6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2022

 Commission File Number: 001-31522

Eldorado Gold Corporation

(Translation of registrant’s name into English)

1188-550 Burrard Street, Bentall 5
Vancouver, B.C. Canada V6C 2B5

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

4813-0902-3112\1

EXHIBIT INDEX

Exhibits

99.1	Audited Consolidated Financial Statements for the Years Ended December 31, 2021 and 2020
99.2	Management's Discussion and Analysis for the three and twelve months ended December 31, 2021
99.3	Consent of KPMG LLP
99.4	Consent of Simon Hille

INCORPORATION BY REFERENCE

Exhibits 99.1, 99.2, 99.3 and 99.4 to this Form 6-K of Eldorado Gold Corporation (the “Company”) are hereby incorporated by reference into the Registration Statements (File Nos. 333-261772, 333-103898, 333-107138, 333-122683, 333-145854, 333-153894, 333-160349, 333-176184, 333-180504, 333-197861 and 333-230600) on Form S-8 of the Company, as amended or supplemented.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ELDORADO GOLD CORPORATION

(Registrant)

Date:  February 24, 2022 /s/ Karen Aram                                           Karen Aram Corporate Secretary

4813-0902-3112\1

EX-99.1

Exhibit 99.1

Consolidated Financial Statements

December 31, 2021 and 2020

(Expressed in thousands of U.S. dollars)

Management’s Responsibility for Financial Reporting

The management of Eldorado Gold Corporation is responsible for the integrity and fair presentation of the financial information contained in the Consolidated Financial Statements, which reflects amounts based on management’s best estimates and judgements. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Management has established and maintains a system of internal accounting control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, financial information is reliable and accurate and transactions are properly recorded and executed in accordance with management’s authorization. This system includes established policies and procedures, the selection and training of qualified personnel and an organization providing for appropriate delegation of authority and segregation of responsibilities. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management has a process in place to evaluate internal control over financial reporting based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (2013) in Internal Control - Integrated Framework. Based on this assessment, management determined that as of December 31, 2021, the Company’s internal control over financial reporting was effective and provided reasonable assurance of the reliability of our financial reporting and preparation of the Consolidated Financial Statements.

KPMG LLP, an independent registered public accounting firm, appointed by the shareholders, has audited the Company’s Consolidated Financial Statements as of and for the year ended December 31, 2021 in accordance with the standards of the Public Company Accounting Oversight Board (United States) and has expressed their opinion in their report titled “Report of Independent Registered Public Accounting Firm”. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2021 has also been audited by KPMG LLP, and their opinion is included in their report titled “Report of Independent Registered Public Accounting Firm”.

(Signed) George Burns     (Signed) Philip Yee

George Burns                        Philip Yee

President & Chief Executive Officer            Chief Financial Officer

February 24, 2022

Vancouver, British Columbia, Canada

KPMG LLP Chartered Professional Accountants PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone Fax Internet (604) 691-3000 (604) 691-3031 www.kpmg.ca

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Eldorado Gold Corporation

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Eldorado Gold Corporation and subsidiaries (the Company) as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive (loss) income, cash flows, and changes in equity for each of the years in the two‑year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and its financial performance and its cash flows for each of the years in the two‑year period ended December 31, 2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 24, 2022 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated

with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP.

Eldorado Gold Corporation

Page 2

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Audit Committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of the recoverable amount of the Olympias cash-generating unit

As discussed in Note 3.7 to the consolidated financial statements, non-financial assets which include property, plant and equipment are reviewed each reporting period for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If such indicators exist, the Company determines the recoverable amount, and if applicable, recognizes an impairment loss. As discussed in Note 13 to the consolidated financial statements, the Company assessed the recoverable amount of the Olympias cash-generating unit (CGU) as of December 31, 2021. Based on its assessment, the Company determined that no impairment loss or reversal of impairment for the Olympias CGU was required.

We identified the assessment of the recoverable amount of the Olympias CGU to be a critical audit matter. A high degree of auditor judgment was required to evaluate the inputs used to estimate the recoverable amount. Significant assumptions used in the determination of the recoverable amount included long-term metal prices, future production levels including the amount of recoverable reserves, resources and exploration potential, operating and capital costs, discount rates, and estimates of the fair value of mineral properties beyond proven and probable reserves. Changes in any of these assumptions could have had a significant effect on the determination of the estimated recoverable amount.

Eldorado Gold Corporation

Page 3

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process to determine the recoverable amount of the CGU. This included controls over the Company’s development of the significant assumptions used to estimate the recoverable amount of the Olympias CGU. We evaluated the competence, experience and objectivity of the qualified persons responsible for the recoverable reserves, resources and exploration potential estimates. We compared the amount of reserves and resources in the valuation model to the mine plan and to the updated mineral reserves and resources estimates. We compared the Company’s historical estimates of mineral reserves and resources, mine plan and operating results to actual results to assess the accuracy of the Company’s forecasting process. We compared estimated operating and capital costs in the valuation model to the mine plan and to historical expenditures. We involved valuation professionals with specialized skills and knowledge, who assisted in (1) assessing the long-term metal prices by comparing to third party data; and (2) evaluating the discount rates, and the estimates of the fair value of mineral properties beyond proven and probable reserves by assessing the Company’s approach to determining these assumptions and comparing them to independent sources and market data for comparable entities where available.

/s/ KPMG LLP

Chartered Professional Accountants

We have served as the Company’s auditor since 2009.

Vancouver, Canada

February 24, 2022

KPMG LLP Chartered Professional Accountants PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone Fax Internet (604) 691-3000 (604) 691-3031 www.kpmg.ca

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Eldorado Gold Corporation

Opinion on Internal Control over Financial Reporting

We have audited Eldorado Gold Corporation’s (the Company) internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive (loss) income, cash flows, and changes in equity for each of the years in the two-year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements), and our report dated February 24, 2022, expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in “Management’s Discussion and Analysis – Internal Controls over Financial Reporting”. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated

with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP.

Eldorado Gold Corporation

Page 2

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chartered Professional Accountants

Vancouver, Canada

February 24, 2022

Eldorado Gold Corporation

Consolidated Statements of Financial Position    

As at December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars)

	Note	December 31, 2021		December 31, 2020
				Restated (Note 5(e))
ASSETS
Current assets
Cash and cash equivalents	8	$	481,327	$	451,962
Term deposits		—		59,034
Accounts receivable and other	9	68,745		73,216
Inventories	2(a),10	178,163		164,135
Current portion of employee benefit plan assets	19	—		5,749
		728,235		754,096
Restricted cash		2,674		2,097
Other assets	11	104,023		39,562
Property, plant and equipment	2(a),13	4,003,211		4,042,199
Goodwill	14	92,591		92,591
		$	4,930,734	$	4,930,545
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities	16	$	195,334	$	179,372
Current portion of lease liabilities		7,228		11,297
Current portion of debt	17	—		66,667
Current portion of asset retirement obligations	18	4,088		4,701
		206,650		262,037
Debt	17	489,763		434,465
Lease liabilities		14,895		14,658
Employee benefit plan obligations	19	8,942		11,109
Asset retirement obligations	18	131,367		106,677
Deferred income tax liabilities	2(a),21	439,195		414,554
		1,290,812		1,243,500
Equity
Share capital	22	3,225,326		3,144,644
Treasury stock		(10,289)		(11,452)
Contributed surplus		2,615,459		2,638,008
Accumulated other comprehensive loss		(20,905)		(21,822)
Deficit	2(a)	(2,239,226)		(2,103,206)
Total equity attributable to shareholders of the Company		3,570,365		3,646,172
Attributable to non-controlling interests		69,557		40,873
		3,639,922		3,687,045
		$	4,930,734	$	4,930,545

Commitments and Contractual Obligations (Note 26)

Contingencies (Note 27), Subsequent event (Note 23)

Approved on behalf of the Board of Directors

(signed) John Webster Director             (signed) George Burns Director

Date of approval: February 24, 2022

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

Eldorado Gold Corporation

Consolidated Statements of Operations    

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars except share and per share amounts)            

	Note	Year ended December 31, 2021		Year ended December 31, 2020
Revenue
Metal sales	30	$	940,914	$	1,026,685
Cost of sales
Production costs	31	449,748		445,183
Depreciation and amortization	2(a)	200,958		218,084
		650,706		663,267
Earnings from mine operations		290,208		363,418
Exploration and evaluation expenses		18,314		12,493
Mine standby costs	32	15,433		13,665
General and administrative expenses		36,657		28,533
Employee benefit plan expense	19	2,317		2,849
Share-based payments expense	23	7,945		10,692
Impairment of property, plant and equipment	13	13,926		—
Write-down of assets		9,106		38,660
Foreign exchange gain		(26,421)		(3,997)
Earnings from operations		212,931		260,523
Other income (expense)	20	9,944		(3,321)
Finance costs	20	(71,809)		(50,874)
Earnings from continuing operations before income tax		151,066		206,328
Income tax expense	2(a),21	139,970		82,361
Net earnings from continuing operations		11,096		123,967
Net loss from discontinued operations, net of tax	7	(146,802)		(6,352)
Net (loss) earnings for the year		$	(135,706)	$	117,615
Attributable to:
Shareholders of the Company		(136,020)		124,795
Non-controlling interests		314		(7,180)
Net (loss) earnings for the year		$	(135,706)	$	117,615
(Loss) earnings attributable to shareholders of the Company:
Continuing operations	2(a)	10,782		131,147
Discontinued operations	7	(146,802)		(6,352)
		$	(136,020)	$	124,795
Weighted average number of shares outstanding (thousands):	33
Basic		180,297		171,047
Diluted		181,765		175,231
Net (loss) earnings per share attributable to shareholders of the Company:
Basic (loss) earnings per share	2(a)	$	(0.75)	$	0.73
Diluted (loss) earnings per share	2(a)	$	(0.75)	$	0.71
Net earnings per share attributable to shareholders of the Company - continuing operations:
Basic earnings per share	2(a)	$	0.06	$	0.77
Diluted earnings per share	2(a)	$	0.06	$	0.75

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

Eldorado Gold Corporation

Consolidated Statements of Comprehensive (Loss)    Income

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars)                            

	Note	Year ended December 31, 2021		Year ended December 31, 2020
Net (loss) earnings for the year	2(a)	$	(135,706)	$	117,615
Other comprehensive (loss) income:
Items that will not be reclassified to net earnings (loss):
Change in fair value of investments in equity securities, net of tax		1,009		1,546
Actuarial losses on employee benefit plans	19	(115)		(3,440)
Income tax recovery on actuarial losses on employee benefit plans		23		563
Total other comprehensive income (loss) for the year		917		(1,331)
Total comprehensive (loss) income for the year		$	(134,789)	$	116,284
Attributable to:
Shareholders of the Company	2(a)	(135,103)		123,464
Non-controlling interests		314		(7,180)
		$	(134,789)	$	116,284

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

Eldorado Gold Corporation

Consolidated Statements of Cash Flows    

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars)

Cash flows generated from (used in):	Note	Year ended December 31, 2021		Year ended December 31, 2020
				Restated (Note 5(d))
Operating activities
Net earnings for the year from continuing operations	2(a)	$	11,096	$	123,967
Items not affecting cash:
Depreciation and amortization	2(a)	202,857		220,224
Finance costs		71,809		50,874
Interest income		(2,231)		(2,056)
Unrealized foreign exchange gain		(6,231)		(2,999)
Income tax expense	2(a)	139,970		82,361
Loss on disposal of assets		2,318		4,631
Gain on disposal of mining licenses		(7,296)		—
Impairment	13	13,926		—
Write-down of assets		9,106		38,660
Share-based payments expense	23	7,945		10,692
Employee benefit plan expense		2,317		2,849
		445,586		529,203
Property reclamation payments		(2,313)		(2,301)
Employee benefit plan receipt (payments)		4,744		(2,633)
Income taxes paid		(75,472)		(87,872)
Interest received		2,231		2,056
Changes in non-cash operating working capital	24	(8,917)		33,391
Net cash generated from operating activities of continuing operations		365,859		471,844
Net cash used in operating activities of discontinued operations		(3,489)		(1,864)
Investing activities
Purchase of property, plant and equipment		(282,088)		(188,858)
Acquisition of QMX Gold Corporation, net of $4,311 cash received	6	(19,336)		—
Proceeds from sale of Tocantinzinho, net of $340 cash disposed	7	19,660		—
Proceeds from the sale of property, plant and equipment		3,090		1,214
Value added taxes related to mineral property expenditures, net		(24,449)		(15,468)
Proceeds from the sale of mining licenses		7,296		—
Purchase of marketable securities and investment in debt securities		(28,050)		—
Proceeds from the sale of investments in marketable and debt securities		2,375		5,237
Decrease (increase) in term deposits		59,034		(55,759)
(Increase) decrease in restricted cash		(577)		983
Net cash used in investing activities of continuing operations		(263,045)		(252,651)
Net cash (used in) generated from investing activities of discontinued operations		(2,833)		8,422
Financing activities
Issuance of common shares, net of issuance costs		14,552		95,992
Acquisition of non-controlling interest		—		(7,500)
Contributions from non-controlling interests		409		421
Proceeds from borrowings	17	500,000		150,000
Repayments of borrowings	17	(517,286)		(132,714)
Debt redemption premium paid	17	(21,400)		(6,274)
Loan financing costs		(9,140)		—
Interest paid		(23,643)		(38,099)
Principal portion of lease liabilities		(10,579)		(9,732)
Purchase of treasury stock		—		(3,550)
Net cash (used in) generated from financing activities of continuing operations		(67,087)		48,544
Net cash used in financing activities of discontinued operations		(40)		(75)
Net increase in cash and cash equivalents		29,365		274,220
Cash and cash equivalents - beginning of year		451,962		177,742
Cash and cash equivalents - end of year		$	481,327	$	451,962

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

Eldorado Gold Corporation

Consolidated Statements of Changes in Equity

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars)

	Note	Year ended December 31, 2021		Year ended December 31, 2020
				Restated (Note 5(e))
Share capital
Balance beginning of year		$	3,144,644	$	3,054,563
Shares issued upon exercise of share options, for cash		1,738		3,559
Shares issued upon exercise of performance share units		1,202		—
Transfer of contributed surplus on exercise of options		684		1,267
Shares issued to the public, net of share issuance costs		11,411		85,255
Shares issued on acquisition of QMX Gold Corporation	6	65,647		—
Balance end of year	22	$	3,225,326	$	3,144,644
Treasury stock
Balance beginning of year		$	(11,452)	$	(8,662)
Purchase of treasury stock		—		(3,550)
Shares redeemed upon exercise of restricted share units		1,163		760
Balance end of year		$	(10,289)	$	(11,452)
Contributed surplus
Balance beginning of year		$	2,638,008	$	2,627,441
Share-based payment arrangements		8,461		8,422
Shares redeemed upon exercise of restricted share units		(1,163)		(760)
Acquisition of non-controlling interest, without change in control	12	—		4,172
Shares redeemed upon exercise of performance share units		(1,202)		—
Transfer to share capital on exercise of options		(684)		(1,267)
Non-reciprocal capital contribution to Deva	12	(27,961)		—
Balance end of year		$	2,615,459	$	2,638,008
Accumulated other comprehensive loss
Balance beginning of year		$	(21,822)	$	(20,491)
Other comprehensive earnings (loss) for the year attributable to shareholders of the Company		917		(1,331)
Balance end of year		$	(20,905)	$	(21,822)
Deficit
Balance beginning of year		$	(2,103,206)	$	(2,228,001)
Net (loss) earnings attributable to shareholders of the Company	2(a)	(136,020)		124,795
Balance end of year		$	(2,239,226)	$	(2,103,206)
Total equity attributable to shareholders of the Company		$	3,570,365	$	3,646,172
Non-controlling interests
Balance beginning of year		$	40,873	$	59,304
Non-reciprocal capital contribution to Deva	12	27,961		—
Acquisition of non-controlling interest, without change in control	12	—		(11,672)
Earnings (loss) attributable to non-controlling interests		314		(7,180)
Contributions from non-controlling interests		409		421
Balance end of year		$	69,557	$	40,873
Total equity		$	3,639,922	$	3,687,045

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

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

1. General Information

Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, “Eldorado” or the “Company”) is a gold and base metals mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkey, Canada, Greece, and Romania.

Eldorado is a public company listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and is incorporated in the province of British Columbia, Canada.

The Company's head office, principal address and records are located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

2. Basis of preparation

These consolidated financial statements, including comparatives, have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies applied in these consolidated financial statements are presented in Note 3 and, except as described in Note 5, have been applied consistently to all years presented, unless otherwise noted.

The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities which are measured at fair value.

The preparation of the consolidated financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.

The consolidated financial statements were approved by the Company's Board of Directors on February 24, 2022.

(a)Immaterial error correction

During the second quarter of 2021, the Company determined that the net book value of certain of its property, plant and equipment was understated as a result of errors in the amounts recorded for depreciation. Management evaluated the materiality of the errors, both quantitatively and qualitatively, and concluded that the changes were not material to the consolidated financial statements taken as a whole for any prior period. The Company has revised the opening deficit and corrected the errors by recasting the prior period information in these audited consolidated financial statements.

(1)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

2. Basis of preparation (continued)

The following tables set forth the effect of this immaterial error correction on the Company's consolidated statements of operations for the year ended December 31, 2020:

	Year ended December 31, 2020
	Previously Reported		Correction	As recast
Depreciation1	$	246,651	(28,522)	$	218,129
Income tax expense1	79,134		8,267	87,401
Net earnings for the period	97,361		20,254	117,615
Net earnings attributable to shareholders, continuing operations2	110,893		20,254	131,147
Comprehensive income attributable to shareholders1	103,210		20,254	123,464
Net earnings per share attributable to shareholders - basic1	$	0.61	0.12	$	0.73
Net earnings per share attributable to shareholders - diluted1	$	0.60	0.11	$	0.71
Net earnings per share attributable to shareholders, continuing operations - basic3	$	0.65	0.12	$	0.77
Net earnings per share attributable to shareholders, continuing operations - diluted3	$	0.64	0.11	$	0.75

(1)Amounts before impacts of discontinued operations (see Note 7).

(2)Previously reported amounts and recast amounts include impacts of discontinued operations of $6,352 for the year ended December 31, 2020 (see Note 7).

(3)Previously reported amounts and recast amounts include impacts of discontinued operations of $0.04 for the year ended December 31, 2020 (see Note 7).

The following table sets forth the effect of this immaterial error correction on the Company's consolidated balance sheet as at December 31, 2020:

	As at December 31, 2020
	Previously Reported		Correction	As recast
Inventories	$	176,271	(12,136)	$	164,135
Property, plant and equipment	3,998,493		43,706	4,042,199
Deferred income tax liabilities4	402,713		9,451	412,164
Deficit	$	(2,125,326)	22,120	$	(2,103,206)

(4) Excludes $2,390 increase to deferred income tax liabilities associated with the retrospective application of the change in attribution of periods of service to defined benefit obligations (see Note 5(e)).

There was no impact on the consolidated cash flow statement in the corresponding period as a result of the recast, other than the amounts reported for depreciation, income tax expense and net earnings for the year changed by the amounts shown in the tables above.

(2)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies

3.1 Basis of presentation and principles of consolidation

(i)Subsidiaries and business combinations

Subsidiaries are those entities controlled by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from the subsidiary and has the ability to affect those returns through its power over the subsidiary. Power is defined as existing rights that give the Company the ability to direct the relevant activities of the subsidiary. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All intercompany transactions, balances, income and expenses are eliminated in full upon consolidation.

The acquisition method of accounting is used to account for business acquisitions. The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchange.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.

The excess of the cost of acquisition over the fair value of Eldorado’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain, is recognized directly in the consolidated statement of operations.

Transaction costs, other than those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination, are expensed as incurred.

The material subsidiaries of the Company as at December 31, 2021 are described below:

Subsidiary	Location	Ownership interest	Operations and development projects owned
Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag")	Turkey	100%	Kişladağ Mine Efemçukuru Mine
Hellas Gold SA ("Hellas") (1)	Greece	100%	Olympias Mine Stratoni Mine Skouries Project
Eldorado Gold (Québec) Inc. (2)	Canada	100%	Lamaque Operations
Thracean Gold Mining SA	Greece	100%	Perama Hill Project
Thrace Minerals SA	Greece	100%	Sapes Project
Deva Gold SA ("Deva")	Romania	80.5%	Certej Project

(1) On May 11, 2020, the Company acquired the remaining 5% non-controlling interest in Hellas Gold SA (Note 12).

(2) On April 7, 2021, the Company acquired 100% of QMX Gold Corporation by way of a plan of arrangement (Note 6). QMX Gold Corporation subsequently amalgamated with Eldorado Gold (Quebec) Inc.

(ii) Discontinued operations

A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale.

Discontinued operations are presented in the consolidated statement of operations as a separate line.

(3)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

(iii) Assets held for sale

Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent remeasurements are included in the consolidated statement of operations. No depreciation is charged on assets and businesses classified as held for sale.

Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.

(iv)  Investments in associates

Associates are those entities where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies of those entities. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity.

Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include Eldorado’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado, from the date that significant influence commences until the date that significant influence ceases.

When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the investee.

At each statement of financial position date, each investment in associates is assessed for indicators of impairment.

(v)  Transactions with non-controlling interests

For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.

(vi) Transactions eliminated on consolidation

Intra-company and intercompany balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing the consolidated financial statements.

3.2 Foreign currency translation

(i)    Functional and presentation currency

Items included in the financial statements of each of Eldorado’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and presentation currency, as well as the functional currency of all significant subsidiaries.

(ii)    Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of operations.

(4)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

3.3 Property, plant and equipment

(i)    Cost and valuation

Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the consolidated statement of operations.

(ii)    Property, plant and equipment

Property, plant and equipment includes expenditures incurred on properties under development, significant payments related to the acquisition of land, mineral rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management, including capitalized borrowing costs for qualifying assets.

(iii)    Deferred stripping costs

Stripping costs incurred during the production phase of a surface mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs (pre-stripping).

(iv)    Depreciation

Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine’s estimated life using the units-of-production method. Under this method, capitalized costs are multiplied by the number of tonnes mined, and divided by the estimated recoverable tonnes contained in proven and probable reserves and a portion of resources where it is considered highly probable that those resources will be economically extracted over the life of the mine.

Management reviews the estimated total recoverable tonnes contained in reserves and resources annually, and when events and circumstances indicate that such a review should be made. To reflect the pattern in which each asset's future economic benefits are expected to be consumed based on current mine plans, inferred resources are included in total estimated recoverable tonnes on a mine by mine basis if it is considered highly probable that those resources will be economically extracted, and the amounts of highly probable inferred resources are significant. Changes to estimated total recoverable tonnes contained in reserves and resources are accounted for prospectively.

Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves to which they relate.

Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets.

Where components of an asset have a different useful life and the cost of the component is significant to the total cost of the asset, depreciation is calculated on each separate component.

Depreciation methods, useful lives and residual values are reviewed at the end of each year and adjusted if appropriate.

Assets under construction are capitalized as capital works in progress until the asset is available for use. Capital works in progress are not depreciated. Depreciation commences once the asset is complete and available for use.

Certain mineral property, exploration and evaluation expenditures are capitalized and are not subject to depreciation until the property is ready for its intended use.

(5)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

(v)    Subsequent costs

Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized and the carrying value of the replaced asset or part of an asset is derecognized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred.

(vi)    Borrowing costs

Borrowing costs are expensed as incurred except where they are attributable to the financing of construction or development of qualifying assets requiring a substantial period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete. Interest is ceased to be capitalized during periods of prolonged suspension of construction or development. Borrowing costs are classified as cash outflows from operating activities on the statement of cash flows except for borrowing costs capitalized which are classified as investing activities.

Investment income arising on the temporary investment of proceeds from borrowings specific to qualifying assets is offset against borrowing costs being capitalized.

(vii)    Mine standby costs and restructuring costs

Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs incurred during temporary shutdowns of a mine or a development project.

3.4 Leases

A contract is or contains a lease when the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and is adjusted for certain remeasurements of the lease liability. The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs; and if applicable, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. Right-of-use assets are presented in property, plant and equipment on the statement of financial position.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company applies judgement to determine the lease term for some lease contracts which contain renewal options.

The Company does not recognize right-of-use assets and lease liabilities for leases of low-value assets, leases with lease terms that are less than 12 months at inception and arrangements for the use of land that grant the

(6)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

Company the right to explore, develop, produce or otherwise use the mineral resource contained in that land. Lease payments associated with these arrangements are instead recognized as an expense over the term on either a straight-line basis, or another systematic basis if more representative of the pattern of benefit. The Company applies judgement in determining whether an arrangement grants the Company the right to explore, develop, produce or otherwise use the mineral resource contained in that land.

3.5 Exploration, evaluation and development expenditures

(i)    Exploration

Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licences, prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral deposits. All expenditures relating to exploration activities are expensed as incurred except for the costs associated with the acquisition of mineral licences which are capitalized in property, plant and equipment.

(ii)    Evaluation

Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition.

Evaluation expenditures include the cost of:

▪establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve;

▪determining the optimal methods of extraction and metallurgical and treatment processes;

▪studies related to surveying, transportation and infrastructure requirements;

▪permitting activities; and

▪economic evaluations to determine whether development of the mineralized material is commercially viable, including scoping, pre-feasibility and final feasibility studies.

Evaluation expenditures are capitalized if management determines that there is evidence to support the probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices. Therefore, prior to capitalizing such costs, management determines that the following conditions have been met:

▪There is a probable future benefit that will contribute to future cash inflows;

▪The Company can obtain the benefit and control access to it; and

▪The transaction or event giving rise to the benefit has already occurred.

The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. On such date, capitalized evaluation costs are assessed for impairment and reclassified to development costs.

(iii)    Development

Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and processing facilities.

(7)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

Expenditures incurred on development projects continue to be capitalized until the mine and mill move into the production stage. The Company assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. The criteria considered include, but are not limited to, the following:

▪the level of capital expenditures compared to construction cost estimates;

▪the completion of a reasonable period of testing of mine plant and equipment;

▪the ability to produce minerals in saleable form (within specification); and

▪the ability to sustain ongoing production of minerals.

3.6 Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net assets of the acquired business at the date of acquisition. When the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the consolidated financial statements. Goodwill on acquisition of associates is included in investments in significantly influenced companies and tested for impairment as part of the overall investment.

Goodwill is carried at cost less accumulated impairment losses and tested annually for impairment. The impairment testing is performed annually or more frequently if events or changes in circumstances indicate that it may be impaired. Impairment losses on goodwill are not reversed.

Goodwill is allocated to cash-generating units (“CGUs") for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more CGUs to which goodwill has been allocated changes due to a reorganization, the goodwill is reallocated to the units affected.

3.7 Impairment of non-financial assets

Non-financial assets which include property, plant and equipment are reviewed each reporting period for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If such indicators exist, the Company determines the recoverable amount, and if applicable, recognizes an impairment loss.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal ("FVLCD") and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs.

Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. Value in use is determined by applying assumptions specific to the Company’s continued use of the asset and does not take into account assumptions of significant future enhancements of an asset’s performance or capacity to which the Company is not committed.

FVLCD is the amount obtainable from the sale of an asset or CGU in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, FVLCD is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. The estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

(8)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item of mineral property and equipment or CGU is no longer impaired. An impairment charge is reversed through the consolidated statement of operations only to the extent of the asset’s or CGU’s carrying amount that would have been determined net of applicable depreciation, had no impairment loss been recognized.

3.8 Financial assets

(i)    Classification and measurement

The Company classifies its financial assets in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

The classification of investments in debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Investments in debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest. If the business model is not to hold the debt instrument, it is classified as FVTPL. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as FVTOCI.

(a) Financial assets at FVTPL

Financial assets carried as FVTPL are initially recorded at fair value with all transaction costs expensed in the consolidated statement of operations. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the consolidated statement of operations in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges.

(b) Financial assets at FVTOCI

Investments in equity instruments as FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss). There is no subsequent reclassification of fair value gains and losses to net earnings (loss) following the derecognition of the investment.

(c) Financial assets at amortized cost

Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any provisions for credit losses.

(ii)    Impairment of financial assets

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to 12-month expected credit losses. For trade receivables the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision.

Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized.

(9)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

(iii) Derecognition of financial assets

Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized in the consolidated statement of operations. Gains or losses on financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss).

3.9 Derivative financial instruments and hedging activities

Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are remeasured at their fair value. Derivatives embedded in financial liability contracts are recognized separately if they are not closely related to the host contract. Derivatives, including embedded derivatives from financial liability contracts, are recorded on the statement of financial position at fair value and the unrealized gains and losses are recognized in the consolidated statement of operations. The method of recognizing any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.

Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognized immediately in the consolidated statement of operations.

3.10 Inventories

Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:

(i)    Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of mineral property, plant and equipment.

Inventory costs are charged to production costs on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than gold, primarily silver, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.

Net realizable value is the estimated selling price, less the estimated costs of completion and selling expenses. A write-down is recorded when the carrying value of inventory is higher than its net realizable value.

(ii)     Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realizable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.

3.11 Trade receivables

Trade receivables are amounts due from customers for the sale of bullion and metals in concentrate in the ordinary course of business.

Trade receivables are recognized initially at fair value and subsequently at amortized cost using the effective interest rate method. Trade receivables are recorded net of lifetime expected credit losses.

Settlement receivables arise from the sale of metals in concentrate where the amount receivable is finalized on settlement date based on the underlying commodity price. Settlement receivables are classified as fair value through profit and loss and are recorded at each reporting period at fair value based on forward metal prices. Changes in fair value of settlements receivable are recorded in revenue.

(10)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

3.12 Cash and cash equivalents

Cash and cash equivalents include cash on hand, short term bank deposits and other short-term highly liquid investments with maturities at the date of acquisition of 90 days or less. Cash and cash equivalents are classified as financial assets which are initially measured at fair value and subsequently measured at amortized cost.

3.13 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade payables are recognized initially at fair value and subsequently measured at amortized cost.

3.14 Debt and borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of operations over the period of the borrowings using the effective interest method.

Fees paid on the establishment of loan facilities and other borrowings are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred until the draw-down occurs at which time, these transaction costs are included in the carrying value of the amount drawn on the facility and amortized using the effective interest rate method. To the extent there is no evidence that it is probable that some or all of the facility and borrowings will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period the loan facility to which it relates is available to the Company.

3.15 Current and deferred income tax

Income tax expense comprises current and deferred tax. Income tax expense is recognized in the consolidated statement of operations except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted.

Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not recorded if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss or on temporary differences relating to the investment in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

(11)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

3.16 Employee benefits

(i)    Defined benefit plans

The Company has defined benefit plans, where the level of benefit provided is based on the length of service and earnings of the person entitled. The cost of the defined benefit plan is determined using the projected unit credit method. The related pension liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation at the statement of financial position date less the fair value of plan assets.

The Company obtains actuarial valuations for defined benefit plans for each statement of financial position date. Actuarial assumptions used in the determination of defined benefit pension plan liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount rate is based on high quality bond yields. The assumption used to determine the interest income on plan assets is equal to the discount rate.

Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income without recycling to the consolidated statement of operations in subsequent periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest arising on the pension liability are included in the consolidated statement of operations.

Past service costs are recognized immediately to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.

(ii)    Defined contribution plans

The Company’s contributions to defined contribution plans are charged to the consolidated statement of operations in the period to which the contributions relate.

(iii) Termination benefits

Termination benefits are recognized when there is a demonstrable commitment to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer made to encourage voluntary termination. Benefits falling due more than twelve months after the end of the reporting period are discounted to their present value.

(iv)    Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

3.17 Share-based payment arrangements

Share-based payment arrangements related to stock option awards, deferred share units, equity settled restricted share units and performance share units are measured at fair value. Compensation expense for all stock options awarded to employees is measured based on the fair value of the options on the date of grant which is determined using the Black-Scholes option pricing model. For equity settled restricted share units, compensation expense is measured based on the quoted market value of the shares. For equity settled performance share units with market based vesting conditions, compensation expense is measured based on the fair value of the share units on the date of grant which is based on the expected future forward price of the Company's shares and an index consisting of global gold-based securities. Deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.

The fair value of the options, restricted share units, performance share units and deferred units are expensed over the vesting period of the awards with a corresponding increase in equity. No expense is recognized for awards that do not ultimately vest.

(12)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

3.18 Provisions

Asset retirement obligations

A provision is made for mine restoration and rehabilitation when an obligation is incurred. The provision is recognized as a liability with the corresponding cost included in the asset to which the obligation relates. At each reporting date the asset retirement obligation is remeasured to reflect changes in discount rates, and the timing or amount of the costs to be incurred.

The provision recognized represents management’s best estimate of the present value of the future costs required. Significant estimates and assumptions are made in determining the amount of asset retirement obligations. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary remediation activities and the timing, extent and costs of required restoration and rehabilitation activities.

These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognized is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs for operating sites are recognized in the consolidated statement of financial position by adjusting both the asset retirement obligation and related assets. Such changes result in changes in future depreciation and financial charges. Changes to the estimated future costs for sites that are closed, inactive, or where the related asset no longer exists, are recognized in the consolidated statement of operations.

Other provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. They are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

3.19 Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders’ equity.

3.20 Revenue recognition

Revenue is generated from the production and sale of doré, bullion and metals in concentrate. The Company’s performance obligations relate primarily to the delivery of these products to customers, with each shipment representing a separate performance obligation.

Revenue from the sale of doré, bullion and metals in concentrates is measured based on the consideration specified in the contract with the customer. The Company recognizes revenue when it transfers control of the product to the customer and has a present right to payment for the product.

(i) Metals in concentrate

Control over metals in concentrates is transferred to the customer and revenue is recognized when the product is considered to be physically delivered to the customer under the terms of the customer contract. This is typically when the concentrate has been placed on board a vessel for shipment or delivered to a location specified by the customer.

Metals in concentrate are sold under pricing arrangements where final prices are determined by market prices subsequent to the date of sale (the “quotational period”). Revenue from concentrate sales is recorded based on the estimated amounts to be received, based on the respective metal's forward price at the expected settlement date. Adjustments are made to settlements receivable in subsequent periods based on fluctuations in the forward prices until the date of final metal pricing. These subsequent changes in the fair value of the settlement receivable are recorded in revenue separate from revenue from contracts with customers.

(13)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

3. Significant accounting policies (continued)

Provisional invoices for metals in concentrate sales are typically issued shortly after or on the passage of control of the product to the customer and the Company receives 90 - 95% of the provisional invoice at that time. Additional invoices are issued as final product weights and assays are determined over the quotational period. Provisionally invoiced amounts are generally collected promptly.

(ii) Metals in doré

The Company sells doré directly to refiners, or, refiners may receive doré from the Company to refine the materials on the Company’s behalf and arrange for sale of the refined metal.

In the Turkey operating segment, refined metals are sold at spot prices on the Precious Metal Market of the Borsa Istanbul. Sales proceeds are collected within several days of the completion of the sale transaction. Control over the refined gold or silver produced from doré is transferred to the customer and revenue recognized upon delivery to the customer’s bullion account on the Precious Metal Market of the Borsa Istanbul.

In the Canada segment, doré and refined metals are sold at spot prices with sales proceeds collected within several days of the sales transaction. Control is typically transferred to the customer and revenue recognized upon delivery to a location specified by the customer.

3.21 Finance income and expenses

Finance income includes interest income on funds invested (including financial assets carried at FVTPL) and changes in the fair value of financial assets at FVTPL. Interest income is recognized as it accrues in the consolidated statement of operations, using the effective interest method.

Finance expenses include borrowing costs, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs are recognized in the consolidated statement of operations using the effective interest method, except for those amounts capitalized as part of the cost of qualifying property, plant and equipment.

3.22 Earnings (loss) per share

The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the earnings or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the earnings or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise share options, restricted share units and performance share units granted to employees.

4. Judgements and estimation uncertainty

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant areas requiring the use of management assumptions, estimates and judgements include the valuation of property, plant and equipment and goodwill, estimated recoverable mineral reserves and mineral resources, inventory, asset retirement obligations and current and deferred taxes.

Actual results could differ from these estimates. Outlined below are some of the areas which require management to make significant judgements, estimates and assumptions.

(14)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

4. Judgements and estimation uncertainty (continued)

(i) Valuation of property, plant and equipment and goodwill

Property, plant and equipment and goodwill are tested for impairment when events or changes in circumstances suggest that the carrying amount may not be fully recoverable. Goodwill is tested at least annually.

Calculating the recoverable amount, including estimated FVLCD of CGUs for property, plant and equipment and goodwill, requires management to make estimates and assumptions with respect to discount rates, future production levels including amount of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices, and estimates of the fair value of mineral properties beyond proven and probable reserves.

Changes in any of the assumptions or estimates used in determining the recoverable amount could result in additional impairment or reversal of impairment recognized.

(ii) Estimated recoverable mineral reserves and mineral resources

Mineral reserve and mineral resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and, in some cases, exchange rates and capital costs. Cost estimates are based on feasibility study estimates or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable mineral reserves and mineral resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the consolidated statement of operations and the carrying value of the asset retirement obligation.

(iii) Inventory

The Company considers ore stacked on its leach pads and in process at its mines as work-in-process inventory and includes them in production costs based on ounces of gold or tonnes of concentrate sold, using the following assumptions in its estimates:

▪the amount of gold and other metals estimated to be in the ore stacked on the leach pads;

▪the amount of gold expected to be recovered from the leach pads;

▪the amount of gold and other metals in the processing circuits;

▪the amount of gold and other metals in concentrates; and

▪the gold and other metal prices expected to be realized when sold.

If these estimates or assumptions are inaccurate, the Company could be required to write down the value it has recorded on its work-in-process inventories, which would reduce earnings and working capital.

(iv) Asset retirement obligation

The asset retirement obligation provision represents management's best estimate of the present value of future cash outflows required to settle the liability which reflect estimates of future costs, inflation, requirements of the relevant legal and regulatory frameworks and the timing of restoration and rehabilitation activities. Estimated future cash outflows are discounted using a risk-free rate based on U.S. Treasury bond rates. Changes to asset retirement obligation estimates are recorded with a corresponding change to the related item of property, plant and equipment. Adjustments to the carrying amounts of related items of property, plant and equipment can result in a change to future depreciation expense.

(15)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

4. Judgements and estimation uncertainty (continued)

(v) Deferred taxes

Judgements and estimates of recoverability are required in assessing whether deferred tax assets recognized on the consolidated statement of financial position are recoverable which is based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled, which requires judgement.

Assumptions about the generation of future taxable earnings and repatriation of retained earnings depend on management’s estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions.

The Company operates in multiple tax jurisdictions and judgement is required in the application of income tax legislation in these jurisdictions. These estimates and judgements are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding increase or decrease to earnings or loss for the period.

5. Adoption of new accounting standards

(a)Current adoption of new accounting standards

The following amendments to existing standards have been adopted by the Company commencing January 1, 2021:

Interest rate benchmark reform - Phase 2

In August 2020, the IASB published the Interest Rate Benchmark Reform - Phase 2, which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure, IFRS 4 Insurance Contracts, and IFRS 16 Leases. The Phase 2 amendments address issues that may affect financial reporting related to financial instruments and hedge accounting resulting from the reform of an interest rate benchmark. The amendments are effective for annual periods beginning on or after January 1, 2021. There was no material impact on the consolidated financial statements from the adoption of this amendment.

(b) New standards issued and not yet effective

Below are new standards, amendments to existing standards and interpretations that have been issued and are not yet effective. The Company plans to apply the new standards or interpretations in the annual period for which they are effective.

Classification of liabilities as current or non-current

In January 2020, the IASB published narrow scope amendments to IAS 1 Presentation of financial statements. The narrow scope amendment clarifies that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendments are effective for annual periods beginning on or after January 1, 2023, and applied retrospectively. The Company will adopt the narrow scope amendments on the date they become effective and is currently evaluating the impact of the amendments on its consolidated financial statements.

(16)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

5. Adoption of new accounting standards (continued)

Deferred tax related to assets and liabilities arising from a single transaction

In May 2021, the IASB published a narrow scope amendment to IAS 12 Income taxes. In September 2021, IAS 12 was revised to reflect this amendment. The amendment narrowed the scope of the recognition exemption so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as deferred taxes on leases and decommissioning obligations. The amendment is effective for annual periods beginning on or after January 1, 2023, and applied retrospectively. The Company will adopt the amendment on the date it becomes effective and is currently evaluating the impact of the amendment on its consolidated financial statements.     

(c) Change in estimate

The Company changed its estimate relating to total recoverable tonnes used to determine the depreciation, depletion and amortization of mineral properties and certain capitalized mine development costs, capitalized stripping costs, plant and mining assets whose estimated useful life is the same as the remaining life of the mine. Until December 31, 2020, the carrying amounts of these assets were depreciated, depleted or amortized over estimated recoverable tonnes of proven and probable mineral reserves. Effective January 1, 2021, total estimated recoverable tonnes for applicable mines also include a portion of inferred mineral resources considered to be highly probable to be economically extracted over the life of the mine. This change in estimate better reflects the pattern in which the asset's future economic benefits are expected to be consumed based on the current mine plans and was made as a result of increased experience in the conversion of inferred resources into proven and probable reserves for the applicable mines. Inferred resources are included in total estimated recoverable tonnes on a mine by mine basis if it is considered highly probable that those resources will be economically extracted.

This change in accounting estimate will result in lower depreciation expense per tonne mined. However, because the depreciation recorded in future periods depends on the volume of tonnes mined during those periods, the Company is not able to accurately estimate the impact of this change in estimate on future periods.

(d)Presentation of interest paid on the statements of cash flows

Effective September 30, 2021, the Company voluntarily changed its accounting policy to classify cash paid for interest on the statement of cash flows as a financing activity rather than an operating activity. The change in accounting policy has been adopted in accordance with IAS 8, as IAS 7 provides a policy choice to classify interest paid as an operating activity or financing activity. Following the refinancing of the Company's debt in August 2021 (Note 17), the policy change more accurately reflects the nature of these cash flows, resulting in more relevant information to the financial statement users. The comparative figures in the consolidated statements of cash flows have been restated to reflect the retrospective application of this change in accounting policy.

