EX-99.1 2 ego_ex991.htm MATERIAL CHANGE REPORT ego_ex991
  Exhibit 99.1
 
ELDORADO GOLD CORPORATION
 
FORM 51-102F3
 
MATERIAL CHANGE REPORT
 
 
Item 1. Name and Address of Company
 
Eldorado Gold Corporation (“Eldorado” or the “Company”)
Suite 1188 – Bentall 5
550 Burrard Street
Vancouver, British Columbia V6C 2B5
 
Item 2.
Date of Material Change
 
April 29, 2021
 
Item 3.
News Release
 
A news release was disseminated via Global Newswire and filed on SEDAR on April 29, 2021.
 
Item 4.
Summary of Material Change
 
On April 29, 2021 the Eldorado reported the Company’s financial and operational results for the first quarter of 2021.
 
Item 5.
Full Description of Material Change
 
On April 29, 2021 the Eldorado reported the Company’s financial and operational results for the first quarter of 2021.
 
First Quarter 2021 and Subsequent Period Highlights
 
●
Q1 2021 production on plan and in line with 2021 annual guidance: Gold production totalled 111,742 ounces in Q1 2021, in-line with 2021 annual guidance and a decrease of 4% from Q1 2020 production of 115,950 ounces. Eldorado is maintaining its annual guidance of 430,000 - 460,000 ounces of gold at an all-in sustaining cost of $920-$1,150 per ounce sold.
 
●
Amended Investment Agreement ratified: In March 2021, our Amended Investment Agreement ("Agreement") with the Hellenic Republic was ratified by the Greek parliament and published in the Greek Government Gazette, officially becoming law. The Agreement provides a mutually beneficial and modernized legal and financial framework to allow for investment in the Skouries project and the Olympias and Stratoni mines.
 
●
Approval for use of dry stack tailings at Skouries: In April 2021, the Greek Ministry of Energy and Environment approved a modification to the Kassandra Mines Environmental Impact Assessment ("EIA") to allow for the use of dry stack tailings disposal at the Skouries project, which is expected to provide a number of environmental benefits.
 
●
Planned increase in unit costs due to lower grades: Q1 2021 cash operating costs of $641 per ounce sold (Q1 2020: $627) and all-in sustaining costs ("AISC") of $986 per ounce sold (Q1 2020: $952) were both negatively impacted by planned lower grades at Kisladag and Lamaque.
 
-1-
 
 
●
Continued free cash flow: Net cash from operating activities of $90.9 million in Q1 2021 (Q1 2020: $53.3 million) benefited from a higher average realized gold price. Free cash flow of $24.6 million in Q1 2021 (Q1 2020: $7.2 million) also benefited from timing of capital expenditure.
 
●
Continued strong financial liquidity: The Company currently has $533.8 million of cash, cash equivalents and term deposits and $99.6 million available under its revolving credit facility.
 
●
Increased EBITDA: Q1 2021 EBITDA was $105.3 million (Q1 2020: $84.7 million) and Q1 2021 adjusted EBITDA was $108.0 million (Q1 2020: $90.0 million). Adjustments in both periods included, among other things, share based compensation and losses on asset disposals.
 
●
Net earnings and adjusted net earnings attributable to shareholders: Q1 2021 net earnings attributable to shareholders of the Company was $8.3 million or $0.05 per share (Q1 2020: net loss attributable to shareholders of the Company of $4.9 million, or $0.03 loss per share). Adjusted net earnings attributable to shareholders of the Company in Q1 2021 was $21.0 million, or $0.12 per share (Q1 2020: $12.5 million, or $0.08 per share).
 
●
Measures remain in place to manage the impact of the novel coronavirus ("COVID-19") pandemic: The Company's mines remain fully operational and isolated cases of COVID-19 have been successfully managed. Preventing the spread of COVID-19, ensuring safe working environments across Eldorado's global sites, and preparedness should an outbreak occur, remain priorities.
 
