities47,608 23,687 33,526 (5,661)
$14,385 $10,584 $(18,575)$(49,872)


17. Commitments and contractual obligations
The Company's commitments and contractual obligations that had significant changes as at September 30, 2024 compared to December 31, 2023 include:
Within 1 Year2 Years3 Years4 Years5 YearsOver 5 YearsTotal
Debt - Term Facility*$— $47,807 $76,178 $76,178 $76,178 $130,835 $407,176 
Purchase obligations and other commitments$2,943 $957 $436 $2 $— $— $4,338 
* Does not include interest on debt.
Purchase obligations relate primarily to capital projects at Kisladag and Olympias.

(11)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2024 and 2023
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
18. Derivative financial instruments
September 30, 2024December 31, 2023
Assets
Foreign currency collars$50 $1,338 
Euro forward contracts929 1,513 
Interest rate swaps— 458 
Foreign currency forward contracts5,070 6,229 
Total derivative assets$6,049 $9,538 
Classified as:September 30, 2024December 31, 2023
Current$1,024 $2,502 
Non-current5,025 7,036 
$6,049 $9,538 
September 30, 2024December 31, 2023
Liabilities
Euro forward contracts$8 $35 
Gold collars35,697 3,026 
Gold commodity swaps19,041 2,966 
Copper commodity swaps9,469 1,032 
Interest rate swaps13,281 12,063 
Total derivative liabilities$77,496 $19,122 
Classified as:September 30, 2024December 31, 2023
Current$24,957 $279 
Non-current52,539 18,843 
$77,496 $19,122 

(12)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 income (expense).
As at September 30, 2024, the Company's outstanding currency derivative instruments were as follows:
2024
Canadian dollar collars
   Canadian dollar contracts US$27,000 
   Weighted average put strike price (USD:CDN)1.30
   Weighted average call strike price (USD:CDN)1.44
Euro collars
   Euro contracts€19,500 
   Weighted average put strike price (EUR:USD)1.14
   Weighted average call strike price (EUR:USD)1.03

Canadian dollar collars totalling $81.0 million and Euro collars totalling €58.5 million expired in the nine months ended September 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 October 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 October 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 income (expense).
During the three months ended September 30, 2024, €22.5 million was delivered to the Company, on which a $0.0 million realized loss was recognized. During the nine months ended September 30, 2024, €30.0 million was delivered to the Company, on which a $0.3 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.
(13)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 income (expense).
As at September 30, 2024, the Company's outstanding gold collars were as follows:
20242025
Gold ounces 50,001 200,004 
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 150,003 ounces expired in the nine months ended September 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 income (expense).

(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 income (expense).
During the nine months ended September 30, 2024, the Company recognized a $0.7 million gain on interest rate swap settlements. There were no settlements of interest rate swaps for the three months ended September 30, 2024.
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 income (expense).

(14)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
Carrying amountFair valueCarrying amountFair value
Level 1(14)
Level 2
Level 1(13)
Level 2
Marketable securities (1)
167,821 — 167,821 100,794 — 100,794 
Investments in debt securities (2)
6,601 — 6,601 8,004 — 8,004 
Settlement receivables (3)
— 53,594 53,594 — 49,387 49,387 
Deferred consideration (4)
60,000 — 60,000 — — — 
Redemption option derivative asset (5)
— 12,684 12,684 — 5,635 5,635 
Senior Notes, excluding derivative asset (6)
— (498,514)(498,000)— (498,326)(471,600)
Term Facility - commercial loans (7)
— (251,573)(251,573)— (100,890)(100,890)
Term Facility - RRF loans (7)
— (102,690)(102,690)— (39,209)(39,209)
Term Facility - revolving VAT facility (7)
— (9,103)(9,103)— (3,269)(3,269)
Foreign currency collars - assets (8)
— 50 50 — 1,338 1,338 
Euro forward contracts - assets (9)
— 929 929 — 1,513 1,513 
Euro forward contracts - liabilities (9)
— (8)(8)— (35)(35)
Gold collars - liabilities (10)
— (35,697)(35,697)— (3,026)(3,026)
Gold commodity swaps - liabilities (11)
— (19,041)(19,041)— (2,966)(2,966)
Copper commodity swaps - liabilities (11)
— (9,469)(9,469)— (1,032)(1,032)
Interest rate swaps - assets (12)
— — — — 458 458 
Interest rate swaps - liabilities (12)
— (13,281)(13,281)— (12,063)(12,063)
Foreign currency forward contracts - assets (13)
— 5,070 5,070 — 6,229 6,229 
Net financial assets (liabilities)$234,422 $(867,049)$(632,113)$108,798 $(596,256)$(460,732)

(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)On October 27, 2021, the Company completed a sale of the Tocantinzinho Project ("TZ"), a non-core gold asset, located in Brazil. Under the terms of the sale agreement, Eldorado will receive a deferred consideration of $60 million in cash to be paid subject to TZ commencing commercial production, payable on or before the first anniversary of commercial production (Note 5).
(5)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.
(15)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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)