(e)Attribution of pension benefits to periods of service

Effective December 31, 2021, the Company changed the service periods to which it attributes benefits relating to its defined benefit obligations in Greece and in accordance with an IFRS Interpretations Committee ("IFRIC") Agenda Decision issued in May 2021 Attributing Benefit to Periods of Service (IAS 19). The change resulted in a decrease in the employee benefit plan obligation. Comparative amounts as at and for the year ended December 31, 2020 have been restated to reflect the retrospective application of this change including a decrease of $10,865 to employee benefit plan obligations, an increase of $2,390 to deferred income tax liabilities and a decrease of $8,475 to accumulated other comprehensive loss.

(17)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

6. Acquisition of QMX Gold Corporation

On April 7, 2021, the Company completed the acquisition of all of the outstanding common shares of QMX Gold Corporation ("QMX") not already owned by the Company by way of a plan of arrangement ("Arrangement"). Under the terms of the Arrangement, each shareholder other than Eldorado received, for each QMX share held, (i) CDN $0.075 in cash and (ii) 0.01523 of an Eldorado common share. QMX has interests in mineral properties in the Canadian province of Québec in proximity to the Company’s Lamaque operations and the Company owned 68,125,000 shares of QMX, or approximately 16% of QMX shares outstanding, prior to completion of the Arrangement.

On closing of the acquisition, QMX’s assets consisted primarily of mineral properties that do not yet contain proven and probable reserves. As QMX did not have processes capable of generating outputs and did not include an organized workforce, the Company determined that QMX did not meet the definition of a business in accordance with IFRS 3, Business Combinations, and as a result the acquisition has been accounted for as an asset acquisition.

The cost of the acquisition was allocated to the individual assets acquired and liabilities assumed. The fair value of the mineral properties acquired was measured using a market comparison approach considering observable comparable transactions in a similar jurisdiction and stage of exploration. The deferred income tax assets primarily relate to loss carry-forwards for which fair value was determined based on the extent of anticipated future taxable income that can be reduced by the tax losses.

The purchase price is allocated to the identifiable assets acquired and liabilities assumed, based upon their relative fair values at the date of acquisition. The Company's previously-held 16% interest in QMX was accounted for at its carrying amount of $2,323 and not remeasured to fair value, in accordance with the Company's accounting policy where previously-held interests are measured at cost.

The allocation of the consideration paid to the assets and liabilities of QMX is as follows:

Consideration paid:
Share consideration	$	63,806
Cash consideration	21,988
Cost of shares previously acquired	2,323
Transaction costs	1,659
QMX warrants outstanding	1,130
Total purchase price	$	90,906

Net cash paid of $19,336 included cash consideration of $21,988, transaction costs of $1,659 and is net of $4,311 cash acquired. QMX warrants include unexpired warrants for which, upon exercise, warrant holders will receive similar consideration as for QMX common shares. Shares of the Company totalling $1,841 were issued in June 2021 upon the exercise of the majority of these warrants.

Fair value of net assets acquired:
Cash	$	4,311
Mineral property and property, plant and equipment	82,858
Other assets	1,773
Deferred income tax asset	14,122
Asset retirement obligation	(3,252)
Accounts payable and accrued liabilities	(8,906)
Total purchase price	$	90,906

(18)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

7. Discontinued operations

On October 27, 2021, the Company completed a sale of the Tocantinzinho project, a non-core gold asset. Consideration includes:

•$20,000 cash and 46,926,372 shares of G Mining Ventures Corp ("GMIN"), or approximately 19.9% of GMIN shares outstanding; and

•deferred cash consideration of $60,000 to be paid subject to Tocantinzinho achieving commercial production, payable on the first anniversary of commercial production ("Deferred Consideration").

The purchaser has the option to defer 50% of the Deferred Consideration at a cost of $5,000, in which case $30,000 is payable upon the first anniversary of the commencement of commercial production and $35,000 is payable upon the second anniversary of the commencement of commercial production. The Company has not recorded any consideration for these contingent payments.

The sale represents the net assets in the Company's Brazil reporting segment. As a result, the project has been presented as a discontinued operation as at December 31, 2021. The gain on disposition includes the following:

Net proceeds:
Cash received	$	20,000
Shares received	33,036
Disposal costs incurred	(1,279)
Working capital changes	59
	$	51,816
Net assets sold:
Cash	$	340
Accounts receivable and other	1,101
Property, plant and equipment	47,466
Accounts payable and accrued liabilities	(331)
Capital lease obligations	(92)
	$	48,484
Gain on disposition of Tocantinzinho	$	3,332

Prior to closing the sale of the Tocantinzinho project, the Company recorded impairment of $160,140 on Tocantinzinho to recognize the mineral properties and capitalized development at their estimated fair value, based on the plan to sell the asset. The fair value of the disposal group was initially reduced to $48,000, which reflected the estimated cash and share consideration, less costs of disposal.

(19)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

7. Discontinued operations (continued)

The results from operations from the Brazil reporting segment include:

	Year ended December 31,
	2021		2020
Expenses	$	(1,004)	$	(3,763)
Impairment of property and equipment	(160,140)		—
Gain on disposition of Tocantinzinho	3,332		—
Gain on disposition of Vila Nova	—		2,451
Loss from operations	(157,812)		(1,312)
Income tax (recovery) expense	(11,010)		5,040
Loss from discontinued operations, net of tax attributable to shareholders of the Company	$	(146,802)	$	(6,352)
Basic loss per share attributable to shareholders of the Company	$	(0.81)	$	(0.04)
Diluted loss per share attributable to shareholders of the Company	$	(0.81)	$	(0.04)

In September 2020, the Company sold Vila Nova for proceeds of $10,000. As at the date of sale, Vila Nova assets held for sale were $11,800 and liabilities associated with assets held for sale were $4,251, resulting in a gain on disposition of $2,451.

8. Cash and cash equivalents

	December 31, 2021		December 31, 2020
Cash	$	401,327	$	371,057
Short-term bank deposits	80,000		80,905
	$	481,327	$	451,962

9. Accounts receivable and other

	December 31, 2021		December 31, 2020
Trade receivables	$	23,020	$	35,649
Value added tax and other taxes recoverable	17,782		12,171
Other receivables and advances	9,946		8,938
Prepaid expenses and deposits	17,834		16,264
Marketable securities	163		194
	$	68,745	$	73,216

(20)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

10. Inventories

	December 31, 2021		December 31, 2020
Ore stockpiles	$	10,097	$	6,327
In-process inventory and finished goods	63,513		68,984
Materials and supplies	104,553		88,824
	$	178,163	$	164,135

In 2021, inventories of $386,900 (2020 – $367,310) were recognized as an expense during the year and included in cost of sales.

During the year ended December 31, 2021, charges of $nil were recognized in production costs to reduce the cost of lead and zinc concentrate inventory to net realizable value. During the year ended December 31, 2020, charges of $2,122 and $206 were recognized in production costs and depreciation, respectively, to reduce the cost of lead and zinc concentrate inventory at Stratoni to net realizable value.

11. Other assets

	December 31, 2021		December 31, 2020
Long-term value added tax and other taxes recoverable	$	38,822	$	32,148
Prepaid forestry fees	1,824		2,655
Prepaid loan costs	2,020		2,191
Investment in marketable securities and debt securities	59,849		—
Other	1,508		2,568
	$	104,023	$	39,562

Included in investments in marketable securities are investments in Probe Metals Inc. and investments in GMIN. In July 2021, the Company acquired 11.5% of the outstanding common shares of Probe Metals Inc. for cash consideration of CDN $23,691 ($18,654). The investments in marketable securities and debt securities are recorded at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income (loss).

(21)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

12. Non-controlling interests

The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests (“NCI”). The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations. As the Company purchased the remaining 5% interest in Hellas in 2020, the carrying value is nil at December 31, 2020 and 2021. The non-controlling interest portion of the income statement and statement of cash flow amounts for Hellas prior to the acquisition in 2020 are presented in the table below.

	December 31, 2021			December 31, 2020
	Deva			Hellas		Deva
NCI percentage	19.5		%	0% (1)		19.5		%
Current assets	$	2,638		$	—	$	3,178
Non-current assets	422,789			—		412,251
Current liabilities	(209)			—		(235)
Non-current liabilities	(178,984)			—		(322,454)
Net assets	$	246,234		$	—	$	92,740
Carrying amount of NCI	$	67,294		$	—	$	37,520
Cash flows used in operating activities	$	(3,683)		$	(6,535)	$	(3,750)
Cash flows generated from (used in) investing activities	—			(16,708)		10
Cash flows generated from financing activities	2,917			18,927		4,754
Net (decrease) increase in cash and cash equivalents	$	(766)		$	(4,316)	$	1,014
Revenue	$	—		$	65,781	$	—
Net earnings (loss) and comprehensive income (loss)	9,297			(33,824)		(27,604)
Net earnings (loss) allocated to NCI	1,813			(1,691)		(5,383)

(1)The Company purchased the remaining 5% non-controlling interest in Hellas on May 11, 2020.

In December 2021, the Company made a non-cash, non-reciprocal capital contribution to Deva Gold S.A. ("Deva"), an 80.5% owned subsidiary holding the Certej development project. The Company's ownership interest in Deva remained unchanged. As a result, total equity attributable to non-controlling interests was increased by $27,961 and contributed surplus was reduced by a corresponding amount.

On May 11, 2020, the Company purchased the remaining 5% interest in Hellas, a subsidiary of the Company, for cash consideration of $7,500. Hellas operates the Olympias and Stratoni mines and holds the Skouries project. Additional consideration may become payable under certain circumstances but is not expected to be material. As Hellas was controlled by the Company prior to the acquisition, $4,172 was recorded in contributed surplus representing the difference between the cash consideration and the carrying value of the non-controlling interest at the date of purchase.

Net loss allocated to NCI in the consolidated statement of operations includes $1,499 related to non-material subsidiaries (2020 – $106). The carrying value of the NCI related to non-material subsidiaries is $2,263 (2020 – $3,353).

(22)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

13. Property, plant and equipment

	Land and buildings		Plant and equipment		Capital works in progress		Mineral properties		Capitalized Evaluation		Total
Cost
Balance at January 1, 2020	$	242,511	$	2,319,388	$	83,078	$	4,103,005	$	96,707	$	6,844,689
Additions/transfers	14,737		82,285		61,135		55,971		2,115		216,243
Write-down of assets	—		—		(40,030)		—		—		(40,030)
Other movements/transfers	1,841		22,371		(20,594)		(2,217)		(28)		1,373
Disposals	(402)		(10,297)		(76)		—		(102)		(10,877)
Balance at December 31, 2020	$	258,687	$	2,413,747	$	83,513	$	4,156,759	$	98,692	$	7,011,398
Additions/transfers	$	12,204	$	80,760	$	134,237	$	85,607	$	3,256	$	316,064
Acquisition of QMX Gold Corporation	2,357		1,649		—		78,852		—		82,858
Impairment	—		—		(3,923)		—		—		(3,923)
Write-down of assets	—		(3,520)		—		(3,610)		—		(7,130)
Other movements/transfers	(2,539)		96,476		(104,014)		(870)		—		(10,947)
Assets disposed of in the sale of Tocantinzinho	—		(3,693)		—		(108,282)		(98,595)		(210,570)
Disposals	(1,638)		(10,511)		—		(983)		(16)		(13,148)
Balance at December 31, 2021	$	269,071	$	2,574,908	$	109,813	$	4,207,473	$	3,337	$	7,164,602
Accumulated depreciation
Balance at January 1, 2020	$	(58,778)	$	(1,024,583)	$	—	$	(1,670,076)	$	—	$	(2,753,437)
Depreciation for the year	(13,898)		(132,735)		—		(71,315)		—		(217,948)
Other movements	(125)		(1,985)		—		247		—		(1,863)
Disposals	54		3,880		—		115		—		4,049
Balance at December 31, 2020	$	(72,747)	$	(1,155,423)	$	—	$	(1,741,029)	$	—	$	(2,969,199)
Depreciation for the year	$	(8,736)	$	(127,795)	$	—	$	(66,280)	$	—	$	(202,811)
(Impairment) reversal	—		(10,939)		—		936		—		(10,003)
Other movements	771		8,940		—		1,198		—		10,909
Assets disposed of in the sale of Tocantinzinho	—		2,964		—		—		—		2,964
Disposals	1,121		5,627		—		1		—		6,749
Balance at December 31, 2021	$	(79,591)	$	(1,276,626)	$	—	$	(1,805,174)	$	—	$	(3,161,391)
Carrying amounts
At January 1, 2020	$	183,733	$	1,294,805	$	83,078	$	2,432,929	$	96,707	$	4,091,252
At December 31, 2020	$	185,940	$	1,258,324	$	83,513	$	2,415,730	$	98,692	$	4,042,199
Balance at December 31, 2021	$	189,480	$	1,298,282	$	109,813	$	2,402,299	$	3,337	$	4,003,211

(23)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

13. Property, plant and equipment (continued)

In accordance with the Company’s accounting policies each CGU is assessed for indicators of impairment, from both external and internal sources, at the end of each reporting period. If such indicators of impairment exist for any CGUs, those CGUs are tested for impairment. The recoverable amounts of the Company’s CGUs are based primarily on the net present value of future cash flows expected to be derived from the CGUs. The recoverable amount used by the Company represents each CGU’s FVLCD, a Level 3 fair value measurement, as it was determined to be higher than value in use.

(i)Olympias

In December 2020, as a result of more stable production volumes at the Olympias mine which provided a more reliable basis to estimate future results, the Company updated its unit cost estimates and mining assumptions used for estimating reserves, including increased mining dilution and decreased mining recovery. These factors resulted in an increase in cut-off values and led to a 23% decrease in proven and probable reserves, which the Company considered to indicate a potential impairment for Olympias. Using a FVLCD approach, the Company assessed the recoverable amount of the Olympias CGU as at December 31, 2020. Based on its assessment, the Company determined that no impairment loss or reversal of impairment for the Olympias CGU was required.

In December 2021, the Company announced a further 12% decrease in proven and probable reserves at Olympias due to mining method optimization and exclusion of remnant mining zones that will require further engineering studies. The Company considered this decrease to indicate a potential impairment for Olympias. Using a FVLCD approach, the Company assessed the recoverable amount of the Olympias CGU as at December 31, 2021. Based on its assessment, the Company determined that no impairment loss or reversal of impairment for the Olympias CGU was required.

The significant assumptions used for determining the recoverable amount of the Olympias CGU are reflected in the table below. Management used judgement in determining estimates and assumptions with respect to discount rates, future production levels including amount of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices and estimates of the fair value of mineral properties beyond proven and probable reserves. Metal pricing assumptions were based on consensus forecast pricing and discount rates were based on a weighted average cost of capital, adjusted for country and other risks specific to the CGU. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis.

	2021	2020
Gold price ($/oz)	$1,800 - $1,550	$1,850 - $1,550
Silver price ($/oz)	$24 - $21	$25 - $21
Lead price ($/t)	$2,150 - $2,050	$2,000 - $1,975
Zinc price ($/t)	$2,825 - $2,500	$2,575 - $2,400
Discount rate	6.0% - 6.5%	6.0% - 6.5%

In advance of signing an amended investment agreement with the Hellenic Republic in early 2021, the Company determined that certain of its capital works in progress at Olympias would no longer be required and will not be completed. Accordingly, capitalized costs of $40,030 were recorded as a write-down of assets as at December 31, 2020.

(ii)Stratoni

On October 15, 2021, the Company announced that operations at Stratoni would be suspended. Following further economic review, planning has commenced to transfer the mine and processing facilities to care and maintenance in 2022. As a result, impairment of $13,926, primarily related to capitalized underground development, was recorded in the year ended December 31, 2021.

(24)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

14. Goodwill

As of December 31, 2021 all goodwill relates to the Lamaque CGU. Goodwill is tested for impairment annually on December 31 and when circumstances indicate that the carrying value may not be recoverable. Impairment is determined for goodwill by assessing the recoverable amount of the CGU. The recoverable amount of the Lamaque CGU is based on the net present value of future cash flows expected to be derived from the CGU. The recoverable amount used by the Company represents the CGU’s FVLCD, a Level 3 fair value measurement, as it was determined to be higher than value in use.

The significant assumptions used for determining the recoverable amount of goodwill in the Lamaque CGU are reflected in the table below. Management used judgement in determining estimates and assumptions with respect to discount rates, future production levels including amounts of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices and estimates of the fair value of mineral properties beyond proven and probable reserves. Metal pricing assumptions were based on consensus forecast pricing, and the discount rates were based on a weighted average cost of capital, adjusted for country risk and other risks specific to the CGU. Cash flows were projected through to 2030. Changes in any of the assumptions or estimates used in determining the fair values could impact the recoverable amount of goodwill analysis.

	2021	2020
Gold price ($/oz)	$1,800-$1,550	$1,850 - $1,550
Discount rate	5% - 6%	5% - 6%

The estimated recoverable amount of the Lamaque CGU including goodwill exceeded its carrying amount as at December 31, 2021 by approximately $282,000. Impairment would result from a decrease in the long-term gold price of $300 per ounce, or an increase in operating expenditures by 25%.

(25)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

15. Leases and right-of-use assets

As a lessee, the Company leases various assets including mobile mine equipment, office and properties. These right-of-use assets are presented as property, plant and equipment.

	Right-of-use Land and buildings		Right-of-use Plant and equipment		Total
Cost
Opening balance at January 1, 2020	$	8,107	$	26,400	$	34,507
Additions	6,922		4,372		11,294
Disposals	(474)		(931)		(1,405)
Balance at December 31, 2020	$	14,555	$	29,841	$	44,396
Additions	815		7,513		8,328
Disposals	(754)		(2,117)		(2,871)
Balance at December 31, 2021	$	14,616	$	35,237	$	49,853
Accumulated depreciation
Opening balance at January 1, 2020	$	(1,184)	$	(4,554)	$	(5,738)
Depreciation for the year	(1,200)		(5,926)		(7,126)
Disposals	81		206		287
Balance at December 31, 2020	$	(2,303)	$	(10,274)	$	(12,577)
Depreciation for the year	(1,526)		(6,495)		(8,021)
Disposals	438		380		818
Balance at December 31, 2021	$	(3,391)	$	(16,389)	$	(19,780)
Right-of-use assets, net carrying amount at December 31, 2020	12,252		19,567		31,819
Right-of-use assets, net carrying amount at December 31, 2021	$	11,225	$	18,848	$	30,073

Interest expense on lease liabilities is disclosed in Note 20(b) and the cash payments for the principal portion of lease liabilities is presented on the Consolidated Statement of Cash Flow. The Company's future obligations related to lease liabilities is disclosed in Note 26.

16. Accounts payable and accrued liabilities

	December 31, 2021		December 31, 2020
Trade payables	$	71,011	$	65,060
Taxes payable	19,182		10,997
Accrued expenses	105,141		103,315
	$	195,334	$	179,372

(26)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

17. Debt

	December 31, 2021		December 31, 2020
Senior notes due 2029, net of unamortized transaction fees of $6,783 and initial redemption option of $4,652 (Note 17 (a))	$	497,868	$	—
Senior secured notes due June 2024, net of unamortized discount and transaction fees of $8,680 and initial redemption option of $1,373 (Note 17 (c))	—		226,647
Term loan, net of unamortized transaction costs of $1,491 (Note 17 (b))	—		131,842
Revolving credit facility (Note 17 (b))	—		150,000
Redemption option derivative asset (Note 17 (a),(c))	(8,105)		(7,357)
	$	489,763	$	501,132
Less: Current portion	—		66,667
Long-term portion	$	489,763	$	434,465

	2021						2020
	Senior notes due 2029		Senior notes due 2024 and term loan		Revolving credit facility		Senior notes due 2024 and term loan		Revolving credit facility
Balance beginning of year	$	—	$	351,132	$	150,000	$	479,732	$	—
Financing cash flows related to debt:
Redemption of Senior notes due 2024	—		(233,953)		—		(66,047)		—
Repayment of term loan	—		(133,333)		—		(66,667)		—
Proceeds from (repayment of) revolving credit facility	—		—		(150,000)		—		150,000
Proceeds from Senior secured notes due 2029, net of discount	500,000		—		—		—		—
Proceeds from term loan	—		—		—		—		—
Loan financing costs	(7,009)		—		—		—		—
Total financing cash flows related to debt	$	492,991	$	(367,286)	$	(150,000)	$	(132,714)	$	150,000
	$	492,991	$	(16,154)	$	—	$	347,018	$	150,000
Non-cash changes recorded in debt:
Amortization of discount and transaction costs of Senior secured notes due 2024 due to early redemption	$	—	$	7,969	$	—	$	2,286	$	—
Amortization of financing fees and discount relating to Senior secured notes due 2024 and term loan	—		2,201		—		3,588		—
Change in fair value of redemption option derivative asset relating to Senior secured notes due 2024	—		5,984		—		(1,760)		—
Amortization of financing fees and prepayment option relating to Senior notes due 2029	71		—		—		—		—
Change in fair value of redemption option derivative asset relating to Senior notes due 2029	(3,299)		—		—		—		—
Balance end of year	$	489,763	$	—	$	—	$	351,132	$	150,000

(27)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

17. Debt(continued)

(a) Senior Notes due 2029

On August 26, 2021, the Company completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the "senior notes”). The senior notes pay interest semi-annually on March 1 and September 1, beginning on March 1, 2022. The Company received $496,250 from the offering, which is net of commission payment and certain transaction costs paid to or on behalf of the lenders totaling $3,750 The debt is also presented net of transaction costs of $3,259 incurred directly by the Company in conjunction with the offering. The commission payment and transaction costs will be amortized over the term of the senior notes and included as finance costs. Net proceeds from the senior notes were used in part to redeem the Company's outstanding 9.5% senior secured second lien notes that were due 2024 (“the senior secured notes”) and to repay all outstanding amounts under the Company's senior secured term loan and revolving credit facility.

The senior notes are guaranteed by Eldorado Gold (Netherlands) B.V., SG Resources B.V., Tüprag Metal, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.

The senior notes are redeemable by the Company in whole or in part, for cash:

i.At any time prior to September 1, 2024 at a redemption price equal to 100% of the aggregate principal amount of the senior notes, accrued and unpaid interest and a premium at the greater of 1% of the principal value of the notes to be redeemed, or the present value of remaining interest to September 1, 2024 discounted at the treasury yield plus 50 basis points.

ii.At any time prior to September 1, 2024, up to 40% of the original aggregate principal amount of the senior notes with the net cash proceeds of one or more equity offerings at a redemption price equal to 106.25% of the aggregate principal amount of the senior notes redeemed, plus accrued and unpaid interest.

iii.On and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the notes to be redeemed, set forth below, plus accrued and unpaid interest on the senior notes:

September 1, 2024     103.125%

September 1, 2025     101.563%

September 1, 2026 and thereafter     100.000%

The redemption features described above constitute an embedded derivative which was separately recognized at its fair value of $4,806 on initial recognition of the senior notes and recorded in other assets. The embedded derivative is classified as fair value through profit and loss. The increase in fair value in the year ended December 31, 2021 is $3,299, which is recognized in finance costs.

During the year ended December 31, 2021, the Company paid $971 (2020 - $1,344) to Tüprag, a subsidiary, relating to guarantee fees.

The senior notes contain covenants that restrict, among other things, distributions in certain circumstances and sales of certain material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants at December 31, 2021.

The fair market value of the senior notes as at December 31, 2021 is $508,405.

(b) Senior Secured Credit Facility

In May 2019, the Company executed a $450 million amended and restated senior secured credit facility (the "third amended and restated credit agreement" or "TARCA") which consisted of the following:

(i)A $200 million non-revolving term loan ("term loan") with six equal semi-annual payments commencing June 30, 2020.

(ii)A $250 million revolving credit facility with a maturity date of June 5, 2023.

(28)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

17. Debt (continued)

On March 30, 2020, the Company drew $150,000 under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the novel coronavirus ("COVID-19") pandemic. The Company repaid $50,000 of the revolving credit facility draw in June 2021 and repaid the remaining $100,000 in August 2021, using a portion of the proceeds from the offering of the senior notes. The revolving credit facility bore interest at LIBOR plus a margin of 2.25% – 3.25%, dependent on a net leverage ratio pricing grid.

As at December 31, 2021, the Company has outstanding non-financial (Greece) and financial (Canada) letters of credit of EUR 58,216 and CDN $426, totaling $66,417 (December 31, 2020 - EUR 57,600 and CDN $400, totaling $70,800). The non-financial letters of credit were issued to secure certain obligations in connection with the Company's operations. In February 2021, the TARCA was amended such that the non-financial letters of credit no longer reduced credit availability under the revolving credit facility, thereby increasing the availability under the facility. An early repayment of $11,100 of principal as part of the scheduled semi-annual payment on the term loan was made in February 2021 in conjunction with this amendment, and in June 2021, the Companycompleted the remaining scheduled $22,233 semi-annual payment on the term loan.

On October 15, 2021, the Company replaced the TARCA and executed a $250 million amended and restated fourth senior secured credit facility (“the fourth amended and restated credit agreement” or “Fourth ARCA”) with an option to increase the available credit by $100 million through an accordion feature, and with a maturity date of October 15, 2025.

The Fourth ARCA contains covenants that restrict, among other things, the ability of the Company to incur additional unsecured indebtedness except in compliance with certain conditions, incur certain lease obligations, make distributions in certain circumstances, or sell material assets. Significant financial covenants include a minimum Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to interest ratio and a maximum debt net of unrestricted cash ("net debt") to EBITDA ratio ("net leverage ratio"). The Company is in compliance with its covenants as at December 31, 2021.

The Fourth ARCA is secured on a first lien basis by a general security agreement from the Company, including the real property of the Company and Eldorado Gold (Quebec) Inc. in Canada, as well as the shares of each of SG Resources B.V., Tüprag Metal, Eldorado Gold (Netherlands) BV and Eldorado Gold (Quebec) Inc., all wholly owned subsidiaries of the Company.

Under the Fourth ARCA, the revolving credit facility bears interest at LIBOR plus a margin of 2.125% – 3.25% for amounts drawn, the undrawn portion of the facility incurs standby fees of 0.47813% - 0.73125%, and letters of credit not secured under the revolving credit facility bear interest at 0.90% - 1.33%. In each case, interest or fees are dependent on a net leverage ratio pricing grid. The Fourth ARCA includes terms to replace LIBOR with a benchmark rate based on the secured overnight financing rate ("SOFR") upon the discontinuance of interbank offered rates.

As at December 31, 2021, the Company's current interest charges and fees are as follows: LIBOR plus margin of 2.125% on any amounts drawn from the revolving credit facility, 2.125% on the financial letters of credit secured by the revolving credit facility, 1.03% on the non-financial letters of credit and standby fees of 0.47813% on the available and undrawn portion of the revolving credit facility.

(c) Senior Secured Second Lien Notes due 2024

Following partial redemptions of the senior secured notes in 2020, the remaining $233,953 principal was redeemed in whole for cash by the Company on September 9, 2021 using proceeds from the senior notes. $21,400 of redemption premium and $6,050 of accrued interest were paid upon redemption and $6,976 of unamortized original discount and deferred financing costs relating to the senior secured notes were expensed as finance costs upon redemption. An embedded derivative asset of $500 relating to redemption options in the senior secured notes was also written-off to finance costs upon redemption.

(29)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

18. Asset retirement obligations

	Turkey		Canada		Greece		Romania		Brazil		Total
At January 1, 2021	$	44,816	$	12,961	$	51,940	$	1,661	$	—	$	111,378
Acquired during the year	—		3,300		—		—		—		3,300
Accretion during the year	608		131		649		24		—		1,412
Revisions to estimate	10,209		(554)		220		11,803		—		21,678
Settlements	(1,039)		—		(1,274)		—		—		(2,313)
At December 31, 2021	$	54,594	$	15,838	$	51,535	$	13,488	$	—	$	135,455
Less: Current portion	—		—		(4,088)		—		—		(4,088)
Long term portion	$	54,594	$	15,838	$	47,447	$	13,488	$	—	$	131,367
Estimated undiscounted amount	$	71,404	$	18,416	$	68,704	$	19,062	$	—	$	177,586

	Turkey		Canada		Greece		Romania		Brazil(1)		Total
At January 1, 2020	$	39,196	$	12,638	$	42,650	$	1,533	$	—	$	96,017
Accretion during the year	753		243		863		34		52		1,945
Revisions to estimate	5,539		80		10,056		94		—		15,769
Settlements	(672)		—		(1,629)		—		—		(2,301)
Disposal	—		—		—		—		(52)		(52)
At December 31, 2020	$	44,816	$	12,961	$	51,940	$	1,661	$	—	$	111,378
Less: Current portion	—		—		(4,701)		—		—		(4,701)
Long term portion	$	44,816	$	12,961	$	47,239	$	1,661	$	—	$	106,677
Estimated undiscounted amount	$	56,752	$	14,218	$	65,564	$	2,153	$	—	$	138,687

(1) The Vila Nova iron ore mine was sold in 2020 and has been presented with discontinued operations (see Note 7).

The Company’s asset retirement obligations relate to the restoration and rehabilitation of the Company’s mining operations and projects under development. The expected timing of cash flows in respect of the provision is based on the estimated life of the various mining operations. The net increase in the estimate of the obligation in 2021 was mainly due to an update of estimated closure costs for tailings facilities at the Lamaque operations and updates of estimated closure costs at the Efemçukuru mine and Certej project.

(30)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

18. Asset retirement obligations (continued)

The provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:

	Turkey	Canada	Greece	Romania
	%	%	%	%
At December 31, 2021
Inflation rate	1.3 to 1.9	1.5	0.7 to 1.9	1.9
Discount rate	1.3 to 1.9	1.5	0.7 to 1.9	1.9
At December 31, 2020
Inflation rate	0.7 to 1.5	0.9	0.4 to 1.7	1.5
Discount rate	0.7 to 1.5	0.9	0.4 to 1.7	1.5

The discount rate is a risk-free rate based on U.S. Treasury bond rates with maturities commensurate with mining operations and projects under development. U.S. Treasury bond rates have been used for all of the mining operations and projects under development as the liabilities are denominated in U.S. dollars and the majority of the expenditures are expected to be incurred in U.S. dollars. Similarly, the inflation rates used in determining the present value of the future net cash outflows are based on estimated U.S inflation rates.

In relation to the asset retirement obligations in Greece, the Company has the following:

(a)A €50,000 Letter of Guarantee to the Ministry of Environment and Energy and Climate Change ("MEECC") as security for the due and proper performance of rehabilitation works committed in relation to the mining and metallurgical facilities of the Kassandra Mines (Olympias, Stratoni and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. This Letter of Guarantee is renewed annually, expires on July 26, 2026 and has an annual fee of 187 basis points.

(b)A €7,500 Letter of Guarantee to the MEECC for the due and proper performance of the Kokkinolakkas Tailings Management Facility, committed in connection with the Environmental Impact Assessment approved for the Kassandra Mines (Olympias, Stratoni and Skouries). The Letter of Guarantee is renewed annually and expires on July 26, 2026. The Letter of Guarantee has an annual fee of 187 basis points.

(c)Restricted cash of $2,614 (2020 - $2,060) relates to an environmental guarantee deposit posted as security for rehabilitation works primarily in relation to the Lamaque mine.

19. Employee benefit plans

	December 31, 2021		December 31, 2020
Employee benefit plan expense:
Employee Benefit Plans	$	2,317	$	3,036
Supplemental Pension Plan	—		(187)
	$	2,317	$	2,849
Actuarial losses recognized in the statement of other comprehensive income (loss) in the year, before tax	$	(115)	$	(3,440)
Cumulative actuarial losses recognized in the statement of other comprehensive income (loss), before tax	$	(29,754)	$	(29,639)

(31)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

19. Employee benefit plans (continued)

Defined Benefit Plans

The Company operated a Supplemental Pension Plan ("the SERP"), which was a defined benefit pension plan in Canada with assets held in a Retirement Compensation Arrangement (“RCA”) trust account. The SERP, which was only available to certain qualifying employees, provided benefits that would otherwise have been paid from Eldorado Gold Corporation Pension Plan for Designated Employees if it was not subject to the maximum pension limits under the Income Tax Act (Canada) for registered pension plans.

On December 13, 2019, the Company resolved to wind-up the SERP. Each member’s entitlement was crystallized in 2019 and the SERP's defined benefit obligation changed from a monthly lifetime pension payment to a known one-off lump sum payment. The lump sum payments to members were made in stages. Initial partial lump sum payments were made to retired members in December 2019, a second installment was made in September 2020, and a final installment was made in 2021. The Company received a refund of the remaining assets in the SERP on September 28, 2021. As a result, $5,793 was received in cash and is presented on the statement of cash flow as a component of employee benefit plan payments received.

Subsidiaries Employee Benefit Plans

According to the Greek and Turkish labour laws, employees are entitled to compensation in case of dismissal or retirement, the amount of which varies depending on salary, years of service and the manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled to compensation. The Company considers this a defined benefit obligation. Amounts relating to these employee benefit plans have been included in the tables in this note under “Employee Benefit Plan” when applicable.

The amounts recognized in the consolidated statement of financial position for all pension plans are determined as follows:

	December 31, 2021		December 31, 2020
	Employee benefit plans		Employee benefit plans		SERP		Total
Present value of obligations	$	(8,942)	$	(11,109)	$	(2,721)	$	(13,830)
Fair value of plan assets	—		—		8,470		8,470
Asset (liability) on statement of financial position	$	(8,942)	$	(11,109)	$	5,749	$	(5,360)

(32)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

19. Employee benefit plans (continued)

The movement in the present value of the employee benefit obligations over the years is as follows:

	2021						2020
	Employee benefit plans		SERP		Total		Employee benefit plans		SERP		Total
Balance at January 1,	$	(11,109)	$	(2,721)	$	(13,830)	$	(9,317)	$	(18,366)	$	(27,683)
Current service cost	(2,070)		—		(2,070)		(2,446)		—		(2,446)
Past service cost	113		—		113		—		—		—
Interest cost	(549)		—		(549)		(639)		(547)		(1,186)
Actuarial (loss) gain	(115)		—		(115)		(2,664)		548		(2,116)
Assets distributed on settlement (1)	—		—		—		3,146		14,945		18,091
Benefit payments	1,049		2,740		3,789		1,172		180		1,352
Exchange gain (loss)	3,739		(19)		3,720		(361)		519		158
Balance at December 31,	$	(8,942)	$	—	$	(8,942)	$	(11,109)	$	(2,721)	$	(13,830)

(1)Assets distributed on settlement are related to the wind-up and settlement of the registered pension plans and supplemental pension plans in Canada.

The movement in the fair value of plan assets over the years is as follows:

	2021		2020
	SERP		Employee benefit plans		SERP		Total
At January 1,	$	8,470	$	1,958	$	24,610	$	26,568
Interest income on plan assets	—		42		736		778
Actuarial gain (loss)	—		59		(1,383)		(1,324)
Contributions by employer	—		1,281		—		1,281
Assets distributed on settlement (2)	(8,470)		(3,141)		(14,945)		(18,086)
Benefit payments	—		(138)		(180)		(318)
Exchange loss	—		(61)		(368)		(429)
At December 31,	$	—	$	—	$	8,470	$	8,470

(2)Assets distributed on settlement are related to the wind-up and settlement of the registered pension plans and supplemental pension plans in Canada.

(33)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

19. Employee benefit plans (continued)

During 2021, the SERP plan was wound up and the Company received a refund of the remaining assets. As there are no remaining assets at December 31, 2021, the actual return on plan assets was nil (2020 – loss of $546). As at December 31, 2020, the defined benefit plan's weighted average asset allocation percentages were 80% in money market funds and 20% held by the Canada Revenue Agency refundable tax account.

The principal actuarial assumptions used were as follows:

	2021		2020
	Employee benefit plans		Employee benefit plans			SERP
	Greece	Turkey	Greece	Turkey	Canada	Canada
	%	%	%	%	%	%
Expected return on plan assets	—	—	—	—	3.1	3.1
Discount rate - beginning of year	0.4	12.8	0.9	13.0	3.1	3.1
Discount rate - end of year	1.0	19.0	0.4	12.8	—	3.1
Rate of salary escalation	1.7	15.0	1.7	8.5	—	—

The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is:

	Change in assumption	Impact on overall obligation
Discount rate	Increase by 0.5%	Decrease by $166
	Decrease by 0.5%	Increase by $199
Salary escalation rate	Increase by 0.5%	Increase by $194
	Decrease by 0.5%	Decrease by $163

(34)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

20. Other income (expense) and finance costs

(a) Other income (expense)	December 31, 2021		December 31, 2020
Interest income and other income	$	2,830	$	1,310
Gain on disposal of mining licenses	7,296		—
Flow-through shares renouncement	3,702		—
Asset retirement obligation provision for closed facility	(1,566)		—
Loss on disposal of assets	(2,318)		(4,631)
	$	9,944	$	(3,321)

In May 2021, the Company recognized other income of $7,296 from the sale of mining licenses in Turkey, which had a carrying value of nil. Consideration for the sale was received in 2021.

(b) Finance costs	December 31, 2021		December 31, 2020
Interest cost on senior notes due 2029	$	11,008	$	—
Interest cost on senior secured notes due 2024	17,014		29,486
Interest cost on term loan	2,456		6,380
Other interest and financing costs	4,131		4,380
Senior secured notes redemption premium	21,400		6,275
Amortization of discount and transaction costs of senior secured notes and TARCA due to early redemption	9,700		2,286
Loss (gain) on redemption option derivative (Note 17(a))	2,685		(1,760)
Interest expense on lease liabilities	2,003		1,934
Asset retirement obligation accretion	1,412		1,893
	$	71,809	$	50,874

(35)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

21. Income taxes

Total income tax expense consists of:

	December 31, 2021		December 31, 2020
Current tax expense	$	90,174	$	88,575
Deferred tax expense (recovery)	49,796		(6,214)
	$	139,970	$	82,361

Income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows:

	2021		2020
Turkey	$	93,144	$	68,793
Canada	36,622		28,412
Greece	8,307		(8,763)
Romania	1,897		(6,081)
	$	139,970	$	82,361

The key factors affecting income tax expense for the years are as follows:

	2021		2020
Earnings from continuing operations before income tax	$	151,066	$	206,328
Canadian statutory tax rate	27%		27%
Tax expense on net earnings at Canadian statutory tax rate	$	40,788	$	55,709
Items that cause an increase (decrease) in income tax expense:
Foreign income subject to different income tax rates than Canada	(13,618)		(21,893)
Reduction in Greek income tax rate	(11,434)		—
Increase in Turkish income tax rate	6,150		—
Turkish investment tax credits	(47,394)		(21,669)
Québec mineral tax	12,089		12,389
Non-tax effected operating losses	9,734		26,040
Non-deductible expenses and other items	33,413		7,400
Flow-through share renouncement	6,397		—
Impairment and write-down of Stratoni assets	13,359		—
Turkish inflation adjustment exemption benefit	(10,761)		—
Foreign exchange related to the weakening of the Turkish Lira	77,254		18,295
Foreign exchange and other translation adjustments	16,292		(1,426)
Future and current withholding tax on foreign income dividends	7,655		8,705
Other	46		(1,189)
Income tax expense	$	139,970	$	82,361

(36)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

21. Income taxes (continued)

On May 18, 2021, the Greek government enacted new tax law provisions to reduce the corporate income tax rate from 24% to 22%. The Greek corporate tax rate reduction will be effective retroactively from January 1, 2021 and onwards. The opening deferred tax liability and the deferred tax expense for the year ended December 31, 2021 were reduced by $11,434 due to the tax rate reduction.

On April 16, 2021, an increase in the corporate income tax rate in Turkey was enacted. The corporate income tax rate was 20% at the beginning of 2021, and upon enactment increased to 25% for 2021, 23% for 2022 and will return to 20% for 2023 onwards. The increase was effective on July 1, 2021 with retroactive application to January 1, 2021. The opening deferred tax liability and the deferred tax expense for the year ended December 31, 2021 were increased by $6,150 due to the tax rate increase.

The change in the Company’s net deferred tax position was as follows:

	2021		2020
Net deferred income tax liability
Balance at January 1,	$	414,554	$	416,291
Deferred income tax expense (recovery) in the statement of operations	49,796		(6,214)
Deferred tax assets from acquisition of QMX Gold Corporation	(14,122)		—
Deferred tax expense related to discontinued operations	—		5,040
Deferred tax impact on disposition of Tocantinzinho	(11,010)		—
Deferred tax recovery in the consolidated statement of OCI	(23)		(563)
Balance at December 31,	$	439,195	$	414,554

The composition of the Company’s net deferred income tax assets and liabilities and deferred tax expense (recovery) is as follows:

Type of temporary difference	Deferred tax assets				Deferred tax liabilities				Expense (Recovery)
	2021		2020		2021		2020		2021		2020
Property, plant and equipment	$	—	$	—	$	490,868	$	470,500	$	37,727	$	(32,891)
Loss carryforwards	19,166		33,587		—		—		22,206		7,325
Liabilities	34,012		35,794		—		10,070		(5,909)		1,647
Future withholding taxes	—		—		—		6,234		(6,234)		6,234
Other items	6,882		15,930		8,387		13,061		2,006		11,471
Balance at December 31,	$	60,060	$	85,311	$	499,255	$	499,865	$	49,796	$	(6,214)

Unrecognized deferred tax assets	2021		2020
Tax losses	$	192,880	$	181,667
Other deductible temporary differences	85,142		39,394
	$	278,022	$	221,061

(37)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

21. Income taxes (continued)

Unrecognized tax losses

The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be reduced by the tax losses. Cumulative losses with a deferred tax benefit of $192,880 (2020 – $181,667) have not been recognized. The gross amount of tax losses for which no deferred tax asset was recognized expire as follows:

	2021		Expiry date	2020		Expiry date
Canadian net operating loss carryforwards	$	490,774	2026-2041	$	512,102	2025-2040
Canadian capital losses	240,081		none	65,836		none
Greek net operating loss carryforwards	125,401		2022-2026	140,196		2021-2025
Brazilian net operating loss carryforwards	Nil		none	2,421		none

Deductible temporary differences

At December 31, 2021 the Company had deductible temporary differences for which deferred tax assets of $85,142 (2020 – $39,394) have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of these temporary benefits have no expiry date.