Consolidated Financial and Operational Highlights
 
 
 
3 months ended March 31,
 
 
 
2021
 
 
2020
 
Revenue
 $224.6 
 $204.7 
Gold revenue
 $195.7 
 $183.7 
Gold produced (oz)
  111,742 
  115,950 
Gold sold (oz)
  113,594 
  116,219 
Average realized gold price ($/oz sold) (4)
 $1,723 
 $1,580 
Cash operating costs ($/oz sold) (1,4)
  641 
  627 
Total cash costs ($/oz sold) (1,4)
  687 
  678 
All-in sustaining costs ($/oz sold) (1,4)
  986 
  952 
Net earnings (loss) for the period (2)
  8.3 
  (4.9)
Net earnings (loss) earnings per share – basic ($/share) (2)
  0.05 
  (0.03)
Adjusted net earnings (loss) (2,3,4)
  21.0 
  12.5 
Adjusted net earnings (loss) per share ($/share) (2,3,4)
  0.12 
  0.08 
Cash flow from operating activities before changes in working capital (4)
  78.7 
  69.4 
Free cash flow (4)
  24.6 
  7.2 
Cash, cash equivalents and term deposits
 $533.8 
 $363.6 
 
(1)
By-product revenues are off-set against cash operating costs.
(2)
Attributable to shareholders of the Company.
(3)
See reconciliation of net earnings (loss) to adjusted net earnings (loss) in the MD&A section 'Non-IFRS Measures'.
(4)
These measures are non-IFRS measures. See the MD&A section 'Non-IFRS Measures' for explanations and discussion of these non-IFRS measures.
 
 
-2-
 
 
 
Total revenue was $224.6 million in Q1 2021, an increase of 10% from total revenue of $204.7 million in Q1 2020. The increase was primarily due to higher average realized gold prices.
 
Cash operating costs in Q1 2021 averaged $641 per ounce sold, an increase from $627 per ounce sold in Q1 2020. The increase was primarily due to cash operating costs per ounce sold at Kisladag being negatively impacted by mining and processing lower-grade ore in the quarter, resulting in fewer ounces produced. Cash operating costs per ounce sold at Lamaque were also negatively impacted by lower average grades, combined with strengthening of the Canadian dollar in the quarter as compared to Q1 2020. These increases were partially offset by reductions in cash operating costs per ounce sold at Kisladag and Efemcukuru in Q1 2021 as a result of the weakening of the Turkish Lira from Q1 2020 and a change in the structure of concentrate contracts whereby lower payable ounces are offset by the elimination of treatment charges and other deductions.
 
Total cash costs per ounce sold and AISC per ounce sold both benefited in Q1 2021 from a recent announcement in Turkey whereby the incremental 25% increase to gold royalty rates originally announced on September 4, 2020 was amended to be effective from the announcement date only, and is no longer retroactive to January 1, 2020. As a result of this announcement, $4.5 million of accrued royalty expense was reversed in Q1 2021.
 
We reported net earnings attributable to shareholders of $8.3 million ($0.05 earnings per share) in Q1 2021, compared to a net loss of $4.9 million ($0.03 loss per share) in Q1 2020. Higher net income in Q1 2021 is primarily attributable to higher average realized gold prices, lower finance costs and a higher gain on foreign exchange.
 
Adjusted net earnings were $21.0 million ($0.12 per share) in Q1 2021, compared to adjusted net earnings of $12.5 million ($0.08 earnings per share) in Q1 2020. Higher adjusted net earnings in Q1 2021 removed a $12.0 million loss on foreign exchange due to translation of deferred tax balances and a $0.7 million loss on the non-cash revaluation of the derivative related to redemption options in our debt.
 
