Eldorado Gold (EGO) 40-F2021 FY Annual report (Canada)

Throughout this annual information form (AIF), references to “we”, “us”, “our”, “Eldorado” and the “Company” mean Eldorado Gold Corporation and its subsidiaries. References to “Eldorado Gold” mean Eldorado Gold Corporation only. References to “this year” means 2021.

All dollar amounts are in United States dollars unless stated otherwise.

Except as otherwise noted, the information in this AIF is as of December 31, 2021. We prepare the financial statements referred to in this AIF in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, and file the AIF with appropriate regulatory authorities in Canada and the United States. Information on our website is not part of this AIF, or incorporated by reference. Filings on SEDAR are also not part of this AIF or incorporated by reference, except as specifically stated. For greater certainty, Eldorado’s Climate Change & GHG Emissions Report, as well as each of the Kışladağ Technical Report, Efemçukuru Technical Report, Olympias Technical Report, Skouries Technical Report and Lamaque Technical Report are expressly excluded from incorporation by reference herein.

Eldorado Gold Corporation

Corporate Secretary

Vancouver, British Columbia, V6C 2B5

Certain of the statements made and information provided in this AIF 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 "believes", "continue", "estimates", "expected", "expects", “forecast”, “foresee”, "future", “goal”, "guidance", "intends", "opportunity", “outlook”, "plans", “project”, "scheduled", "strive", or "target" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "can", "could", "may", "might", "will" or "would" be taken, occur or be achieved.

Forward-looking statements or information contained in this AIF include, but are not limited to, statements or information with respect to:

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 Kışladağ; 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 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 AIF.

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 complete expansion and optimization at Kışladağ 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 “Risk factors in our business” below.

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.

There are differences between the standards and terms used for reporting mineral reserves and resources in Canada, and in the United States pursuant to the United States Securities and Exchange Commission’s (the “SEC”). The terms mineral resource, measured mineral resource, indicated mineral resource and inferred mineral resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council, and must be disclosed according to Canadian securities regulations.

These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this AIF with respect to mineral deposits may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.

Except as otherwise noted, Simon Hille, FAusIMM, our Vice President, Technical Services, is the “Qualified Person” under NI 43-101 responsible for preparing or supervising the preparation of, or approving the scientific or technical information contained in this AIF for all our properties.

Eldorado Gold owns and operates mines around the world, primarily gold mines, but also a silver-lead-zinc mine. Its activities involve all facets of the mining industry, including exploration, acquisition, financing, development, production, sale of mineral products, and reclamation. Our business is currently focused in Turkey, Canada and Greece and has other properties in Romania. Eldorado Gold is governed by the Canada Business Corporations Act (CBCA) and is headquartered in Vancouver, British Columbia.

Each operation has a general manager and operates as a decentralized business unit within the Company. We manage exploration, merger and acquisition strategies, corporate financing, global tax planning, consolidated financial reporting, regulatory compliance, commodity price and currency risk management programs, investor relations, engineering for capital projects and general corporate matters centrally, at our head office in Vancouver. Our risk management program is developed by senior management and monitored by the board of directors (the “Board of Directors” or “Board”).

Kişladağ, Efemçukuru, Lamaque, Olympias and Skouries are material properties for the purposes of NI 43-101. The term Kassandra Mines is used throughout this AIF to reference the Stratoni and Olympias mines and Skouries project. The Stratoni mine consists of two deposits: Mavres Petres and Madem Lakkos, which was mined out previously. 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. We have been undertaking in Greece a significant transformation process to improve the performance of the Kassandra mines. The Lamaque operations consists of one active mine, the Triangle mine.

In January 2019 the Company announced the decision to resume mining, crushing, stacking and heap leaching at Kışladağ. Testwork to extract maximum value from ore already placed on the heap leach pad and the remaining reserves was ongoing throughout 2018. Late in 2018, results from this testwork showed recoveries of approximately 58% from an extended leach cycle approaching 250 days (compared to approximately 40% recoveries from the original 90 day column tests). The Company analyzed the new data and developed revised heap leaching plans, which showed significantly improved economics for the heap leaching scenario.

On March 31, 2019, the Company announced that it had achieved commercial production at Lamaque.

In September 2019 the Company announced receipt of electromechanical installation permits for its Skouries project and an installation permit for its Olympias mine from the Greek Ministry of Energy and Environment, and that the Company was working with the Greek Government to achieve the necessary conditions required to restart full construction at the Skouries project, including a stable regulatory framework that provide appropriate foreign direct investor protection and dispute resolution and addresses regulatory approval for subsequent permits and technical studies.

In August of 2019, Eldorado filed a base shelf prospectus and in September of 2019 established an At-the-Market (“ATM”) equity program. The ATM program allowed the Company to issue up to $ 125 M worth of common shares from treasury (“Common Shares”) to the public from time to time at prevailing market prices through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace on which the Common Shares are listed, quoted or otherwise trade. In June 2020, Eldorado reached the maximum amount of issued Common Shares allowable under the ATM program.