Temporary differences associated with investments in subsidiaries

The Company has not recognized deferred tax liabilities in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the timing of the remittance and are considered reinvested for the foreseeable future. At December 31, 2021, these earnings amount to $1,032,084 (2020 – $927,295). Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries.

Other factors affecting taxation

During 2021 deferred tax expense of $54,587 (2020 - $10,636) was recognized due to the net decrease in the value of future tax deductions as a result of foreign exchange movements. Of this expense, $37,126 was due to movements in the Turkish Lira, which weakened significantly at the end of 2021, and $12,930 was due to the weakening of the Euro through 2021. The Company expects that any future significant foreign exchange movements in the Turkish Lira or Euro in relation to the U.S. dollar could cause significant volatility in the deferred income tax expense or recovery.

(38)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

22. Share capital

Eldorado’s authorized share capital consists of an unlimited number of voting common shares without par value.

The Company established an at-the-market equity program (the "ATM Program") in 2019, which allowed the Company to issue up to $125,000 of common shares from treasury from time to time at prevailing market prices. Under the ATM Program, 14,458,000 common shares had been issued for total net proceeds of $121,540, including 8,353,042 common shares issued during the year ended December 31, 2020.

On June 25, 2020, the Company completed a private placement of 384,616 common shares at a price of CDN $13.00 per share. The aggregate gross proceeds of CDN $5,000 ($3,664), will be used to fund the initial stage of the Lamaque decline project. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $0.45 per share to the closing market price of the Company’s common shares at the date of issue. The premium of $127 was recognized in accounts payable and accrued liabilities and will be recognized in other income once required expenditures are incurred and related tax benefits are renounced.

On September 30, 2020, the Company completed private placements of 435,324 common shares at a price of CDN $16.08 per share for proceeds of CDN $7,000; and 176,160 common shares at a price of CDN $17.03 for proceeds of CDN $3,000. The proceeds of CDN $7,000 ($5,248), will be used to continue to fund the Lamaque decline project. The proceeds of CDN $3,000 ($2,249) will be used to fund continued exploration at the Ormaque zone. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $2.03 and CDN $2.98, respectively, per share to the closing market price of the Company’s common shares at the date of issue. The combined premium of $1,056 was recognized in accounts payable and accrued liabilities and will be recognized in other income once required expenditures are incurred and related tax benefits are renounced.

On March 30, 2021 the Company completed a private placement of 1,100,000 common shares at a price of CDN $16.00 per share for proceeds of CDN $17,600 ($13,930). The proceeds will be used to continue to fund the Lamaque decline project. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $2.82 per share to the closing market price of the Company's common shares at the date of issue. The initial premium of $2,456 was recognized in accounts payable and accrued liabilities and is recognized in other income when the related tax benefits are renounced.

	2021			2020
Voting common shares	Number of Shares	Total		Number of Shares	Total
Balance at January 1,	174,931,381	$	3,144,644	164,963,324	$	3,054,563
Shares issued upon exercise of share options, for cash	339,540	1,738		618,915	3,559
Shares issued on redemption of PSU's	514,010	1,202		—	—
Estimated fair value of share options exercised transferred from contributed surplus	—	684		—	1,267
Shares issued on acquisition of QMX	5,788,187	65,647		—	—
Shares issued to the public	—	—		8,353,042	76,957
Share issuance cost	—	—		—	(1,570)
Flow-through shares issued, net of costs and premium	1,100,000	11,411		996,100	9,868
Balance at December 31,	182,673,118	$	3,225,326	174,931,381	$	3,144,644

(39)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

23. Share-based payment arrangements

Share-based payments expense consists of:

	December 31, 2021		December 31, 2020
Share options	$	2,806	$	3,347
Restricted share units with no performance criteria	1,291		1,305
Restricted share units with performance criteria	3,462		2,556
Deferred units	(516)		2,270
Performance share units	902		1,214
	$	7,945	$	10,692

(i)Share option plans

The Company's incentive stock option plan (the "Plan") consists of options ("Options") which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. Options vest at the discretion of the board of directors of the Company (the "Board") at the time an Option is granted. Options generally vest in three equal and separate tranches with the first vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.

Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:

	2021		2020
	Weighted average price Cdn$	Number of options	Weighted average price Cdn$	Number of options
At January 1,	$11.56	5,092,388	$14.08	5,714,491
Granted	13.27	1,091,891	12.72	1,156,744
Exercised	6.36	(339,540)	7.75	(618,915)
Expired	16.27	(803,771)	33.40	(813,933)
Forfeited	12.68	(790,230)	12.53	(345,999)
At December 31,	$11.32	4,250,738	$11.56	5,092,388

As at December 31, 2021, a total of 4,427,408 options (2020 – 3,898,038) were available to grant under the Plan. As at December 31, 2021, 2,254,702 share purchase options (December 31, 2020 – 2,416,611) with a weighted average exercise price of CDN $11.51 (2020 – CDN $14.45) had vested and were exercisable.

The weighted average market share price at the date of exercise for share options exercised in 2021 was CDN $13.26 (2020 – CDN $14.47).

During the year ended December 31, 2021, 1,091,891 (2020 – 1,156,744) share options were granted. The weighted average fair value per stock option granted was CDN $5.62 (2020 – CDN $4.12).

(40)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

23. Share-based payment arrangements (continued)

Options outstanding are as follows:

	December 31, 2021			December 31, 2021
	Total options outstanding			Exercisable options
Range of  exercise  price  Cdn$	Shares	Weighted average remaining contractual life (years)	Weighted average exercise price Cdn$	Shares	Weighted  average  exercise  price  Cdn$
$5.00 to $5.99	1,379,016	2.2	$5.68	848,105	$5.68
$6.00 to $6.99	422,924	1.3	6.20	422,924	6.20
$10.00 to $10.99	152,941	2.9	10.40	101,960	10.40
$12.00 to $12.99	683,895	3.2	12.90	222,251	12.90
$13.00 to $13.99	932,028	4.1	13.24	12,879	13.50
$14.00 to $14.99	33,351	4.2	14.60	—	—
$22.00 to $22.99	494,650	0.1	22.00	494,650	22.00
$23.00 to $23.99	151,933	0.2	23.18	151,933	23.18
	4,250,738	2.4	$11.32	2,254,702	$11.51

The assumptions used to estimate the fair value of options granted during the years ended December 31, 2021 and December 31, 2020 are in the table below. Volatility was determined based on the historical volatility over the estimated lives of the options.

	2021	2020
Risk-free interest rate (range)	0.3% – 0.8%	0.3 – 1.0%
Expected volatility (range)	64% – 68%	63% – 70%
Expected life (range) (years)	1.92 – 3.93	1.96 – 3.96
Expected dividends (Cdn$)	—	—

(ii)Restricted share units plan

The Company has a restricted share unit plan (“RSU” plan) whereby restricted share units ("RSUs") may be granted to senior management of the Company. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. The current maximum number of common shares authorized for issue under the RSU plan is 5,000,000. As at December 31, 2021, 268,283 common shares purchased by the Company remain held in trust in connection with this plan and have been included in treasury stock within equity on the consolidated statement of financial position.

Subsequent to December 31, 2021, as at February 22, 2022, 1,269,900 common shares have been purchased on the open market for CDN $15,526 under an approved normal course issuer bid.

(41)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

23. Share-based payment arrangements (continued)

Currently, the Company has two types of RSUs:

(a)RSU with no performance criteria

These RSUs are exercisable into one common share once vested, for no additional consideration. They vest as follows: one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. RSUs with no performance criteria terminate on the third anniversary of the grant date.  All vested RSUs which have not been redeemed by the date of termination are automatically redeemed.  Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. 

A total of 180,132 RSUs with no performance criteria at an average grant-date fair value of CDN $13.79 per unit were granted during the year ended December 31, 2021 under the Company’s RSU plan. The fair value of each RSU issued is determined based on the quoted market value of the Company's shares on date of grant.

A summary of the status of the RSUs with no performance criteria and changes during the year ended December 31, 2021 and December 31, 2020 is as follows:

	2021	2020
At January 1,	478,067	536,330
Granted	180,132	149,552
Redeemed	(135,833)	(190,963)
Forfeited	(50,604)	(16,852)
At December 31,	471,762	478,067

As at December 31, 2021, 109,649 restricted share units are fully vested and exercisable (2020 – 44,748).

(b)RSU with performance criteria

RSUs with performance criteria vest on the third anniversary of the grant date, subject to achievement of pre-determined market-based performance criteria. When fully vested, the number of RSUs redeemed will range from 0% to 200% of the target award, subject to the performance of the share price over the three-year period.

There were 360,273 RSUs with performance criteria granted during the year ended December 31, 2021 with a fair value of CDN $22.46 per unit. In addition, 80,235 RSUs with performance criteria were granted as a result of the performance criteria being met during the year, which were then redeemed for common shares issued from treasury stock. The fair value of each RSU with market-based performance criteria issued is determined based on fair value of the share units on the date of grant which is based on a valuation model which uses the expected future forward price of the Company's shares and an index consisting of global gold-based securities.

A summary of the status of the RSUs with performance criteria and changes during the year ended December 31, 2021 and December 31, 2020 is as follows:

	2021	2020
At January 1,	689,967	457,498
Granted	440,508	299,112
Redeemed	(160,470)	—
Forfeited	(61,628)	(66,643)
At December 31,	908,377	689,967

(42)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

23. Share-based payment arrangements(continued)

(iii)Deferred units plan

The Company has an independent directors deferred unit plan (“DU Plan”) under which deferred units ("DU’s") are granted by the Board from time to time to independent directors (“the Participants”). DUs may be redeemed only on retirement of the independent director from the Board (the “Termination Date”) by providing the redemption notice (“Redemption Notice”) to the Company specifying the redemption date which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the “Redemption Date”). The participant receives a cash payment equal to the market value of such DUs as of the Redemption Date. 

At December 31, 2021, 351,232 DUs were outstanding (2020 – 289,360) with a fair value of $3,291 (2020 – $3,834), which is included in accounts payable and accrued liabilities. The fair value was determined based on the closing share price at December 31, 2021.

(iv)Performance share units plan

The Company has a Performance Share Unit plan (the “PSU” Plan) whereby PSUs may be granted to senior management of the Company at the discretion of the Board of Directors. Under the plan, PSUs cliff vest on the third anniversary of the grant date (the “Redemption Date”) and are subject to terms and conditions including the achievement of predetermined performance criteria (the “Performance Criteria”). When fully vested the number of PSUs redeemed will range from 0% to 200% of the target award, subject to the achievement of the Performance Criteria. Once vested, at the option of the Company, PSU’s are redeemable as a cash payment equal to the market value of the vested PSUs as of the Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and to be redeemed as soon as practicable after the Redemption Date.

There were 13,937 PSUs were granted during the year ended December 31, 2021 under the PSU Plan (December 31, 2020 – $nil) with a fair value of CDN $24.40 per unit (December 31, 2020 – $nil). In addition, 253,999 PSUs were granted as a result of the performance criteria being met during the year, which were then redeemed for common shares. The current maximum number of common shares authorized for issuance from treasury under the PSU Plan is 3,126,000. The fair value of each PSU issued is determined based on fair value of the share units on the date of grant which is based on the expected future forward price of the Company's shares and an index consisting of global gold securities.

Movements in the PSUs during the year ended December 31, 2021 and December 31, 2020 are as follows:

	2021	2020
At January 1,	525,605	610,885
Granted	267,936	—
Expired	—	(85,280)
Redeemed	(514,010)	—
Forfeited	(1,511)	—
At December 31,	278,020	525,605

(43)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

24. Supplementary cash flow information

Changes in non-cash working capital:	December 31, 2021		December 31, 2020
Accounts receivable and other	$	14,065	$	(5,408)
Inventories	(16,087)		(3,209)
Accounts payable and accrued liabilities	(6,895)		42,008
	$	(8,917)	$	33,391

25. Financial risk management

25.1 Financial risk factors

Eldorado’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. Eldorado’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance.

(i)    Market risk

a.Foreign exchange risk

The Company operates principally in Turkey, Canada, Greece, and Romania, and is therefore exposed to foreign exchange risk arising from transactions denominated in foreign currencies. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency.

Eldorado’s cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities and other non-current liabilities are denominated in several currencies, and are therefore subject to fluctuation against the U.S. dollar. The weakening of the Turkish Lira during 2021 resulted in both realized and unrealized foreign exchange gains from the revaluation of accounts payable and accruals denominated in Turkish Lira.

The tables below summarize Eldorado’s exposure to the various currencies denominated in the foreign currency at December 31, 2021 and 2020, as listed below. The tables do not include amounts denominated in U.S. dollars.

	December 31, 2021
	Canadian dollar		Euro		Turkish lira
	$		€		TRY
Cash and cash equivalents	9,842		13,905		5,843
Investments in marketable securities	67,439		—		—
Accounts receivable and other	14,842		10,780		18,925
Accounts payable and accrued liabilities	(78,497)		(52,667)		(680,076)
Other non-current liabilities	—		(4,843)		(44,007)
Net balance	13,626		(32,825)		(699,315)
Equivalent in U.S. dollars	$	10,923	$	(37,221)	$	(52,581)
Other foreign currency exposure is equivalent to $692 U.S. dollars.

(44)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

25. Financial risk management (continued)

	December 31, 2020
	Canadian dollar		Euro		Turkish lira
	$		€		TRY
Cash and cash equivalents	10,438		7,186		3,675
Marketable securities	252		—		—
Accounts receivable and other	13,154		36,982		52,354
Accounts payable and accrued liabilities	(66,387)		(41,299)		(418,674)
Other non-current liabilities	(72)		(14,219)		(31,043)
Net balance	(42,615)		(11,350)		(393,688)
Equivalent in U.S. dollars	$	(33,488)	$	(13,909)	$	(53,632)
Other foreign currency exposure is equivalent to $6,420 U.S. dollars.

Based on the balances as at December 31, 2021, a 1% increase or decrease in the U.S. dollar exchange rate against all of the other currencies on that date would have resulted in an increase or decrease of approximately $808 (2020 – $1,364) in earnings (loss) before taxes. There would be no effect on other comprehensive income.

Cash flows from operations are exposed to foreign exchange risk, as commodity sales are set in U.S. dollars and a certain amount of operating expenses are in the currency of the country in which mining operations take place.

b.Metal price and global market risk

The Company is subject to price risk for fluctuations in the market price of gold and the global concentrate market. Gold and other metals prices are affected by numerous factors beyond the Company’s control, including central bank sales, demand for concentrate, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand, changes to import taxes and political and economic conditions. The commodity price risk associated with financial instruments relates primarily with the fair value changes caused by final settlement pricing adjustments to trade receivables.

Worldwide gold and other metals production levels also affect their prices, and the price of these metals is occasionally subject to rapid short-term changes due to speculative activities. From time to time, the Company may use commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals.

Other price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices. This includes equity price risk, whereby the Company’s investments in marketable securities are subject to market price fluctuation.

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. Current financial assets and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. The Company's outstanding debt is in the form of senior notes with a fixed interest rate of 6.25%. Borrowings under the Company's revolving credit facility, if drawn, are at variable rates of interest based on LIBOR and expose the Company to interest rate risk.

(45)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

25. Financial risk management(continued)

(ii) 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. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, term deposits and accounts receivable.

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. In accordance with the Company's short-term investment policy, term deposits and short-term investments are held with high credit quality financial institutions as determined by rating agencies. The Company invests its cash and cash equivalents in major financial institutions and in government issuances, according to the Company's short-term investment policy. The Company monitors the credit ratings of all financial institutions in which it holds cash and investments. The carrying value of $536,919 is the maximum amount exposed to credit risk at December 31, 2021.

Payment for metal sales is normally in advance or within fifteen days of shipment depending on the buyer. While the historical level of customer defaults is negligible, which has reduced the credit risk associated with trade receivables at December 31, 2021, there is no guarantee that buyers, including under exclusive sales arrangements, will not default on its commitments, which may have an adverse impact on the Company's financial performance.

(iii)    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 manages liquidity by spreading the maturity dates of investments over time, managing its capital expenditures and operational cash flows, and by maintaining adequate lines of credit. Management uses a rigorous planning, budgeting and forecasting process to help determine the funds the Company will need to support ongoing operations and development plans.

In August 2021, the Company completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029. Net proceeds from the senior notes were used in part to redeem the Company's outstanding 9.5% senior secured second lien notes that were due 2024 and to repay all outstanding amounts under the Company's senior secured term loan and revolving credit facility.

On October 15, 2021, the Company executed the Fourth ARCA, replacing the TARCA, with a maturity date of October 15, 2025 and an option to increase the available credit by $100 million through an accordion feature.

In February 2021, the TARCA was amended such that the non-financial letters of credit no longer reduce credit availability under the revolving credit facility, thereby increasing the availability under the facility.

Management cannot accurately predict the impact COVID-19 will have on the Company’s operations, the fair value of the Company's assets, its ability to obtain financing, third parties’ ability to meet their obligations with the Company and the length of travel and quarantine restrictions imposed by governments of the countries in which the Company operates.

Management continues to monitor the Company’s capabilities to meet ongoing debt and other commitments, including reviewing its operating costs and capital budget to reduce expenditures if required.

Contractual maturities relating to debt and other obligations are included in Note 26. All other financial liabilities are due within one year.

(46)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

25. Financial risk management(continued)

25.2 Capital risk management

Eldorado’s objective is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the Company's mining projects. Capital consists of all of the components of equity which includes share capital from ordinary shares, contributed surplus, accumulated other comprehensive income (loss), deficit and non-controlling interests.

Eldorado monitors capital on the basis of the debt to capital ratio and net debt to EBITDA. The debt to capital ratio is calculated as debt, including current and non-current debt, divided by capital plus debt. The net debt to EBITDA ratio is calculated as debt, including current and non-current debt, less cash, cash equivalents and term deposits, divided by earnings before interest costs, taxes, depreciation and amortization.

26. Commitments and Contractual Obligations

The Company’s commitments and contractual obligations at December 31, 2021, include:

	2022		2023		2024		2025		2026 and later		Total
Debt (1)	$	—	$	—	$	—	$	—	$	500,000	$	500,000
Purchase obligations	33,357		5,907		24		—		—		39,288
Leases	7,629		3,656		3,476		2,464		9,221		26,446
Mineral properties	2,957		2,959		2,907		2,907		5,986		17,716
Asset retirement obligations	4,088		1,700		1,700		1,700		168,398		177,586
	$	48,031	$	14,222	$	8,107	$	7,071	$	683,605	$	761,036

(1)Does not include interest on debt.

Debt obligations represent required repayments of principal for the senior notes. The table does not include interest on debt.

Purchase obligations relate primarily to operating costs at mines and capital projects at Kişladağ. Mineral properties refer to arrangements for the use of land that grant the Company the right to explore, develop, produce or otherwise use the mineral resources contained in that land.

As at December 31, 2021, Hellas Gold had entered into off-take agreements pursuant to which Hellas Gold agreed to sell a total of 50,000 dry metric tonnes of zinc concentrate, 12,000 dry metric tonnes of lead/silver concentrate, and 130,000 dry metric tonnes of gold concentrate, through the year ending December 31, 2022. As at December 31, 2021, Tüprag Metal Madencilik Sanayi Ve Ticaret A.S. (“Tüprag”) had entered into off-take agreements pursuant to which Tüprag agreed to sell a total of 55,000 dry metric tonnes of gold concentrate through the year ending December 31, 2022.

In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans) Ltd., a subsidiary of Wheaton Precious Metals (“Wheaton Precious Metals”) all of the payable silver contained in lead concentrate produced within an area of approximately seven square kilometers around Stratoni. The sale was made in consideration of a prepayment to Hellas Gold of $57,500 in cash, plus a fixed price per ounce of payable silver to be delivered based on the lesser of $3.83 and the prevailing market price per ounce, adjusted higher by 1% every year. The agreement was amended in October 2015 to provide for increases in the fixed price paid by Wheaton Precious Metals upon completion of certain expansion drilling milestones. 30,000 meters of expansion drilling was reached during the second quarter of 2020 and in accordance with the terms of the agreement, the fixed price has been adjusted by an additional $2.00 per ounce. Accordingly, the fixed price from April 1, 2021 is equal to $11.54 per ounce.

(47)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

26. Commitments and Contractual Obligations(continued)

Based on current Turkish legislation, the Company pays annual royalties to the Government of Turkey on revenue less certain costs associated with ore haulage, mineral processing and related depreciation. Royalties are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. Based on current Greek legislation, the Company pays royalties on revenue that are calculated on a sliding scale tied to international gold and base metal prices and the USD:EUR exchange rate.

27. Contingencies

Due to the size, complexity and nature of the Company’s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. While the outcomes of these matters are uncertain, based upon the information currently available, the Company does not believe that these matters in aggregate will have a material adverse effect on its consolidated financial position, cash flows or results of operations. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the appropriate period relative to when such changes occur. As at December 31, 2021, the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Eldorado’s consolidated financial position, results of operations or cash flows. Accordingly, no amounts have been accrued as at December 31, 2021.

28. Related party transactions

Key management includes directors (executive and non-executive), officers and senior management. The compensation paid or payable to key management for employee services, including amortization of share-based payments, is shown in the table below. In 2021, the salaries and other short-term employee benefits paid or payable to key management are $8,557 (2020 - $6,364), which is included in total employee benefits of $34,171 (2020 - $30,728) recognized in general and administrative expenses, employee benefit plan expenses and share-based compensation expenses in the statement of operations.

	2021		2020
Salaries and other short-term employee benefits	$	8,557	$	6,364
Employee benefit plan	377		337
Share-based payments	6,626		8,468
Termination benefits	441		—
	$	16,001	$	15,169

(48)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

29. Financial instruments by category

Fair value

The following table provides the carrying value and the fair value of financial instruments at December 31, 2021 and December 31, 2020:

	December 31, 2021				December 31, 2020
	Carrying amount		Fair value		Carrying amount		Fair value
Financial Assets
Fair value through OCI
Marketable securities	$	53,352	$	53,352	$	194	$	194
Investments in debt securities	6,660		6,660		—		—
Fair value through profit and loss
Settlement receivables	$	28,523	$	28,523	$	31,898	$	31,898
Redemption option derivative asset	8,105		8,105		7,357		7,357
Amortized cost
Cash and cash equivalents	$	481,327	$	481,327	$	451,962	$	451,962
Term deposit	—		—		59,034		59,034
Restricted cash	2,674		2,674		2,097		2,097
Other receivables and deposits	22,277		22,277		28,953		28,953
Other assets	2,118		2,118		7,414		7,414
Financial Liabilities at amortized cost
Accounts payable and accrued liabilities	$	195,334	$	195,334	$	179,372	$	179,372
Debt, excluding derivative asset	497,868		508,405		508,489		543,833

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).

(49)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

29. Financial instruments by category(continued)

Assets measured at fair value as at December 31, 2021 include marketable securities of $53,352 (2020 – $194), comprised of publicly-traded equity investments classified as fair value through other comprehensive income, and investments in debt securities of $6,660 (December 31, 2020 - nil) which is comprised of publicly-traded debt securities classified as fair value through other comprehensive income. At December 31, 2021, assets measured at fair value also include settlement receivables of $28,523 (2020 - $31,898) arising from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss, and a derivative asset of $8,105 (December 31, 2020 – $7,357), related to the redemption options associated with the senior secured notes classified as fair value through profit and loss. Changes in the fair value of settlement receivables are recorded in revenue and changes in the fair value of the redemption option derivative asset are recorded in finance costs. Valuation of the contingent consideration on the May 2020 acquisition of interest in Hellas is measured at fair value, with any changes in fair value recorded in profit or loss.

No other liabilities are measured at fair value on a recurring basis as at December 31, 2021.

The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. The Company's marketable securities and investments in debt securities are included in Level 1. Instruments included in Level 2 comprise settlement receivables, the redemption option derivative asset and the fair market value of the Company's senior secured notes (Note 17a). The fair value of settlement receivables is determined based on forward metal prices for the quotational period; the fair value of the Company's redemption option derivative asset is based on models using observable interest rate inputs and the fair value of the Company's senior notes is based on observable prices in inactive markets. The fair value measurement of contingent consideration related to the acquisition of the minority interest in Hellas Gold (Note 12) is categorized as a Level 3 fair value. For all other financial instruments, carrying amounts approximate fair value.

(50)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

30. Revenue

For the year ended December 31, 2021, revenue from contracts with customers by product and segment was as follows:

	Turkey		Canada		Greece		Total
Gold revenue - doré	$	316,245	$	271,696	$	—	$	587,941
Gold revenue - concentrate	162,145		—		90,418		252,563
Silver revenue - doré	3,095		1,662		—		4,757
Silver revenue - concentrate	4,270		—		24,298		28,568
Lead concentrate	—		—		26,781		26,781
Zinc concentrate	—		—		42,864		42,864
Revenue from contracts with customers	$	485,755	$	273,358	$	184,361	$	943,474
Gain (loss) on revaluation of derivatives in trade receivables	314		—		(2,874)		(2,560)
	$	486,069	$	273,358	$	181,487	$	940,914

For the year ended December 31, 2020, revenue from contracts with customers by product and segment was as follows:

	Turkey		Canada		Greece		Total
Gold revenue - doré	$	403,823	$	256,069	$	—	$	659,892
Gold revenue - concentrate	181,727		—		100,928		282,655
Silver revenue - doré	2,194		1,198		—		3,392
Silver revenue - concentrate	3,981		—		24,029		28,010
Lead concentrate	—		—		18,285		18,285
Zinc concentrate	—		—		36,993		36,993
Revenue from contracts with customers	$	591,725	$	257,267	$	180,235	$	1,029,227
Gain (loss) on revaluation of derivatives in trade receivables	(3,537)		—		995		(2,542)
	$	588,188	$	257,267	$	181,230	$	1,026,685

31. Production costs

	December 31, 2021		December 31, 2020
Labour	$	126,527	$	116,653
Fuel	18,892		16,464
Reagents	42,473		53,399
Electricity	22,214		17,904
Mining contractors	46,403		38,240
Operating and maintenance supplies and services	77,033		78,062
Site general and administrative costs	53,358		46,588
Royalties, production taxes and selling expenses	62,848		77,873
	$	449,748	$	445,183

(51)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

32. Mine standby costs

	December 31, 2021		December 31, 2020
Stratoni	$	7,168	$	—
Skouries	5,785		8,890
Lamaque	—		3,086
Other mine standby costs	2,480		1,689
	$	15,433	$	13,665

The Stratoni mine experienced a fall of ground on June 27, 2021. There were no injuries, however, an investigation revealed several other locations with similar ground support conditions. In line with strict safety protocols, operations at Stratoni were suspended during July and August of 2021 to remediate ground support conditions. Operations were suspended at Stratoni at the end of 2021 and the mine and plant are planned to be placed on care and maintenance during 2022.

In accordance with the Québec government-mandated restrictions to address the COVID-19 pandemic in the province, operations were temporarily suspended at Lamaque on March 25, 2020. Operations restarted on April 15, 2020.

33. Earnings per share

The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:

	December 31, 2021	December 31, 2020
Weighted average number of ordinary shares used in the calculation of basic earnings per share	180,296,588	171,047,400
Dilutive impact of share options	1,008,339	1,369,750
Dilutive impact of restricted share units and restricted share units with performance criteria	246,560	1,732,614
Dilutive impact of performance share units	213,420	1,081,116
Weighted average number of ordinary shares used in the calculation of diluted earnings per share	181,764,907	175,230,880

For the year ended December 31, 2021, 2,295,857 options (2020 - 2,680,593) were excluded from the dilutive weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive.

For the year ended December 31, 2021, relating to net loss per share attributable to shareholders, 1,008,339 share options, 246,560 RSU's and RSU's with performance criteria, and 213,420 PSU's were anti-dilutive.

(52)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

34. Segment information

Identification of reportable segments

The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or "CODM") in assessing performance and in determining the allocation of resources.

The CODM consider the business from both a geographic and product perspective and assess the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings from mine operations, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at December 31, 2021, Eldorado had five reportable segments based on the geographical location of mining and exploration and development activities.

Geographical segments

Geographically, the operating segments are identified by country and by operating mine. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Canada reporting segment includes the Lamaque operations and exploration activities in Canada, including those related to QMX from the date of acquisition. The Greece reporting segment includes the Stratoni and Olympias mines, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment includes the Certej project and exploration activities in Romania. The Brazil reporting segment included the Tocantinzinho project and exploration activities up until the sale of Tocantinzinho in October 2021. The Brazil segment also included Vila Nova up until the sale of the Vila Nova iron ore mine in September 2020. 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 different reporting segments share similar economic characteristics and have been aggregated accordingly.

(53)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

34. Segment information (continued)

As at and for the year ended December 31, 2021	Turkey		Canada		Greece		Romania		Brazil*		Other		Total
Earnings and loss information
Revenue	$	486,069	$	273,358	$	181,487	$	—	$	—	$	—	$	940,914
Production costs	189,841		98,987		160,920		—		—		—		449,748
Depreciation and amortization	91,728		60,622		48,608		—		—		—		200,958
Earnings (loss) from mine operations	$	204,500	$	113,749	$	(28,041)	$	—	$	—	$	—	$	290,208
Other significant items of income and expense
Impairment (Note 13)	$	—	$	—	$	13,926	$	—	$	—	$	—	$	13,926
Write-down (reversal) of assets	3,442		(2)		5,666		—		—		—		9,106
Exploration and evaluation expenses	4,384		7,885		573		3,528		—		1,944		18,314
Income tax expense	93,144		36,622		8,307		1,897		—		—		139,970
Loss from discontinued operations, net of tax attributable to shareholders of the Company	—		—		—		—		146,802		—		146,802
Capital expenditure information
Additions to property, plant and equipment during the year (**)	$	136,587	$	89,402	$	59,965	$	—	$	—	$	6,815	$	292,769
Information about assets and liabilities
Property, plant and equipment	$	841,000	$	704,663	$	2,018,440	$	423,503	$	—	$	15,605	$	4,003,211
Goodwill	—		92,591		—		—		—		—		92,591
	$	841,000	$	797,254	$	2,018,440	$	423,503	$	—	$	15,605	$	4,095,802
Debt, including current portion	$	—	$	—	$	—	$	—	$	—	$	489,763	$	489,763

* Discontinued (Note 7)

** Presented on an accrual basis; excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.

(54)

Eldorado Gold Corporation

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and December 31, 2020

(In thousands of U.S. dollars, unless otherwise stated except share and per share amounts)

34. Segment information (continued)

As at and for the year ended December 31, 2020	Turkey		Canada		Greece		Romania		Brazil*		Other		Total
Earnings and loss information
Revenue	$	588,188	$	257,267	$	181,230	$	—	$	—	$	—	$	1,026,685
Production costs	201,895		78,309		164,979		—		—		—		445,183
Depreciation and amortization	96,469		70,335		51,280		—		—		—		218,084
Earnings (loss) from mine operations	$	289,824	$	108,623	$	(35,029)	$	—	$	—	$	—	$	363,418
Other significant items of income and expense
Write-down (reversal) of assets	$	209	$	—	$	40,030	$	(1,579)	$	—	$	—	$	38,660
Exploration and evaluation expenses	2,192		2,978		592		4,987		—		1,744		12,493
Income tax expense (recovery)	68,793		28,412		(8,763)		(6,081)		—		—		82,361
Loss from discontinued operations, net of tax attributable to shareholders of the Company	—		—		—		—		6,352		—		6,352
Capital expenditure information
Additions to property, plant and equipment during the year (**)	$	88,894	$	59,832	$	42,638	$	6	$	—	$	7,054	$	198,424
Information about assets and liabilities
Property, plant and equipment	$	789,186	$	596,081	$	2,027,612	$	414,118	$	205,432	$	9,770	$	4,042,199
Goodwill	—		92,591		—		—		—		—		92,591
	$	789,186	$	688,672	$	2,027,612	$	414,118	$	205,432	$	9,770	$	4,134,790
Debt, including current portion	$	—	$	—	$	—	$	—	$	—	$	501,132	$	501,132

* Discontinued (Note 7)

** Presented on an accrual basis; excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.

The Turkey segment derives its revenues from sales of gold and silver. The Greece segment derives its revenue from sales of gold, zinc and lead-silver concentrates. The Canadian segment derives its revenue from sales of gold and silver. For the year ended December 31, 2021, revenue from two customers of the Company’s Turkey segment represents approximately $319,339 (2020 - $368,459) of the Company’s total revenue. For the company's Canadian segment, one customer accounted for 99% of the revenues (2020 - 99%).

(55)

EX-99.2

Exhibit 99.2

Management’s Discussion and Analysis

For the three and twelve months ended December 31, 2021

	Suite 1188, 550 Burrard Street
	Vancouver, British Columbia
	V6C 2B5
	Phone: (604) 687-4018
	Fax: (604) 687-4026

1

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Management’s Discussion and Analysis

This Management’s Discussion and Analysis (“MD&A”) dated February 24, 2022 for Eldorado Gold Corporation contains information that management believes is relevant for an assessment and understanding of our consolidated financial position and the results of consolidated operations for the year ended December 31, 2021. The MD&A should be read in conjunction with the audited Consolidated Financial Statements for the years ended December 31, 2021 and 2020, which were prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board ("IASB").

Throughout this MD&A, Eldorado, we, us, our and the Company means Eldorado Gold Corporation. This quarter means the fourth quarter of 2021.

Forward Looking Statements and Information

This MD&A contains forward-looking statements and information and should be read in conjunction with the risk factors described in the “Managing Risk” and “Forward-Looking Statements and Information” sections of this MD&A. Additional information including this MD&A, the audited annual consolidated financial statements for the years ended 2021 and 2020, our Annual Information Form for the year ended December 31, 2020 (our "AIF"), and press releases have been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR"), the Electronic Data Gathering, Analysis and Retrieval system ("EDGAR"), and are available online under the Eldorado profile at www.sedar.com, www.sec.gov/edgar and on the Company’s website (www.eldoradogold.com).

Non-IFRS and Other Financial Measures and Ratios

Certain non-IFRS financial measures and ratios are included in this MD&A, including cash operating costs and cash operating costs per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), free cash flow, working capital and cash flow from operations before changes in working capital. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. We believe that these measures, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company’s performance and ability to generate cash flow from operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, refer to the “Non-IFRS and Other Financial Measures and Ratios” section of this MD&A.

The following additional abbreviations may be used throughout this MD&A: General and Administrative Expenses ("G&A"); Gold ("Au"); Ounces ("oz"); Grams per Tonne ("g/t"); Million Tonnes ("Mt"); Tonnes ("t"); Kilometre ("km"); Metres ("m"); Tonnes per Day ("tpd"); Kilo Tonnes per Annum ("ktpa"); Percentage ("%"); Cash Generating Unit ("CGU"); Life of Mine ("LOM"); New York Stock Exchange ("NYSE") and Toronto Stock Exchange ("TSX"), Net Present Value ("NPV"), Internal Rate of Return ("IRR") and London Inter-Bank Offered Rate ("LIBOR").

Reporting Currency and Tabular Amounts

All amounts are presented in U.S. dollars ("$") unless otherwise stated. Unless otherwise specified, all tabular amounts are expressed in millions of U.S. dollars, except share, per share or per ounce amounts. Due to rounding, numbers presented throughout this MD&A may not add precisely to the totals provided.

2

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Table of Contents

Section	Page
About Eldorado	4
Consolidated Financial and Operational Highlights	5
Key Business and Financial Developments	7
Review of Financial and Operating Performance	10
2022 Outlook	13
Operations Update and Outlook	14
Development Projects	21
Exploration and Evaluation	22
Financial Condition and Liquidity	23
Quarterly Results	27
Outstanding Share Information	28
Non-IFRS and Other Financial Measures and Ratios	29
Managing Risk	40
Other Information and Advisories	77
Corporate Information	84

3

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

About Eldorado

Eldorado Gold is a Canadian gold and base metals producer with more than 25 years of experience in discovering, building and operating mines in Europe, Asia and the Americas. Dual-listed on the Toronto (TSX: ELD) and New York (NYSE: EGO) stock exchanges, we are focused on creating value for our stakeholders at each stage of the mining process.

Our operations are global and we have assets in Turkey, Canada, Greece, and Romania. We operate five mines: Kisladag and Efemcukuru located in western Turkey, Lamaque in Canada, and Olympias located in northern Greece. Kisladag, Efemcukuru and Lamaque are gold mines, while Olympias is a polymetallic operation. Olympias produces three concentrates bearing lead-silver, zinc and gold.

Complementing our producing portfolio is our advanced stage gold-copper development project, Skouries in northern Greece. Skouries is currently on care and maintenance. We have in place an amended Investment Agreement with the Hellenic Republic that provides a mutually beneficial and modernized legal and financial framework to allow for investment in the Skouries project and the Olympias mine.

Other development projects in our portfolio include Perama Hill, a wholly-owned gold-silver project in Greece, and Certej, a 80.5% owned gold project in Romania.

Our operating mines and development projects provide excellent opportunities for reserve growth through near-mine exploration programs. We also conduct early-stage exploration programs with the goal of providing low cost growth through discovery.

Our strategy is to focus on jurisdictions that offer the potential for long-term growth and access to high-quality assets. Fundamental to executing on this strategy is the strength of our in-country teams and stakeholder relationships. We have a highly skilled and dedicated workforce of over 4,500 people worldwide, with the majority of employees and management being nationals of the country of operation.

Through discovering and acquiring high-quality assets, safely developing and operating world-class mines, growing resources and reserves, responsibly managing impacts and building opportunities for local communities, we strive to deliver value for all our stakeholders.

4

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Consolidated Financial and Operational Highlights

Summarized Annual Financial Results

Continuing operations (9)	2021	2020	2019
Revenue (1)	$940.9	$1,026.7	$617.8
Gold revenue (1,2)	$838.6	$938.3	$530.9
Gold produced (oz) (3)	475,850	528,874	395,331
Gold sold (oz) (1)	472,307	526,406	374,902
Average realized gold price ($/oz sold) (5)	$1,775	$1,783	$1,416
Production costs	449.7	445.2	334.9
Cash operating costs ($/oz sold) (5)	626	560	608
Total cash costs ($/oz sold) (5)	715	649	645
All-in sustaining costs ($/oz sold) (5)	1,069	921	1,034
Net earnings for the period (4,5,7)	10.8	131.1	73.1
Net earnings per share – basic ($/share) (4,5,7)	0.06	0.77	0.46
Adjusted net earnings (4,5,6,7,8)	119.3	194.3	10.2
Adjusted net earnings per share ($/share) (4,5,6,7,8)	0.66	1.14	0.06
Cash flow from operating activities before changes in working capital (5,8)	374.8	438.5	186.5
Free cash flow (5,8)	62.4	268.7	3.0
Cash, cash equivalents and term deposits	481.3	511.0	181.0

(1)Excludes sales of inventory mined at Lamaque during the pre-commercial production period (Q2 2019).

(2)See Note 30 of our Consolidated Financial Statements for further details.

(3)Includes pre-commercial production at Lamaque (Q1 2019)

(4)Attributable to shareholders of the Company.

(5)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

(6)2019 amounts have been adjusted to conform with 2021 and 2020 presentation by excluding adjustments relating to normal course gains on disposal of assets ($7.4 million) and inventory write-downs ($2.5 million). Adjusted net earnings as originally presented in 2019 were $5.6 million ($0.04 per share).

(7)2020 and 2019 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements

(8)2020 and 2019 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

(9)Amounts presented are from continuing operations only and exclude the Brazil Segment. See Note 7 of our Consolidated Financial Statements.

Gold production totalled475,850 ounces in 2021, meeting revised production guidance for the 2021 calendar year. The 10% decrease from 528,874 ounces produced in 2020 reflected a planned shift to lower-grade ore at Kisladag and resulted in lower gold sales and revenue in 2021.

Production costs of $449.7 million in 2021 increased slightly from $445.2 million in 2020 with some inflationary increases in the year being mostly offset by lower costs in Turkey as a result of the weakening of the Turkish Lira. All-in Sustaining Costs ("AISC")(1) per ounce sold increased to $1,069 in 2021 from $921 in 2020 primarily due to lower-grade ore mined and processed at Kisladag, resulting in fewer ounces produced and sold on a per-tonne basis. The increase in AISC also reflected higher sustaining capital expenditure(1) at Lamaque and Olympias, primarily relating to underground development and underground infrastructure improvements.