 
-3-
 
 
 
Operations Update
 
Gold Operations
 
 
 
3 months ended March 31,
 
 
 
2021
 
 
2020
 
Total
 
 
 
 
 
 
Ounces produced
  111,742 
  115,950 
Ounces sold
  113,594 
  116,219 
Cash operating costs ($/oz sold) (1,2)
 $641 
 $627 
All-in sustaining costs ($/oz sold) (1,2)
 $986 
 $952 
Sustaining capital expenditures (2)
 $20.5 
 $19.4 
Kisladag
    
    
Ounces produced
  46,172 
  50,176 
Ounces sold
  47,507 
  51,600 
Cash operating costs ($/oz sold) (1,2)
 $492 
 $451 
All-in sustaining costs ($/oz sold) (1,2)
 $607 
 $578 
Sustaining capital expenditures (2)
 $2.8 
 $3.0 
Lamaque
    
    
Ounces produced
  28,835 
  27,353 
Ounces sold
  29,078 
  26,728 
Cash operating costs ($/oz sold) (1,2)
 $759 
 $641 
All-in sustaining costs ($/oz sold) (1,2)
 $1,162 
 $1,042 
Sustaining capital expenditures (2)
 $9.3 
 $8.3 
Efemcukuru
    
    
Ounces produced
  23,298 
  23,239 
Ounces sold
  24,130 
  23,221 
Cash operating costs ($/oz sold) (1,2)
 $525 
 $642 
All-in sustaining costs ($/oz sold) (1,2)
 $693 
 $864 
Sustaining capital expenditures (2)
 $2.6 
 $3.1 
Olympias
    
    
Ounces produced
  13,437 
  15,182 
Ounces sold
  12,879 
  14,670 
Cash operating costs ($/oz sold) (1,2)
 $1,145 
 $1,196 
All-in sustaining costs ($/oz sold) (1,2)
 $1,799 
 $1,646 
Sustaining capital expenditures (2)
 $5.8 
 $5.0 
 
(1)
By-product revenues are off-set against cash operating costs.
(2)
These measures are non-IFRS measures. See the MD&A section 'Non-IFRS Measures' for explanations and discussion of these non-IFRS measures.
 
Gold production of 111,742 ounces decreased from 115,950 ounces in the first quarter of 2020. Gold sales in Q1 2021 totalled 113,594 ounces, a slight decrease of 2% from 116,219 ounces in Q1 2020. The slightly lower sales volume compared to the prior year primarily reflected decreases in production at Kisladag and Olympias.
 
 
-4-
 
 
 
For further information on the Company's operating results for the first quarter of 2021, please see the Company’s Management’s Discussion and Analysis filed on SEDAR at www.sedar.com under the Company’s profile.
 
Non-IFRS Measures
 
Certain non-IFRS measures are included in this report, including average realized gold price per ounce sold, 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, adjusted net earnings/(loss), adjusted net earnings/(loss) per share, working capital, cash flow from operations before changes in non-cash working capital, earnings before interest, taxes and depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes and depreciation and amortization ("Adjusted EBITDA"), free cash flow and sustaining capital. Please see the March 31, 2021 MD&A for explanations and discussion of these non-IFRS measures. The Company believes that these measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures 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 measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
 
Cautionary Note about Forward-looking Statements and Information
 
Certain of the statements made and information provided in this report 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 "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
 
Forward-looking statements or information contained in this report include, but are not limited to, statements or information with respect to: the Company’s 2021 annual guidance, benefits of the Agreement; the impact of COVID on operations; the benefits of using dry stack tailings; the advancement of technical work and receipt of approvals at Skouries; our expectation as to our future financial and operating performance, including expectations around generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade and quality; gold price outlook and the global concentrate market; risk factors affecting our business; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines; and schedules and results of litigation and arbitration proceedings.
 
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
 
We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our guidance, timing of construction; benefits of improvements; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this report.
 
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
 
 
-5-
 
 
 
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance, the benefits of using dry stack tailings; the advancement of technical work and receipt of approvals at Skouries; global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this report, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
 
The inclusion of 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.
 
Financial Information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and is not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR and EDGAR under our Company name. The reader is directed to carefully review such document for a full understanding of the financial information summarized herein.
 