On October 31, 2019, the Company announced that an extension of mine life at Kışladağ was supported by test results and that waste stripping to support this mine life extension had commenced. Test results confirmed that recoveries from leaching deeper material over 250 day cycles supported an extension of mine life beyond the Company's guidance. The Company updated long term guidance at Kışladağ based on the results of this testwork in Q1 2020.

In December 2019, after almost 15 years with the Company, Paul Skayman, EVP and COO announced his retirement. Joe Dick joined the Company as EVP and COO. Mr. Skayman continued with Eldorado as Special Advisor to the COO to assist with the transition until December 2021.

In January 2020, the Company announced the discovery of the new high grade gold Ormaque zone at its wholly owned Lamaque operations. This discovery, now called the Ormaque deposit, is located in a previously drilled area approximately midway between the historically mined Sigma deposit and the actively mined Triangle deposit, in close proximity to the transportation decline in construction linking the Triangle mine and the Sigma Mill.

In February 2020, the Company announced a 15-year mine life at Kışladağ based on the completed long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll (“HPGR”) circuit. Results of the testwork indicate that increased leach time at Kışladağ, in conjunction with HPGR, increases

heap leach life of mine recovery to approximately 56% and extends mine life through 2034. A new mineral reserve was developed for Kışladağ in connection therewith. The Company believes there is potential for further increases in recovery with optimization of the HPGR circuit, which could lead to higher gold production.

As a result of the decision to not advance with construction of a mill, an impairment reversal of $ 100.5 M was recognized as at December 31, 2019 relating to the 2018 impairment of the Kışladağ leach pad and related plant and equipment. An additional impairment charge of $ 15.3 M was also recorded as at December 31, 2019 relating to capitalized costs of the mill construction project.

In March 2020, in accordance with the Québec provincial government-mandated restrictions to address the COVID-19 situation in the province, the Company announced that it would temporarily minimize operations at Lamaque. Between March 25, 2020 and April 14, 2020, all operational activity was ramped down and only essential personnel responsible for maintaining appropriate health, safety, security and environmental systems remained on site.

In March 2020 the Company received a Certificate of Authorization from the Québec Ministry of Environment to allow for the expansion of underground production from the Triangle deposit at Lamaque from 1,800 tonnes per day (“tpd”) to 2,650 tpd.

In March 2020 the Company drew $ 150 M under its revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. The Company had no immediate need for the funds, however proceeds could be used for general corporate purposes, as required.

In April 2020, Mr.Geoff Handley did not stand for re-election to the Board at the Company’s 2020 AGM. Ms. Catharine Farrow joined the Board effective April 30, 2020.

In June 2020 the Company announced that it commenced construction of a three kilometer decline from the Sigma mill to the 405 metre level of the Triangle mine. Benefits to the decline include:

In June 2020, the Company announced several developments in Greece, including:

In August 2020, the Company redeemed $ 58.6 M aggregate principal amount of its senior secured notes.

In September 2020, the Company announced that Dr. Michael Price would be stepping down from the Company’s Board effective September 30, 2020. Judith Mosely joined the Board effective September 1, 2020.

In September 2020, the Company completed the sale of its Vila Nova mine in Brazil for total consideration of $ 10.0 M.

In October 2020, Lisa Ower, VP, Human Resource was promoted to EVP, People and External Affairs.

In November 2020, the Company provided an update on its exploration programs, including:

In December 2020, the Company redeemed $ 7.5 M aggregate principal amount of its senior secured notes.

In January 2021, the Company entered into a definitive arrangement agreement with QMX to acquire the remaining outstanding shares of QMX. The acquisition closed on April 7, 2021 for share consideration of CDN $ 81 M ($ 64 M), and cash consideration of CDN $ 28 M ($ 22 M).

In January 2021, Eldorado launched its internal Sustainability Integrated Management System (“SIMS”), which provides minimum standards for health, safety, environmental, social and security performance across Eldorado’s sites. SIMS is aligned with leading international standards include the Responsible Gold Mining Principles, Towards Sustainable Mining (“TSM”), The International Cyanide Management Code and the Voluntary Principles on Security and Human Rights.

In January 2021, Mr. Steven Reid was appointed as Chair of the Board, replacing Mr. George Albino, who remained on the Board as a Director.

In February 2021, the Company announced its wholly-owned subsidiary, Hellas Gold entered into an amended investment agreement (the “Investment Agreement”) with the Hellenic Republic to govern the further development, construction and operation of the Skouries, Olympias and Stratoni mines and facilities in northern Greece

(collectively the “Kassandra Mines”). The Investment Agreement amends the 2003 transfer agreement between Hellas Gold and the Hellenic Republic (the “Transfer Agreement”), and provides a modernised legal and financial framework to allow for the advancement of Eldorado’s investment in the Kassandra Mines. The Investment Agreement was subsequently ratified by the Hellenic Republic and the amendments to the Transfer Agreement became legally effective on March 23, 2021. For more information on the Investment Agreement, please refer to page 66

In February 2021, the Company announced a maiden resource estimate for the recently-discovered Ormaque deposit near its Lamaque operations in Québec. Inferred mineral resources for Ormaque are 2.6 M tonnes at a grade of 9.5 grams per tonne gold, for 803,000 ounces of contained gold.