Lower gold production and sales resulted in decreases in net earnings from continuing operations to $10.8 million in 2021 from $131.1 million in 2020 and in adjusted net earnings(1) from continuing operations to $119.3 million in 2021 from $194.3 million in 2020, after adjusting for non-cash losses on foreign exchange due to the translation of deferred tax balances, finance costs related to debt refinancing and impairment losses and asset write-downs related to the closure of Stratoni, including deferred tax expense resulting from the closure. A decrease in free cash flow(1) to $62.4 million in 2021 from $268.7 million in 2020 also reflected lower sales, combined with significant investment in growth capital(1) of $130.4 million, primary at Kisladag and Lamaque.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

5

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Summarized Quarterly Financial Results

2021 Continuing Operations(1)	Q1	Q2	Q3	Q4	2021
Revenue	$224.6	$233.2	$238.4	$244.6	$940.9
Gold revenue (2)	$195.7	$209.5	$221.5	$212.0	$838.6
Gold produced (oz)	111,742	116,067	125,459	122,582	475,850
Gold sold (oz)	113,594	114,140	125,189	119,384	472,307
Average realized gold price ($/oz sold) (3)	$1,723	$1,835	$1,769	$1,776	$1,775
Production costs	108.6	112.8	110.2	118.2	449.7
Cash operating cost ($/oz sold) (3,4)	641	645	646	571	626
Total cash cost ($/oz sold) (3,4)	687	746	743	681	715
All-in sustaining cost ($/oz sold) (3,4)	986	1,074	1,133	1,077	1,069
Net earnings (loss) (5,6)	14.3	31.0	8.5	(43.1)	10.8
Net earnings (loss) per share – basic ($/share) (5,6)	0.08	0.17	0.05	(0.24)	0.06
Adjusted net earnings (3,5,6)	25.2	29.1	39.9	25.1	119.3
Adjusted net earnings per share ($/share) (3,5,6)	0.14	0.16	0.22	0.14	0.66
Cash flow from operating activities before changes in working capital (3,7)	81.2	75.9	101.0	116.7	374.8
Free cash flow (3,7)	33.4	(23.7)	29.7	23.1	62.4
Cash, cash equivalents and term deposits	533.8	410.7	439.3	481.3	481.3
2020 Continuing Operations(1)	Q1	Q2	Q3	Q4	2020
Revenue	$204.7	$255.9	$287.6	$278.5	$1,026.7
Gold revenue (2)	$185.4	$235.0	$264.3	$253.7	$938.3
Gold produced (oz)	115,950	137,782	136,922	138,220	528,874
Gold sold (oz)	116,219	134,960	137,704	137,523	526,406
Average realized gold price ($/oz sold) (3)	$1,580	$1,726	$1,919	$1,845	$1,783
Production costs	101.4	109.5	117.4	117.0	445.2
Cash operating cost ($/oz sold) (3,4)	627	550	537	536	560
Total cash cost ($/oz sold) (3,4)	678	616	664	640	649
All-in sustaining cost ($/oz sold) (3,4)	952	859	918	959	921
Net earnings (5,6)	4.5	50.6	46.0	30.0	131.1
Net earnings per share – basic ($/share) (5,6)	0.03	0.30	0.26	0.17	0.77
Adjusted net earnings (3,5,6)	16.4	47.9	63.6	66.4	194.3
Adjusted net earnings per share ($/share) (3,5,6)	0.10	0.28	0.37	0.38	1.14
Cash flow from operating activities before changes in working capital (3,7)	74.0	117.3	135.1	112.1	438.5
Free cash flow (3,7)	9.6	81.1	114.7	63.4	268.7
Cash, cash equivalents and term deposits	363.6	440.3	504.4	511.0	511.0

(1)Amounts presented are from continuing operations only and exclude the Brazil Segment. See Note 7 of our Consolidated Financial Statements.

(2)See Note 30 of our Consolidated Financial Statements for further details.

(3)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

(4)By-product revenues are off-set against cash operating costs.

(5)Attributable to shareholders of the Company.

(6)2020, Q1-Q2 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

(7)2020, Q1-Q2 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

6

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Key Business and Financial Developments

Updated Lamaque Technical Study

On February 24, 2022, we announced the results of a technical study updating the current Lamaque operation, updated economics on the Upper Triangle zones (zones C1 through C5), as well as preliminary economic assessment on the inferred resources on the Lower Triangle zones (zones C6 through C10) and the Ormaque deposit. Highlights of the study using a gold price assumption of $1,500 per ounce include:

•NPV (5%) of $459 million for the Upper Triangle reserves;

•NPV (5%) of $162 million for the Lower Triangle inferred resources; and

•NPV (5%) of $197 million for the Ormaque inferred resource.

Weakening of Turkish Lira

The Turkish Lira weakened significantly in November and December 2021, decreasing to 13.0 per U.S. dollar at December 31, 2021 from 8.8 per U.S. dollar at September 30, 2021. This weakening resulted in significant current and deferred tax expense in Q4 2021 of $26.1 million and $26.4 million, respectively, as discussed further in the section - Review of Financial and Operating Performance. We expect that any future significant foreign exchange movements in the Turkish Lira in relation to the U.S. dollar could cause significant volatility in income tax expense or recovery.

Skouries Project Feasibility Study

In December 2021, we published the results of the Skouries Project Feasibility Study. Skouries is a high-grade gold-copper asset with a 20-year mine life and expected average annual production of 140,000 ounces of gold and 67 million pounds of copper (combined approximately 312,000 ounces gold equivalent). Highlights of the study (at an estimated gold price of $1,500 per ounce and an estimated copper price of $3.85 per pound) include an after-tax IRR of 19% and an after-tax NPV (5%) of $1.3 billion. See additional discussion in the section - Development Projects.

Sale of Tocantinzinho Project

On October 27, 2021, we completed a sale of the Tocantinzinho Project, a non-core gold asset in Brazil. Eldorado received $20 million in cash consideration and 46,926,372 common shares of G Mining Ventures Corp ("GMIN"), representing 19.9% of the outstanding common shares of GMIN at the sale date. The Company's Brazil segment has been presented as a discontinued operation following the sale. See additional discussion in the section - Development Projects.

Suspension of Operations at Stratoni

On October 15, 2021, we announced that operations at Stratoni would be suspended at the end of 2021. The mine and plant are planned to transfer to care and maintenance during 2022. Amounts recorded in Q4 2021 relating to the closure of Stratoni include $13.9 million impairment expense, $3.5 million equipment write-downs and $13.4 million deferred tax expense.

Completion of Refinancing

In August 2021, we completed our offering of $500 million senior unsecured notes ("senior notes") and on October 15, 2021, entered into a $250 million amended and restated senior secured credit facility ("Fourth ARCA"). We used, in part, the net proceeds from the offering of the senior notes to redeem the outstanding $234 million 9.5% senior secured second lien notes due June 2024, and to repay all amounts outstanding under the term loan and prior revolving credit facility. The senior notes and Fourth ARCA are guaranteed and secured, respectively, by certain of the Company's subsidiaries, including subsidiaries in Turkey and Quebec but excluding subsidiaries in Greece. This provides Eldorado greater financial flexibility to pursue a broader range of financing alternatives for the development of the Kassandra assets in Greece. See additional discussion in the section - Financial Condition and Liquidity.

7

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

11.5% Acquisition of Probe Metals

In July 2021, we completed the acquisition of 11.5% of the outstanding common shares of Probe Metals Inc. for cash consideration of CDN $23.7 million ($18.7 million). This investment expands the Company's interest in the Abitibi Greenstone belt, a world-class mining jurisdiction.

Acquisition of QMX Gold Corporation

On April 7, 2021, we completed the acquisition of all of the outstanding common shares of QMX Gold Corporation ("QMX") not already owned by the Company by way of a plan of arrangement ("Arrangement"). Under the terms of the Arrangement, each shareholder other than Eldorado received, for each QMX share held, (i) CDN $0.075 in cash and (ii) 0.01523 of an Eldorado common share. Share consideration totalled $63.8 million and cash consideration and transaction costs totalled $19.3 million, net of cash acquired.

Sustainability

On June 23, 2021, we published our 2020 Sustainability Report, detailing our environmental, social and governance performance. The report was prepared in accordance with the Global Report Initiative's "Core" reporting standards and the Sustainability Accounting Standards Board Metals & Mining standard. In 2020, Eldorado fulfilled the Year One reporting requirements for the World Gold Council's Responsible Gold Mining Principles, and we will seek to publicly disclose full conformance by June 2023, in accordance with the membership requirements of the World Gold Council.

On February 8, 2022, we published our Climate Change and Greenhouse Gas ("GHG") Emissions Report and have set a target to mitigate GHG emissions. The inaugural report supports our phased alignment with the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD") and details our governance, strategy, risk management, metrics, and targets around climate change risks and opportunities.

Amended Investment Agreement

In March 2021, the amended Investment Agreement ("the "Amended Investment Agreement") that was signed on February 5, 2021 between the Hellenic Republic and our wholly-owned subsidiary, Hellas Gold S.A., was ratified by the Greek Parliament and published in the Greek Government Gazette, officially becoming law. The Amended Investment Agreement governs the further development, construction and operation of the Skouries project and the Olympias and Stratoni mines. The Amended Investment Agreement amends the 2003 Transfer Agreement between Hellas Gold S.A. and the Hellenic Republic, and provides a modernized legal and financial framework to allow for the advancement of our investment in these assets. The Amended Investment Agreement includes an optimized investment plan for the Skouries project and the Olympias and Stratoni mines, provides benefits to local communities and is expected to reduce our environmental footprint.

The Amended Investment Agreement also includes a 10% increase in royalty rates for all contained metals in concentrate (whereby the 4% royalty rate at gold prices above €1,500 per ounce increases to 4.4%). The increase was effective from the ratification date of March 23, 2021 and applies to concentrate sales from our Olympias and Stratoni mines, as well as future sales from Skouries.

Ormaque Deposit Maiden Inferred Mineral Resource

On February 22, 2021, we announced in our news release the maiden inferred mineral resources for the Ormaque deposit totalling 2.6 million tonnes at a grade of 9.5 grams per tonne, for 803,000 ounces of contained gold.

Response to the Novel Coronavirus ("COVID-19") Pandemic and Impact on Operations

On March 11, 2020, COVID-19 was declared a global pandemic by the World Health Organization. In response, governments in numerous jurisdictions, including those where we operate, implemented emergency measures including travel restrictions, suspension of non-essential operations and changes to behaviour intended to reduce the spread of the virus.

We have taken steps and implemented global preventative measures to ensure a safe working environment for our employees and contractors and to prevent the spread of COVID-19. We continue to monitor our operating environments and take proactive steps to protect the health and safety of our workforce, their families and our neighbouring communities.

8

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Isolated cases of COVID-19 infections have been experienced at mine sites and, in each case, employees and contractors at risk of exposure were identified, quarantined and tested for COVID-19 in accordance with our protocols. Our mines are currently fully operational. However, the COVID-19 Omicron variant has resulted in increased absenteeism at our operations in early 2022.

Some delays in procurement of supplies and parts have been experienced, but no significant disruptions to the procurement of critical supplies have been experienced to date. We are monitoring our stock levels and the availability of critical supplies where shortages of these supplies could negatively impact production.

No significant disruptions have been experienced to date with respect to refining of doré or concentrate shipments as a result of the COVID-19 pandemic. We continue to monitor the impact of COVID-19 on our customers, including options to re-direct concentrate shipments to alternate customers as required.

On March 30, 2020, we drew $150 million under the revolving credit facility as a proactive measure in light of the continued uncertainty surrounding the COVID-19 pandemic. $50 million of these proceeds were repaid in June 2021 and the remaining $100 million were repaid in August 2021.

9

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Review of Financial and Operating Performance

Health and Safety

At Eldorado, our ultimate objective is to create and sustain safe, injury-free, and healthy work environments for our employees and contractors. The Company’s lost-time injury frequency rate per million person-hours worked ("LTIFR") was 0.88 in 2021, comparable to 0.85 in 2020. We continue to take proactive steps to improve workplace safety while meeting the challenges presented during the COVID-19 pandemic.

Production, Sales and Revenue

In 2021, we produced 475,850 ounces of gold, a decrease of 10% from 2020 production of 528,874 ounces.

•Kisladag produced 174,365 ounces, a decrease of 23% from 2020 production of 226,475 ounces. The decrease was primarily due to planned lower average grades and commissioning of the new high-pressure grinding rolls "HPGR" circuit.

•Lamaque produced 153,201 ounces, an increase of 6% from 2020 production of 144,141 ounces. The increase was primarily due to increased tonnes mined and processed, partly offset by lower average grade.

•Efemcukuru produced 92,707 ounces, a decrease of 7% from 2020 production of 99,835 ounces. The decrease is primarily a result of lower average grade combined with lower effective rates for payable ounces to reflect the structure of concentrate sales contracts in 2021.

•Olympias produced 55,577 ounces, a decrease of 5% from 2020 production of 58,423 ounces. The decrease was primarily due to lower mining rates as a result of low productivity, and was partially offset by higher average grades.

Total 2021 gold production was within the Company's revised guidance, with production exceeding expectations at Kisladag and Lamaque. Total Q4 2021 gold production was 122,582 ounces, a decrease of 11% from Q4 2020 production of 138,220 ounces, primarily reflecting a decrease in production at Kisladag due to the commissioning of the HPGR in the quarter and partly offset by higher production at Lamaque and Olympias as a result of higher average grade in the quarter.

Gold sales in 2021 totaled 472,307 ounces, a decrease of 10% from 526,406 ounces in 2020. The lower sales volume in 2021 compared with the prior year primarily reflected a decrease of 51,033 ounces sold at Kisladag due to planned lower average grade. There was also a decrease of 5,582 ounces sold at Efemcukuru due to a change in the structure of concentrate sales contracts, a decrease of 6,608 ounces sold at Olympias due to lower processing volumes, and an increase of 9,124 ounces sold at Lamaque due to increased tonnes mined and processed. Gold sales were 119,384 ounces in Q4 2021, a decrease of 13% from 137,523 ounces in Q4 2020, due in part to decreased production at Kisladag as a result of the HPGR commissioning.

The average realized gold price(1) was $1,775 per ounce sold in 2021, a slight decrease from $1,783 per ounce sold in 2020. The gold price increased throughout 2020 amid economic uncertainty that was exacerbated by the COVID-19 pandemic starting in March 2020. Some subsequent weakening of the gold price was experienced during 2021. The average realized gold price was $1,776 in Q4 2021 ($1,845 in Q4 2020).

Total revenue was $940.9 million in 2021, a decrease of 8% from total revenue of $1,026.7 million in 2020. Total revenue was $244.6 million in Q4 2021, a decrease of 12% from total revenue of $278.5 million in Q4 2020. Decreases in both periods were primarily due to lower sales volumes combined with lower average realized gold prices.

Production Costs and Unit Cost Performance

Production costs of $449.7 million in 2021 increased slightly from $445.2 million in 2020 with some inflationary increases in the year being mostly offset by lower costs in Turkey as a result of the weakening of the Turkish Lira. Production costs continued to be negatively affected in 2021 by low productivity at Olympias, resulting in reduced mining and processing rates. Progress continued in 2021 with the implementation of transformation efforts at Olympias, targeting efficiency and productivity improvements.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

10

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Cash operating     costs(1) in 2021 averaged $626 per ounce sold, an increase from $560 per ounce sold in 2020. In Q4 2021, cash operating costs averaged $571 per ounce sold, an increase from $536 per ounce sold in Q4 2020. Increases in both periods were primarily due to lower grade ore mined and processed at Kisladag, resulting in fewer ounces produced and sold. These increases were partly offset by a reduction in cash operating costs per ounce sold at Olympias, and to a lesser extent Efemcukuru. A significant decrease in cash operating costs per ounce sold at Olympias in Q4 2021 was primarily a result of higher average gold grades, combined with higher silver and base metal sales, which reduce cash operating costs as by-product credits.

AISC per ounce sold increased to $1,069 in 2021 from $921 in 2020, and to $1,077 in Q4 2021 from $959 in Q4 2020. Increases in both periods reflect the increase in average cash operating costs per ounce sold, higher sustaining capital expenditure at Lamaque and Olympias and higher royalties at Olympias effective from March 2021 following ratification of the Amended Investment Agreement.

Other Expenses

Depreciation expense decreased to $201.0 million in 2021 from $218.1 million in 2020 and to $46.7 million in Q4 2021 from $58.6 million in Q4 2020. A significant portion of property, plant and equipment depreciates on a unit-of-production basis over total estimated recoverable tonnes. Lower average grade at Kisladag, Lamaque, and Efemcukuru therefore led to higher depreciation expense on a per ounce sold basis as compared to 2020. During Q2 2021, we identified and corrected immaterial errors related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. The Company has recast depreciation, deferred tax and net earnings amounts relating to 2020 and Q1 2021 as presented in this MD&A as a result of the correction of the immaterial errors. The recast resulted in a decrease in depreciation expense and increases in income tax expense and net earnings.

Mine standby costs increased to $15.4 million in 2021 from $13.7 million in 2020 and decreased to $2.6 million in Q4 2021 from $3.3 million in Q4 2020. Increases in both periods related primarily to Stratoni and Skouries. Operations at Stratoni were suspended during July and August of 2021 to remediate ground support conditions following a fall of rock. Mine standby costs of $7.2 million were incurred during the two-month shutdown. Mining resumed at Stratoni in September but was suspended again at the end of 2021 as the mine transitions to care and maintenance. We will evaluate resuming operations at Stratoni subject to exploration success and positive results of further technical and economic review. Mine standby costs of $3.1 million were incurred in 2020 as a result of suspension of mining and processing activities at Lamaque in accordance with Quebec government-mandated restrictions to address the COVID-19 pandemic in the province.

General and administrative costs increased to $36.7 million in 2021 from $28.5 million in 2020 and to $9.1 million in Q4 2021 from $7.5 million in Q4 2020. Increases in both periods included increased compensation expense as a result of expanding corporate functions to support growth initiatives, increases in professional fees, including those associated with the Amended Investment Agreement and increases in insurance premiums.

Impairment expense of $13.9 million was recorded in Q4 2021 in connection with the closure of Stratoni, primarily related to capitalized underground development and capitalized exploration.

Foreign exchange gains increased to $26.4 million in 2021 from $4.0 million in 2020, and included a gain of $19.6 million recorded in Q4 2021 and loss of $3.4 million recorded in Q4 2020, respectively. The significant foreign exchange gains in 2021 were due to the weakening of the Turkish Lira throughout the year, particularly in Q4 2021, and resulted in downward revaluation of liabilities denominated in local currency. Royalties for Kisladag and Efemcukuru are paid annually, typically in Q2, for the prior calendar year. Weakening of the Lira in the first half of the year resulted in a realized foreign exchange gain of $5.9 million in 2021, upon the payment of 2020 royalties in Q2 2021. The significant weakening of the Lira throughout the year resulted in an unrealized foreign exchange gain of $11.0 million in 2021 relating to the downward revaluation of the liability for 2021 royalties, to be paid in Q2 2022.

Other income increased to $9.9 million in 2021 compared to other expense of $3.3 million in 2020, primarily due to a May 2021 sale of mining licences in Turkey for proceeds of $7.0 million.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

11

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Finance costs increased to $71.8 million in 2021 from $50.9 million in 2020. The increase was primarily due to the early redemption of senior secured notes in August 2021, including a redemption premium of $21.4 million and amortization of deferred finance costs of $9.7 million. Finance costs also included $2.7 million non-cash losses recognized on revaluation of a derivative related to redemption options in our debt. These increases were partially offset by lower interest expense in the first half of 2021 as a result of lower debt principal balances and lower variable interest rates. Finance costs decreased to $5.0 million in Q4 2021 from $8.4 million in Q4 2020 primarily due to a $4.0 million non-cash gain recognized in the quarter on revaluation of a derivative related to redemption options in our debt.

Income tax expense from continuing operations increased to $140.0 million in 2021 from $82.4 million in 2020 and to $94.8 million in Q4 2021 from $0.2 million in Q4 2020. Current tax expense increased to $90.2 million in 2021 from $88.6 million in 2020 and increased to $37.8 million in Q4 2021 from $2.3 million in Q4 2020. Current tax expense related primarily to operations in Turkey of which $74.8 million and $30.9 million of expense was recognized in 2021 and Q4 2021, respectively. Increases in both periods reflect the significant weakening of the Lira in Q4 2021 and the resulting generation of taxable unrealized foreign exchange gains, resulting in a current tax expense of $26.1 million ($0.14 per share) in the quarter. This expense was partly offset by a reduction from the investment tax credit relating to expenditure on Kisladag heap leach improvements, which reduces the corporate tax rate, and resulted in current tax savings of $47.4 million and $8.7 million in 2021 and Q4 2021, respectively. Current tax expense also included $13.9 million of withholding tax on earnings repatriated from Turkey in 2021 and Quebec mining duties for Lamaque of $15.3 million in 2021 including $6.9 million in Q4 2021. Québec mining duties increased during 2021 as a result of production and sales.

Deferred tax expense increased to $49.8 million in 2021 from a recovery of $6.2 million in 2020 and increased to $57.0 million in Q4 2021 from a recovery of $2.2 million in Q4 2020. Increases in both periods reflected a weakening of local currencies in which income tax is determined resulting in deferred tax expense of $54.6 million in 2021 and $41.4 million in Q4 2021. The higher expense in Q4 2021 included $26.4 million as a result of the significant weakening of the Turkish Lira at the end of 2021. Deferred tax in Q4 2021 also included $13.4 million relating to the closure of Stratoni. In Q3 2021, a deferred tax recovery of $11.4 million and deferred tax expense of $6.1 million were realized relating to the impact of tax rate changes on opening deferred tax balances in Greece and Turkey, respectively.

Net Earnings Attributable to Shareholders

We reported net earnings attributable to shareholders from continuing operations of $10.8 million ($0.06 per share) in 2021, compared to $131.1 million ($0.77 per share) in 2020 and net loss of $43.1 million ($0.24 loss per share) in Q4 2021, compared to earnings of $30.0 million ($0.17 per share) in Q4 2020. Decreases in both periods reflect lower production and sales volumes, lower average realized gold prices, higher finance costs related to the debt refinancing, and higher income tax expense.

Adjusted net earnings were $119.3 million ($0.66 per share) in 2021, compared to $194.3 million ($1.14 per share) in 2020. Adjusted net earnings in 2021 removes, among other things, a $54.6 million loss on foreign exchange due to translation of deferred tax balance, $31.1 million of finance costs related to debt refinancing, and $30.8 million of impairment losses and asset write-downs related to the closure of Stratoni, including deferred tax expense resulting from the closure.

The Company's Brazil segment has been presented as a discontinued operation following the sale of the Tocantinzinho Project, a non-core gold asset, in October 2021. Net loss from discontinued operations of $146.8 million in 2021 primarily reflected a $160.1 million loss recognized in the year to reduce the fair value of the disposal group to $48.0 million, which reflects the upfront cash and share consideration, less estimated costs of disposal. Deferred consideration includes $60 million in cash payable on the first anniversary of commercial production of the project, with an option to defer 50% of the consideration at a cost of $5 million, and will be recognized as a gain on sale at the time it is received.

12

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

2022 Outlook

Full year gold production of 460,000 – 490,000ounces in 2022 (versus production of 475,850 ounces in 2021) is expected from Kisladag, Lamaque, Efemcukuru, and Olympias.

We expect average cash operating costs to increase to $640 – 690per ounce of gold sold in 2022 compared to $626 per ounce of gold sold in 2021. The higher costs are primarily due to lower grade at Kisladag and some cost inflation, primarily at Lamaque. AISC is forecast to be $1,075 – 1,175 per ounce of gold sold in 2022. We continue to monitor the impacts of cost inflation on our operations.

In 2022, we expect production in the first half of the year to be lower than in the second half due to the ramp-up of the HPGR circuit at Kisladag, weather challenges in Turkey and Greece in early 2022, and the impact of the COVID-19 Omicron variant across our operations. We remain confident that we will deliver within our 2022 production guidance range.

Payable production is expected to be 65,000 to 75,000 ounces of gold, 1.4 million to 1.5 million ounces of silver, 12,000 to 15,000 tonnes of lead metal and 12,000 to 15,000 tonnes of zinc metal.

Planned sustaining capital expenditure of $34 million to $39 million in 2022 includes underground mine development, tailings facility maintenance, equipment overhauls and mobile equipment purchases.

Growth capital expenditure is expected to decrease in 2022 from 2021 levels. Planned projects at Kisladag include the continuation of the waste stripping campaign, the expansion of the north leach pad and the construction of the north rock dump. Other planned growth capital includes infrastructure at Lamaque and improvement projects at Olympias.

Production (oz)	2021A	2022E
Kisladag	174,365	145,000 – 155,000
Lamaque	153,201	165,000 – 175,000
Efemcukuru (1)	92,707	85,000 – 90,000
Olympias	55,577	65,000 – 75,000
Total	475,850	460,000 – 490,000
Consolidated costs ($/oz sold) (2)	2021A	2022E
Cash Operating Cost - C1 ($/oz sold)	$626	$640 – 690
Total Operating Cost - C2 ($/oz sold)	$715	$720 – 770
AISC ($/oz sold)	$1,069	$1,075 – 1,175
Growth capital (2)	2021A	2022E
Kisladag	$90	$72 – 77
Lamaque	$35	$11 – 16
Olympias	$5	$2 – 5

(1)Forecast production at Efemcukuru has been adjusted for reduced payable ounces to reflect the structure of concentrate sales contracts.

(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

13

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Operations Update and Outlook

Gold Operations

	3 months ended December 31,		12 months ended December 31,
	2021	2020	2021	2020	2022 Outlook
Total
Ounces produced	122,582	138,220	475,850	528,874	460,000 – 490,000
Ounces sold	119,384	137,523	472,307	526,406	n/a
Production costs	$118.2	$117.0	$449.7	$445.2	n/a
Cash operating costs ($/oz sold) (1)	$571	$536	$626	$560	$640 – 690
All-in sustaining costs ($/oz sold) (1)	$1,077	$959	$1,069	$921	$1,075 – 1,175
Sustaining capital expenditures (1)	$33.8	$29.0	$113.1	$92.4	$118 – 138
Kisladag
Ounces produced	33,136	56,816	174,365	226,475	145,000 – 155,000
Ounces sold	33,269	55,807	175,862	226,895	n/a
Production costs	$28.8	$34.1	$122.6	$129.3	n/a
Cash operating costs ($/oz sold) (1)	$737	$447	$583	$451	$690 – 740
All-in sustaining costs ($/oz sold) (1)	$977	$732	$797	$664	n/a
Sustaining capital expenditures (1)	$4.0	$6.5	$18.6	$20.1	$14 – 19
Lamaque
Ounces produced	51,354	44,168	153,201	144,141	165,000 – 175,000
Ounces sold	50,257	44,990	151,393	142,269	n/a
Production costs	$26.7	$24.0	$99.0	$78.3	n/a
Cash operating costs ($/oz sold) (1)	$482	$503	$616	$522	$620 – 670
All-in sustaining costs ($/oz sold) (1)	$815	$789	$1,017	$827	n/a
Sustaining capital expenditures (1)	$13.4	$9.8	$47.3	$32.9	$55 – 60
Efemcukuru
Ounces produced	22,631	25,828	92,707	99,835	85,000 – 90,000
Ounces sold	21,797	24,956	92,758	98,340	n/a
Production costs	$18.1	$17.4	$67.2	$72.6	n/a
Cash operating costs ($/oz sold) (1)	$606	$493	$551	$556	$600 – 650
All-in sustaining costs ($/oz sold) (1)	$1,104	$989	$901	$918	n/a
Sustaining capital expenditures (1)	$6.4	$7.3	$18.0	$19.1	$15 – 20
Olympias
Ounces produced	15,461	11,408	55,577	58,423	65,000 – 75,000
Ounces sold	14,061	11,770	52,294	58,902	n/a
Production costs	$28.1	$27.6	$113.4	$113.4	n/a
Cash operating costs ($/oz sold) (1)	$441	$1,166	$930	$1,078	$650 – 700
All-in sustaining costs ($/oz sold) (1)	$1,467	$1,768	$1,715	$1,541	n/a
Sustaining capital expenditures (1)	$10.1	$5.5	$29.1	$20.2	$34 – 39

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

14

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Kisladag

	3 months ended December 31,		12 months ended December 31,
Operating Data	2021	2020	2021	2020
Tonnes placed on pad	1,520,811	3,097,671	11,273,772	12,021,248
Head grade (g/t Au)	0.66	0.98	0.75	1.00
Gold ounces produced	33,136	56,816	174,365	226,475
Gold ounces sold	33,269	55,807	175,862	226,895
Cash operating costs ($/oz sold) (2)	$737	$447	$583	$451
All-in sustaining costs ($/oz sold) (2)	$977	$732	$797	$664
Financial Data
Revenue	60.4	105.4	319.3	406.0
Gold revenue	59.7	104.8	316.2	403.8
Production costs	28.8	34.1	122.6	129.3
Depreciation and depletion (1)	11.2	12.5	49.1	52.0
Earnings from mine operations (1,2)	20.4	58.8	147.6	224.6
Growth capital expenditures (2)	19.0	43.9	89.9	24.5
Sustaining capital expenditures (2)	$4.0	$6.5	$18.6	$20.1

(1)2020 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Kisladag produced 174,365 ounces of gold in 2021, a decrease of 23% from 226,475 ounces in 2020. The decrease was the result of a planned shift to lower-grade ore through 2021 as compared to 2020. As expected, average grade declined in 2021 to 0.75 grams per tonne, as compared to an average grade of 1.00 grams per tonne in 2020, and is expected to remain at reduced levels in 2022.

Tonnes placed on the heap leach pad were reduced in Q4 2021 by the commissioning of the HPGR circuit during the quarter. The lower tonnage placed on the heap leach pad in Q4 2021 is expected to reduce gold production in Q1 2022. Construction and wet commissioning of the HPGR circuit was completed in December, and we are now ramping up production and metallurgical adjustments. To date, the HPGR circuit performance is meeting our expectations and our team continues to balance ore agglomeration and tonnes placed with leach kinetics to obtain optimal performance.

Gold revenue decreased to $316.2 million in 2021 from $403.8 million in 2020 and to $59.7 million in Q4 2021 from $104.8 million in Q4 2020. Decreases in both periods reflected lower production and sales, combined with lower average realized gold prices.

Production costs decreased to $122.6 million in 2021 from $129.3 million in 2020 and to $28.8 million in Q4 2021 from $34.1 million in Q4 2020 as some inflationary increases in the year were mostly offset by the weakening of the Turkish Lira. Cash operating costs per ounce sold increased to $583 in 2021 from $451 in 2020 and was primarily due to lower production and sales as a result of the lower average grade of ore placed on the leach pad throughout 2021. Cash operating costs per ounce sold increased to $737 in Q4 2021 from $447 in Q4 2020 primarily as a result of lower production in the quarter.

AISC per ounce sold increased to $797 in 2021 from $664 in 2020 and to $977 in Q4 2021 from $732 in Q4 2020. Increases in both periods were primarily due to higher cash operating costs per ounce sold, partly offset by lower sustaining capital expenditure. Sustaining capital expenditure of $18.6 million in 2021, including $4.0 million in Q4 2021, related primarily to mine equipment overhauls and process infrastructure upgrades.

Growth capital expenditures were $89.9 million in 2021, including $19.0 million in Q4 2021. Growth capital in 2021 included construction of the HPGR circuit, waste stripping to support the mine life extension and construction of the first phase of the north heap leach pad, which is expected to be available for stacking in mid-2022.

15

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Lamaque

	3 months ended December 31,				12 months ended December 31,
Operating Data	2021		2020		2021		2020
Tonnes milled	178,195		173,293		749,715		639,802
Head grade (g/t Au)	9.16		8.20		6.54		7.23
Average recovery rate	97.8	%	96.6	%	97.0	%	96.8	%
Gold ounces produced (1)	51,354		44,168		153,201		144,141
Gold ounces sold (2)	50,257		44,990		151,393		142,269
Cash operating costs ($/oz sold) (2)	$482		$503		$616		$522
All-in sustaining costs ($/oz sold) (2)	$815		$789		$1,017		$827
Financial Data
Revenue	91.1		84.6		273.4		257.3
Gold revenue	90.5		84.1		271.7		256.1
Production costs	26.7		24.0		99.0		78.3
Depreciation and depletion (1)	14.2		20.0		60.6		69.2
Earnings from mine operations (1,2)	50.2		40.5		113.7		109.7
Growth capital expenditures (2)	4.0		8.5		30.1		20.1
Sustaining capital expenditures (2)	$13.4		$9.8		$47.3		$32.9

(1)2020 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Lamaque produced 153,201 ounces of gold in 2021, a 6% increase from 144,141 ounces in 2020. The increase in gold production reflects higher throughput throughout the year, which offset planned lower grades. Average grade was 6.54 grams per tonne in 2021 and benefited from mining higher-grade stopes in Q4 2021 resulting in average grade of 9.16 grams per tonne in the quarter. Tonnes processed in the year increased 17% from 2020 as a result of increased underground development and the ability to process higher volumes, a result from ongoing successful debottlenecking of the mill. Tonnes processed in 2020 were also negatively influenced by the temporary suspension of operations from March 25 to April 15, 2020 in response to the COVID-19 pandemic. Production of 51,354 ounces of gold in Q4 2021 increased 16% from 44,168 ounces in Q4 2020 primarily due to higher grade and recovery rates.

Gold revenue increased to $271.7 million in 2021 from $256.1 million in 2020 and to $90.5 million in Q4 2021 from $84.1 million in Q4 2020. Gold revenue in both periods benefited from higher production and was partly offset by lower average realized gold prices.

Cash operating costs per ounce sold increased to $616 in 2021 from $522 in 2020 and primarily reflect the planned shift to lower-grade ore. Cash operating costs decreased in the quarter to $482 in Q4 2021 from $503 in Q4 2020 as a result of higher average grade and increased processing volumes. AISC per ounce sold increased to $1,017 in 2021 from $827 in 2020 and to $815 in Q4 2021 from $789 in Q4 2020 with increases in both periods reflecting higher sustaining capital expenditure.

Sustaining capital expenditure of $47.3 million in 2021, including $13.4 million in Q4 2021, related primarily to underground development and underground infrastructure improvements. Growth capital expenditure totalled $30.1 million in 2021, including $4.0 million in Q4 2021, and primarily related to the development of the underground decline from the Sigma mill to the Triangle mine, which was completed in Q4 2021. The decline is expected to reduce operating costs, reduce greenhouse gas emissions, and provide access for underground drill platforms for Ormaque, Plug 4, and other exploration targets in the prospective corridor between the Triangle mine and the Sigma mill.

Depreciation decreased in 2021 from 2020 as a result of a change in accounting. A significant portion of property, plant and equipment depreciates on a unit-of-production basis over total estimated recoverable tonnes. Until December 31, 2020, total estimated recoverable tonnes included proven and probable mineral reserves only. Effective January 1, 2021, total estimated recoverable tonnes for Lamaque also include a portion of inferred mineral

16

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

resources considered to be highly probable to be economically extracted over the life of the mine. We believe this change in estimate better reflects the pattern in which the asset's future economic benefits are expected to be realized based on the current mine plans.

Efemcukuru

	3 months ended December 31,				12 months ended December 31,
Operating Data	2021		2020		2021		2020
Tonnes milled	134,158		132,005		528,212		523,702
Head grade (g/t Au)	6.31		7.00		6.51		6.76
Average recovery rate (to concentrate)	92.3	%	92.1	%	93.6	%	93.5	%
Gold ounces produced (1)	22,631		25,828		92,707		99,835
Gold ounces sold	21,797		24,956		92,758		98,340
Cash operating costs ($/oz sold) (2)	$606		$493		$551		$556
All-in sustaining costs ($/oz sold) (2)	$1,104		$989		$901		$918
Financial Data
Revenue	$40.0		$43.3		$166.7		$182.2
Gold revenue	$39.0		$42.2		$162.5		$178.2
Production costs	18.1		17.4		67.2		72.6
Depreciation and depletion	10.2		11.3		42.6		44.5
Earnings from mining operations (2)	11.7		14.6		56.9		65.1
Sustaining capital expenditures (2)	$6.4		$7.3		$18.0		$19.1

(1)Payable metal produced.

(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Efemcukuru produced 92,707 payable ounces of gold in 2021, a 7% decrease from 99,835 payable ounces in 2020. The decrease reflects lower average grade in 2021, combined with reduced effective rates for payable ounces to reflect the structure of concentrate sales contracts in 2021. The majority of sales contracts in 2021 had reduced effective rates for payable ounces that were offset by the elimination of treatment charges and other deductions blended in the reduced effective rate for those contracts. The flotation columns installed in late 2020 continue to operate well and have resulted in an increase in quality of gold concentrate through 2021.

Gold revenue decreased to $162.5 million in 2021 from $178.2 million in 2020 and to $39.0 million in Q4 2021 from $42.2 million in Q4 2020. Decreases in both periods were primarily due to lower payable gold ounces sold, combined with lower average realized gold prices.

Production costs decreased to $67.2 million in 2021 from $72.6 million in 2020 and increased slightly to $18.1 million in Q4 2021 from $17.4 million in Q4 2020. The decrease in 2021 was primarily due to the elimination of treatment charges and other deductions from sales contracts. Some inflationary increases in the year were mostly offset by the weakening of the Turkish Lira

Cash operating costs per ounce sold improved slightly to $551 in 2021, from $556 in 2020 and reflected lower selling costs due to the change in structure of concentrate sales contracts, as well as lower costs resulting from the weakening of the Turkish Lira during 2021. Cash operating costs per ounce sold increased to $606 in Q4 2021 from $493 in Q4 2020 primarily due to processing lower grade ore.

AISC per ounce sold improved to $901 in 2021 from $918 in 2020 reflecting lower cash operating costs per ounce sold and lower sustaining capital expenditure. AISC per ounce sold increased to $1,104 in Q4 2021 from $989 in Q4 2020 reflecting the increase in cash operating costs per ounce sold.

Sustaining capital expenditure of $18.0 million in 2021, including $6.4 million in Q4 2021, related primarily to underground development and equipment rebuilds and replacements.

17

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Olympias

	3 months ended December 31,				12 months ended December 31,
Operating Data	2021		2020		2021		2020
Tonnes milled	91,112		98,448		405,793		444,299
Head grade (g/t gold)	8.96		6.36		7.33		7.31
Head grade (g/t silver)	111.69		97.14		92.68		89.82
Head grade (% lead)	3.4	%	3.0	%	2.9	%	2.8	%
Head grade (% zinc)	4.4	%	3.4	%	3.8	%	3.4	%
Gold average recovery rate (to concentrate)	83.2	%	83.3	%	85.8	%	85.8	%
Silver average recovery rate (to concentrate)	82.9	%	85.6	%	83.7	%	81.9	%
Lead average recovery rate (to concentrate)	82.5	%	82.0	%	84.4	%	82.4	%
Zinc average recovery rate (to concentrate)	82.7	%	82.9	%	81.8	%	79.6	%
Gold ounces produced (1)	15,461		11,408		55,577		58,423
Gold ounces sold	14,061		11,770		52,294		58,902
Silver ounces produced (1)	257,808		241,891		941,398		971,227
Silver ounces sold	119,712		207,423		848,644		1,009,176
Lead tonnes produced (1)	2,450		2,385		9,186		9,565
Lead tonnes sold	1,139		2,063		8,193		9,920
Zinc tonnes produced (1)	2,791		2,321		11,034		10,424
Zinc tonnes sold	4,379		3,512		10,277		11,743
Cash operating costs ($/oz sold) (2)	$441		$1,166		$930		$1,078
All-in sustaining costs ($/oz sold) (2)	$1,467		$1,768		$1,715		$1,541
Financial Data
Revenue	$40.9		$35.4		$143.9		$145.1
Gold revenue (3)	$22.6		$22.6		$88.2		$100.2
Silver and base metal revenue (3)	18.3		12.8		55.7		44.8
Production costs	$28.1		$27.6		$113.4		$113.4
Depreciation and depletion	$10.0		$12.5		$45.6		$47.0
Earnings (loss) from mining operations (2)	$2.8		($4.7)		($15.1)		($15.3)
Growth capital expenditures (2)	$1.3		$1.6		$5.3		$8.4
Sustaining capital expenditures (2)	$10.1		$5.5		$29.1		$20.2

(1)Payable metal produced.

(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

(3)See Note 30 of our Consolidated Financial Statements for further details.

Olympias produced 55,577 ounces of gold in 2021, a 5% decrease from 58,423 ounces in 2020 and reflecting lower processing volumes as a result of lower mining rates. Gold production of 15,461 ounces in Q4 2021 increased from 11,408 in Q4 2020 as a result of higher grade ore processed in the quarter, despite lower processing volumes. Lead, silver and zinc production were also higher in Q4 2021 as compared to Q4 2020, reflecting higher average grades.

Operations at Olympias continued to be negatively affected in 2021 by low productivity as the Company progresses through transformation efforts at its Kassandra mines, targeting efficiency and productivity improvements. These efficiency initiatives, coupled with positive grade reconciliation, resulted in higher fourth quarter production at Olympias to end the year. Discussions with stakeholders are ongoing and are expected to lead to sustainable improvement.

18

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Gold revenue decreased to $88.2 million in 2021 from $100.2 million in 2020primarily as a result of decreased sales volumes and a lower average realized gold price. Revenue in Q4 2021 remained consistent with Q4 2020 as increased sales volumes were offset by a lower average realized gold price. Gold revenue in Q4 2021 was also reduced by a new 13% VAT import charge on gold concentrate shipments imported in China that exceed certain arsenic levels. Effective October 1, 2021, Olympias gold concentrates are subject to this charge, which reduces the revenue received. Silver and base metal revenue increased to $55.7 million in 2021 from $44.8 million in 2020 and to $18.3 million Q4 2021 from $12.8 million Q4 2020. Increases in both periods were due to higher grades, combined with higher average metal prices. A significant volume of zinc was sold in bulk shipments in Q4 2021 and benefited from higher prices in that quarter.

Cash operating costs per ounce sold decreased to $930 in 2021 from $1,078 in 2020 and to $441 in Q4 2021 from $1,166 in Q4 2020. Decreases in both periods were the result of higher base metal revenue, which reduces cash operating costs as by-product credits. The significant decrease in cash operating costs per ounce sold in Q4 2021 is the result of a higher proportion of silver and base metal revenue in the quarter, combined with higher gold production due to the higher average gold grade.

AISC per ounce sold increased to $1,715 in 2021 from $1,541 in 2020 as a result of increased sustaining capital expenditure, which was partly offset by lower cash operating costs per ounce sold. AISC per ounce sold decreased to $1,467 in Q4 2021 from $1,768 in Q4 2020 as a result of lower cash operating costs per ounce sold in the quarter, partly offset by higher sustaining capital expenditure.

Sustaining capital expenditure increased to $29.1 million in 2021 from $20.2 million in 2020 and to $10.1 million in Q4 2021 from $5.5 million in Q4 2020. Spending in both periods primarily included underground development, tailings facility construction and underground infrastructure improvements. Growth capital expenditure of $5.3 million in 2021 included processing upgrades.