Except as otherwise noted, scientific and technical information contained in this report was reviewed and approved by Simon Hille, FAusIMM, Vice President, Technical Services, and a "qualified person" under NI 43-101.
 
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.
 
 
-6-
 
Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position
As at March 31, 2021 and December 31, 2020
(Unaudited – in thousands of U.S. dollars)
 
As at
 
Note
 
 
March 31,
2021
 
 
December 31,
2020
 
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 $530,903 
 $451,962 
Term deposits
 
 
 
  2,904 
  59,034 
Accounts receivable and other
    4 
  69,186 
  73,216 
Inventories
    5 
  170,523 
  176,271 
Current portion of employee benefit plan assets
       
  5,816 
  5,749 
 
       
  779,332 
  766,232 
Restricted cash
       
  2,170 
  2,097 
Other assets
       
  29,998 
  39,562 
Property, plant and equipment
       
  4,004,550 
  3,998,493 
Goodwill
       
  92,591 
  92,591 
 
       
 $4,908,641 
 $4,898,975 
LIABILITIES & EQUITY
       
    
    
Current liabilities
       
    
    
Accounts payable and accrued liabilities
       
 $172,877 
 $179,372 
Current portion of lease liabilities
       
  11,412 
  11,297 
Current portion of debt
    6 
  55,567 
  66,667 
Current portion of asset retirement obligations
       
  4,701 
  4,701 
 
       
  244,557 
  262,037 
Debt
    6 
  435,966 
  434,465 
Lease liabilities
       
  13,956 
  14,659 
Employee benefit plan obligations
       
  21,364 
  21,974 
Asset retirement obligations
       
  106,692 
  106,677 
Deferred income tax liabilities
       
  405,215 
  402,713 
 
       
  1,227,750 
  1,242,525 
Equity
       
    
    
Share capital
    10 
  3,157,117 
  3,144,644 
Treasury stock
       
  (10,879)
  (11,452)
Contributed surplus
       
  2,639,067 
  2,638,008 
Accumulated other comprehensive loss
       
  (30,456)
  (30,297)
Deficit
       
  (2,117,060)
  (2,125,326)
Total equity attributable to shareholders of the Company
       
  3,637,789 
  3,615,577 
Attributable to non-controlling interests
       
  43,102 
  40,873 
 
       
  3,680,891 
  3,656,450 
 
       
 $4,908,641 
 $4,898,975 
Subsequent events (Note 17)
 
Approved on behalf of the Board of Directors
 
(Signed) John Webster               
Director      
(Signed) George Burns                
Director
 
Date of approval:  April 29, 2021
 
Please see the Condensed Consolidated Interim Financial Statements dated March 31, 2021 for notes to the accounts.
 
-7-
 
Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Loss
For the three months ended March 31, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)
 
 
 
 
Note
 
 
Three months ended March 31, 2021
 
 
Three months ended March 31, 2020
 
Revenue
 
 
 
 
 
 
 
 
 
  Metal sales
    7 
 $224,619 
 $204,655 
 
       
    
    
Cost of sales
       
    
    
  Production costs
       
  108,560 
  101,362 
  Depreciation and amortization
       
  56,309 
  52,363 
 
       
  164,869 
  153,725 
 
       
    
    
Earnings from mine operations
       
  59,750 
  50,930 
 
       
    
    
Exploration and evaluation expenses
       
  4,061 
  3,227 
Mine standby costs
    8 
  1,627 
  4,030 
General and administrative expenses
       
  10,145 
  8,287 
Employee benefit plan expense
       
  749 
  691 
Share-based payments expense
    11 
  1,781 
  1,795 
Write-down (recovery) of assets
       
  (750)
  203 
Foreign exchange gain
       
  (5,943)
  (762)
Earnings from operations
       
  48,080 
  33,459 
 
       
    