(6)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.
(7)The Term Facility (Note 8) is carried at amortized cost. The fair value of the Term Facility approximates the carrying amount.
(8)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.
(9)Euro forward contracts classified as fair value through profit and loss (Note 18(b)) with fair value based on observable forward foreign exchange rates.
(10)Gold zero-cost collars classified as fair value through profit and loss (Note 18(c)) with fair value based on observable forward metal prices.
(11)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.
(12)Interest rate swaps classified as fair value through profit and loss (Note 18(e)) with fair value based on observable forward interest rates.
(13)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.
(14)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 nine months ended September 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.
(16)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 September 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 September 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 ($141.3 million) and the Company's available balance under the Credit Facility was $208.4 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries project.
(17)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 September 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 September 30, 2024. The 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 September 30, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$154,499 $111,553 $65,706 $— $— $331,758 
Production costs63,752 32,815 44,658 — — 141,225 
Depreciation and amortization32,245 18,496 13,315 — — 64,056 
Earnings from mine operations$58,502 $60,242 $7,733 $— $— $126,477 
Other significant items of income and expense
Write-down of assets$2 $— $— $— $— $2 
Exploration and evaluation expenses3,207 3,224 127 — 1,752 8,310 
Mine standby costs— 613 2,585 — — 3,198 
Income tax expense (recovery)13,934 16,742 (17,923)— 15,470 28,223 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (6,142)— (6,142)
Capital expenditure information
Additions to property, plant and equipment during the period**$37,466 $26,732 $92,128 $— $1,771 $158,097 
Capitalized interest— — 8,859 — — 8,859 
* 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 nine months ended September 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 September 30, 2023TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$114,264 $79,123 $51,441 $— $— $244,828 
Production costs49,260 26,895 39,347 — — 115,502 
Depreciation and amortization30,181 18,190 14,612 — — 62,983 
Earnings (loss) from mine operations$34,823 $34,038 $(2,518)$— $— $66,343 
Other significant items of income and expense
Write-down of assets$1,087 $— $1,837 $— $— $2,924 
Exploration and evaluation expenses2,367 3,496 181 — 244 6,288 
Mine standby costs— 388 2,994 — — 3,382 
Income tax expense (recovery)40,765 6,599 5,095 — (475)51,984 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (1,441)— (1,441)
Capital expenditure information
Additions to property, plant and equipment during the period**$29,166 $26,389 $33,327 $— $2,252 $91,134 
Capitalized interest— — 5,441 — — 5,441 
* 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 nine months ended September 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 nine months ended September 30, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$422,179 $307,846 $156,841 $— $— $886,866 
Production costs179,536 101,590 110,914 — — 392,040 
Depreciation and amortization85,832 53,783 38,358 — — 177,973 
Earnings from mine operations$156,811 $152,473 $7,569 $— $— $316,853 
Other significant items of income and expense
Write-down (recovery) of assets$1,754 $— $(342)$— $— $1,412 
Exploration and evaluation expenses6,020 6,715 387 — 3,007 16,129 
Mine standby costs— 1,246 6,575 — — 7,821 
Income tax expense (recovery)27,917 45,190 (15,143)— 8,022 65,986 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (8,635)— (8,635)
Capital expenditure information
Additions to property, plant and equipment during the period**$109,052 $81,052 $247,229 $— $8,433 $445,766 
Capitalized interest — — 23,514 — — 23,514 
Information about assets and liabilities
Property, plant and equipment$833,455 $754,541 $2,405,360 $— $13,696 $4,007,052 
Goodwill— 92,591 — — — 92,591 
$833,455 $847,132 $2,405,360 $— $13,696 $4,099,643 
Debt$— $— $363,366 $— $485,830 $849,196 
* Discontinued Operations (Note 4).
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.
(20)


Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 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 nine months ended September 30, 2023TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$335,785 $231,374 $134,477 $— $— $701,636 
Production costs145,357 84,402 111,588 — — 341,347 
Depreciation and amortization89,687 55,693 44,042 — — 189,422 
Earnings (loss) from mine operations$100,741 $91,279 $(21,153)$— $— $170,867 
Other significant items of income and expense
Write-down of assets$1,387 $— $3,585 $— $— $4,972 
Exploration and evaluation expenses6,537 8,375 520 — 1,326 16,758 
Mine standby costs— 2,416 9,583 — — 11,999 
Income tax expense (recovery)87,420 19,009 (1,191)— (1,657)103,581 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — (2,154)— (2,154)
Capital expenditure information
Additions to property, plant and equipment during the period**$80,661 $67,884 $118,220 $— $7,190 $273,955 
Capitalized interest— — 10,569 — — 10,569 
* 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).

(21)