19

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Stratoni

	3 months ended December 31,				12 months ended December 31,
Operating Data	2021		2020		2021		2020
Tonnes milled	29,184		48,928		137,666		183,467
Lead head grade	6.4	%	5.8	%	5.5	%	5.5	%
Zinc head grade	9.1	%	9.6	%	8.4	%	9.6	%
Tonnes of concentrate produced	6,986		11,938		30,303		44,382
Tonnes of concentrate sold	8,336		9,250		32,373		41,253
Cash operating costs ($/t of concentrate sold)	$1,927		$1,473		$1,430		$1,239
Financial Data
Revenue	$12.2		$9.8		$37.6		$36.2
Production costs	$16.5		$13.8		$47.6		$51.6
Depreciation and depletion	$1.1		$1.1		$3.0		$4.3
Loss from mining operations	($5.4)		($5.2)		($12.9)		($19.7)
Mine standby costs	$0.0		$0.0		$7.2		$0.0
Sustaining capital expenditures (1)	$2.5		$2.7		$7.3		$7.5

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

The Stratoni mine experienced a fall of ground on June 27, 2021. There were no injuries, however, an investigation revealed several other locations with similar ground support concerns and in line with our strict safety protocols, operations were suspended during July and August to remediate the situation. Operations resumed in September.

On October 15, 2021, we announced that operations at Stratoni would be suspended at the end of 2021. The mine and plant are planned to transfer to care and maintenance during 2022. Exploration drilling will continue with the goal of expanding reserves and resources. We will evaluate resuming operations subject to exploration success and positive results of further technical and economic review.

Stratoni produced 30,303 tonnes of concentrate during 2021, a decrease of 32% from 44,382 tonnes in 2020. Production of 6,986 tonnes in Q4 2021 represented a 41% decrease from 11,938 tonnes in Q4 2020. Decreases in both periods primarily reflected lower mining and processing volumes.

Revenues increased to $37.6 million in 2021 from $36.2 million in 2020 and to $12.2 million in Q4 2021 from $9.8 million in Q4 2020. Increases in both periods were the result of higher lead and zinc prices during 2021, combined with increased volumes of concentrate shipments during Q4 2021.

Cash operating costs per tonne sold increased to $1,430 in 2021 from $1,239 in 2020 and to $1,927 in Q4 2021 from $1,473 in Q4 2020. Increases in both periods were primarily due to lower production volumes.

Sustaining capital expenditure of $7.3 million in 2021, including $2.5 million in Q4 2021, related to infrastructure improvements.

20

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Development Projects

Skouries Project – Greece

In December 2021, we published the results of the Skouries Project Feasibility Study. Skouries is a high-grade gold-copper asset with a 20-year mine life and expected average annual production of 140,000 ounces of gold and 67 million pounds of copper (combined approximately 312,000 ounces gold equivalent). Highlights of the study (at an estimated gold price of $1,500 per ounce and an estimated copper price of $3.85 per pound) include an after-tax IRR of 19% and an after-tax NPV (5%) of $1.3 billion. The project has been advanced through the significant infrastructure constructed to date, the Amended Investment Agreement ratification, and completion of the Feasibility Study, which includes embedded sustainability elements such as water management and dry stack tailings. The initial capital costs to complete the project are estimated at $845 million. We continue to evaluate financing options for Skouries.

Investment inception-to-date is approximately $550 million which includes $440 million for the construction of the mill building, flotation building, pebble crusher and civil works, $70 million for studies and $45 million for care and maintenance costs. Following the suspension of construction activities in 2017, Skouries remains on care and maintenance, with mine standby costs totalling $5.8 million in 2021, including $1.7 million in Q4 2021. Preservation activities resumed in late 2019 and continued through 2021 to protect the plant assets. Expenditures totalled $12.3 million in 2021, including $5.1 million in Q4 2021. with activity focused on preservation and design works as well as the commencement of cladding the process plant.

Approval was granted in April 2021 by the Greek Ministry of Energy and Environment for a modification to the Kassandra Mines Environmental Impact Assessment ("EIA") to allow for the use of dry stack tailings disposal at the Skouries project. Dry stack technology involves filtering tailings to remove water prior to stacking and compacting the dry material in a designated tailings area and is expected to provide a number of environmental benefits.

Olympias Expansion – Greece

With the successful completion of the Amended Investment Agreement, plans are underway to expand the processing facility, currently at 473ktpa, to 650ktpa as set forth in our Technical Report for the Olympias Mine dated December 31, 2019 prepared in accordance with the requirements of NI 43-101. These processing expansions are aligned with the development of the flats area within the mine, which provides a less constrained underground production environment. We submitted a modification to the Kassandra Mines EIA in December 2021 as planned, which will cover the expansion of the Olympias processing facility and the Stratoni port modernization. Approval of this modification is anticipated in 2022.

Eldorado is also committed to providing the Hellenic state with an updated proposal for refractory ore processing by 2023; this being a strategic opportunity to generate value from the complex poly-metallic deposits which reside in our portfolio.

Perama Hill – Greece

Work was re-initiated on the project in 2019 which was largely on hold since 2014. Work was completed to update the economic models reflecting current construction and equipment costs along with mine planning with respect to updating operating costs and gold price. A project review continues to evaluate the site conditions and update project designs for changes in legislation, best practices and possible optimizations of the site and process. The permitting documentation is being reassessed and updated.

Certej Project – Romania

The Certej mining concession was extended in January 2020 for an additional five years.Spending totalled $5.0 million in 2021, including $2.2 million in Q4 2021, and is included in exploration and evaluation expenditure. We are currently evaluating strategic options for Certej.

21

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Tocantinzinho Project – Brazil

On October 27, 2021, we completed a sale of the Tocantinzinho Project, a non-core gold asset in Brazil. Eldorado received $20 million in cash consideration and 46,926,372 common shares of GMIN, representing 19.9% of the outstanding common shares of GMIN at the sale date. Deferred cash consideration of $60 million is payable on the first anniversary of commercial production of the Project, with an option to defer 50% of the consideration at a cost of $5 million. A $99.5 million ($89.5 million net of deferred tax) impairment of the project was recorded in Q2 2021. In Q3 2021, a $60.6 million loss was recognized to reduce the fair value of the disposal group to $48.0 million, which reflects the upfront cash and share consideration, less estimated costs of disposal. The deferred consideration will be recognized as a gain on sale at the time it is received.

Exploration and Evaluation

Exploration and evaluation expenditures in 2021 were primarily related to brownfields resource expansion programs at our operations in Canada, Turkey and Greece, in addition to early-stage greenfields projects and project generation activities in Turkey and Eastern Canada.

Exploration and evaluation expenditures are expensed when they relate to the initial search for, or the delineation of, mineral deposits, or the evaluation of the technical and economic feasibility of a project. Exploration and evaluation expenditures are capitalized once there is sufficient evidence to support the probability of generating positive economic returns.

In 2021, exploration and evaluation expense totalled $18.3 million relating primarily to early-stage projects in Quebec and Turkey, and included $1.8 million of expense in Q4 2021. In Quebec, this included till-sampling drilling at the Montgolfier project, drill target definition fieldwork at the Bruell, Lamaque and Bourlamaque projects and early-stage drilling at the River, Bevcon, Vein #6 and Sigma Nord projects, combined totalling 14,400 metres and 28,245 metres in Q4 2021 and 2021, respectively. In Turkey, expensed exploration programs focused on drilling at the Bambal, Hod Maden North, and Gencali projects as well as several early-stage targets at Efemcukuru, which combined totalled 3,929 metres and 18,630 metres in Q4 2021 and 2021, respectively. The remaining expense related to activities at Certej and other sites.

Capitalized expenditures of $3.6 million and $12.4 million in Q4 2021 and 2021, respectively, related to resource expansion programs at the Triangle and Ormaque deposits (Lamaque Operations), Efemcukuru, Stratoni and Olympias and included 16,500 metres and 79,514 metres of drilling in Q4 2021 and 2021, respectively.

At the Triangle mine, underground and surface drilling programs in 2021 tested extensions of the C4 zone as well as previously untested targets along the northern and eastern edges of the deposit. On February 22, 2021, we announced the maiden inferred mineral resources for the Ormaque deposit totalling 2.6 million tonnes at a grade of 9.5 grams per tonne, for 803,000 ounces of contained gold.

At Ormaque, drilling in 2021 included delineation holes to better define grade continuity within the existing inferred resource zones, stepout holes testing the lateral extent of these zones, and exploration holes testing new areas along strike and at depth. The completion of the acquisition of QMX in April 2021 expanded land holdings at the Lamaque operations by approximately 500%, adding a range of early to advanced-stage exploration projects to the Lamaque portfolio.

At Efemcukuru, capitalized exploration in 2021 related to resource expansion and resource conversion drilling targeting ore shoots within the Kokarpinar vein system, located approximately 400 metres east of the current mining activities at the Kestane Beleni vein system. Detailed mapping and sampling programs were completed in the western part of the property, with high gold grades identified in poorly-exposed vein systems extending over more than two kilometres strike length. Initial drill testing of these new targets began in late Q4 2021 and will continue through 2022.

At Olympias, drilling during 2021 targeted western extensions to the Flats ore zone. At the Stratoni mine, surface drilling tested areas downdip and to the west of the current mining area.

22

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Financial Condition and Liquidity

Operating Activities

Net cash generated from operating activities decreased to $365.9 million in 2021 from $471.8 million in 2020, primarily a result of lower sales volumes and a lower average realized gold price. Taxes paid of $75.5 million in 2021 primarily related to operations in Turkey, and to a lesser extent, Quebec. The working capital(1) change of $8.9 million in 2021 includes a $14.1 million decrease in accounts receivable primarily due to timing of concentrate sales and a $16.1 million increase in inventory, including parts inventory to support higher mining rates and waste stripping activity at Lamaque and Kisladag, respectively.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Investing Activities

In 2021, we invested $282.1 million in capital expenditures on a cash basis, of which $114.8 million related to sustaining capital expenditures at gold mines primarily related to underground development, processing upgrades and equipment replacements and rebuilds. $130.4 million was invested in growth capital expenditures including $49.1 million of waste stripping at Kisladag, $26.8 million for the HPGR project at Kisladag, $14.0 million for construction of the Kisladag north leach pad, and $16.7 million for the decline at Lamaque.

Summary of Capital Expenditures	Q4 2021	Q4 2020	2021	2020
Kisladag	$19.0	$16.3	$89.9	$43.9
Lamaque (1)	9.1	10.5	35.2	23.2
Olympias	1.3	1.6	5.3	8.4
Growth capital expenditures(2)	$29.4	$28.4	$130.4	$75.5
Kisladag (1)	$4.0	$6.5	$19.9	$20.1
Lamaque	13.4	9.8	47.3	32.9
Efemcukuru (1)	6.5	7.3	18.4	20.9
Olympias	10.1	5.4	29.1	20.3
Sustaining capital expenditures(2)	$33.9	$29.0	$114.8	$94.3
Lamaque	$2.1	$1.1	$6.9	$3.6
Efemcukuru	0.2	0.9	1.3	1.6
Olympias	0.3	0.3	1.1	0.8
Capitalized evaluation costs	$2.6	$2.3	$9.3	$6.0
Skouries	$5.1	$0.8	$12.3	$2.6
Stratoni (1)	3.5	3.0	10.7	9.0
Other projects	5.6	8.5	15.4	11.0
Total capital expenditures (3)	$80.1	$71.9	$292.8	$198.4
Reconciliation to cash capital expenditures:
Capital accruals	$4.0	($2.0)	($2.4)	$1.7
Lease and other non-monetary additions	(2.0)	(8.2)	(8.3)	(11.3)
Capitalized depreciation	—	—		—
Total cash capital expenditures (4)	$82.1	$61.7	$282.1	$188.9

(1)Includes non-cash sustaining lease additions.

(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

(3)See Note 34 of our Consolidated Financial Statements for further details.

(4)Does not include capital expenditures related to discontinued operations of $0.5 million and $3.2 million in Q4 2021 and 2021, respectively (Q4 2020: $0.7 million, 2020: $2.0 million).

23

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Financing Activities

Senior Notes

On August 26, 2021, we 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, beginning on March 1, 2022. We received $496 million from the offering, which is net of commission payment and certain transaction costs paid to or on behalf of the lenders totaling $3.8 million. The debt is also presented net of transaction costs of $3.3 million incurred directly by the Company in conjunction with the offering. The commission payment and transaction costs will be amortized over the term of the senior notes and included as finance costs. Net proceeds from the senior notes were used in part to redeem our outstanding 9.5% senior secured second lien notes that were due 2024 (“the senior secured notes”) and to repay all outstanding amounts under our senior secured term loan and revolving credit facility.The senior notes are guaranteed by Eldorado Gold (Netherlands) B.V., SG Resources B.V., Tüprag Metal, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.

For further information on our senior notes, refer to Note 17 of our audited financial statements for the years ended December 31, 2021 and 2020.

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. We are in compliance with these covenants at December 31, 2021.

Senior Secured Credit Facility

In May 2019, we executed a $450 million amended and restated senior secured credit facility (the "third amended and restated credit agreement" or "TARCA") which consisted of a $200 million non-revolving term loan ("term loan") with six equal semi-annual payments commencing June 30, 2020 and a $250 million revolving credit facility with a maturity date of June 5, 2023. In February 2021, the TARCA was amended such that the non-financial letters of credit no longer reduced credit availability under the revolving credit facility, thereby increasing the availability under the facility. An early repayment of $11.1 million of principal as part of the scheduled semi-annual payment on the term loan was made in February 2021 in conjunction with this amendment, and in June 2021, we completed the remaining scheduled $22,233 semi-annual payment on the term loan.

On March 30, 2020, we drew $150 million under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. We repaid $50 million of the revolving credit facility draw in June 2021 and repaid the remaining $100 million in August 2021, using a portion of the proceeds from the offering of the senior notes.

Both the term loan and revolving credit facility bore interest at LIBOR plus a margin of 2.25% – 3.25%, dependent on a net leverage ratio pricing grid. 

On October 15, 2021, we replaced the TARCA and executed the Fourth ARCA with an option to increase the available credit by $100 million through an accordion feature, and with a maturity date of October 15, 2025.

Under the Fourth ARCA, the revolving credit facility bears interest at LIBOR plus a margin of 2.125% – 3.25% for amounts drawn, the undrawn portion of the facility incurs standby fees of 0.47813% - 0.73125%, and letters of credit not secured under the revolving credit facility bear interest at 0.90% - 1.33%. In each case, interest or fees are dependent on a net leverage ratio pricing grid. The Fourth ARCA includes terms to replace LIBOR with a benchmark rate based on the secured overnight financing rate ("SOFR") upon the discontinuance of interbank offered rates.

As at December 31, 2021 our current interest charges and fees are as follows: LIBOR plus margin of 2.125% on any amounts drawn from the revolving credit facility, 2.125% on the financial letters of credit secured by the revolving credit facility, 1.03% on the non-financial letters of credit and standby fees of 0.47813% on the available and undrawn portion of the revolving credit facility.

The Fourth ARCA contains covenants that restrict, among other things, our ability to incur additional unsecured indebtedness except in compliance with certain conditions, incur certain lease obligations, make distributions in certain circumstances, or sell material assets. Significant financial covenants include a minimum EBITDA to interest

24

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

ratio and a maximum debt net of unrestricted cash ("net debt") to EBITDA ratio ("net leverage ratio"). We are in compliance with these covenants at December 31, 2021.

The Fourth ARCA is secured on a first lien basis by a general security agreement from the Company, including the real property of the Company and Eldorado Gold (Quebec) Inc. in Canada, as well as the shares of each of SG Resources B.V., Tüprag Metal, Eldorado Gold (Netherlands) BV and Eldorado Gold (Quebec) Inc., all wholly owned subsidiaries of the Company.

No amounts were drawn down under the revolving credit facility in 2021 and as at December 31, 2021, the balance is nil.

Senior Secured Second Lien Notes due 2024

Following partial redemptions of the senior secured notes in 2020, the remaining $234 million principal was redeemed in whole for cash by the Company on September 9, 2021 using proceeds from the senior notes. $21.4 million of redemption premium and $6.1 million of accrued interest were paid upon redemption and $7.0 million of unamortized original discount and deferred financing costs relating to the senior secured notes were expensed as finance costs upon redemption. An embedded derivative asset of $0.5 million relating to redemption options in the senior secured notes was also written-off to finance costs upon redemption.

Flow-Through Financing

On March 30, 2021, we completed a private placement of 1,100,000 common shares at a price of CDN $16.00 per share for proceeds of CDN $17.6 million ($13.9 million). The proceeds were used to fund the Lamaque decline project. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $2.82 per share to the closing market price of the Company's common shares at the date of issue.

Capital Resources

	As at December 31, 2021	As at December 31, 2020
Cash and cash equivalents	$481.3	$452.0
Term deposits	—	59.0
Working capital (1)	521.6	492.1
Debt – long-term	$489.8	$434.5

(1)2020 amount has been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

At December 31, 2021, we had unrestricted cash and cash equivalents and term deposits of $481.3 million compared to $511.0 million at December 31, 2020. At December 31, 2021, the current availability under the credit facility is $249.7 million.

We believe that the working capital of $521.6 million as at December 31, 2021, together with future cash flows from operations and access to the undrawn revolving credit facility, if required, are sufficient to support our planned and foreseeable commitments for the next twelve months. We continue to evaluate financing options for the Skouries project.

25

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Contractual Obligations

Material contractual obligations as at December 31, 2021 are outlined below:

	Within 1 year	2 to 3 years	4 to 5 years	Over 5 years	Total
Debt (1)	$—	$—	$—	$500.0	$500.0
Purchase obligations	33.4	5.9	—	—	39.3
Lease commitments	7.6	7.1	3.9	7.8	26.4
Mineral properties	3.0	5.9	5.8	3.1	17.7
Asset retirement obligations	4.1	3.4	3.4	166.7	177.6
Totals	$48.0	$22.3	$13.1	$677.6	$761.0

(1)Does not include interest on debt.

Debt obligations represent required repayments of principal for the senior notes. The table does not include interest on debt.

Purchase obligations relate primarily to operating costs at all mines and capital projects at Kisladag. Mineral properties refer to arrangements for the use of land that grant the Company the right to explore, develop, produce or otherwise use the mineral resources contained in that land.

As at December 31, 2021Hellas Gold had entered into off-take agreements pursuant to which Hellas Gold agreed to sell a total of 50,000 dry metric tonnes of zinc concentrate, 12,000 dry metric tonnes of lead/silver concentrate, and 130,000 dry metric tonnes of gold concentrate, through the year ending December 31, 2022.

As at December 31, 2021, Tüprag Metal Madencilik Sanayi Ve Ticaret A.S. (“Tüprag”) had entered into off-take agreements pursuant to which Tüprag agreed to sell a total of 55,000 dry metric tonnes of gold concentrate through the year ending December 31, 2022.

In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans) Ltd., a subsidiary of Wheaton Precious Metals (“Wheaton Precious Metals”) all of the payable silver contained in lead concentrate produced within an area of approximately seven square kilometers around Stratoni. The sale was made in consideration of a prepayment to Hellas Gold of $57.5 million in cash, plus a fixed price per ounce of payable silver to be delivered based on the lesser of $3.83 and the prevailing market price per ounce, adjusted higher by 1% every year. The agreement was amended in October 2015 to provide for increases in the fixed price paid by Wheaton Precious Metals upon completion of certain expansion drilling milestones. 30,000 meters of expansion drilling was reached during the second quarter of 2020 and in accordance with the terms of the agreement, the fixed price has been adjusted by an additional $2.00 per ounce. Accordingly, the fixed price from April 1, 2021 is equal to 11.54 per ounce.

Based on current Turkish legislation, the Company pays annual royalties to the Government of Turkey on revenue less certain costs associated with ore haulage, mineral processing and related depreciation. Royalties are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. Based on current Greek legislation, the Company pays royalties on revenue that are calculated on a sliding scale tied to international gold and base metal prices and the USD:EUR exchange rate.

26

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Quarterly Results

	2021	2021	2021	2021	2020	2020	2020	2020
	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Total revenue	$244.6	$238.4	$233.2	$224.6	$278.5	$287.6	$255.9	$204.7
Impairment charges (reversals), net of tax	13.9	—	—	—	—	—	—	—
Net earnings (loss) from continuing operations(1,2)	($43.1)	$8.5	$31.0	$14.3	$30.0	$46.0	$50.6	$4.5
Net earnings (loss) from discontinued operations(1)	$3.1	($60.8)	($86.8)	($2.4)	$1.5	$1.1	($1.5)	($7.5)
Net earnings (loss) per share from continuing operations (1,2)
- basic	(0.24)	0.05	0.17	0.08	0.17	0.26	0.30	0.03
- diluted	(0.23)	0.05	0.17	0.08	0.17	0.26	0.29	0.03

(1)Attributable to shareholders of the Company.

(2)2020, Q1-Q2 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

Revenue in all periods benefited from an increase in the average realized gold price amid continued economic uncertainty exacerbated by the COVID-19 pandemic commencing in March 2020. Revenue and net earnings in Q1 and Q2 2020 were negatively impacted by the COVID-19 pandemic, primarily from the suspension of mining and processing activities at Lamaque from March 25, 2020 to April 15, 2020 in accordance with the Quebec government-mandated restrictions to address the COVID-19 pandemic in the province.

Net earnings in Q4 2021 were negatively impacted by a $13.9 million non-cash impairment related to the closure of Stratoni. Net earnings in Q4 2020 were negatively impacted by a $40.0 million non-cash write-down recorded on capital works in progress at Olympias. Net earnings were negatively impacted in Q1 2021 through Q4 2021 by planned decreases in average ore grade at Kisladag and Lamaque.

Net earnings in 2021 were negatively impacted by the weakening of local currencies, particularly in Q4 2021 with $26.1 million of current tax expense and $26.4 million of deferred tax expense recognized as a result of the significant weakening of the Turkish Lira in December 2021. This was partly offset by a $19.6 million gain on foreign exchange in Q4 2021 as a result of the downward revaluation of liabilities denominated in Turkish Lira.

Net earnings were positively impacted by the receipt of an investment tax credit related to Kisladag heap leach improvements which reduced the corporate tax rate, resulting in current tax savings in Q4 2020 through Q4 2021.

Net earnings were negatively impacted in Q3 2020 by an incremental 25% increase to gold royalty rates in Turkey, announced in September 2020 and retroactive to January 1, 2020. Net earnings decreased by $3.2 million, net of tax, in Q3 2020 due to additional royalty expense recorded in that quarter to reflect the additional royalty cost associated with gold sales during the first six months of 2020. Net earnings increased by $3.6 million, net of tax, in Q1 2021 upon further announcement that the increased gold royalty rates would only take effect from the original announcement date and would no longer be retroactive to January 1, 2020.

Net loss from discontinued operations primarily represents a $99.5 million ($89.5 million net of deferred tax) impairment charge recorded on the Tocantinzinho Project in Q2 2021 and a $60.6 million loss recognized in Q3 2021. The Tocantinzinho project was sold in Q4 2021.

27

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Outstanding Share Information

Common Shares Outstanding (1)
- as of December 31, 2021	182,673,118
- as of February 24, 2022	182,673,118
Share purchase options - as of February 24, 2022   (Weighted average exercise price per share: Cdn$11.32)	4,250,738

(1)Includes treasury stock.

28

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2019

Non-IFRS and Other Financial Measures and Ratios

We have included certain non-IFRS financial measures and ratios in this MD&A, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-122”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation.

A non-IFRS ratio is defined by 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

Cash Operating Costs, Cash Operating Costs per Ounce Sold

Cash operating costs and cash operating costs per ounce sold are non-IFRS financial measures and ratios. In the gold mining industry, these metrics are common performance measures but do not have any standardized meaning under IFRS. We follow the recommendations of the Gold Institute Production Cost Standard. The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of producers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash operating costs of production by gold mining companies. Cash operating costs include mine site operating costs such as mining, processing and administration, but exclude royalty expenses, depreciation and depletion, share based payment expenses and reclamation costs. Revenue from sales of by-products including silver, lead and zinc reduce cash operating costs. Cash operating costs per ounce sold is based on ounces sold and is calculated by dividing cash operating costs by volume of gold ounces sold. We disclose cash operating costs and cash operating costs per ounce sold as we believe the measures provide valuable assistance to investors and analysts in evaluating the Company's operational performance and ability to generate cash flow. The most directly comparable measure prepared in accordance with IFRS is production costs. Cash operating costs and cash operating costs per ounce of gold sold should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Reconciliation of Production Costs to Cash Operating Costs and Cash Operating Costs per ounce sold:

	Q4 2021	Q4 2020	2021	2020	2019
Production costs (1)	$118.2	$117.0	$449.7	$445.2	$334.8
Stratoni production costs (2)	(16.5)	(13.8)	(47.6)	(51.6)	(53.8)
Production costs – excluding Stratoni	101.7	103.2	402.2	393.6	281.1
By-product credits	(20.5)	(15.1)	(64.7)	(52.2)	(39.3)
Royalty expense and production taxes	(13.1)	(14.4)	(42.0)	(46.7)	(13.7)
Cash operating costs	$68.2	$73.6	$295.5	$294.7	$228.0
Gold ounces sold	119,384	137,523	472,307	526,406	374,902
Cash operating cost per ounce sold	$571	$536	$626	$560	$608

(1)Includes inventory write-downs.

(2)Base metals production

29

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Reconciliation of Cash Operating Costs and Cash Operating Cost per ounce sold, by asset, for the three months ended December 31, 2021:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$22.6	($0.6)	$0.1	$2.4	$24.5	33,269	$737
Lamaque	26.5	(0.5)	0.1	(1.9)	24.2	50,257	482
Efemcukuru	12.8	(1.0)	1.6	(0.1)	13.2	21,797	606
Olympias	24.9	(18.3)	3.8	(4.2)	6.2	14,061	441
Total consolidated	$86.9	($20.5)	$5.5	($3.8)	$68.2	119,384	$571

(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

Reconciliation of Cash Operating costs and Cash Operating Cost per ounce sold, by asset, for the year ended December 31, 2021:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$97.6	($3.1)	$2.6	$5.4	$102.4	175,862	$583
Lamaque	97.2	(1.7)	0.2	(2.5)	93.3	151,393	616
Efemcukuru	49.2	(4.3)	5.9	0.3	51.1	92,758	551
Olympias	94.3	(55.7)	15.1	(5.1)	48.6	52,294	930
Total Consolidated	$338.3	($64.7)	$23.8	($1.9)	$295.5	472,307	$626

(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

Reconciliation of Cash Operating Costs and Cash Operating Cost per ounce sold, by asset, for the three months ended December 31, 2020:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$24.8	($0.6)	$0.1	$0.6	$25.0	55,807	$447
Lamaque	24.2	(0.5)	0.1	(1.1)	22.7	44,990	503
Efemcukuru	11.5	(1.1)	1.8	0.1	12.3	24,956	493
Olympias	23.4	(12.8)	3.6	(0.5)	13.7	11,770	1,166
Total consolidated	$83.9	($15.1)	$5.6	($0.8)	$73.6	137,523	$536

(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

30

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Reconciliation of Cash Operating costs and Cash Operating Cost per ounce sold, by asset, for the year ended December 31, 2020:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$96.6	($2.2)	$0.6	$7.3	$102.3	226,895	$451
Lamaque	77.0	(1.2)	0.2	(1.8)	74.2	142,269	522
Efemcukuru	46.1	(4.0)	12.1	0.4	54.7	98,340	556
Olympias	87.2	(44.8)	16.7	4.4	63.5	58,902	1,078
Total Consolidated	$306.9	($52.2)	$29.6	$10.3	$294.7	526,406	$560

(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

Total Cash Costs, Total Cash Costs per ounce sold

Total cash costs and total cash costs per ounce sold are non-IFRS financial measures and ratios. In the gold mining industry, these metrics are common performance measures but do not have any standardized meaning under IFRS. We define total cash costs as the sum of cash operating costs (as defined and calculated above) and royalties and production taxes. Total cash costs per ounce sold is based on ounces sold and is calculated by dividing total cash costs by volume of gold ounces sold. We disclose total cash costs and total cash costs per ounce sold as we believe the measures provide valuable assistance to investors and analysts in evaluating the Company's operational performance and ability to generate cash flow. The most directly comparable measure prepared in accordance with IFRS is production costs. Total cash costs and total cash costs per ounce of gold sold should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Reconciliation of Cash Operating Costs to Total Cash Costs and Total Cash Costs per ounce sold:

	Q4 2021	Q4 2020	2021	2020	2019
Cash operating costs	$68.2	$73.6	$295.5	$294.7	$228.0
Royalties and production taxes	13.1	14.4	42.0	46.7	13.7
Total cash costs	$81.3	$88.1	$337.5	$341.4	$241.7
Gold ounces sold	119,384	137,523	472,307	526,406	374,902
Total cash costs per ounce sold	$681	$640	$715	$649	$645

31

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold

AISC and AISC per ounce sold are non-IFRS financial measures and ratios. These financial measures and ratios are intended to assist readers in evaluating the total costs of producing gold from current operations. While there is no standardized meaning across the industry for this measure, our definition conforms to the definition of AISC set out by the World Gold Council and the updated guidance note dated November 14, 2018. We define AISC as the sum of total cash costs (as defined and calculated above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation.As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded.

AISC per ounce sold is based on ounces sold and is calculated by dividing AISC by volume of gold ounces sold.

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold:

	Q4 2021	Q4 2020	2021	2020	2019
Total cash costs	$81.3	$88.1	$337.5	$341.4	$241.7
Corporate and allocated G&A	10.4	10.1	37.6	35.7	34.2
Exploration and evaluation costs	2.9	2.8	12.3	8.3	9.5
Reclamation costs and amortization	0.2	1.9	4.4	7.0	4.6
Sustaining capital expenditure	33.8	29.0	113.1	92.4	97.4
AISC	$128.5	$131.9	$504.8	$484.8	$387.5
Gold ounces sold	119,384	137,523	472,307	526,406	374,902
AISC per ounce sold	$1,077	$959	$1,069	$921	$1,034

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the three months ended December 31, 2021:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration costs	Reclamation costs and amortization	Sustaining capex	Total AISC	Gold oz sold	Total AISC/ oz sold
Kisladag	$24.5	$3.6	$28.2	$—	$—	$0.4	$4.0	$32.5	33,269	$977
Lamaque	24.2	1.9	26.1	—	2.3	(0.8)	13.4	41.0	50,257	815
Efemcukuru	13.2	3.9	17.2	—	0.3	0.2	6.4	24.1	21,797	1,104
Olympias	6.2	3.7	9.9	—	0.3	0.4	10.1	20.6	14,061	1,467
Corporate (1)	—	—	—	10.4	—	—	—	10.4	—	87
Total consolidated	$68.2	$13.1	$81.3	$10.4	$2.9	$0.2	$33.8	$128.5	119,384	$1,077

(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.

32

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the year ended December 31, 2021:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration costs	Reclamation costs and amortization	Sustaining capex	Total AISC	Gold oz sold	Total AISC/ oz sold
Kisladag	$102.4	$17.1	$119.5	$0.1		$1.9	$18.6	$140.2	175,862	$797
Lamaque	93.3	4.1	97.3		9.5	(0.3)	47.3	153.9	151,393	1,017
Efemcukuru	51.1	11.8	63.0	—	1.6	1.0	18.0	83.6	92,758	901
Olympias	48.6	9.1	57.7		1.1	1.8	29.1	89.7	52,294	1,715
Corporate (1)	—	—	—	37.5	—	—	—	37.5	—	79
Total consolidated	$295.5	$42.0	$337.5	$37.6	$12.3	$4.4	$113.1	$504.8	472,307	$1,069

(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the three months ended December 31, 2020:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration costs	Reclamation costs and amortization	Sustaining capex	Total AISC	Gold oz sold	Total AISC/ oz sold
Kisladag	$25.0	$8.5	$33.5	$—	$—	$0.9	$6.5	$40.9	55,807	$732
Lamaque	22.7	0.9	23.5	—	1.7	0.4	9.8	35.5	44,990	789
Efemcukuru	12.3	4.0	16.3	—	0.9	0.2	7.3	24.7	24,956	989
Olympias	13.7	1.0	14.8	—	0.3	0.3	5.5	20.8	11,770	1,768
Corporate (1)	—	—	—	10.1	—	—	—	10.1	—	73
Total consolidated	$73.6	$14.4	$88.1	$10.1	$2.8	$1.9	$29.1	$131.9	137,523	$959

(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the year ended December 31, 2020:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration costs	Reclamation costs and amortization	Sustaining capex	Total AISC	Gold oz sold	Total AISC/ oz sold
Kisladag	$102.3	$24.9	$127.1	$—	$—	$3.3	$20.1	$150.6	226,895	$664
Lamaque	74.2	2.9	77.1	—	6.0	1.6	32.9	117.6	142,269	827
Efemcukuru	54.7	13.9	68.6	—	1.6	1.0	19.1	90.3	98,340	918
Olympias	63.5	5.1	68.6	—	0.8	1.2	20.2	90.8	58,902	1,541
Corporate (1)	—	—	—	35.6	—	—	—	35.6	—	68
Total consolidated	$294.7	$46.7	$341.4	$35.7	$8.3	$7.0	$92.5	$484.9	526,406	$921

(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.

33

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Reconciliation of general and administrative expenses included in All-in Sustaining Costs:

	Q4 2021	Q4 2020	2021	2020	2019
General and administrative expenses (from consolidated statement of operations)	$9.1	$7.5	$36.7	$28.5	$29.2
Add:
Share based payments expense	2.5	3.4	7.9	10.7	10.4
Employee benefit pension plan expense from corporate and operating gold mines	0.1	0.9	2.3	2.8	2.7
Less:
General and administrative expenses related to non-gold mines and in-country offices	(0.2)	0.1	(0.5)	(0.4)	(1.9)
Depreciation in G&A	(0.4)	(0.5)	(1.9)	(2.1)	(2.2)
Business development	(0.4)	(0.9)	(4.6)	(2.5)	(1.7)
Development projects	(0.4)	(0.5)	(2.5)	(1.4)	(2.6)
Adjusted corporate general and administrative expenses	$10.4	$10.1	$37.5	$35.6	$33.9
Regional general and administrative costs allocated to gold mines	—	—	0.1	0.1	0.3
Corporate and allocated general and administrative expenses per AISC	$10.4	$10.1	$37.6	$35.7	$34.2

Reconciliation of exploration costs included in All-in Sustaining Costs:

	Q4 2021	Q4 2020	2021	2020	2019
Exploration and evaluation expense (1) (from consolidated statement of operations)	$1.8	$3.0	$18.3	$12.5	$14.6
Add:
Capitalized evaluation cost related to gold mines	2.1	2.3	8.8	6.0	7.2
Less:
Exploration and evaluation expenses related to non-gold mines and other sites (1)	(1.0)	(2.4)	(14.9)	(10.1)	(12.3)
Exploration costs per AISC	$2.9	$2.9	$12.3	$8.4	$9.5

(1)From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.

Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:

	Q4 2021	Q4 2020	2021	2020	2019
Asset retirement obligation accretion (from notes to the consolidated financial statements)	$0.4	$0.4	$1.4	$1.9	$2.5
Add:
Depreciation related to asset retirement obligation assets	(0.1)	1.5	3.2	5.6	2.9
Less:
Asset retirement obligation accretion related to non-gold mines and other sites	(0.1)	(0.1)	(0.3)	(0.6)	(0.8)
Reclamation costs and amortization per AISC	$0.2	$1.9	$4.4	$7.0	$4.6

34

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Sustaining and Growth Capital

Sustaining capital and growth capital are non-IFRS financial measures. We define sustaining capital as capital required to maintain current operations at existing levels. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include expenditure related to capitalized evaluation, development projects, or other growth or sustaining capital not related to operating gold mines. Sustaining capital also excludes capitalized interest. Growth capital is defined as capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

Management uses sustaining capital to understand the ongoing capital cost required to maintain operations at current levels, and growth capital to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production from current levels. These measures are intended to provide readers with additional information about our projects only, and does not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other mining companies.

Reconciliation of Sustaining Capital and Growth Capital:

	Q4 2021	Q4 2020	2021	2020	2019
Additions to property, plant and equipment(1) (from notes to the consolidated financial statements)	$80.1	$71.9	$292.8	$198.4	$181.1
Growth and development project capital expenditure	(40.0)	(31.5)	(156.7)	(82.9)	(58.2)
Capitalized exploration	(3.6)	(2.5)	(12.4)	(7.4)	(10.9)
Sustaining capital expenditure Stratoni (2)	(2.5)	(2.7)	(7.3)	(7.5)	(9.3)
Sustaining capital expenditure equipment leases (3)	(0.2)	(0.1)	(2.0)	(2.0)	(1.5)
Corporate leases	—	(6.2)	(1.3)	(6.2)	—
Capitalized interest	—	—	—	—	(3.8)
Sustaining capital expenditure at operating gold mines	$33.8	$29.0	$113.1	$92.4	$97.4

(1)Does not include capital expenditures related to discontinued operations

(2)Base metals production.

(3)Non-cash sustaining equipment leases.

Average Realized Gold Price per ounce sold

Average realized gold price per ounce sold is a non-IFRS financial ratio. In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue. Average realized gold price per ounce sold should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating the total gold revenues realized in a period from current operations.

Average realized gold price per ounce sold is reconciled for the periods presented as follows:

	Q4 2021	Q4 2020	2021	2020	2019
Revenue	$244.6	$278.5	$940.9	$1,026.7	$617.8
Less non-gold revenue	($32.7)	($24.8)	($102.3)	($88.4)	($86.9)
Gold revenue	$212.0	$253.7	$838.6	$938.3	$530.9
Gold oz sold	119,384	137,523	472,307	526,406	374,902
Average realized gold price per ounce sold	$1,776	$1,845	$1,775	$1,783	$1,416

35

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Adjusted Net Earnings Attributable to Shareholders

Adjusted net earnings and adjusted net earnings per share are non-IFRS financial measures or ratios. Adjusted net earnings and adjusted net earnings per share are used by management and investors to measure the underlying operating performance of the Company. Adjusted net earnings is defined as net earnings from continuing operations adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the underlying operations of the Company, including impairment adjustments and reversals; asset write-downs; foreign exchange on deferred tax balances; changes in tax rates; gain (loss) on embedded derivatives; transaction costs; executive severance costs; gain (loss) on sale of securities; and other non-recurring items. Adjusted net earnings (loss) per share is calculated using the weighted average number of shares outstanding for adjusted net earnings (loss) per share. In prior periods, net earnings (loss) was also adjusted to exclude gain (loss) on disposal of assets in the normal course and write-down of inventory. These items are no longer excluded as they are considered to occur from time to time in the normal course of operations.

Reconciliation of Net Earnings attributable to shareholders of the Company to Adjusted Net Earnings attributable to shareholders of the Company:

Continuing Operations	Q4 2021	Q4 2020	2021	2020	2019
Net earnings (loss) attributable to shareholders of the Company(1,2)	($43.1)	$30.0	$10.8	$131.1	$73.1
Loss (gain) on foreign exchange translation of deferred tax balances (2,3)	41.4	(6.0)	54.6	10.6	9.6
Closure of Stratoni, net of tax (4)	30.8	—	30.8	—	—
Gain on redemption option derivative	(4.0)	(1.8)	2.7	(1.8)	(4.2)
Finance costs relating to debt refinancing (5)	—	—	31.1	—	—
Gain on deferred tax due to changes in tax rates (6)	—	—	(5.3)	—	(7.2)
Gain on sale of mining licences, net of tax (7)	—	—	(5.3)	—	—
Write-down of assets (8)	—	43.4	—	43.4	6.3
Finance costs relating to partial debt redemption	—	0.7	—	8.6	—
Lamaque standby costs, net of tax (9)	—	—	—	2.3	—
Impairment (reversal) of property, plant and equipment, net of tax (10)	—	—	—	—	(68.2)
Other items (11)	—	—	—	—	(3.5)
Total adjusted net earnings(1,2)	$25.1	$66.4	$119.3	$194.3	$5.9
Weighted average shares outstanding (thousands)	182,496	174,710	180,297	171,047	158,856
Adjusted net earnings per share ($/share)(1)	$0.14	$0.38	$0.66	$1.14	$0.04

(1)2020 and 2019 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

(2)From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.

(3)Deferred tax expense of $41.4 million in Q4 2021 includes $26.4 million expense resulting from the significant weakening of the Turkish Lira in Q4 2021.

(4)Costs relating to the closure of Stratoni include $13.9 million impairment, $3.5 million equipment write-downs and $13.4 million deferred tax expense.

(5)Finance costs relating to the debt refinancing in Q3 2021 include a $21.4 million redemption premium and $9.7 million of unamortized costs related to the debt redeemed that were expensed in full in the quarter.

(6)Includes an $11.4 million deferred tax recovery relating to the adjustment of opening balances for the tax rate decrease in Greece net of a $6.1 million deferred tax expense relating to the adjustment of opening balances for the tax rate increase in Turkey. Both tax rate changes were enacted in Q2 2021 and were retroactive to January 1, 2021.

(7)Sale of mining licences in Turkey in May 2021, net of tax.

(8)Non-recurring write-downs in Q4 2020 include a $40.0 million write-down of capital works in progress and a $3.4 million VAT provision associated with the write-down.

(9)Mine standby costs relating to the government-mandated temporary suspension of operations at Lamaque in 2020 to address the COVID-19 pandemic are presented net of tax and net of subsidies recorded in other income.

(10)Impairment reversals include $82.3 million ($68.2 million net of deferred income tax) relating to the Kisladag leach pad and related property, plant and equipment following the development of a new production plan which utilized the leach pad for the life of the Kisladag mine and no longer required the construction of a mill.

(11)Other items include $3.6 million transaction costs, net of tax, $8.1 million gain on the sale of a net smelter royalty and $1.1 million other non-recurring items, including severance costs.

36

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

EBITDA, Adjusted EBITDA

EBITDA from continuing operations and Adjusted EBITDA from continuing operations are non-IFRS financial measures. EBITDA from continuing operations represents net earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA includes net pre-commercial production proceeds and removes the impact of impairments or reversals of impairments, share based payments, losses or gains on disposals of assets, executive severance costs, mine standby costs relating to the COVID-19 pandemic and other non-cash or non-recurring expenses or recoveries. In addition to conventional measures prepared in accordance with IFRS, we and certain investors use EBITDA and Adjusted EBITDA as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is also frequently used by investors and analysts for valuation purposes based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and therefore are not necessarily indicative of operating earnings or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.