    
Other income (loss)
    9 
  678 
  (1,320)
Finance costs
    9 
  (10,338)
  (16,207)
Earnings before income tax
       
  38,420 
  15,932 
 
       
    
    
Income tax expense
       
  28,249 
  21,405 
Net earnings (loss) for the period
       
 $10,171 
 $(5,473)
 
       
    
    
Attributable to:
       
    
    
Shareholders of the Company
       
  8,266 
  (4,880)
Non-controlling interests
       
  1,905 
  (593)
Net earnings (loss) for the period
       
 $10,171 
 $(5,473)
 
       
    
    
Weighted average number of shares outstanding (thousands)
       
    
    
Basic
       
  174,534 
  165,211 
Diluted
       
  177,234 
  165,211 
 
       
    
    
Net earnings (loss) per share attributable to shareholders of the Company:
    
    
    
Basic earnings (loss) per share
    
 $0.05 
 $(0.03)
Diluted earnings (loss) per share
    
 $0.05 
 $(0.03)
 
Please see the Condensed Consolidated Interim Financial Statements dated March 31, 2021 for notes to the accounts. 
 
-8-
 
Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Loss
For the three months ended March 31, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)
 
 
 
 
Three months ended March 31, 2021
 
 
Three months ended March 31, 2020
 
 
 
 
 
 
 
 
Net earnings (loss) for the period
 $10,171 
 $(5,473)
Other comprehensive loss:
    
    
Items that will not be reclassified to earnings or loss:
    
    
Change in fair value of investments in equity securities, net of tax
  (125)
  (868)
Actuarial losses on employee benefit plans, net of tax
  (34)
  (228)
Total other comprehensive loss for the period
  (159)
  (1,096)
Total comprehensive income (loss) for the period
 $10,012 
 $(6,569)
 
    
    
Attributable to:
    
    
Shareholders of the Company
  8,107 
  (5,976)
Non-controlling interests
  1,905 
  (593)
 
 $10,012 
 $(6,569)
 
Please see the Condensed Consolidated Interim Financial Statements dated March 31, 2021 for notes to the accounts. 
 
-9-
 
Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended March 31, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)
 
 
 
 
Note
 
 
Three months ended March 31, 2021
 
 
Three months ended March 31, 2020
 
Cash flows generated from (used in):
 
 
 
 
 
 
 
 
 
Operating activities
 
 
 
 
 
 
 
 
 
Net earnings (loss) for the period
 
 
 
 $10,171 
 $(5,473)
Items not affecting cash:
 
 
 
    
    
Depreciation and amortization
 
 
 
  56,887 
  52,927 
Finance costs
 
 
 
  10,338 
  16,224 
Interest income
 
 
 
  (302)
  (389)
Unrealized foreign exchange gain
 
 
 
  (2,364)
  (2,538)
Income tax expense
 
 
 
  28,249 
  21,405 
Write-down (recovery) of assets
 
 
 
  (750)
  203 
Loss on disposal of assets
 
 
 
  945 
  2,454 
Share-based payments expense
    11 
  1,781 
  1,795 
Employee benefit plan expense
       
  749 
  691 
 
       
  105,704 
  87,299 
Property reclamation payments
       
  (335)
  (526)
Employee benefit plan payments
       
  (232)
  (236)
Income taxes paid
       
  (24,496)
  (14,719)
Interest paid
       
  (2,205)
  (2,770)
Interest received
       
  302 
  389 
Changes in non-cash working capital
    12 
  12,132 
  (16,170)
Net cash generated from operating activities
       
  90,870 
  53,267 
 
       
    
    
Investing activities
       
    
    
Purchase of property, plant and equipment
       
  (64,856)
  (40,482)
Proceeds from the sale of property, plant and equipment
       
  1,150 
  22 
Value added taxes related to mineral property expenditures, net
       
  (2,568)
  (5,651)
Decrease (increase) in term deposits
       
  56,130 
  (51,525)
Decrease (increase) in restricted cash
       
  (73)
  1,174 
Net cash used in investing activities
       
  (10,217)
  (96,462)
 