Reconciliation of Net Earnings (Loss) before tax to EBITDA and Adjusted EBITDA:

Continuing Operations	Q4 2021	Q4 2020	2021	2020
Earnings before income tax(1,2)	$52.1	$28.2	$151.1	$206.3
Depreciation, depletion and amortization (1,2,3)	47.1	59.1	202.9	220.2
Interest income	(0.3)	(0.3)	(2.2)	(2.1)
Finance costs (2)	5.0	8.4	71.8	50.9
EBITDA	$103.8	$95.3	$423.5	$475.4
Write-down of assets (2,4)	—	43.4	—	43.4
Share-based payments	2.5	3.4	7.9	10.7
Loss on disposal of assets (2)	2.3	2.3	2.3	4.6
Closure of Stratoni (5)	17.4	—	17.4	—
Gain on sale of mining licences (6)	—	—	(7.0)	—
Lamaque standby costs (7)	—	—	—	3.1
Adjusted EBITDA	$126.1	$144.5	$444.2	$537.2

(1)2020 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

(2)From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.

(3)Includes depreciation within general and administrative expenses.

(4)Non-recurring write-downs in Q4 2020 include a $40.0 million write-down of capital works in progress and a $3.4 million VAT provision associated with the write-down.

(5)Costs relating to the closure of Stratoni include $3.5 million write-down of equipment and $13.9 million impairment.

(6)Sale of mining licences in Turkey in May 2021.

(7)Mine standby costs relating to the government-mandated temporary suspension of operations at Lamaque to address the COVID-19 pandemic.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Free Cash Flow

Free cash flow is a non-IFRS financial measure. We believe it is a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. We define free cash flow as cash generated by (used in) operating activities from continuing operations, less cash used in investing activities from continuing operations before increases or decreases in cash from term deposits or restricted cash, before cash used for acquisitions or disposals of mineral properties and marketable securities and before cash proceeds from non-recurring asset sales. Changes in cash balances relating to term deposits, restricted cash, acquisitions or disposals of mineral properties and marketable securities and non-recurring asset sales are not considered to be representative of our ability to generate cash.

Reconciliation of Cash Generated from Operating Activities to Free Cash Flow:

Continuing Operations	Q4 2021	Q4 2020	2021	2020	2019
Cash generated from operating activities (1)(2)	$112.6	$121.8	$365.9	$471.8	$202.4
Less: Cash used in investing activities (2)	(66.2)	(64.3)	(263.0)	(252.7)	(185.4)
Add back: Acquisition of subsidiary, net of cash received (3)	—	—	19.3	—	—
Add back: Purchase of marketable securities (4)	1.0	—	28.1	—	—
Add back: Proceeds from sale of marketable securities (4)	(2.4)	—	(2.4)	(5.2)	—
Add back: Proceeds from sale of Tocantinzinho, net of cash disposed (5)	(19.7)	—	(19.7)	—	—
Add back: Sale of mining licences (6)	(2.3)	—	(7.3)	—	—
Add back: Increase (decrease) in term deposits	—	5.7	(59.0)	55.8	(3.4)
Add back: Increase (decrease) in restricted cash	—	0.1	0.6	(1.0)	(10.6)
Free Cash Flow	$23.1	$63.4	$62.4	$268.7	$3.0

(1)2020 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

(2)From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.

(3)Cash paid upon acquisition of QMX in Q2 2021, net of $4.3 million cash acquired.

(4)Purchase of marketable securities includes $18.7 million cash paid on the acquisition of Probe Metals Inc. Free cash flow in 2020 has been adjusted to conform with 2021 presentation by including adjustments relating to proceeds from the sale of marketable securities (2020: $5.2 million).

(5)Cash proceeds received upon the sale of Tocantinzinho, net of $0.3 million cash disposed..

(6)Cash consideration received on sale of mining licences.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Working Capital

Working capital is a non-IFRS financial measure. In the gold mining industry, working capital is a common measure of liquidity, but does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current assets and current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital does not include assets held for sale and liabilities associated with assets held for sale. Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating our liquidity.

Working capital for the periods highlighted is as follows:

	As at December 31, 2021	As at December 31, 2020
Current assets, excluding assets held for sale (1)	$728.2	$754.1
Current liabilities, excluding liabilities held for sale	206.7	262.0
Working capital	$521.6	$492.1

(1)2020 amount has been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

Cash Flow from Operations before Changes in Working Capital

Cash flow from operations (or operating activities) before changes in non-cash working capital is a non-IFRS financial measure. We use cash flow from operations (or operating activities) before changes in non-cash working capital to supplement the consolidated financial statements and exclude the period to period movement of non-cash working capital items, such as accounts receivable, advances and deposits, inventory, accounts payable and accrued liabilities. We believe this provides an alternative indication of our cash flow from operations and may be meaningful to investors in evaluating its past performance or future prospects. It is not meant to be a substitute for cash flow from operations (or operating activities), which is calculated in accordance with IFRS.

Reconciliation of Cash Generated from Operating Activities to Cash Flow from Operations Before Changes in Working Capital:

Continuing Operations	Q4 2021	Q4 2020	2021	2020	2019
Cash generated from operating activities (1)(2)	$112.6	$121.8	$365.9	$471.8	$202.4
Less: Changes in non-cash working capital(3)	(4.1)	9.7	(8.9)	33.4	15.9
Cash flow from operations before changes in working capital	$116.7	$112.1	$374.8	$438.5	$186.5

(1)2020 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

(2)From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.

(3)2020 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.

39

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Managing Risk

Eldorado is involved in the exploration, discovery, acquisition, financing, development, production, reclamation and operation of mining properties. We face a number of risks and uncertainties which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Management monitors risk using a risk management review process. Management prepares a risk assessment report every quarter outlining the operational and financial risks. The Board reviews the report to evaluate and assess the risks that the Company is exposed to in various markets, and discusses the steps management takes to manage and mitigate them.

For more extensive discussion on risks and uncertainties refer to our AIF for the year ended December 31, 2020, and those to be set out in the Company's AIF to be filed for the year ended December 31, 2021, for additional information regarding these risks and other risks and uncertainties in respect of the Company's business and share price.

The risks described below are not the only risks and uncertainties that we face. Although we have done our best to identify the risks to our business, there is no assurance that we have captured every material or potentially material risk and the risks identified below may become more material to the Company in the future or could diminish in importance. Additional existing risks and uncertainties not presently identified by the Company, risks that we currently do not consider to be material, and risks arising in the future could cause actual events to differ materially from those described in our forward-looking information, which could materially affect our business, results of operations, financial condition and the Eldorado Gold share price.

We have set out the risks in the order of priority we believe is appropriate for Eldorado based on our assessment of, among other things, the likelihood and impact of such risks, and our expected capabilities to mitigate such risks. Accordingly, you should review this section in its entirety.

Foreign Operations

Many of our operations are located in foreign jurisdictions, and are exposed to various levels of political, economic and other risks and uncertainties. These risks and uncertainties vary from country to country and include, but are not limited to:

•changing political and social conditions, geopolitical environment or governments;

•expropriation;

•timely receipt of necessary permits and authorizations;

•renegotiation or nullification of existing rights, concessions, licences, permits and contracts;

•restrictions on foreign exchange, currency controls and repatriation of capital and profits;

•mobility restrictions for personnel and contractors;

•availability of procedural rights and remedies;

•reliability of judicial recourse;

•operation of the rule of law;

•labour unrest;

•extreme fluctuations in currency exchange rates;

•high rates of inflation;

•civil unrest or risk of civil war;

•changes in law or regulation (including in respect of mining regulations, taxation and royalties);

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

•changes in policies (including in respect of monetary policies and permitting);

•bribery, extortion and corruption;

•guerrilla activities, insurrection and terrorism;

•activism;

•hostage taking;

•military repression; and

•trespass, illegal mining, theft and vandalism.

The occurrence of any of these risks in the countries in which we operate could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The mining and metals sector has been increasingly targeted by local governments for the purposes of raising revenue or for political reasons, as governments continue to struggle with deficits and concerns over the effects of depressed economies. Governments are continually assessing the fiscal terms of the mining regimes and agreements that apply to an entity looking to exploit resources in their countries and numerous countries have recently introduced changes to their respective mining regimes that reflect increased government control over, or participation in, the mining sector.

The possibility of future changes to the mining regimes in the countries in which we operate adds uncertainty that cannot be accurately predicted and may result in additional costs, delays and regulatory requirements. In addition, such changes could restrict our ability to contract with persons or conduct business in certain countries.

There is no assurance that governments will not take our rights, impose conditions on our business, prohibit us from conducting our business or grant additional rights to state-owned enterprises, private domestic entities, special interest groups, indigenous peoples or residents in the countries in which we operate, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We expect to generate cash flow and profits at our foreign subsidiaries, and we may need to repatriate funds from those subsidiaries to service our indebtedness or fulfill our business plans, in particular in relation to ongoing expenditures at our development assets. From time to time, governments in countries in which Eldorado operates may impose limitations on Eldorado's ability to repatriate funds. In April 2020, the Turkish government implemented a temporary partial ban on the payment of dividends to shareholders in response to the economic downturn caused by the COVID-19 pandemic. While the ban was lifted on January 1, 2021, we may not be able to repatriate funds from Turkey or other jurisdictions in the future, or we may incur tax payments or other costs when doing so, as a result of a change in applicable law or tax requirements at local subsidiary levels or at the Eldorado Gold level, which costs could be material.

We have one operating mine, two development projects and one mine on care and maintenance in Greece. Following the global financial crisis in 2008 and 2009, the Greek economy experienced a significant downturn culminating in concerns about the risk of Greece defaulting on its debt and exiting from the EU. As a consequence, Greece experienced protracted political instability, popular unrest in response to austerity measures and rounds of bail-out negotiations with various governmental and private parties. More recently, Greece has progressed its performance economically, including its ability to once again borrow money in the bond markets and elsewhere but, among other things, has been experiencing labour unrest resulting in protests and strikes. There is no assurance that the economic situation in Greece will not deteriorate further or that Greece will not adopt legal, regulatory or policy changes, which may negatively affect our current and future operations and plans in Greece and may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

In addition, we have experienced in the past significant delays in the timely receipt of necessary permits and authorizations from the Greek State in order to advance operations in Greece, and may continue to experience delays in the future notwithstanding the Amended Investment Agreement. Following the 2019 Greek Parliamentary elections, Eldorado initiated talks with the newly established government. In February 2021, we entered into the Investment Agreement with the Hellenic Republic to govern the further development, construction and operation of

41

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

the Skouries project and the Olympias and Stratoni/Mavres Petres mines and facilities, which provides a modernized legal and financial framework to allow for the advancement of our investment in these assets. In March 2021, the Amended Investment Agreement was ratified by the Greek parliament and published in the Greek Government Gazette, officially becoming law.

We also have two producing mines that are located in Turkey. Turkey has historically experienced, and continues to experience, heightened levels of political and economic instability due to regional geopolitical instability. These conditions may be exacerbated by current global economic conditions or become exacerbated during electoral processes. In particular, there have been political challenges in and nearby to Turkey, including civil unrest along the geographic borders with Syria, Iran and Iraq, terrorist acts, including bombings in major centres, and an associated refugee crisis. Turkey also has a history of fractious governing coalitions comprised of many political parties and has experienced anti-government protests as well as increasing unrest following investigations initiated in December 2013 into alleged government corruption, and an attempted coup in 2016. Our operations have experienced no significant disruptions due to this instability and continue to operate under normal business conditions. However, there can be no assurance that the instability will not worsen, which may negatively affect our current and future operations in Turkey and may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We operate in a range of environments and our employees, contractors and suppliers are at risk of injury, disease and natural disasters. If our workforce is affected by high incidence of injury, disease or natural disasters, the facilities and treatments may not be available to the same standard that one would expect in more economically developed countries such as Canada and the United States, which could have an effect on the availability of sufficient personnel to run our operations. This could result in a period of downtime or we may be subject to an order to cease operations, which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The safety and security of our employees and associated contractors is of prime importance to the Company. Various security problems may occur in any of the jurisdictions in which we operate. We are at risk of incursions or acts of terrorism by third parties that may result in the theft of or result in damage to our property. We endeavor to take appropriate actions to protect against such risks, which may affect our operations and incur further costs.

Pandemics, Epidemics and Public Health Crises such as COVID-19

The ongoing COVID-19 pandemic and any future pandemic, epidemic, endemic or similar public health threats and resulting negative impact on the global economy and financial markets, the duration and extent of which is highly uncertain and could be material, may have an adverse impact on our business, results of operations, financial condition and the Eldorado Gold share price.

In March 2020, COVID-19 was declared a pandemic by the World Health Organization. The COVID-19 pandemic has had a significant impact on global economic activity since March 2020. In response to the COVID-19 pandemic, governmental authorities in Canada and internationally introduced various recommendations and measures to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing. The COVID-19 pandemic has also disrupted global supply chains and workforce participation and created significant volatility and disruption of financial markets.

The global COVID-19 pandemic continues to evolve. Despite mass vaccination programs, the emergence of new variants has been causing infection rates to increase in certain areas. The lifting of restrictions on the movement of people and goods, social distancing measures, restrictions on group gatherings, quarantine requirements and contact tracing varies from country to country and often within countries.

Actions taken by governmental authorities and third parties to contain and mitigate the risk of spread of COVID-19 may have an adverse impact on our business. For example, we temporarily ceased mining and processing activities at Lamaque from March 25, 2020 to April 15, 2020 in accordance with the Québec government-mandated restrictions to address the COVID-19 pandemic and we may be required to take similar actions in the future which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

42

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Based upon evolving contagion rates or occurrences at our operating sites, we may decide to reduce operational activities and limit activities to essential care and maintenance procedures including the management of critical environmental systems. Such reductions in our operational activities could have a material adverse impact on our business, results of operations, financial condition and the Eldorado Gold share price. The impact of this pandemic could include sites being placed into care and maintenance. If our sites are placed into care and maintenance, this could significantly reduce our cash flow and impact our ability to meet certain covenants related to our debt obligations.

The overall severity and duration of COVID-19 related adverse impacts on our business will depend on future developments which cannot currently be predicted, including:

•directives of government and public health authorities;

•disruptions and volatility in the global capital markets, which may increase cost of capital and adversely impact access to capital;

•impacts on workforces throughout the regions in which we operate, which may result in our workforce being unable to work effectively, including because of illness, quarantines, government actions, facility closures or other restrictions in connection with the COVID-19 pandemic;

•the roll out and effectiveness of COVID-19 vaccines;

•delays in product refining and smelting due to restrictions or temporary closures;

•sustained disruptions in global supply chains; and

•other unpredictable impacts.

Additionally, although several vaccines for COVID-19 have been approved, there are risks that these vaccines will not be effective against variants of the virus and that these vaccines may not be accepted or widely available in the areas in which we operate due to shortages or other issues with distribution. A major outbreak of COVID-19 at any of our operating sites could have a material adverse effect on our business and results of operations.

These and other impacts of COVID-19 or other pandemic, epidemic, endemic or similar public health threats could also have the effect of heightening many of the other risks described in these "Risk factors in our business." The ultimate impact of COVID-19 on our business is difficult to predict and depends on factors that are evolving and beyond our control, including the scope and duration of the outbreak and recovery, including any future resurgences, as well as actions taken by governmental authorities and third parties, including the distribution, effectiveness and acceptance of vaccines, to contain its spread and mitigate its public health effects. We may experience material adverse impacts to our business, results of operations, financial condition and the Eldorado Gold share price as a result of any of these disruptions, even after the COVID-19 pandemic has subsided.

Development Risks at Skouries and Other Development Projects

Gold and other metal exploration is highly speculative in nature, involves many risks and is often not productive; there is no assurance that we will be successful in our development efforts. Substantial expenditures are required to establish proven and probable mineral reserves, determine the optimal metallurgical process to extract the metals from the ore and to plan and build mining and processing facilities for new properties and to maintain such facilities at existing properties. Once we have found ore in sufficient quantities and grades to be considered economic for extraction, then metallurgical testing is required to determine whether the metals can be extracted economically. It can take several years of exploration and development before production is possible, and the economic feasibility of production can change during that time.

The capital expenditures and time required to develop new mines are considerable and changes in cost or construction schedules can significantly increase both the time and capital required to build the project, including in respect to the expected cost and construction schedule for the Skouries project. The project remains subject to financing and Board approval. The project development schedules are dependent on obtaining the governmental approvals necessary for the operation of a project, and the timeline to obtain these government approvals is often beyond our control.

43

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

It is not unusual in the mining industry to experience unexpected problems during the start-up phase of a mine, resulting in delays and requiring more capital than anticipated. As a result of the substantial expenditures involved in development projects, developments are prone to material cost overruns. For example, while we expect the total life of mine of the Skouries project is 20 years consisting of two phases with estimated capital costs of $845 million and $172 million respectively and additional estimated sustaining capital of $850 million over the life of mine, there is no assurance as to the time or capital that will be necessary or our ability to obtain financing on acceptable terms (see also “Liquidity and Financing Risk”).

Mine development projects typically require a number of years and significant expenditures during the development phase before production is possible and there is no assurance that any of our development projects will become producing mines.

Development projects depend on successfully completing feasibility studies and environmental assessments, obtaining the necessary government permits and receiving adequate financing. Economic feasibility is based on several factors, including:

•estimated mineral reserves;

•anticipated metallurgical recoveries;

•environmental considerations and permitting;

•future gold prices;

•anticipated capital and operating costs for the projects; and

•timely execution of development plan.

Development projects have no operating history to base estimated future production and cash operating costs on. With development projects in particular, estimates of proven and probable mineral reserves and cash operating costs are largely based on:

•interpreting the geologic data obtained from drill holes and other sampling techniques; and

•feasibility studies that derive estimated cash operating costs based on:

▪the expected tonnage and grades of ore to be mined and processed;

▪the configuration of the ore body;

▪expected recovery rates of gold from the ore;

▪estimated operating costs; and

▪anticipated climate conditions and other factors.

It is therefore possible that actual cash operating costs and economic returns will differ significantly from what we estimated for a project before starting production.

It is not unusual for new mining operations to experience unexpected problems during the start-up phase, and delays can often happen when production begins. In the past, we have adjusted our estimates based on changes to our assumptions and actual results. There is no guarantee that such adjustments will alleviate the effects of such delays or problems. There is no assurance that the profitability or economic feasibility of a project will not be adversely affected by factors beyond our control.

Mining of mineral bearing material requires removal of waste material prior to gaining access to and extracting the valuable material. Depending on the location of the ore, this may entail removing material above the ore in an open pit situation (pre-stripping), or developing tunnels underground to gain access to deeper material. Where possible, this material is then generally used elsewhere in the project site for construction of site infrastructure. As a project is developed, a plan is put forward to complete the pre-strip or required underground development so that mining of ore can commence in line with the overall schedule to feed ore to the process plant at the right time. The degree of

44

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

pre-strip in an open pit is based on selected drilling, which may result in adjustments to the orebody model and a requirement for more or less pre-stripping to be completed. This may result in a deficit of material required to complete other earthworks around the project site, such as tailings facilities, or an increase in the pre-strip requirements prior to mining commencing. Similarly, with underground development, the mining method and design is based on an amount of drilling that will be increased during normal operations. As work continues, there may be ground conditions that are exposed that can cause a change in the mine design or direction of the underground development. Either of these occurrences could result in more or less material than can be used for other site projects if so designed, and could also result in delay in start-up of continuous production. This may result in lower revenues while the project ramps up to normal operating rates.

We have been undertaking in Greece a significant transformation process to improve the performance of the Kassandra mines. We anticipate the possibility of work stoppages or slowdowns of a significant duration as we move forward to achieve the necessary outcomes of the transformation process. Any work interruptions involving our employees (including as a result of a slowdown, strike or lockout), contractors or operations, or any jointly owned facilities operated by another entity, present a significant risk to Eldorado and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Our production, capital and operating cost estimates for development projects are based on certain assumptions. We use these estimates to establish our mineral reserve estimates but our cost estimates are subject to significant uncertainty as described above. Although we have undertaken significant work to de-risk the Skouries project and will continue work to de-risk Skouries and our other development projects, actual results for our projects will likely differ from current estimates and assumptions, and these differences can be material. The experience we gain from actual mining or processing operations can also identify new or unexpected conditions that could reduce production below our current estimates, or increase our estimated capital or operating costs.If actual results fall below our current estimates, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Community Relations and Social License

Maintaining a positive relationship with the communities in which we operate is critical to continuing the successful operation of our existing projects and mines as well as the construction and development of existing and new projects and mines. As community support is a key component of a successful mining project or operation, Eldorado seeks to pursue ways to strategically integrate community support factors in our processes.

As a mining business, we may be expected to come under pressure in the jurisdictions in which we operate, or will operate in the future, to demonstrate that other stakeholders (including employees, communities surrounding operations and the countries in which we operate) benefit and will continue to benefit from our commercial activities, and/or that we operate in a manner that will mitigate any potential damage or disruption to the interests of those stakeholders. The evolving expectations related to human rights, indigenous rights, and environmental protections may also result in opposition to our current and future operations, the development of new projects and mines, and exploration activities. There is no assurance that we will be able to mitigate these risks, which could materially adversely affect our business, results of operations, financial condition and the Eldorado Gold share price.

Community relations are impacted by a number of factors, both within and outside of our control. Relations may be strained or social license lost by poor performance by the Company in areas such as health and safety, environmental impacts from the mine, increased traffic or noise, and other factors related to communications and interactions with various stakeholder groups. External factors such as press scrutiny or other distributed information about Eldorado specifically or extractive industries generally from media, governments, non-governmental organizations or interested individuals can also influence sentiment and perceptions toward the Company and its operations.

Surrounding communities may affect operations and projects through restriction of site access for equipment, supplies and personnel or through legal challenges. This could interfere with work on the Company's operations, and potentially pose a security threat to employees or equipment. Social license may also impact our permitting ability, Company reputation and our ability to build positive community relationships in exploration areas or around newly acquired properties. Such opposition may also take the form of legal or administrative proceedings or

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

manifestations such as protests, roadblocks or other forms of public expression against our activities, and may have a negative impact on our local or global reputation and operations.

Erosion of social license or activities of third parties seeking to call into question social license may have the effect of slowing down the development of new projects and may increase the cost of constructing and operating these projects. Opposition by community and activist groups to our operations may require modification of, or preclude the operation or development of, our projects and mines or may require us to enter into agreements with such groups or local governments with respect to our projects and mines or exploration activities, in some cases, causing increased costs and significant delays to the advancement of our projects. Productivity may also be reduced due to restriction of access, requirements to respond to security threats or proceedings initiated or delays in permitting and there may also be extra costs associated with improving the relationship between Eldorado and the surrounding communities. We seek to mitigate these risks through our commitment to operating in a socially responsible manner; however, there is no guarantee that our efforts in this respect will mitigate these risks.

In addition, governments in many jurisdictions where we operate, including Québec, must consult with local stakeholders, including indigenous peoples, with respect to grants of mineral rights and the issuance or amendment of project authorizations. These requirements are subject to change from time to time. Eldorado supports consultation and engagement with local communities, and consultation and other rights of indigenous peoples which may require accommodations, including undertakings regarding financial compensation, employment, and other matters. This may affect our ability to acquire within a reasonable time frame effective mineral titles or environmental permits in these jurisdictions, including in some parts of Canada in which indigenous title is claimed, and may affect the timetable and costs of development of mineral properties in these jurisdictions. The risk of unforeseen claims or grievances by indigenous peoples also could affect existing operations as well as development projects and future acquisitions. These legal requirements and the risk of opposition by indigenous peoples may increase our operating costs and affect our ability to expand or transfer existing operations or to develop new projects.

Liquidity and Financing Risk

Liquidity risk is the risk that the Company cannot meet its planned and foreseeable commitments, including operating and capital expenditure requirements. We may be exposed to liquidity risks if we cannot maintain our cash positions, cash flows or mineral asset base, or appropriate financing is not available on terms satisfactory to us. In addition, we may be unable to secure loans and other credit facilities and sources of financing required to advance and support our business plans, including our plans to finance the Skouries project in Greece. In the future, we may also be unable to maintain, renew or refinance our senior notes or revolving credit facility on terms we believe are favorable or at all.

The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates of investments over time, managing its capital expenditures and operational cash flows, and by maintaining adequate lines of credit and seeking external sources of funding where appropriate. Management uses a rigorous planning, budgeting and forecasting process to help determine the funds the Company will need to support ongoing operations and development plans. We have historically minimized financing risks by diversifying our funding sources, which include credit facilities, issuance of notes, issuance of flow-through shares, at-the-market equity programs and cash flow from operations. In addition, we believe that Eldorado Gold has the ability to access the public debt and equity markets given our asset base and current credit ratings; however, such market access may become restricted, and, if we are unable to access capital when required, it may have a material adverse effect on us.

Any decrease in production, or change in timing of production or the prices we realize for our gold or other metals, will directly affect the amount and timing of our cash flow from operations. A production shortfall or any of these other factors would change the timing of our projected cash flows and our ability to use the cash to fund capital expenditures, including spending for our projects. Failure to achieve estimates in production or costs could have an adverse impact on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

Management believes that the working capital at December 31, 2021, together with future cash flows from operations and access to the undrawn revolving credit facility, if required, are sufficient to support the Company's existing and foreseeable commitments for the next twelve months. However, if planning and budgeting is materially

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

different to that forecasted, or financing, if required, is not available to the Company on terms satisfactory to meet these material changes to planning or budgeting, then this may adversely affect the ability of the Company to meet its financial obligations and operational and development plans. Unexpected economic and other crises have the potential to heighten liquidity risk, as Eldorado may be required to seek liquidity in a market beset by a sudden increase in the demand for liquidity and a simultaneous drop in supply.

Climate Change

We recognize that climate change is a global issue that has the potential to impact our operations, stakeholders and the communities in which we operate, which may result in physical risks and transition-related regulatory change risk. The continuing rise in global average temperatures has created varying changes to regional climates across the globe, resulting in risks to equipment and personnel. Governments at all levels are moving towards enacting legislation to address climate change by regulating carbon emissions and energy efficiency, among other things. Where legislation has already been enacted, regulation regarding emission levels and energy efficiency are becoming more stringent. The mining industry as a significant emitter of greenhouse gas emissions is particularly exposed to these regulations. As a proactive measure, we are targeting a 30% reduction in greenhouse gas emissions from 2020 emissions on a 'business as usual basis' by 2030 for currently operating mines, but our ability to effectively meet our target is subject to matters outside of our control, including being partially reliant on the decarbonization of the electrical grid in Greece. Furthermore, stakeholders, including shareholders, may increase demands for emissions reductions and call upon us or mining companies in general to better manage their consumption of climate-relevant resources (hydrocarbons, water, etc.). Costs associated with meeting these requirements may be subject to some offset by increased energy efficiency and technological innovation; however, there is no assurance that compliance with such legislation and/or stakeholder demands will not have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

With respect to physical risks of climate change, the effects may include changing weather patterns, rising sea levels and increased frequency and intensity of extreme weather events such as floods, droughts, hurricanes, heat waves, tornadoes and wildfires, which have the potential to disrupt our operations and the transport routes we use. While all of our operations are exposed to physical risks from climate change, the anticipated effects are highly location specific. We have strived to identify such material risks over a short- to medium-timeframe (until 2030) using our enterprise risk management framework for each of our material properties to attempt to mitigate such risks. In Greece, increases in storm intensity, changes in rainfall patterns and amounts, increases in temperature, and water stress and drought are expected to be potential hazards for the Kassandra mines (Olympias, Skouries and Stratoni) while pluvial flooding (flash flooding) is identified as an expected primary physical risk for Olympias and Stratoni presently. In Turkey, flooding, drought, wind events and wildfires are expected to be potential hazards. At Kişladağ, the risks are expected to be related to severe precipitation events or precipitation induced landslides, and their impact on water levels and site infrastructure. At Efemçukuru, flash flooding caused by severe precipitation events and wildfires are identified as expected risks. Lastly, at Lamaque, increased ice storms or black ice conditions which may impact exterior equipment and infrastructure, including electrical infrastructure, along with high wind events and warming winters, are identified as expected risks.

Such physical risks or events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies. Where appropriate, our facilities have developed emergency plans for managing extreme weather conditions; however, extended disruptions could result in interruption to production and deliveries to buyers which may adversely affect our business, results of operations, financial condition and the Eldorado Gold share price. Our facilities depend on regular and steady supplies of consumables (water, diesel fuel, chemical reagents, etc.) to operate efficiently. Our operations also rely on the availability of energy from public power grids, which may be put under stress due to extremes in temperatures, or face service interruptions due to more extreme weather and climate events. Changing climate patterns may also affect the availability of water. If the effects of climate change cause prolonged disruption to the delivery of essential commodities or our product, or otherwise effect the availability of essential commodities, or affect the prices of these commodities, then our production efficiency may be reduced which may have adverse effects on our business, results of operations, financial condition and the Eldorado Gold share price.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

With respect to transition-related regulatory changes, the effects may include the financial impact of carbon pricing regulations if and when Eldorado's operating sites are affected by such regulations, managing fuel and electricity costs and incentives for adopting low-carbon technologies, insurance premiums associated with weather events and emissions intensities, access to capital for advancing and funding low carbon mining operations and projects, accessing sustainability-linked capital and managing regulatory compliance and corporate reputation related to evolving governmental and societal expectations. Such effects may have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Inflation Risk

General inflationary pressures may affect our labour, commodity and other input costs, which could have a material adverse effect on our financial condition, results of operations and the capital expenditures required for the development and operation of Eldorado's projects. In particular, certain emerging markets in which we operate, or may in the future operate, have experienced fluctuating rates of inflation. For example, Turkey's annual consumer inflation rate year-on-year rose to 36% in December 2021 and to 49% in January 2022. There can be no assurance that any governmental action will be taken to control inflationary or deflationary cycles, that any governmental action taken will be effective or whether any governmental action may contribute to economic uncertainty. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Environmental

Although we monitor our sites for potential environmental hazards, there is no assurance that we have detected, or can detect all possible risks to the environment arising from our business and operations. We expend significant resources to comply with environmental laws, regulations and permitting requirements, and we expect to continue to do so in the future. The failure to comply with applicable environmental laws, regulations and permitting requirements may result in injunctions, damages, suspension or revocation of permits and imposition of penalties, as well as a loss event in excess of insurance coverage and reputational damage. There is no assurance that:

•we have been or will be at all times in complete compliance with such laws, regulations and permitting requirements, or with any new or amended laws, regulations and permitting requirements that may be imposed from time to time;

•our compliance will not be challenged; or

•the costs of compliance will be economic and will not materially or adversely affect our future cash flow, results of operations and financial condition.

We may be subject to proceedings (and our employees subject to criminal charges in certain jurisdictions) in respect of alleged failures to comply with increasingly strict environmental laws, regulations or permitting requirements or of posing a threat to or of having caused hazards or damage to the environment or to persons or property. While any such proceedings are in process, we could suffer delays or impediments to or suspension of development and construction of our projects and operations and, even if we are ultimately successful, we may not be compensated for the losses resulting from any such proceedings or delays.

There may be existing environmental hazards, contamination or damage at our mines or projects that we are unaware of. We may also be held responsible for addressing environmental hazards, contamination or damage caused by current or former activities at our mines or projects or exposure to hazardous substances, regardless of whether or not hazard, damage, contamination or exposure was caused by our activities or by previous owners or operators of the property, past or present owners of adjacent properties or by natural conditions and whether or not such hazard, damage, contamination or exposure was unknown or undetectable.

Any finding of liability in such proceedings could result in additional substantial costs, delays in the exploration, development and operation of our properties and other penalties and liabilities related to associated losses, including, but not limited to:

•monetary penalties (including fines);

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

•restrictions on or suspension of our activities;

•loss of our rights, permits and property, including loss of our ability to operate in that country or generally;

•completion of extensive remedial cleanup or paying for government or third-party remedial cleanup;

•premature reclamation of our operating sites; and

•seizure of funds or forfeiture of bonds.

The costs of complying with any orders made or any cleanup required and related liabilities from such proceedings or events may be significant and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We are not able to determine the specific impact that future changes in environmental, health and safety laws, regulations and industry standards may have on our operations and activities, and our resulting financial position; however, we anticipate that capital expenditures and operating expenses will increase in the future as a result of the implementation of new and increasingly stringent environmental, health and safety laws, regulations and industry standards. For example, emissions standards for carbon dioxide and sulphur dioxide are becoming increasingly stringent, as are laws relating to the use and production of regulated chemical substances and the consumption of water by industrial activities. Further changes in environmental, health and safety laws, regulations and industry standards, new information on existing environmental, health and safety conditions or other events, including legal proceedings based upon such conditions, or an inability to obtain necessary permits, could require increased financial reserves or compliance expenditures, or otherwise have a material adverse effect on Eldorado. Changes in environmental, health and safety laws, regulations and industry standards could also have a material adverse effect on product demand, product quality and methods of production, processing and distribution. In the event that any of our products were demonstrated to have negative health effects, we could be exposed to workers' compensation and product liability claims, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

On May 27, 2021, the Ministry of Industry and Information Technology of the People's Republic of China issued YS/T 3004-2021 – Gold Industry Standard of People's Republic of China (the "Industry Standard") which was implemented on October 1st 2021. When imported in China, gold concentrates that comply with the Industry Standard are cleared under tariff number HS 2616 9000.01 and are exempt from import charges, whereas all other gold concentrates are declared under tariff number HS 2616 9000.09 and a VAT charge of 13% is imposed. Olympias gold concentrates do not fall within the scope of the Industry Standard due to the level of arsenic contained therein and therefore have been declared under tariff number HS 2616 9000.09 since October 1st 2021 upon importation from China as subject to a 13% VAT import charge. Although we are exploring other markets and addressing this change in our commercial agreements on a bilateral basis to minimize the effect, approximately 2/3 of Olympias sales are expected to be subject to the 13% VAT charge going forward and there can be no assurance that the effects of the Industry Standard will not have a material adverse effect on Eldorado’s business, results of operations and financial condition.

Production and Processing

Estimates of total future production and costs for our mining operations are based on our five-year mining plans. These estimates can change, or we might not achieve them, which could have a material adverse effect on any or all of our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

Our plans are based on, among other things, our mining experience, reserve estimates, assumptions about ground conditions and physical characteristics of ores (such as hardness and the presence or absence of certain metallurgical characteristics, including the presence of materials that may adversely affect the ability to process, export and sell our products) and estimated rates and costs of production. Our actual production and costs may be significantly different from our estimates for a variety of reasons, including the risks and hazards discussed elsewhere as well as unfavorable operating conditions, including:

•actual ore mined varying from estimates in grade, tonnage and metallurgical and other characteristics;

•industrial accidents, environmental incidents and natural phenomena;

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

•changes in power supply and costs and potential power shortages;

•imposition of a moratorium on our operations;

•impact of the disposition of mineral assets;

•shortages and timing delays, of principal supplies and equipment needed for operation, including explosives, fuels, chemical reagents, water, equipment parts and lubricants;

•failure of unproven or evolving technologies or loss of information integrity or data;

•unexpected geological formations or conditions;

•metallurgical conditions and metal recovery, including unexpected decline of ore grade;

•unanticipated changes in inventory levels at heap-leach operations;

•geological, geochemical, ground and water conditions;

•fall-of-ground accidents in underground operations;

•seismic activity;

•renewal of required permits and licences;

•litigation;

•shipping interruptions or delays;

•management of the mining process, including revisions to mine plans;

•unplanned maintenance and reliability;

•unexpected work stoppages or labour costs, shortages or strikes;

•security incidents;

•general inflationary pressures;

•currency exchange rates; and

•changes in law, regulation or policy.

These factors may result in a less than optimal operation and lower throughput or lower recovery, as well as damage to mineral properties, property belonging to us or others, interruptions in production, injury or death to persons, monetary losses and legal liabilities. This could cause a mineral deposit to become unprofitable, even if it was mined profitably in the past. Although we review and assess the risks related to extraction and seek to put appropriate mitigating measures in place, there is no assurance that we have foreseen and/or accounted for every possible factor that might impact production, which could have a material adverse effect on business, results of operations, financial condition and the Eldorado Gold share price.

A number of factors could affect our ability to process ore in the tonnages we have budgeted, the quantities of the metals or deleterious materials that we recover and our ability to efficiently handle material in the volumes budgeted, including, but not limited to:

•the presence of oversize material at the crushing stage;

•material showing breakage characteristics different to those planned;

•material with grades outside of planned grade range;

•sub-optimal ore mixture in terms of ancillary analytics, such as sulphur grade;

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

•the presence of deleterious materials in different ratios than expected;

•material that is drier or wetter than expected, due to natural or environmental effects; and

•viscosity / density that is different than expected.

Our operations at Kisladag have historically involved the heap leaching process. The heap leaching process, while not as capital intensive as the more conventional milling process, involves uncertainties associated with the chemical and physical processes included in leaching, which can impact on recoveries. In mid-June 2017, indications that gold solution grade and consequently gold recovery from the leach pad at Kisladag had recently lagged internal expectations. Further testwork indicated that lower recoveries were expected to continue from the zone of mineralization located around the base of the open pit where mining was then underway, which continued to result in a reduction in the recoverable leach pad inventory. As a result, the Company explored construction of a mill, but later decided to resume mining and heap leaching. As a result, there remains a risk that the lower recoveries at Kisladag utilizing the heap leach process may reoccur, despite the completion of the HPGR circuit at Kisladag. While the HPGR is expected to increase heap leach life of mine recovery by an estimated 4% with the potential to further increase recovery with additional optimization of the HPGR circuit, there is no assurance that the HPGR will perform in accordance with our expectations.

The occurrence of any of the above could affect our ability to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned. This may result in lower throughput, lower recoveries, more downtime or some combination of all three. While minor issues of this nature are part of normal operations, more issues may arise than anticipated, which may have an adverse effect on our future cash flow, results of operations and financial condition.

Waste Disposal

The water collection, treatment and disposal operations at the Company's mines are subject to substantial regulation and involve significant environmental risks. The extraction process for gold and metals produces tailings. Tailings are the process waste generated once grinding and extraction of gold or other metals from the ore is completed in the milling process, which are stored in engineered facilities designed, constructed, operated and closed in conformance with local requirements and best practices. Other waste material may be filtered and dried for placement in a surface facility or mixed with cement and used underground as structural fill. A number of factors can affect our ability to successfully dispose of waste material in the form that is optimal for our operations, including, but not limited to:

•access to suitable locations due to permitting or other restrictions;

•requirements to encapsulate acid-generating material;

•milled material being ground too fine and requiring further treatment; and

•sufficient infrastructure required to place material underground in the right locations.

If issues with any of the above items occur, the normal discharge or placement process may be affected, requiring us to alter existing plans. While minor issues of this nature are part of normal operations, more issues may arise than anticipated, which could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The Lamaque tailings facility has been inactive since 1985. In 2017 and 2018 reports identified potential concerns with the integrity of tailings berms at Lamaque. In 2021, Eldorado established an independent review board (ITRB) to provide technical guidance on design and operational practices. An independent review of all tailings facilities, operating and closed, associated with Eldorado's operations in Québec was completed in July 2021. The review provided positive feedback on the management of the tailings facilities and provided recommendations to support short-term operational improvements which will lead to a lower risk profile for the facilities along with guidance on the longer term plan which will focus initially on gaining increased geotechnical understanding.

Although the Company conducts extensive maintenance and monitoring, engaging external consultants and incurs significant costs to maintain the Company's operations, equipment and infrastructure, including tailings

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

management facilities (including, without limitation, those tailings facilities, operating and closed, associated with Eldorado's operations in Québec), unanticipated failures or damage as well as changes to laws and regulations may occur that could cause injuries, production loss, environmental pollution, a loss event in excess of insurance coverage, reputational damage or other materially adverse effects on the Company's operations and financial condition resulting in significant monetary losses, restrictions on operations and/or legal liability.

A major spill, failure or overflow of the tailings facilities (including through occurrences beyond the Company's control such as extreme weather, seismic event, or other incident) may cause damage to the environment and the surrounding communities. Poor design or poor maintenance of the tailings dam structures or improper management of site water may contribute to dam failure or tailings release and could also result in damage or injury. Failure to comply with existing or new environmental, health and safety laws and regulations may result in injunctions, fines, suspension or revocation of permits and other penalties. The costs and delays associated with compliance with these laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a mine or increase the costs of development or production and may materially adversely affect the Company's business, results of operations, financial condition and the Eldorado Gold share price. The Company may also be held responsible for the costs of investigating and addressing contamination (including claims for natural resource damages) or for fines or penalties from governmental authorities relating to contamination issues at current or former sites, either owned directly or by third parties. The Company could also be held liable for claims relating to exposure to hazardous and toxic substances and major spills or failure of the tailing facilities, which could include a breach of a tailings dam. The costs associated with such responsibilities and liabilities may be significant, be higher than estimated and involve a lengthy clean-up. Moreover, in the event that the Company is deemed liable for any damage caused by a major spill, failure or overflow of the tailings facilities (including through occurrences beyond the Company's control such as extreme weather, a seismic event, or other incident), the Company's losses or the consequences of regulatory action might exceed insurance coverage. Should the Company be unable to fully fund the cost of remedying such environmental concerns, the Company may be required to suspend operations temporarily or permanently. Such incidents could also have a negative impact on the reputation and image of the Company.

Global Economic Environment

Market events and conditions, including disruptions in the international credit markets and other financial systems and deteriorating global economic conditions, could increase the cost of capital or impede our access to capital.

Economic and geopolitical events may create uncertainty in global financial and equity markets. The global debt situation may cause increased global political and financial instability resulting in downward price pressure for many asset classes and increased volatility and risk spreads.

Such disruptions could make it more difficult for us to obtain capital and financing for our operations, or increase the cost of it, among other things. For example, while Eldorado is continuing to evaluate various financing options for the Skouries project, such options may not be available when Eldorado desires, or may not be available on reasonable terms. If we do not raise capital when we need it, or are unable to access capital on reasonable terms, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. These and other related factors can lead to lower longer term asset values, which can result in impairment losses.

If such negative economic conditions persist or worsen, it could lead to increased political and financial uncertainty, which could result in regime or regulatory changes in the jurisdictions in which we operate. High levels of volatility and market turmoil could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Limited Number of Smelters and Off-Takers

We rely on a limited number of smelters and off-takers to produce and distribute the product of our operations, a substantial number of which are in China. The amount of gold concentrate that we can produce and sell is subject to the accessibility, availability, proximity, and capacity of the smelters and off-takers to produce and distribute the product of our operations. A lack of smelter capacity to process Eldorado's gold concentrate, in China and elsewhere, whether as a result of environmental, health and safety laws, regulations and industry standards or otherwise, could limit the ability for Eldorado to deliver its products to market. In addition, the Industry Standard

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

could result in Eldorado's inability to realize the full economic potential of certain of its products or in a reduction of the price offered for certain of Eldorado's gold concentrates. In addition, our ability to transport concentrate to smelters may be affected by geo-political considerations, including Russia-Ukraine tensions. Unexpected shut downs, concentrate transportation challenges or unavailability of smelter capacity, because of actions taken by regulators or otherwise, could have a material adverse effect on Eldorado's business, results of operations, financial condition and the Eldorado Gold share price.

Indebtedness

As at December 31, 2021, we have approximately $490 million in total debt. However, if we are unable to retire debt as expected, maintenance of substantial levels of debt could adversely affect our business, results of operations, financial condition, the Eldorado Gold share price and our ability to take advantage of corporate opportunities.

Long term indebtedness could have important consequences, including:

•limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements, or requiring us to make non-strategic divestitures;

•requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, dividends and other general corporate purposes;

•increasing our vulnerability to general adverse economic and industry conditions;

•limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

•placing us at a disadvantage compared to other, less leveraged competitors;

•increasing our cost of borrowing; and

•putting us at risk of default if we do not service or repay this debt in accordance with applicable covenants.

While neither our articles nor our by-laws limit the amount of indebtedness that we may incur, and while the senior notes and Fourth ARCA offer relatively greater financial flexibility as compared against the senior secured notes and TARCA, the level of our indebtedness under our senior notes and Fourth ARCA from time to time could impair our ability to obtain additional financing in the future on a timely basis, or at all, and to take advantage of business opportunities that may arise, thereby potentially limiting our operational flexibility as well as our financial flexibility.

a.Current and Future Operating Restrictions

Our senior notes and Fourth ARCA contain certain restrictive covenants that impose significant operating and financial restrictions on us. In some circumstances, the restrictive covenants may limit our operating flexibility and our ability to engage in actions that may be in our long-term best interest, including, among other things, restrictions on our ability to:

•incur additional indebtedness and guarantee indebtedness;

•pay dividends or make other distributions or repurchase or redeem our capital stock;

•prepay, redeem or repurchase certain debt;

•make loans and investments, including investments into certain affiliates;

•sell, transfer or otherwise dispose of assets;

•incur certain lease obligations;

•incur or permit to exist certain liens;

•enter into transactions with affiliates;

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

•undertake certain acquisitions;

•complete certain corporate changes;

•enter into certain hedging arrangements;

•enter into agreements restricting our subsidiaries' ability to pay dividends; and

•consolidate, amalgamate, merge or sell all or substantially all of our assets.

In addition, the restrictive covenants in our Fourth ARCA contain certain restrictions on us and require us to maintain specified financial ratios and satisfy other financial condition tests. Our ability to meet those financial ratios and tests may be affected by events beyond our control. These restrictions could limit our ability to obtain future financing, make acquisitions, grow in accordance with our strategy or secure the needed working capital to withstand future downturns in our business or the economy in general, or otherwise take advantage of business opportunities that may arise, any of which could place us at a competitive disadvantage relative to our competitors that may have less debt and are not subject to such restrictions. Failure to meet these conditions and tests could constitute events of default thereunder.

b.Change of Control

Upon the occurrence of specific kinds of change of control events, we will be required to offer to repurchase all outstanding senior notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date. Additionally, under the Fourth ARCA, a change of control (as defined therein) will constitute an event of default that permits the lenders to accelerate the maturity of borrowings under the credit agreement and terminate their commitments to lend.

The source of funds for any purchase of the senior notes and repayment of borrowings under the Fourth ARCA would be our available cash or cash generated from our subsidiaries' operations or other sources, including borrowings, sales of assets or sales of equity, as applicable. We may not be able to repurchase the senior notes or repay the Fourth ARCA upon a change of control because we may not have sufficient financial resources to purchase all of the debt securities that are tendered upon a change of control and repay any of our other indebtedness that may become due. We may require additional financing from third parties to fund any such purchases, and we may be unable to obtain financing on satisfactory terms or at all. Further, our ability to repurchase the senior notes may be limited by law. In order to avoid the obligations to repurchase the senior notes and events of default and potential breaches of the Fourth ARCA, we may have to avoid certain change of control transactions that would otherwise be beneficial to us.

c.Debt Service Obligations

Our ability to make scheduled payments on, refinance or commence repayment of our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control, including those identified elsewhere in this MD&A. We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness.

We may be unable to commence repayment, as planned. We may also not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations. The senior notes and Fourth ARCA will restrict our ability to dispose of certain assets and use the proceeds from those dispositions other than to repay such obligations and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due.

In addition, Eldorado Gold conducts substantially all of its operations through its subsidiaries. Accordingly, repayment of Eldorado Gold's indebtedness will be dependent in large measure on the generation of cash flow by

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

its subsidiaries and their ability to make such cash available to Eldorado Gold, by dividend, intercompany debt repayment or otherwise. Unless they are or become guarantors of Eldorado Gold's indebtedness, Eldorado Gold's subsidiaries do not have any obligation to pay amounts due on its indebtedness or to make funds available for that purpose. Eldorado Gold's subsidiaries may not be able to, or may not be permitted to, make distributions to enable Eldorado Gold to make payments in respect of its indebtedness. In addition, certain subsidiaries of Eldorado Gold may not be able to, or may not be permitted to, make certain investments into certain other subsidiaries of Eldorado Gold beyond a certain threshold amount. Each subsidiary is a distinct legal entity, and, under certain circumstances, legal and contractual restrictions may limit Eldorado Gold's ability to obtain cash from its subsidiaries. While the senior notes and Fourth ARCA limit the ability of Eldorado Gold's subsidiaries to incur consensual restrictions on their ability to pay dividends or make other intercompany payments to Eldorado Gold, these limitations are subject to qualifications and exceptions. Furthermore, as Eldorado's funds are used to develop projects in foreign jurisdictions through foreign subsidiaries, there may be restrictions on foreign subsidiaries' ability to pay dividends or make other intercompany payments to Eldorado Gold. In the event that Eldorado Gold does not receive distributions from its subsidiaries, Eldorado Gold may be unable to make required principal and interest payments on its indebtedness, including the senior notes and Fourth ARCA.

Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would materially and adversely affect our financial position, results of operations and our ability to satisfy our obligations and our debt instruments.

d.Default on Obligations

A breach of the covenants under the senior notes, Fourth ARCA or our other debt instruments could result in an event of default under the applicable indebtedness. Such a default may allow the creditors to accelerate the repayment of the related debt and may result in the acceleration of repayment of any other debt to which a cross-acceleration or cross-default provision applies. In addition, an event of default under the Fourth ARCA would permit the lenders thereunder to terminate all commitments to extend further credit under that facility. Furthermore, if we are unable to repay any amounts due and payable under the Fourth ARCA, those lenders could proceed against the collateral granted to them to secure such indebtedness. If our lenders or noteholders accelerate the repayment of our borrowings, we may not have sufficient assets to repay that indebtedness.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants in our debt instruments, which could cause cross-acceleration or cross-default under other debt agreements, we could be in default under the terms of the agreements governing such other indebtedness. If such a default occurs:

•the holders of the indebtedness may be able to cause all of our available cash flow to be used to pay the indebtedness and, in any event, could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest; or

•we could be forced into bankruptcy, liquidation or restructuring proceedings.

If our operating performance declines, we may in the future need to amend or modify the agreements governing our indebtedness or seek concessions from the holders of such indebtedness. There is no assurance that such concessions would be forthcoming.

e.Credit Ratings

Our outstanding senior notes currently have a non-investment grade credit rating and any rating assigned could be lowered or withdrawn entirely by a rating agency if, in that agency's judgment, future circumstances relating to the basis of the credit rating, such as adverse changes to our business or affairs, so warrant. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the senior notes. Additionally, credit ratings may not reflect the potential effect of risks relating to the senior notes. Any future lowering of our ratings may make it more difficult or more expensive for us to obtain additional financing.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Government Regulation

The mineral exploration, development, mining, and processing activities of Eldorado in the countries where we operate are subject to various laws governing a wide range of matters, including, but not limited to, the following:

•the environment, including land and water use;

•the right to conduct our business, including limitations on our rights in jurisdictions where we are considered a foreign entity and restrictions on inbound investment;

•prospecting and exploration rights and methods;

•development activities;

•construction;

•mineral production;

•reclamation;

•royalties, taxes, fees and imposts;

•importation of goods;

•currency exchange restrictions;

•sales of our products;

•repatriation of profits and return of capital;

•immigration (including entry visas and employment of our personnel);

•labour standards and occupational health;

•mine safety;

•use of toxic substances;

•mineral title, mineral tenure and competing land claims; and

•impacts on and participation rights of local communities and entities.

Although we believe our mineral exploration, development, mining, and processing activities are currently carried out in accordance with all applicable laws, rules regulations and policies, there is no assurance that new or amended laws, rules or regulations will not be enacted, new policy applied or that existing laws, rules, regulations or discretion will not be applied in a manner which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price, including changes to the fiscal regime, in any of the countries in which we operate, including, without limitation:

•laws regarding government ownership of or participation in projects;

•laws regarding permitted foreign investments;

•royalties, taxes, fees and imposts;

•regulation of, or restrictions on, importation of goods and movement of personnel;

•regulation of, or restrictions on, currency transactions; and

•regulation of, or restrictions on, sales of our products,or other laws generally applicable in such country, or changes to the ways in which any of these laws are applied, any of which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

56

MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

We are subject to corporate governance guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with corporate governance standards that apply to us as a foreign private issuer listed on the NYSE and registered with the SEC in the United States.

Although we substantially comply with NYSE's corporate governance guidelines, we are exempt from certain NYSE requirements because we are subject to Canadian corporate governance requirements. We may from time to time seek other relief from corporate governance and exchange requirements and securities laws from the NYSE and other regulators.

We document and test our internal control procedures over financial reporting to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act (SOX). SOX requires management to conduct an annual assessment of our internal controls over financial reporting and our external auditors to conduct an independent assessment of the effectiveness of our controls as at the end of each fiscal year.

Our internal controls over financial reporting may not be adequate, or we may not be able to maintain such controls as required by SOX. We also may not be able to maintain effective internal controls over financial reporting on an ongoing basis, if standards are modified, supplemented or amended from time to time.

If we do not satisfy the SOX requirements on an ongoing and timely basis, investors could lose confidence in the reliability of our financial statements, and this could harm our business and have a negative effect on the trading price or market value of securities of Eldorado Gold.

If from time to time we do not implement new or improved controls, when required, or experience difficulties in implementing them, it could harm our financial results or we may not be able to meet our reporting obligations. There is no assurance that we will be able to remediate material weaknesses, if any are identified in future periods, or maintain all of the necessary controls to ensure continued compliance. There is also no assurance that we will be able to retain personnel who have the necessary finance and accounting skills because of the increased demand for qualified personnel among publicly traded companies.

If any of our staff fail to disclose material information that is otherwise required to be reported, no evaluation can provide complete assurance that our internal controls over financial reporting will detect this. The effectiveness of our controls and procedures over financial reporting may also be limited by simple errors or faulty judgments. Continually enhancing our internal controls over financial reporting is important, especially as we expand and the challenges involved in implementing appropriate internal controls over financial reporting will increase. Although we intend to devote substantial time to ongoing compliance with this, including incurring the necessary costs associated with therewith, we cannot be certain that we will be successful in complying with section 404 of SOX.

We are subject to changing rules and regulations promulgated by a number of United States and Canadian governmental and self-regulated organizations, including the SEC, CSA, the NYSE, the TSX and the Financial Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity and many new requirements have been created in response to laws enacted by governments, making compliance more difficult and uncertain. An example of such regulatory development is the SEC's "Modernization of Property Disclosures for Mining Registrants" (the "New Rule").

The SEC has adopted the New Rule to replace the existing SEC Industry Guide 7. The New Rule has become effective for SEC registrants for fiscal years beginning on or after January 1, 2021. While Eldorado is currently exempt from the New Rule as it files its annual report in accordance with the multijurisdictional disclosure system between Canada and the United States ("MJDS"), if Eldorado loses its ability to file in accordance with MJDS or if Eldorado files certain registration statements with the SEC, Eldorado would be required to comply with the New Rule. While the New Rule has similarities with NI 43-101, Eldorado may be required to update or revise all of its existing technical reports, which may result in revisions (either upward or downward) to Eldorado's mineral reserves and mineral resources, in order to comply with the New Rule. In addition, the New Rule is subject to unknown interpretations, which could require Eldorado to incur substantial costs associated with compliance.

Eldorado's efforts to comply with the Canadian and United States rules and regulations and other new rules and regulations regarding public disclosure have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

If Eldorado fails to comply with such regulations, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Commodity Price Risk

The profitability of the Company's operations depend, in large part, upon gold and other commodity prices. Gold and other commodity prices can fluctuate widely and can be influenced by many factors beyond its control, including but not limited to: industrial demand; political and economic events (global and regional); gold and financial market volatility and other market factors, the popularity of cryptocurrencies as an alternative investment to gold, and central bank purchases and sales of gold and gold lending.

The global supply of gold is made up of new production from mining, and existing stocks of bullion, scrap and fabricated gold held by governments, public and private financial institutions, industrial organizations and private individuals.

If metal prices decline significantly, or decline for an extended period, Eldorado might not be able to continue operations, develop properties, or fulfill obligations under its permits and licences, or under the agreements with partners and could increase the likelihood and amount that we may be required to record as an impairment charge on our assets. This could result in losing the ability to operate some or all of the Company's properties economically, or being forced to sell them, which could have a negative effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The cost of production, development and exploration varies depending on the market prices of certain mining consumables, including diesel fuel, electricity and chemical reagents. Electricity is regionally priced in Turkey and semi-regulated by the Turkish government, which reduces the risk of price fluctuations. The Company has elected not to hedge its exposure to commodity price risk but may use, from time to time, commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals. However there is no assurance that Eldorado will be able to obtain hedging on reasonable terms or that any hedges that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if we had no hedges in place.

Mineral Tenure

In the countries in which we operate, the mineral rights, or certain portions of them, are owned by the relevant governments. In such countries, we must enter into contracts with the applicable governments, or obtain permits or concessions from them, that allow us to hold rights over mineral rights and rights (including ownership) over parcels of land and conduct our operations thereon. The availability of such rights and the scope of operations we may undertake are subject to the discretion of the applicable governments and may be subject to conditions. New laws and regulations, or amendments to laws and regulations relating to mineral tenure and land title and usage thereof, including expropriations and deprivations of contractual rights, if proposed and enacted, may affect our rights to our mineral properties.

In many instances, we can initially only obtain rights to conduct exploration activities on certain prescribed areas, but obtaining the rights to proceed with development, mining and production on such areas or to use them for other related purposes, such as waste storage or water management, is subject to further application, conditions or licences, the granting of which are often at the discretion of the governments. In many instances, our rights are restricted to fixed periods of time with limited, and often discretionary, renewal rights. Delays in the process for applying for such rights or renewals or expansions, or the nature of conditions imposed by government, could have a material adverse effect on our business, including our existing developments and mines, and our results of operations, financial condition and the Eldorado Gold share price.

The cost of holding these rights often escalates over time or as the scope of our operating rights expands. There is no assurance that the mineral rights regimes under which we hold properties or which govern our operations thereon will not be changed, amended, or applied in a manner which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price, that the ongoing costs of obtaining or maintaining our rights will remain economic and not result in uncompensated delays or that compliance with conditions imposed from time to time will be practicable. Any inability to obtain and retain rights to use lands for our ongoing operations at all or on a timely basis could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

It is possible that our present or future tenure may be subject to challenges, prior unregistered agreements or transfers, and competing uses. In addition, certain lands in Canada are subject to indigenous rights, treaty rights and/or asserted rights in and to traditional territories. Our rights may also be affected by undetected defects in title. There is no assurance that any of our holdings will not be challenged. We may also be subject to expropriation proceedings for a variety of reasons. When any such challenge or proceeding is in process, we may suffer material delays in our business and operations or suspensions of our operations, and we may not be compensated for resulting losses. Any defects, challenges, agreements, transfers or competing uses which prevail over our rights, and any expropriation of our holdings, could have a material adverse effect on our business, including our total loss of such rights, and our results of operations, financial condition and share price.

Certain of our mining properties are subject to royalty and other payment obligations. If we fail to meet any such obligations, we may lose our rights.

There is no assurance that we will be able to hold or operate on our properties as currently held or operated or at all, or that we will be able to enforce our rights with respect to our holdings, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Permits

Activities in the nature of our business and operations can only be conducted pursuant to a wide range of permits and licences obtained or renewed in accordance with the relevant laws and regulations in the countries in which we operate. These include permits and licences, which authorize us to, among other things:

•conduct business in such countries;

•import or export goods and materials;

•employ foreign personnel in-country;

•enter and exit the country;

•employ local, regional and national residents and contractors;

•import or otherwise obtain, store and use regulated materials, such as explosives and cyanide;

•construct or obtain rights of way for fences, buildings, equipment, underground workings, tailings dams, water courses and power lines;

•cut down trees;

•operate equipment;

•conduct development, mining, processing and reclamation activities; and

•sell mineral products.

The duration and success of each permitting process are contingent upon many factors that we do not control. In the case of foreign operations, granting of government approvals, permits and licences is, as a practical matter, subject to the discretion of the applicable governments or government officials. There may be delays in the review process. If the Company experiences such delays, the Company may be required to pay standby costs for the period during which activities are suspended, including payment of a portion of the salaries to those employees who have been suspended pending resolution of the permitting process. In addition, certain of Eldorado's mining properties are subject to royalty and other payment obligations. Failure to meet Eldorado's payment obligations under these agreements could result in the loss of its rights.

In the context of environmental protection permitting, including the approval of reclamation plans, we are required to comply with existing laws and regulations and other standards that may entail greater or lower costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations implemented by the permitting authority.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

We have in the past experienced significant delays in the timely receipt of necessary permits and authorizations from the Greek State in order to advance operations in Greece, including in respect of Skouries. As a result, Skouries was placed on care and maintenance and these delays have and continue to impact the Company's business and financial condition.

We submitted a modification to the Kassandra Mines EIA in Q4 2021 that will cover the expansion of the Olympias processing facility and the Stratoni port modernization. While approval of this modification is expected in 2022, there is no assurance that we will be able to obtain approval in a timely manner or at all.In September 2021, local associations and residents around the Kassandra Mines filed an appeal for the annulment of the EIA Amendment Decision issued on April 29, 2021 which had approved the move to dry stack tailings at Skouries. The appeal claims that the simplified procedure adopted to approve the EIA Amendment was inappropriate given the increased environmental footprint of the project, due to increases in the planned production rates (and therefore increased tailings volume). The claimants argue that these are substantial modifications to the 2011 EIA and that therefore a consultation process should have been followed. While the issuance of approval for the new EIA prior to a hearing in this trial would render any procedural fault moot, the failure to obtain such approval in a timely manner could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

In addition, some of our current mineral tenures, licences and permits, including environmental and operating permits for Olympias, are due to expire prior to our planned life of mines, and will require renewals on terms acceptable to Eldorado. There is no assurance that we will be able to obtain or renew these tenures and permits in order to conduct our business and operations, in a timely manner or at all, or that we will be in a position to comply with all conditions that are imposed. The failure to obtain or renew such tenure and permits, or the imposition of extensive conditions, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Environmental, Sustainability and Governance Practices and Performance

There is increased scrutiny from stakeholders related to our ESG practices, performance and disclosures, including prioritization of sustainable and responsible production practices, decarbonization and management of climate risk, tailings stewardship and social license to operate among others in the jurisdictions where we operate. As highlighted in our annual sustainability report, we have adopted an approach to responsible mining, articulated in our sustainability framework and delivered upon through the implementation of our sustainability management system.

It is possible that our stakeholders might not be satisfied with our ESG practices, performance and/or disclosures, or the speed of their adoption, implementation and measurable success. If we do not meet our evolving stakeholders' expectations, our reputation, our access to and cost of capital, and our stock price could be negatively impacted.

In addition, our customers and end users may require that we implement certain additional ESG procedures or standards before they will start or continue to do business with us, which could lead to preferential buying based on our ESG practices compared to our competitors' ESG practices.

Investor advocacy groups, certain institutional investors, investment funds, creditors and other influential investors are increasingly focused on our ESG practices and in recent years have placed increasing importance on the implications of their investments. Organizations that provide information to investors on ESG performance and related matters have developed quantitative and qualitative data collection processes and ratings processes for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ratings or assessment of our ESG practices may lead to negative investor sentiment toward us, which could have a negative impact on our stock price and our access to and cost of capital. Additionally, if we do not adapt to or comply with investor or stakeholder expectations and standards, which are evolving, or if we are perceived to have not responded appropriately, regardless of whether there is a legal requirement to do so, we may suffer from reputational damage and our business, financial condition, and/or stock price could be materially and adversely affected.

Eldorado takes seriously our obligation to respect and promote human rights, is a signatory to the United Nations Global Compact, and has adopted a Human Rights Policy informed by The International Bill of Human Rights, The Ten Principles of the UN Global Compact, The International Labour Organization's Declaration on Fundamental Principles and Rights at Work, The Voluntary Principles on Security and Human Rights and The Guiding Principles

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

on Business and Human Rights. Although the Company has implemented a number of significant measures and safeguards, including our Human Rights Policy, which are intended to ensure that personnel understand and uphold human rights standards, the implementation of these measures will not guarantee that personnel, national police or other public security forces will uphold human rights standards in every instance.

The failure to conduct operations in accordance Company standards, including those described in our annual sustainability report and Human Rights Policy, can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to us or result in criminal and/or civil liability and/or financial damages or penalties.

Financial Reporting

a.Carrying Value of Assets

The carrying value of our assets is compared to our estimates of their estimated fair value to assess how much value can be recovered based on current events and circumstances. Our fair value estimates are based on numerous assumptions and are adjusted from time to time and the actual fair value, which also varies over time, could be significantly different than these estimates.

If our valuation assumptions prove to be incorrect, or we experience a decline in the fair value of our reporting units, then this could result in an impairment charge, which could have an adverse effect on our business and the value of our securities.

b.Change in Reporting Standards

Changes in accounting or financial reporting standards may have an adverse impact on our financial condition and results of operations in the future.

Labour

a.Employee/Union Relations

We depend on our workforce to explore for mineral reserves and resources, develop our projects and operate our mines. We have programs to recruit and train the necessary workforce for our operations, and we work hard at maintaining good relations with our workforce to minimize the possibility of defections and strikes, lockouts and other stoppages at our work sites. In addition, our relations with our employees may be affected by changes in labour and employment legislation that may be introduced by the relevant governmental authorities in whose jurisdictions we carry on business. Changes in such legislation or a prolonged labour disruption or shortages at any of our mines or projects could have a material adverse effect on our results of operations, financial condition and the Eldorado Gold share price.

A significant portion of our employees are represented by labour unions in a number of countries under various collective bargaining agreements with varying durations and expiration dates.

Labour agreements are negotiated on a periodic basis, and may not be renewed on reasonably satisfactory terms to us or at all. If we do not successfully negotiate new collective bargaining agreements with our union workers, we may incur prolonged strikes and other work stoppages at our mining operations, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price. Additionally, if we enter into a new labour agreement with any union that significantly increases our labour costs relative to our competitors, our ability to compete may be materially and adversely affected.

We could experience labour disruptions such as work stoppages, work slowdowns, union organizing campaigns, strikes, or lockouts that could adversely affect our operations. For example, we are undertaking a significant transformation process in Greece to improve the performance of the Kassandra Mines, in respect of which we anticipate work stoppages of a significant duration are possible as we move forward to achieve the necessary outcomes of this work. Any work interruptions involving Eldorado's employees (including as a result of a strike or lockout) or operations, or any jointly owned facilities operated by another entity present a significant risk to Eldorado and could have a material adverse effect on Eldorado's business, financial condition, and results of operations.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

b.Employee Misconduct

We are reliant on the good character of our employees and are subject to the risk that employee misconduct could occur. Although we take precautions to prevent and detect employee misconduct, these precautions may not be effective and the Company could be exposed to unknown and unmanaged risks or losses. The existence of our Code of Ethics and Business Conduct, among other governance and compliance policies and processes, may not prevent incidents of theft, dishonesty or other fraudulent behaviour nor can we guarantee compliance with legal and regulatory requirements. Misconduct by employees could include:

•employees binding us to transactions that exceed authorized limits or present unacceptable risks to the Company;

•employee theft or improper use of our property;

•employee fraud or employees conspiring with third parties to defraud us;

•employees hiding unauthorized or unsuccessful activities from us; and

•the improper use of confidential information.

These types of misconduct could result in unknown and unmanaged damage or losses, including regulatory sanctions and serious harm to our reputation. The precautions we take to prevent and detect these activities may not be effective. If material employee misconduct does occur, our business, results of operations, financial condition and the Eldorado Gold share price could be adversely affected.

c.Key Personnel

We depend on a number of key personnel, including Eldorado Gold's President and Chief Executive Officer, Executive Vice President and Chief Operating Officer, Executive Vice President and Chief Financial Officer, Executive Vice President and Chief Strategy Officer, Executive Vice President and General Counsel and Executive Vice President, People and External Affairs. We do not have key man life insurance. Employment contracts are in place with each of these executives, however, losing any of them could have an adverse effect on our operations.

We need to continue implementing and enhancing our management systems and recruiting and training new employees to manage our business effectively. We have been successful in attracting and retaining skilled and experienced personnel in the past, and expect to be in the future, but there is no assurance this will be the case.

d.Skilled Workforce

We depend on a skilled workforce, including but not limited to mining and mineral, metallurgical and geological engineers, geologists, environmental and safety specialists, and mining operators to explore and develop our projects and operate our mines. We have programs and initiatives in place to attract and retain a skilled workforce. However, we are potentially faced with a shortage of skilled professionals due to competition in the industry and as experienced employees continue to exit the workforce. As such, we need to continue to enhance training and development programs for current employees and partner with local universities and technical schools to train and develop a skilled workforce for the future, such efforts are costly and there is no assurance that they will result in Eldorado having the workforce it needs, including in terms of location, skill set and timing.

e.Expatriates

We depend on expatriates to work at our mines and projects to fill gaps in expertise and provide needed management skills in the countries where we operate. Additionally, we depend on expatriates to transfer knowledge and best practices and to train and develop in-country personnel and transition successors into their roles. Such training requires access to our sites and such access may be prohibited by government. We operate in challenging locations and must continue to maintain competitive compensation and benefits programs to attract and retain expatriate personnel. We must also develop in-country personnel to run our mines in the future. A lack of appropriately skilled and experienced personnel in key management positions would have an adverse effect on our operations.

f.Contractors

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

We may engage a number of different contractors during the development and construction phase of a project, including pursuant to a lump sum contract for specified services or through a range of engineering, procurement, construction and management contract options, depending on the type and complexity of work that is being undertaken, and the level of engineering that has been completed when the contract is awarded. Depending on the type of contract and the point at which it is awarded, there is potential for variations to occur within the contract scope, which could take the form of extras that were not considered as part of the original scope or change orders. These changes may result in increased capital costs. Similarly, we may be subject to disputes with contractors on contract interpretation, which could result in increased capital costs under the contract or delay in completion of the project if a contract dispute interferes with the contractor's efforts on the ground. There is also a risk that our contractors and subcontractors could experience labour disputes or become insolvent, and this could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Non-Governmental Organizations

Certain NGOs that oppose globalization and resource development are often vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities and the related environmental impact, and such NGOs may oppose our current and future operations or further development or new development of projects or operations on such grounds. Adverse publicity generated by such NGOs or other parties generally related to extractive industries or specifically to our operations, could have an adverse effect on our reputation, impact our relationships with the communities in which we operate and ultimately have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

NGOs may lobby governments for changes to laws, regulations and policies pertaining to mining and relevant to our business activities which, if made, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

NGOs may organize protests, install road blockades, apply for injunctions for work stoppage, file lawsuits for damages and intervene and participate in lawsuits seeking to cancel our rights, permits and licences. These actions can relate not only to current activities but also historic mining activities by prior owners and could have a material adverse effect on our business and operations. NGOs may also file complaints with regulators in respect of our, and our directors' and insiders' regulatory filings in respect of Eldorado Gold. Such complaints, regardless of whether they have any substance or basis in fact or law, may have the effect of undermining the confidence of the public or a regulator in Eldorado Gold or such directors or insiders. This may adversely affect our prospects of obtaining the regulatory approvals necessary for advancement of some or all of our exploration and development plans or operations and our business, results of operations, financial condition and the Eldorado Gold share price.

Corruption, Bribery and Sanctions

Our operations are governed by, and involve interactions with, many levels of government in numerous countries. Like most companies, we are required to comply with anti-corruption and anti-bribery laws, including the Criminal Code (Canada) and the Corruption of Foreign Public Officials Act (Canada) and the U.S. Foreign Corrupt Practices Act, as well as similar laws that apply to our business including in the countries in which we conduct our business or our securities trade (collectively, "anti-bribery laws"). The Company has implemented and promulgated an Anti-Bribery & Corruption Policy, which with our Code of Ethics and Business Conduct, all directors, officers and employees are required to comply.

In recent years, there has been a general increase in both the severity of penalties and frequency of prosecution and enforcement under such laws, resulting in greater punishment and scrutiny to companies convicted of violating anti-bribery laws. Furthermore, a company may be found liable for violations by not only its directors, officers or employees, but also through the actions of any third party agents or representatives. Although we have adopted policies and use a risk-based approach to mitigate such risks, such measures may not always be effective in ensuring that we, our directors, officers, employees or third party agents or representatives will strictly be in compliance with such anti-bribery laws. If we find ourselves subject to an enforcement action or are found to be in violation of such anti-bribery laws, this may result in significant criminal penalties, fines and/or sanctions being imposed on us and significant negative media coverage resulting in a material adverse effect on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

The operation of our business may also be impacted by anti-terrorism, economic or financial sanction laws including the Criminal Code (Canada), the United Nations Act (Canada), the Special Economic Measures Act (Canada), the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (Canada) and the Freezing Assets of Corrupt Foreign Officials Act (Canada), as well as similar laws in countries in which we conduct our business or our securities trade (collectively, "sanctions laws"). Such sanctions laws and any regulations, orders or policies issued thereunder may impose restrictions and prohibitions on trade, financial transactions, investments and other economic activities with sanctioned or designated foreign individuals or companies from a target country, industries, markets, countries or regions within countries. These restrictions and prohibitions may also apply to dealings with non-state actors such as terrorist organizations and may change from time to time. These restrictions and prohibitions may also apply to affiliates of sanctioned or designated persons and those acting on their behalf as agents or representatives. It is not always easy to locate and remain current on the current list of sanctions imposed and governments do not necessarily provide sufficient guidance for businesses wanting to comply with applicable laws. Although we do not believe that we are in contravention of such sanctions laws, there is no assurance that we are or will be in full compliance at all times and that there will not be a material adverse effect on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

Information and Operating Technology Systems

Our operations depend, in part, upon information and operating technology systems. Our information and operating technology systems, including machines and equipment, are subject to disruption, damage, disabling, misuse, malfunction or failure from a number of sources, including, but not limited to, hacking, computer viruses, security breaches, natural disasters, power loss, vandalism, theft, malware, cyber threats, extortion, employee error, malfeasance and defects in design. We may also be a target of cyber surveillance or a cyber-attack from cyber criminals, industrial competitors or government actors. Any of these and other events could result in information and operating technology systems failures, operational delays, production downtimes, operating accidents, loss of revenues due to a disruption of activities, incurring of remediation costs, including ransom payments, destruction or corruption of data, release of confidential information in contravention of applicable laws, litigation, fines and liability for failure to comply with privacy and information security laws, unauthorized access to proprietary or sensitive information, security breaches or other manipulation or improper use of our data, systems and networks, regulatory investigations and heightened regulatory scrutiny, any of which could have material adverse effects on our reputation, business, results of operations, financial condition and the Eldorado Gold share price.

Although to date we have not experienced any material losses relating to cyber-attacks or other information security breaches, there is no assurance that we will not incur such losses in future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect our systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities. Risks related to cyber security are monitored on an ongoing basis by Eldorado Gold's senior management and Board of Directors.

We could also be adversely affected by system or network disruptions if new or upgraded information technology systems are defective, not installed properly or not properly integrated into our operations. Various measures have been implemented to manage our risks related to system implementation and modification, but system modification failures could have a material adverse effect on our business, financial position, results of operations and the Eldorado Gold share price and could, if not successfully implemented, adversely impact the effectiveness of our internal controls over financial reporting.

Any damage, disabling, misuse, malfunction or failure that causes an interruption in operations could have an adverse effect on the production from and development of our properties. While we have systems, policies, hardware, practices and procedures designed to prevent or limit the effect of disabling, misuse, malfunction or failure of our operating facilities, infrastructure, machines and equipment, there can be no assurance that these measures will be sufficient and that any such failures or interruptions will not occur or, if they do occur, that they will be adequately addressed in a timely manner.

Litigation and Contracts

We are periodically subject to legal claims that are with and without merit.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

We are regularly involved in routine litigation matters. We believe that it is unlikely that the final outcome of these routine proceedings will have a material adverse effect on us; however, defense and settlement costs can be substantial, even for claims that are without merit.

Due to the inherent uncertainty of the litigation process, including arbitration proceedings, and dealings with regulatory bodies, there is no assurance that any legal or regulatory proceeding will be resolved in a manner that will not have a material and/or adverse effect on us. In the event of a dispute arising from foreign operations, the Company may be subject to the exclusive jurisdiction of foreign courts or arbitration panels or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada.

In our business, we make contracts with a wide range of counterparties. There can be no assurance that these contracts will be honoured and performed in accordance with their terms by our counterparties or that we will be able to enforce the contractual obligations.

We do not believe, based on currently available information, that the outcome of any individual legal proceeding will have a material adverse effect on our financial condition, although individual or cumulative outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period.

Estimation of Mineral Reserves and Mineral Resources

a.Estimates Only

Mineral Reserve and Mineral Resource estimates are only estimates and we may not produce gold in the quantities estimated.

Proven and Probable Mineral Reserve estimates may need to be revised based on various factors including:

•actual production experience;

•our ability to continue to own and operate our mines and property;

•fluctuations in the market price of gold;

•results of drilling or metallurgical testing;

•production costs; and

•recovery rates.

The cut-off grades for the Mineral Reserves and Mineral Resources are based on our assumptions about plant recovery, gold price, mining dilution and recovery, and our estimates for operating and capital costs, which are based on historical production figures. We may have to recalculate our estimated mineral reserve and resources based on actual production or the results of exploration. Fluctuations in the market price of gold, production costs or recovery rates can make it unprofitable for us to develop or operate a particular property for a period of time. If there is a material decrease in our mineral reserve estimates, or our ability to extract the mineral reserves, it could have a material adverse effect on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

There are uncertainties inherent in estimating Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources, including many factors beyond our control. Estimating Mineral Reserves and Resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments used in engineering and geological interpretation, which may be unreliable or subject to change. It is inherently impossible to have full knowledge of particular geological structures, faults, voids, intrusions, natural variations in and within rock types and other occurrences. Additional knowledge gained or failure to identify and account for such occurrences in our assessment of Mineral Reserves and Resources may make mining more expensive and cost prohibitive, which will have a material adverse effect on our future cash flow, business, results of operations, financial condition and the Eldorado Gold share price.

There is no assurance that the estimates are accurate, that Mineral Reserve and Resource figures are accurate, or that the Mineral Reserves or Resources can be mined or processed profitably. Mineral Resources that are not

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

classified as Mineral Reserves do not have demonstrated economic viability. You should not assume that all or any part of the Measured Mineral Resources, Indicated Mineral Resources, or an Inferred Mineral Resource will ever be upgraded to a higher category or that any or all of an Inferred Mineral Resource exists or is economically or legally feasible to mine.

Because mines have limited lives based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Reserves and any necessary associated surface rights as our mines produce gold and their life-of-mine is reduced.

Our ability to maintain or increase annual production of gold and other metals will depend significantly on:

•the geological and technical expertise of our management and exploration teams;

•the quality of land available for exploration;

•our mining operations;

•our ability to conduct successful exploration efforts; and

•our ability to develop new projects and make acquisitions.

As we explore and develop a property, we are constantly determining the level of drilling and analytical work required to maintain or upgrade our confidence in the geological model. Depending on continuity, the amount of drilling will vary from deposit to deposit. The degree of analytical work is determined by the variability in the ore, the type of metallurgical process used and the potential for deleterious elements in the ore. We do not drill exhaustively at all deposits or analyze every sample for every known element as the cost would be prohibitive. Therefore, unknown geological formations are possible, which could limit our ability to access the ore or cut off the ore where we are expecting continuity. It is also possible that we have not correctly identified all metals and deleterious elements in the ore in order to design metallurgical processes correctly.

There may be associated metals or minerals that make the extraction process more difficult. This would include graphite-bearing minerals if we are trying to extract using cyanide and carbon to recover the gold. There may be minerals that behave like the precious metals that we are trying to recover that make the downstream metallurgical process more difficult. For instance, arsenic is often associated with gold, but requires a special process to be used in the smelter, which increases the treatment cost, or requires blending of the high arsenic material with other lower arsenic materials to complete the smelting process. Any of these instances may result in us having problems in developing a process that will allow us to extract the ore economically. Alternatively, the ore may not be as valuable as we anticipate due to the lower recoveries received or the penalties associated with extraction of deleterious materials that are sold as part of the saleable product.

There is no assurance that our exploration programs will expand our current mineral reserves or replace them with new mineral reserves. Failure to replace or expand our mineral reserves, as well as maintain or increase our annual production of gold and other metals, could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

b.Different Standards

The standards used to prepare and report mineral reserves and mineral resources in this MD&A differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by Eldorado in accordance with NI 43-101 may not qualify as such under SEC standards, including the New Rule. Accordingly, information contained in this MD&A containing descriptions of the Eldorado mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the SEC thereunder. See the section - Mineral Reserves and Mineral Resources Estimates and Related Cautionary Note to U.S. Investors.

Credit Risk

We may be exposed to credit risks if the counterparty to any financial instrument to which Eldorado is a party will not meet its obligations and will cause us to incur a financial loss. The Company limits counterparty risk by entering

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. In accordance with the Company's short-term investment policy, term deposits and short term investments are held with high credit quality financial institutions as determined by rating agencies. For cash and cash equivalents, restricted cash, term deposits and accounts receivable, credit risk is represented by the carrying amount on the balance sheet.

Payment for metal sales is normally in advance or within fifteen days of shipment depending on the buyer. While the historical level of customer defaults is negligible, which has reduced the credit risk associated with trade receivables at December 31, 2021, there is no guarantee that buyers, including under exclusive sales arrangements, will not default on its commitments, which may have an adverse impact on the Company's financial performance. If there are defaults, Eldorado would be required to find alternate buyers. However, there may be delays associated with establishing new sales contracts or timing on revenue recognition of final sales.

The Company invests its cash and cash equivalents in major financial institutions and in government issuances, according to the Company's short-term investment policy. As at December 31, 2021, the Company holds a significant amount of cash and cash equivalents with various financial institutions in North America and the Netherlands. The Company monitors the credit ratings of all financial institutions in which it holds cash and investments. In 2019, and again in September 2020, Turkey’s sovereign credit ratings were downgraded, followed by the downgrade of the credit ratings of numerous Turkish banking institutions, including one at which the Company holds cash. In February 2022 there was an additional downgrade of Turkey's sovereign credit rating, reflecting risks associated with high inflation and a depreciating currency.As at December 31, 2021, the Company holds approximately 1% of its cash in financial institutions in Turkey. However, amounts of cash held in financial institutions in Turkey may increase in line with operational or other requirements. The credit risk associated with financial institutions in other jurisdictions continues to be considered low. There can be no assurance that certain financial institutions in foreign countries in which the Company operates will not default on their commitments.

Share Price Volatility, Volume Fluctuations and Dilution

The capital markets have experienced a high degree of volatility in the trading price and volume of shares sold over the past few years. Many companies have experienced wide fluctuations in the market price of their securities that have not necessarily related to their operating performance, underlying asset values or prospects. There is no assurance that the price of our securities will not be affected.

Future acquisitions could be made through the issuance of equity securities of Eldorado Gold. Additional funds may be needed for our exploration and development programs and potential acquisitions, which could be raised through equity issues. Issuing more equity securities can substantially dilute the interests of Eldorado Gold shareholders. Issuing substantial amounts of Eldorado Gold securities, or making them available for sale, could have an adverse effect on the prevailing market prices for Eldorado Gold's securities. A decline of the Eldorado Gold share price could hamper the ability of Eldorado Gold to raise additional capital through the sale of its securities.

Actions of Activist Shareholders

In the past, shareholders have instituted class action lawsuits against companies that have experienced volatility in their share price. Class action lawsuits can result in substantial costs and divert management's attention and resources, which could significantly harm our profitability and reputation. There is no assurance that Eldorado Gold will not be subject to class action lawsuits.