       
    
    
Financing activities
       
    
    
Issuance of common shares for cash, net of issuance costs
       
  11,834 
  26,836 
Contributions from non-controlling interests
       
  324 
  — 
Proceeds from borrowings
       
  — 
  150,000 
Repayments of borrowings
       
  (11,100)
  — 
Principal portion of lease liabilities
       
  (2,770)
  (2,534)
Net cash generated from (used in) financing activities
       
  (1,712)
  174,302 
 
       
    
    
Net increase in cash and cash equivalents
       
  78,941 
  131,107 
Cash and cash equivalents - beginning of period
       
  451,962 
  177,742 
Cash decrease in disposal group held for sale
       
  — 
  (69)
Cash and cash equivalents - end of period
       
 $530,903 
 $308,780 
 
 Please see the Condensed Consolidated Interim Financial Statements dated March 31, 2021 for notes to the accounts.
 
-10-
 
Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity
For the three months ended March 31, 2021 and 2020
(Unaudited – in thousands of U.S. dollars)
 
 
 
 
Note
 
 
Three months ended March 31, 2021
 
 
Three months ended March 31, 2020
 
Share capital
 
 
 
 
 
 
 
 
 
Balance beginning of period
 
 
 
 $3,144,644 
 $3,054,563 
Shares issued upon exercise of share options, for cash
 
 
 
  717 
  424 
Transfer of contributed surplus on exercise of options
 
 
 
  285 
  170 
Shares issued to the public, net of share issuance costs
 
 
 
  11,471 
  19,943 
Balance end of period
    10 
 $3,157,117 
 $3,075,100 
 
       
    
    
Treasury stock
       
    
    
Balance beginning of period
       
 $(11,452)
 $(8,662)
Shares redeemed upon exercise of restricted share units
       
  573 
  348 
Balance end of period
       
 $(10,879)
 $(8,314)
 
       
    
    
Contributed surplus
       
    
    
Balance beginning of period
       
 $2,638,008 
 $2,627,441 
Share-based payments arrangements
       
  1,917 
  1,897 
Shares redeemed upon exercise of restricted share units
       
  (573)
  (348)
  Transfers to share capital on exercise of options
       
  (285)
  (170)
Balance end of period
       
 $2,639,067 
 $2,628,820 
 
       
    
    
Accumulated other comprehensive loss
       
    
    
Balance beginning of period
       
 $(30,297)
 $(28,966)
Other comprehensive loss for the period
       
  (159)
  (1,096)
Balance end of period
       
 $(30,456)
 $(30,062)
 
       
    
    
Deficit
       
    
    
Balance beginning of period
       
 $(2,125,326)
 $(2,229,867)
Earnings (loss) attributable to shareholders of the Company
       
  8,266 
  (4,880)
Balance end of period
       
 $(2,117,060)
 $(2,234,747)
Total equity attributable to shareholders of the Company
       
 $3,637,789 
 $3,430,797 
 
       
    
    
Non-controlling interests
       
    
    
Balance beginning of period
       
 $40,873 
 $59,304 
Earnings (loss) attributable to non-controlling interests
       
  1,905 
  (593)
Contributions from non-controlling interests
       
  324 
  — 
Balance end of period
       
 $43,102 
 $58,711 
Total equity
       
 $3,680,891 
 $3,489,508 
 
 Please see the Condensed Consolidated Interim Financial Statements dated March 31, 2021 for notes to the accounts.
 
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Item 6.
Reliance on 7.1(2) of National Instrument 51-102
 
Not applicable.
 
Item 7.
Omitted Information
 
Not applicable.
 
Item 8.
Executive Officer
 
Name of Executive Officer:          
Tim Garvin
 
Executive Vice President and General Counsel
Telephone number:       
(604) 601 6692
 
Item 9.
Date of Report
 
May 7, 2021
 
 
 
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