Publicly-traded companies have also increasingly become subject to campaigns by investors seeking to advocate certain governance changes or corporate actions such as financial restructuring, special dividends, share repurchases or even sales of assets or the entire company. We could be subject to such shareholder activity or demands. Given the challenges we have encountered in our businesses in the last years, recent changes to our governance and strategic focus may not satisfy such shareholders who may attempt to promote or effect further changes or acquire control over us. Responding to proxy contests, media campaigns and other actions by activist shareholders, if required, will be costly and time-consuming, will disrupt our operations and would divert the attention of the Board and senior management from the pursuit of our business strategies, which could adversely affect our results of operations, financial condition and/or prospects. If individuals are elected to the Board with a specific agenda to increase short-term shareholder value, it may adversely affect or undermine our ability to effectively implement our plans. Perceived uncertainties as to our future direction resulting from shareholder

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

activism could also result in the loss of potential business opportunities and may make it more difficult to attract and retain qualified personnel and business partners, to our detriment.

Reliance on Infrastructure, Commodities and Consumables

a.Infrastructure

Our business and operations depend on our ability to access and maintain adequate and reliable infrastructure, including roads and bridges, power sources and water systems. We may have to build the required infrastructure if it is not readily available to us for a given project, and there is no assurance that we will be able to do so in a timely manner or at all. Inadequate, inconsistent, or costly infrastructure could compromise many aspects of a project's feasibility, viability and profitability, including, but not limited to:

•construction schedule;

•capital and operating costs;

•labour availability;

•mobilization of equipment, machinery and inventory; and

•throughput rates and production volumes.

There is no assurance that we can access and maintain the infrastructure we need, or, where necessary, obtain rights of way, raw materials and government authorizations and permits to construct, or upgrade the same, at a reasonable cost, in a timely manner, or at all.

Our access to infrastructure and the commodities discussed below may be interrupted by natural causes, such as drought, floods, earthquakes and other weather phenomena, or man-made causes, such as blockades, sabotage, conflicts, government issues, political events, protests, rationing or competing uses. For example, the Stratoni mine experienced a fall of ground on June 27, 2021. There were no injuries, however, an investigation revealed several other locations with similar ground support conditions. In line with strict safety protocols, operations at Stratoni were suspended during July and August of 2021 to remediate ground support conditions. Mining resumed at Stratoni in September 2021 but was suspended again at the end of 2021 as the mine transitions to care and maintenance. While we will evaluate resuming operations subject to exploration success and positive results of further technical and economic review, there is no assurance that such incidents may not occur again at the Stratoni mine or at other of Eldorado's mines. Our inability to obtain or build and to maintain adequate and continuous access to infrastructure and substantial amounts of commodities, power and water, at a reasonable cost, could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

b.Power and Water

Our mining operations use substantial volumes of water and power in the extraction and processing processes. Our ability to obtain secure supplies of power and water at a reasonable cost depends on a number of factors that may be out of our control, including:

•global and regional supply and demand;

•political and economic conditions;

•problems affecting local supplies;

•infrastructure and delivery issues; and

•relevant regulatory regimes.

There is no assurance that we will be able to secure the required supplies of power and water on reasonable terms or at all and, if we are unable to do so or there is an interruption in the supplies we do obtain or a material increase in prices, then it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

c.Commodities and Consumables

Our business operations use a significant amount of commodities, consumables and other materials. Prices for diesel fuel, steel, concrete, chemicals (including cyanide) and other materials, commodities and consumables required for our operations can be volatile and price changes can be substantial, occur over short periods of time and are affected by factors beyond our control. Higher costs for, or tighter supplies of, construction materials like steel and concrete can affect the timing and cost of our development projects.

If there is a significant and sustained increase in the cost of certain commodities, we may decide that it is not economically feasible to continue some or all of our commercial production and development activities, and this could have an adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We may maintain significant inventories of operating consumables, based on the frequency and reliability of the delivery process for such consumables and anticipated variations in regular use. We depend on suppliers to meet our needs for these commodities; however, sometimes no source for such commodities may be available. If the rates of consumption for such commodities vary from expected rates significantly or delivery is delayed for any reason, we may need to find a new source or negotiate with existing sources to increase supply. If any shortages are not rectified in a timely manner, it may result in reduced recovery or delays in restoring optimal operating conditions.

Higher worldwide demand for critical resources, such as drilling equipment and tires, could affect our ability to acquire such resources and lead to delays in delivery and unanticipated cost increases, which could have an effect on our operating costs, capital expenditures and production schedules.

Further, we rely on certain key third-party suppliers and contractors for equipment, raw materials and services used in, and the provision of services necessary for, the development, construction and continuing operation of our assets. As a result, our operations are subject to a number of risks, some of which are outside of our control, including:

•negotiating agreements with suppliers and contractors on acceptable terms;

•the inability to replace a supplier or contractor and its equipment, raw materials or services if either party terminates the agreement;

•interruption of operations or increased costs if a supplier or contractor ceases its business due to insolvency or other unforeseen events; and

•failure of a supplier or contractor to perform as contracted.

The occurrence of one or more of these risks could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Currency Risk

We sell gold in U.S. dollars, but incur costs in several currencies, including U.S. dollars, Canadian dollars, Turkish Lira, Euros and Romanian Lei. Any change in the value of any of these currencies against the U.S. dollar can change production costs and capital expenditures, which can affect future cash flows, business, results of operations, financial condition and the Eldorado Gold share price and lead to higher operation, construction, development and other costs than anticipated. As of December 31, 2021, approximately 95% of Eldorado's cash and cash equivalents was held in U.S. dollars.

We have a risk management policy that contemplates potential hedging of our foreign exchange exposure to reduce the risk associated with currency fluctuations. We currently do not have any currency hedges, but may hedge in the future. However, there is no assurance that Eldorado will be able to obtain hedging on reasonable terms or that any hedges that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if no hedges were in place. For example, the Turkish Lira lost approximately 44% of its value against the U.S. dollar in 2021. While the ultimate impact of recent currency fluctuations impacting the Turkish Lira is difficult to predict and depends on factors that are evolving beyond our

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

control, these and other impacts of foreign exchange exposure could also have the effect of heightening certain of the other risks described under "Foreign Operations" and "Government Regulation".

The table below show our assets and liabilities denominated in currencies other than the U.S. dollar at December 31, 2021. We recognized a gain of $26.4 million on foreign exchange from continuing operations in 2021, compared to a gain of $4.0 million from continuing operations in 2020.

December 31, 2021	Canadian dollar	Euro	Turkish lira
	$	€	TRY
Cash and cash equivalents	9.8	13.9	5.8
Investments in marketable securities	67.4	—	—
Accounts receivable and other	14.8	10.8	18.9
Accounts payable and accrued liabilities	(78.5)	(52.7)	(680.1)
Other non-current liabilities	—	(4.8)	(44.0)
Net balance	13.6	(32.8)	(699.3)
Equivalent in U.S. dollars	$10.9	($37.2)	($52.6)
Other foreign currency exposure is equivalent to $0.7 million U.S. dollars.

Accounts receivable and other relate to goods and services taxes receivable, income taxes receivable and value-added taxes receivables.

Interest Rate Risk

Interest rates determine how much interest the Company pays on its debt, and how much is earned on cash and cash equivalent balances, which can affect future cash flows.

The senior notes have a fixed interest rate of 6.25%. Borrowings under the Fourth ARCA are at variable rates of interest based on LIBOR.Borrowings at variable rates of interest expose us to interest rate risk. At December 31, 2021, no amounts were drawn under the Fourth ARCA.

The Company currently does not have any interest rate swaps (that involve the exchange of floating for fixed rate interest payments in order to reduce interest rate volatility), but may enter into such interest rate swaps in the future. However, there is no assurance that Eldorado will be able to obtain interest rate swaps on reasonable terms or that any interest rate swaps that may be put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes than we would have experienced if we had no such swaps in place.

Tax Matters

We operate and have operated in a number of countries, each of which has its own tax regime to which we are subject. The tax regime and the enforcement policies of tax administrators in each of these countries are complicated and may change from time to time, all of which are beyond our control. Our investments into these countries, importation of goods and material, land use, expenditures, sales of gold and other products, income, repatriation of money and all other aspects of our investments and operations can be taxed, and there is no certainty as to which areas of our operations will be assessed or taxed from time to time or at what rates.

Our tax residency and the tax residency of our subsidiaries (both current and past) are affected by a number of factors, some of which are outside of our control, including the application and interpretation of the relevant tax laws and treaties. If we or our subsidiaries are ever assessed to be a non-resident in the jurisdictions that we or our subsidiaries report or have reported or are otherwise assessed, or are deemed to be resident (for the purposes of tax) in another jurisdiction, we may be liable to pay additional taxes. In addition, we have entered into various arrangements regarding the sale of mineral products or mineral assets, which may be subject to unexpected tax treatment. If such taxes were to become payable, this could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We endeavor to structure, and restructure from time to time, our corporate organization in a commercially efficient manner and if any such planning effort is considered by a taxation authority to constitute tax avoidance, then this

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

could result in increased taxes and tax penalties, which could have a material adverse effect on our financial condition.

New laws and regulations or new interpretations of or amendments to laws, regulations or enforcement policy relating to tax laws or tax agreements with governmental authorities, if proposed and enacted, may affect our current financial condition and could result in higher taxes being payable by us.

There is also the potential for a change in the tariff arrangements in the countries in which Eldorado operates, as is the case for the Chinese importation specification for concentrate imports set out in the Industry Standard (see “Environmental”).There is no assurance that our current financial condition will not change in the future due to such changes.

Dividends

While we have in place a policy for the payment of dividends on common shares of Eldorado Gold, there is no certainty as to the amount of any dividend or that any dividend may be declared in the future.

Our potential future investments will require significant funds for capital expenditures and our operating cash flow may not be sufficient to meet all of such expenditures. As a result, new sources of capital may be needed to meet the funding requirements of such investments, fund our ongoing business activities, fund construction and operation of potential future projects and various exploration projects, fund share repurchase transactions and pay dividends. If we are unable to obtain financing or service existing or future debt we could be required to reduce, suspend or eliminate or dividend payments or any future share repurchase transactions.

Reclamation and Long-Term Obligations

We are required by various governments in jurisdictions in which we operate to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans if we are unable to do so. The relevant laws governing the determination of the scope and cost of the closure and reclamation obligations and the amount and forms of financial assurance required are complex and vary from jurisdiction to jurisdiction.

As of December 31, 2021, Eldorado has provided the appropriate regulatory authorities with non-financial and financial letters of credit of EUR 58,216 and CDN $426, respectively. The letters of credit were issued to secure certain obligations in connection with mine closure obligations in the various jurisdictions in which we operate. The amount and nature of such financial assurance are dependent upon a number of factors, including our financial condition and reclamation cost estimates. Changes to these amounts, as well as the nature of the collateral to be provided, could significantly increase our costs, making the maintenance and development of existing and new mines less economically feasible. Regulatory authorities may require further financial assurance and, to the extent that the value of the collateral provided is or becomes insufficient to cover the amount that we are required to post, we could be required to replace or supplement the existing security with more expensive forms of security. This could include cash deposits, which would reduce cash available for our operations and development activities. There is no guarantee that, in the future, we will be able to maintain or add to current levels of financial assurance as we may not have sufficient capital resources to do so.

In addition, climate change could lead to changes in the physical risks posed to our operations, which could result in changes in our closure and reclamation plans to address such risks. Any modifications to our closure and reclamation plans that may be required to address physical climate risks may materially increase the costs associated with implementing closure and reclamation at any or all of our active or inactive mine sites and the financial assurance obligations related to the same. For more information on the physical risks of climate change, see the risk factor entitled "Climate Change".

Although we have currently made provision for certain of our reclamation obligations, there is no assurance that these provisions will be adequate in the future. Failure to provide the required financial assurance for reclamation could potentially result in the closure of one or more of our operations, which could result in a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Acquisitions and Dispositions

a.Acquisitions

Although we actively seek acquisition opportunities that are consistent with our acquisition and growth strategy, we are not certain that we will be able to identify suitable candidates that are available at a reasonable price, complete any acquisition, or integrate any acquired business into our operations successfully. Acquisitions can involve a number of special risks, circumstances or legal liabilities, which could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Acquisitions may be made by using available cash, incurring debt, issuing common shares or other securities, or any combination of the foregoing. This could limit our flexibility to raise capital, to operate, explore and develop our properties and make other acquisitions, and it could further dilute and decrease the trading price of our common shares. When we evaluate a potential acquisition, we cannot be certain that we will have correctly identified and managed the risks and costs inherent in that business.

We have discussions and engage in other activities with possible acquisition targets from time to time, and each of these activities could be in a different stage of development. There is no assurance that any potential transaction will be completed and the target integrated with our operations, systems, management and culture successfully in an efficient, effective and timely manner or that the expected bases or sources of synergies will in fact produce the benefits anticipated. In addition, synergies assume certain long term realized gold and other metals prices. If actual prices are below such assumed prices, this could adversely affect the synergies to be realized. If we do not successfully manage our acquisition and growth strategy, it could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

We continue to pursue opportunities to acquire advanced exploration assets that are consistent with our strategy. At any given time, discussions and activities with respect to such possible opportunities may be in process on such initiatives, each at different stages of due diligence. From time to time, we may acquire securities of, or an interest in, companies; and we may enter into acquisitions or other transactions with other companies.

Transactions involving acquisitions have inherent risks, including:

•accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of potential acquisitions;

•limited opportunity for and effectiveness of due diligence;

•ability to achieve identified and anticipated operating and financial synergies;

•unanticipated costs, liabilities and write-offs including higher capital and operating costs than had been assumed at the time of acquisition;

•diversion of management attention from existing business;

•potential loss of our key employees or the key employees of any business we acquire;

•successful integration of personnel and properties;

•unanticipated changes in business, industry or general economic or political conditions that affect the assumptions underlying the acquisition;

•decline in the value of acquired properties, companies or securities; and

•the possibility that indemnification agreements with sellers (if any) may be unenforceable or insufficient to cover potential liabilities.

Any of these factors or other risks could result in us not realizing the benefits anticipated from acquiring other properties or companies, and could have a material adverse effect on our ability to grow and on our business, results of operations, financial condition and the Eldorado Gold share price.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

As a result of our acquisitions, we have assumed liabilities and risks. While we conduct due diligence with respect to acquisitions of companies and assets, there may be liabilities or risks, including liabilities related to the prior operation of the business acquired, that we failed, or were unable, to discover in the course of performing our due diligence investigations, which may be significant or which may be much more significant than previously assumed in the case of known liabilities and risks. Any such liabilities, individually or in the aggregate, could have a material adverse effect on our business, financial condition and the Eldorado Gold share price.

Acquisitions can pose challenges in implementing the required processes, procedures and controls in the new operations. Companies that we acquire may not have disclosure controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us.

Due to the nature of certain proposed transactions, it is possible that shareholders may not have the right to evaluate the merits or risks of any future acquisition, except as required by applicable laws and stock exchange rules.

b.Dispositions

When we decide to sell certain assets or projects, we may encounter difficulty in finding buyers or executing alternative exit strategies on acceptable terms in a timely manner, which could delay the accomplishment of our strategic objectives. For example, delays in obtaining tax rulings and regulatory approvals or clearances, and disruptions or volatility in the capital markets may impact our ability to complete proposed dispositions. Alternatively, we may dispose of a business at a price or on terms that are less than we had anticipated. After reaching an agreement with a buyer or seller for the disposition of a business, we may be required to obtain necessary regulatory and governmental approvals on acceptable terms and pre-closing conditions may need to be satisfied, all of which may prevent us from completing the transaction. Dispositions may impact our production, mineral reserves and resources and our future growth and financial conditions. Despite the disposition of divested businesses, we may continue to be held responsible for actions taken while we controlled and operated the business. Dispositions may also involve continued financial involvement in the divested business, such as through continuing equity ownership, guarantees, indemnities or other financial obligations. Under these arrangements, performance by the divested businesses or other conditions outside our control could affect our future financial results.

Regulated Substances

The transportation and use of certain substances that we use in our operations are regulated by the governments in the jurisdictions in which we operate. Two obvious examples are explosives and cyanide. Regulations may include:

•restricting where the substance can be purchased;

•requiring a certain government department to approve or handle the purchase and transport of the substances;

•restricting the amount of these substances that can be kept on-site at any time;

•restricting where and how the materials may be stored; and

•monitoring of the use of the product at site.

Eldorado Gold is a signatory to the Cyanide Code, which commits us to mandating that our sites adhere to recognized best practice for the purchase, transportation, use and disposal of cyanide. Our signatory site is audited every three years to assess continued compliance. While we have a good understanding of the restrictions in the various jurisdictions, these laws may change, or the responsible parties within the government may change or not be available at a critical time when they are required to be involved in our process. This may result in delays in normal operation, or downtime, and may have an effect on our operating results in more extreme cases.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Equipment

Our operations are reliant on significant amounts of both large and small equipment that is critical to the development, construction and operation of our projects. Failures or unavailability of equipment could cause interruptions or delays in our development and construction or interruptions or reduced production in our operations. These risks may be increased by the age of certain equipment. Equipment related risks include:

•delays in repair or replacement of equipment due to unavailability or insufficient spare parts inventory;

•repeated or unexpected equipment failures;

•restrictions on transportation and installation of large equipment, including delays or inability to obtain required permits for such transportation or installation;

•inefficient or improper design for processing facilities;

•suitability of equipment, including proper identification of normal operating parameters, the occurrence of extreme conditions or change of planned use for a particular piece of equipment;

•premature failure of equipment;

•restrictions on hours of operation of equipment;

•availability of long lead-time and specialized equipment, including delays that may arise in the course of ordering, manufacture, importation or delivery of such equipment;

•availability of specialized equipment and personnel to install and commission selected equipment; and

•safety risks arising from equipment failure.

Delays in construction or development of a project or periods of downtime or reductions in operations or efficiency that result from the above risks or remediation of an interruption or inefficiency in production capability could require us to make large expenditures to repair, replace or redesign equipment. All of these factors could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

Co-ownership of Our Properties

Mining projects are often conducted through an unincorporated joint venture or a co-owned incorporated joint venture company. Co-ownership often requires unanimous approval of the parties or their representatives for certain fundamental decisions like an increase (or decrease) in registered capital, a merger, division, dissolution, amendment of the constitutional documents, and pledge of the assets, which means that each co-owner has a right to veto any of these decisions, which could lead to a deadlock. We are subject to a number of additional risks associated with co- ownership, including:

•disagreement with a co-owner about how to develop, operate or finance the project;

•that a co-owner may at any time have economic or business interests or goals that are, or become, inconsistent with our business interests or goals;

•that a co-owner may not comply with the agreements governing our relationship with them;

•disagreement with a co-owner over the exercise of such co-owner's rights under the agreements governing our relationship;

•the possibility that a co-owner may become insolvent;

•the possibility that we may not be able to sell our interest in a co-owned entity if we desire to exit; and

•possible litigation with a co-owner over matters related to the subject project.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Some of our interests are, and future interests may be, through co-owned companies established under and governed by the laws of their respective countries.

If a co-owner is a state-sector entity, then its actions and priorities may be dictated by government or other policies instead of purely commercial considerations. Decisions of a co-owner may have an adverse effect on the results of our operations in respect of the projects to which the applicable co-ownership relates.

Unavailability of Insurance

Where practical, a reasonable amount of insurance is maintained against risks in the operation of our business, but coverage has exclusions and limitations. There is no assurance that the insurance will be adequate to cover any liabilities, or that it will continue to be available, and at terms we believe are economically acceptable.

In some instances, certain insurance may become unavailable or available only for reduced amounts of coverage. Significantly increased costs could lead Eldorado to decide to reduce or possibly eliminate, coverage. In addition, insurance is purchased from a number of third-party insurers, often in layered insurance arrangements, some of whom may discontinue providing insurance coverage for their own policy or strategic reasons. For example, insurance against risks such as loss of title to mineral property, environmental pollution, or other hazards as a result of exploration and production is generally not available to us or other companies in the mining industry on acceptable terms, particularly for several jurisdictions in which Eldorado operates. In the event any such insurance is or becomes unavailable, our overall risk exposure could be increased. Losses from these uninsured events may cause us to incur significant costs that could have a material adverse effect upon our business, results of operations, financial condition and the Eldorado Gold share price.

Conflicts of Interest

Certain of our directors also serve as directors of other companies involved in natural resource exploration and development, which may result in a conflict of interest in the allocation of their time between Eldorado and such other companies. There is also a possibility that such other companies may compete with us for the acquisition of assets. Consequently, there exists the possibility for such directors to be in a position of conflict over which company should pursue a particular acquisition opportunity. If any such conflict of interest arises, then a director who has a conflict must disclose the conflict to a meeting of our directors and must abstain from and will be unable to participate in discussion or decisions pertaining to the matter. In appropriate cases, Eldorado Gold will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. However, conflicts may not be readily apparent or only with the benefit of hindsight, and a conflicted director may exercise his or her judgment in a manner detrimental to Eldorado's interests.

Privacy Legislation

Eldorado is subject to privacy legislation in various countries in which we operate, including the European Union's General Data Protection Regulations ("GDPR") and Québec's Act respecting the protection of personal information in the private sector("Québec Privacy Act"), which was recently amended by Bill 64, an Act to modernize legislative provisions as regards the protection of personal information ("Bill 64").

The GDPR is more stringent than its predecessor, the Data Protection Directive (Directive 95/46/EC). Similarly, Bill 64 brings significant and more stringent amendments to the Québec Privacy Act and will come into force gradually over a 3-year period (most of which may come into force in September 2022 and in 2023). Eldorado is required to develop and implement programs that will evidence compliance with each, as applicable, or face significant fines and penalties for breaches. For example, companies that breach the GDPR can be fined up to 4% of their annual global turnover or €20 million, whichever is greater, while companies that breach the amended Québec Privacy Act can be fined up to 4% of their annual global turnover or CDN $25 million, whichever is greater. Such breaches may lead to costly fines and may have an adverse effect on governmental relations, our business, reputation, financial condition and the Eldorado Gold share price.

Reputational

Damage to Eldorado's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Although we believe that we operate in a manner that is respectful to all stakeholders and take care in protecting our image and reputation, we do not have control over

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

how we are perceived by others. Any reputation loss could result in decreased investor confidence and increased challenges in developing and maintaining community relations, which may have adverse effects on our business, results of operations, financial condition and the Eldorado Gold share price.

Competition

We compete for attractive mineral properties and projects with other entities that have substantial financial resources, operational experience, technical capabilities and political strengths, including state owned and domestically domiciled entities, in some of the countries in which we now, or may in future wish to, conduct our business and operations.

We may not be able to prevail over these competitors in obtaining mineral properties that are producing or capable of producing metals or to compete effectively for merger and acquisition targets, or do so on terms we consider acceptable. This may limit our growth and our ability to replace or expand our mineral reserves and mineral resources and could have a material adverse effect on our business, results of operations, financial condition and the Eldorado Gold share price.

The reader should carefully review each of the risk factors set out in the Company's most recently filed AIF, in respect of the year ended December 31, 2020 and those to be set out in the Company's AIF in respect of the year ended December 31, 2021 which risk factors provide a detailed discussion of the foregoing risks as well as a detailed discussion of other relevant risks. The discussion under “Risk Factors in our Business” in such AIFs filed, or to be filed, on SEDAR under the Company name, are incorporated by reference in this document.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Other Information and Advisories

Financial Statements Basis of Preparation

The Company's consolidated financial statements, including comparatives, have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company's significant accounting policies are described in Note 3 of the Company's consolidated financial statements for the year ended December 31, 2021.

Critical Accounting Measurements and Judgments

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant areas requiring the use of management assumptions, estimates and judgements include the valuation of property, plant and equipment and goodwill, estimated recoverable mineral reserves and mineral resources, inventory, asset retirement obligations and current and deferred taxes.

Actual results could differ from these estimates. Outlined below are some of the areas which require management to make significant judgements, estimates and assumptions.

(i) Valuation of property, plant and equipment and goodwill

Property, plant and equipment and goodwill are tested for impairment when events or changes in circumstances suggest that the carrying amount may not be fully recoverable. Goodwill is tested at least annually.

Calculating the recoverable amount, including estimated FVLCD of CGUs for property, plant and equipment and goodwill, requires management to make estimates and assumptions with respect to discount rates, future production levels including amount of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices, and estimates of the fair value of mineral properties beyond proven and probable reserves.

Changes in any of the assumptions or estimates used in determining the recoverable amount could result in additional impairment or reversal of impairment recognized.

(ii) Estimated recoverable mineral reserves and mineral resources

Mineral reserve and mineral resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and, in some cases, exchange rates and capital costs. Cost estimates are based on feasibility study estimates or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable mineral reserves and mineral resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the consolidated statement of operations and the carrying value of the asset retirement obligation.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

(iii) Inventory

The Company considers ore stacked on its leach pads and in process at its mines as work-in-process inventory and includes them in production costs based on ounces of gold or tonnes of concentrate sold, using the following assumptions in its estimates:

•the amount of gold and other metals estimated to be in the ore stacked on the leach pads;

•the amount of gold expected to be recovered from the leach pads;

•the amount of gold and other metals in the processing circuits;

•the amount of gold and other metals in concentrates; and

•the gold and other metal prices expected to be realized when sold.

If these estimates or assumptions are inaccurate, the Company could be required to write down the value it has recorded on its work-in-process inventories, which would reduce earnings and working capital.

(iv) Asset retirement obligation

The asset retirement obligation provision represents management's best estimate of the present value of future cash outflows required to settle the liability which reflect estimates of future costs, inflation, requirements of the relevant legal and regulatory frameworks and the timing of restoration and rehabilitation activities. Estimated future cash outflows are discounted using a risk-free rate based on U.S. Treasury bond rates. Changes to asset retirement obligation estimates are recorded with a corresponding change to the related item of property, plant and equipment. Adjustments to the carrying amounts of related items of property, plant and equipment can result in a change to future depreciation expense.

(v) Deferred taxes

Judgements and estimates of recoverability are required in assessing whether deferred tax assets recognized on the consolidated statement of financial position are recoverable which is based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled, which requires judgement.

Assumptions about the generation of future taxable earnings and repatriation of retained earnings depend on management’s estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions.

The Company operates in multiple tax jurisdictions and judgement is required in the application of income tax legislation in these jurisdictions. These estimates and judgements are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding increase or decrease to earnings or loss for the period.

Adoption of New Accounting Standards and Upcoming Changes

(a) Current adoption of new accounting standards

The following amendments to existing standards have been adopted by the Company commencing January 1, 2021:

Interest rate benchmark reform - Phase 2

In August 2020, the IASB published the Interest Rate Benchmark Reform - Phase 2, which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure, IFRS 4 Insurance Contracts, and IFRS 16 Leases. The Phase 2 amendments address issues that may affect financial reporting related to financial instruments and hedge accounting resulting from the reform of an interest rate benchmark. The amendments are effective for annual periods beginning on or

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

after January 1, 2021. There was no material impact on the consolidated financial statements from the adoption of this amendment.

(b) New Standards issued and not yet effective

Below are new standards, amendments to existing standards and interpretations that have been issued and are not yet effective. The Company plans to apply the new standards or interpretations in the annual period for which they are effective.

Classification of liabilities as current or non-current

In January 2020, the IASB published narrow scope amendments to IAS 1 Presentation of financial statements. The narrow scope amendment clarifies that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendments are effective for annual periods beginning on or after January 1, 2023, and applied retrospectively. The Company will adopt the narrow scope amendments on the date they become effective and is currently evaluating the impact of the amendments on its consolidated financial statements.

Deferred tax related to assets and liabilities arising from a single transaction

In May 2021, the IASB published a narrow scope amendment to IAS 12 Income taxes. In September 2021, IAS 12 was revised to reflect this amendment. The amendment narrowed the scope of the recognition exemption so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as deferred taxes on leases and decommissioning obligations. The amendment is effective for annual periods beginning on or after January 1, 2023, and applied retrospectively. The Company will adopt the amendment on the date it becomes effective and is currently evaluating the impact of the amendment on its consolidated financial statements.     

(c) Change in estimate

The Company changed its estimate relating to total recoverable tonnes used to determine the depreciation, depletion and amortization of mineral properties and certain capitalized mine development costs, capitalized stripping costs, plant and mining assets whose estimated useful life is the same as the remaining life of the mine. Until December 31, 2020, the carrying amounts of these assets were depreciated, depleted or amortized over estimated recoverable tonnes of proven and probable mineral reserves. Effective January 1, 2021, total estimated recoverable tonnes for applicable mines also include a portion of inferred mineral resources considered to be highly probable to be economically extracted over the life of the mine. This change in estimate better reflects the pattern in which the asset's future economic benefits are expected to be consumed based on the current mine plans and was made as a result of increased experience in the conversion of inferred resources into proven and probable reserves for the applicable mines. Inferred resources are included in total estimated recoverable tonnes on a mine by mine basis if it is considered highly probable that those resources will be economically extracted.

This change in accounting estimate will result in lower depreciation expense per tonne mined. However, because the depreciation recorded in future periods depends on the volume of tonnes mined during those periods, the Company is not able to accurately estimate the impact of this change in estimate on future periods.

(d) Presentation of interest paid on the statements of cash flows

Effective September 30, 2021, the Company voluntarily changed its accounting policy to classify cash paid for interest on the statement of cash flows as a financing activity rather than an operating activity. The change in accounting policy has been adopted in accordance with IAS 8, as IAS 7 provides a policy choice to classify interest paid as an operating activity or financing activity. Following the refinancing of the Company's debt in August 2021 (Note 17), the policy change more accurately reflects the nature of these cash flows, resulting in more relevant information to the financial statement users. The comparative figures in the consolidated statements of cash flows have been restated to reflect the retrospective application of this change in accounting policy.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

(e) Attribution of pension benefits to periods of service

Effective December 31, 2021, the Company changed the service periods to which it attributes benefits relating to its defined benefit obligations in Greece and in accordance with an IFRS Interpretations Committee ("IFRIC") Agenda Decision issued in May 2021 Attributing Benefit to Periods of Service (IAS 19). The change resulted in a decrease in the employee benefit plan obligation. Comparative amounts as at and for the year ended December 31, 2020 have been restated to reflect the retrospective application of this change including a decrease of $10.9 million to employee benefit plan obligations, an increase of $2.4 million to deferred income tax liabilities and a decrease of $8.5 million to accumulated other comprehensive loss.

Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to management, including the CEO and CFO, as appropriate to allow for timely decisions about public disclosure.

Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of December 31, 2021, as defined in the rules of the SEC and Canadian Securities Administrators. Based on this evaluation, management concluded that the disclosure controls and procedures were effective in providing reasonable assurance that the information required to be disclosed in reports filed or submitted by the Company under United States and Canadian securities legislation was recorded, processed, summarized and reported within the time periods specified in those rules.

Internal Controls over Financial Reporting

Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, as such term as defined in Rule 13a-15(f) of the United States Exchange Act of 1934, as amended, and NI 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, and uses the Committee of Sponsoring Organizations of the Treadway Commission (2013) framework on Internal Control - Integrated Framework (2013) to evaluate the effectiveness of the Company’s internal controls over financial reporting. The Company’s internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company’s policies and procedures. Based on this assessment, management concluded that the Company’s internal controls over financial reporting were effective as of December 31, 2021.

KPMG LLP, an independent registered public accounting firm, has audited the effectiveness of internal control over financial reporting, and has expressed their opinion in their report included with the Company’s annual consolidated financial statements.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter and for the year ended December 31, 2021 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitations of Controls and Procedures

Management, including the CEO and CFO, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.

Mineral Reserves and Mineral Resources Estimates and Related Cautionary Note to U.S. Investors

The Company's mineral reserve and mineral resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias, Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes, Certej and Ormaque, are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic U.S. companies. The reader may not be able to compare the mineral reserve and mineral resources information in this MD&A with similar information made public by domestic U.S. companies. The reader should not assume that:

•the mineral reserves defined in this MD&A qualify as reserves under SEC standards

•the measured and indicated mineral resources in this MD&A will ever be converted to reserves; and

•the inferred mineral resources in this MD&A are economically mineable, or will ever be upgraded to a higher category.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Value Beyond Proven and Probable Reserves ("VBPP")

On acquisition of a mineral property, the Company prepares an estimate of the fair value of the exploration potential of that property and records this amount as an asset, called value beyond proven and probable, as at the date of acquisition. As part of its annual business cycle, the Company prepares estimates of proven and probable reserves for each mineral property. The change in reserves, net of production, is used to determine the amount to be converted from VBPP to proven and probable reserves. Estimates of VBPP are also used in our impairment analyses.

Qualified Person

Except as otherwise noted, Simon Hille, FAusIMM, Vice President, Technical Services, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

Forward-looking Statements and Information

Certain of the statements made and information provided in this MD&A are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "advancing", "allow", "anticipates", "believes", “budget”, "continue", "estimates", "expected", "expects", "forecast", "foresee", "future", "goal", "guidance", "intends", "opportunity", "outlook", "pending", "plans", “projected”, "pursue", "scheduled", "strive", "target", "underway" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "can", "could", "may", "might", “should”, "will" or "would" be taken, occur or be achieved.

Forward-looking statements or information contained in this MD&A include, but are not limited to, statements or information with respect to:

•the duration, extent and other implications of COVID-19 and any restrictions and suspensions with respect to the Company's operations;

•Eldorado’s capital resources and business objectives, including the senior notes and the Fourth ARCA providing Eldorado greater financial flexibility to pursue a broader range of funding alternatives for the development of the Kassandra assets in Greece;

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

•benefits of the Amended Investment Agreement, including future proposals, investment and receipt of regulatory approvals in Greece;

•ability to meet environmental targets, goals and strategies (including GHG targets);

•Eldorado’s guidance and outlook, including expected production, cost guidance and recoveries of ore, including:

◦annual and quarterly gold, silver, lead metal and zinc metal production and cost guidance; and

◦sustaining and growth capital expenditures, including the sources thereof;

•evaluation of Skouries financing alternatives and the advancement and completion of construction, technical work and receipt of approvals at Skouries;

•operations at Kisladag, including expected gold production resulting from a lower tonnage placed on the heap leach pad, ramp-up of the HPGR circuit and the timing of the availability of the first phase of the north heap leach pad for stacking;

•operations at Lamaque, including the benefits of the underground decline from the Sigma mill to the Triangle mine;

•expansion of the Olympias processing facility, including the facility's capacity thereafter and the timing of approval thereof;

•the Company's review and evaluation of the Perama Hill project;

•the timing and accounting recognition of the deferred consideration payable to the Company from the sale of the Tocantinzinho Project;

•the benefits of using dry stack tailings;

•the Company's strategy with respect to climate goals and gold mining principles, including the timing thereof;

•Eldorado's strategy and expectations with respect to currency holdings, hedging and inflation;

•planned capital and exploration expenditures and initiatives;

•conversion of mineral resources to mineral reserves;

•Eldorado's expectation as to its future financial and operating performance, including expectations around generating free cash flow;

•expected changes to and implementation of new accounting standards;

•expected metallurgical recoveries and improved or decreased concentrate grade and quality;

•gold price outlook and the global concentrate market;

•intentions and expectations regarding non-IFRS financial measures and ratios;

•Eldorado’s independent review board (ITRB); and

•Eldorado's strategy, plans and goals, including its proposed exploration, development, construction, permitting and operating plans and priorities and related timelines and schedules.

Forward-looking statements or information is based on a number of assumptions, that management considers reasonable, however, if such assumptions prove to be inaccurate, then actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: our 2022 outlook, results from drilling at Ormaque; advancement of technical work in respect of Lamaque; advancement of technical work and construction at Skouries; benefits of the improvements at Kisladag; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; the associated benefits of the completed underground decline at the Triangle mine; the benefits of using dry stack tailings; timing of advancement and completion of construction, technical work and receipt of approvals, at Skouries and/or other development projects in Greece; the results of our

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

exploration programs; the geopolitical, economic, permitting and legal climate that Eldorado operates in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs and expenses; production and metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays on the Company's business and the Company's ability to achieve its goals. In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this MD&A.

Forward-looking statements or information is subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance; inability to realize the benefits of the decline between Sigma mill and the Triangle underground mine; poor results from drilling at Ormaque; inability to meet environmental targets, goals and strategies (including GHG targets); inability to complete expansion and optimization at Kisladag or to meeting expected timing thereof, or to achieve the benefits thereof; inability to assess taxes in Turkey or depreciation expenses; inability to conduct Olympias stakeholder discussions; risks relating to the ongoing COVID-19 pandemic and any future pandemic, epidemic, endemic or similar public health threats; risks relating to our operations being located in foreign jurisdictions; community relations and social license; climate change; liquidity and financing risks; development risks at Skouries and other development projects; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings; environmental matters; waste disposal; the global economic environment; government regulation; reliance on a limited number of smelters and off-takers; commodity price risk; mineral tenure; permits; risks relating to environmental, sustainability and governance practices and performance; non-governmental organizations; corruption, bribery and sanctions; litigation and contracts; information technology systems; estimation of mineral reserves and mineral resources; production and processing estimates; credit risk; actions of activist shareholders; price volatility, volume fluctuations and dilution risk in respect of Eldorado Gold shares; reliance on infrastructure, commodities and consumables; currency risk; inflation risk; interest rate risk; tax matters; dividends; financial reporting, including relating to the carrying value of the Company's assets and changes in reporting standards; labour, including relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors; reclamation and long-term obligations; regulated substances; necessary equipment; co-ownership of the Company's properties; acquisitions, including integration risks, and dispositions; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition; and those risk factors discussed in the section titled "Managing Risk" above. The reader is also directed to carefully review the detailed risk discussion in our most recent AIF filed in respect of the year ended December 31, 2020 on SEDAR and EDGAR under our Company name, for a fuller understanding of the risks and uncertainties that affect our business and operations.

Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.

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MANAGEMENT’S DISCUSSION and ANALYSIS For the three and twelve months ended December 31, 2021

Corporate Information

Directors

Steven Reid 2, 5	Chair of the Board	Catharine Farrow 2, 4, 5	Independent Director
Carissa Browning 3, 4	Independent Director	Pamela Gibson 1, 3, 4	Independent Director
George Burns	President and Chief Executive Officer	Judith Mosely 1, 4	Independent Director
George Albino 2, 3, 5	Independent Director	John Webster 1, 3	Independent Director
Teresa Conway 1, 2	Independent Director

Board Committees

1.Audit Committee

2.Compensation Committee

3.Corporate Governance & Nominating Committee

4.Sustainability Committee

5.Technical Committee

Officers and Management

George Burns	President and Chief Executive Officer
Philip Yee	Executive VP and Chief Financial Officer
Joe Dick	Executive VP and Chief Operating Officer
Jason Cho	Executive VP and Chief Strategy Officer
Tim Garvin	Executive VP and General Counsel
Lisa Ower	Executive VP, People and External Affairs
Paul Ferneyhough	Senior VP, Chief Growth and Integration Officer
Brock Gill	Senior VP, Projects and Transformation
Christos Balaskas	VP and General Manager, Greece
Sylvain Lehoux	VP and General Manager, Québec
Nicolae Stanca	VP and General Manager, Romania
Mehmet Yilmaz	VP and General Manager, Turkey
Cara Allaway	VP, Finance
Simon Hille	VP, Technical Services
Peter Lewis	VP, Exploration
Graham Morrison	VP, Corporate Development
Lisa Wilkinson	VP, Investor Relations

Corporate Head Office	Investor Relations
1188 Bentall 5	Lisa Wilkinson, VP, Investor Relations
550 Burrard Street	T: +1 647 271 2827
Vancouver, BC	E: lisa.wilkinson@eldoradogold.com
V6C 2B5 Canada
www.eldoradogold.com
Auditors	Registrar and Transfer Agent
KPMG LLP	Computershare Investor Services
777 Dunsmuir Street	100 University Avenue
Vancouver, BC	8th Floor, North Tower
V7Y 1K3 Canada	Toronto, Ontario
	M5J 2Y1 Canada

84

EX-99.3

Exhibit 99.3

Consent of Independent Registered Public Accounting Firm

The Board of Directors
Eldorado Gold Corporation

We consent to the incorporation by reference of our report dated February 24, 2022, on the consolidated financial statements of Eldorado Gold Corporation (the Company), which comprise the consolidated statements of financial position as of December 31, 2021 and December 31, 2020, the related consolidated statements of operations, comprehensive (loss) income, cash flows, and changes in equity for each of the years in the two-year period ended December 31, 2021, and the related notes, and our report dated February 24, 2022 on the effectiveness of internal control over financial reporting as of December 31, 2021 in the Company’s registration statements on Form S-8 (Nos. 333-103898, 333-107138, 333-122683, 333-145854, 333-153894, 333-160349, 333-176184, 333-180504, 333-197861, 333-230600 and 333-261772), which reports have been included in Exhibit 99.1 to the Company’s current report on Form 6-K dated February 24, 2022 furnished to the United States Securities and Exchange Commission.

/s/ KPMG LLP

Chartered Professional Accountants

February 24, 2022

Vancouver, Canada

EX-99.4

Exhibit 99.4

CONSENT OF EXPERT

February 24, 2022

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

Re: Eldorado Gold Corporation

I, Simon Hille, do hereby consent to:

(1)the inclusion in this Current Report on Form 6-K of Eldorado Gold Corporation (the “Company”) of the scientific and/or technical information relating to the Company's operating mines and development projects contained in the Company’s Management’s Discussion and Analysis for the three and twelve months ended December 31, 2021 (the “December 31, 2021 Technical Information”) being filed with the United States Securities and Exchange Commission (the “SEC”) under cover of Form 6-K;

(2)the filing of this consent under cover of Form 6-K with the SEC and of the incorporation by reference of this consent, the use of my name and the December 31, 2021 Technical Information into the Company’s Registration Statements on Form S-8 (Nos. 333-261772, 333-103898, 333-107138, 333-122683, 333-145854, 333-153894, 333-160349, 333-176184, 333-180504, 333-197861 and 333-230600), and any amendments thereto, filed with the SEC.

By:	/s/ Simon Hille
	Simon Hille, FAusIMM
	Eldorado Gold Corporation
	VP Technical Services

4830-3003-5893\1