In April 2021, the Greek Ministry of Energy and Environment has 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. Dry stack technology involves filtering tailings to remove water prior to stacking and compacting the dry material in a designated tailings area.

In July 2021, the Company acquired 15,041,746 common shares of Probe Metals Inc. (“Probe”) at a price of $ 1.575 per share for an aggregate purchase price of CDN $ 24 M ($ 19 M). Immediately following the acquisition, Eldorado owned 11.5% of the outstanding shares of Probe. The shares were acquired pursuant to a private transaction.

In August 2021, the Company completed an offering of $ 500 M aggregate principal amount of 6.25% senior notes due 2029 (the “Notes”). Eldorado used the net proceeds from the sale of the Notes to redeem its outstanding $ 234 M 9.5% Senior Secured Notes (as defined below) due 2024 effective September 9, 2021, to repay all amounts outstanding under its existing term loan facility, to repay all amounts outstanding under its existing revolving credit facility, to pay fees and expenses in connection with the foregoing, and will use the remaining net proceeds for general corporate purposes. Further details on the Notes are provided in the “Corporate – Financing Activities” section below.

In September 2021, the Company provided an update on its exploration programs including:

In October 2021, the Company executed an amended and restated senior secured credit facility (the “Fourth ARCA”). The Fourth ARCA consists of a $ 250 M revolving senior secured credit facility with an option to increase the available credit by $ 100 M through an accordion feature, as well as a letter of credit facility. The Fourth ARCA amends and replaces the May 2019 $ 450 M senior secured credit facility. Further details on the Fourth ARCA are provided in the “Corporate – Financing Activities” section below.

On October 15, 2021, the Company 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.

On October 27, 2021, the Company completed a sale of the Tocantinzinho Project, a non-core gold asset in Brazil. Eldorado received $ 20 M 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.

In December 2021, the Company 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 M 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 Internal rate of return (“IRR”) of 19% and an after-tax net present value (“NPV”) (5%) of $ 1.3 B.

In December 2021, the Company announced the successful completion of the Triangle-Sigma decline project at Lamaque. The completion of the growth project, connecting the ore transportation ramp between the Triangle mine and the Sigma processing plant, was on schedule and on budget.

In December 2021, the Company announced completion of the commissioning of the High Pressure Grinding Roll Circuit (“HPGR”) at Kışladağ. The circuit, a key growth project, is expected to increase recovery by approximately 4% to 56%.

In December 2021, the Company updated its Reserve and Resource statement. The Company’s Proven and Probable gold Reserves totalled 15.3 M ounces as of September 30, 2021, compared to 17.7 M ounces as of December 31, 2020, a decrease of 14%.

In January 2022, the Company announced the appointment of Ms. Carissa Browning to the Board of Directors,

In February 2022, the Company published its inaugural Climate Change and Greenhouse Gas Emissions (“GHG”) Report, outlining a target of mitigating GHG emissions by 30% from 2020 levels, by 2030 on a ‘business as usual’ basis; equal to approximately 65,000 tonnes of carbon dioxide equivalent. To achieve this target, the Company is focused on pursuing decarbonization through four key pathways.

On February 24, 2022, the Company 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:

On June 5, 2019, the Company completed an offering of $ 300 M senior secured second lien notes (“Senior Secured Notes”) at 98% of par value, with a coupon rate of 9.5% due June 1, 2024. Net proceeds from the Senior Secured Notes were used to redeem, in part the Company's $ 600 M 6.125% notes due December 2020.

On August 26, 2021, the Company completed an offering of $ 500 M senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (“Senior Notes”). Net proceeds from the Notes were used in part to redeem the outstanding Senior Secured Notes and to repay all outstanding amounts under the existing secured term loan and revolving credit facility.

In May 2019, the Company executed a $ 450 M amended and restated senior secured credit facility (the “third amended and restated credit agreement” or “TARCA”) which consisted of a $ 200 M non-revolving term loan and a $ 250 M revolving credit facility. 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.

On March 30, 2020, the Company drew $ 150 M under the revolving credit facility as a proactive measure in light of the continued uncertainty surrounding the COVID-19 pandemic. The Company repaid $ 50 M of the revolving credit facility draw in June 2021. The remaining amount owing under the revolving credit facility was repaid in August 2021, using a portion of the proceeds from the offering of the Notes.

On October 15, 2021, the Company replaced the TARCA and executed a $ 250 M 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 M through an accordion feature, and with a maturity date of October 15, 2025. As of March 31, 2022, the Fourth ARCA remains undrawn.

For more information on our senior notes and Fourth ARCA, please refer to page 167.

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 $ 17.6 M ($ 13.9 M). 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.

Eldorado is a global gold and base metals producer. We believe our international expertise in exploration, mining, finance and project development places us in a strong position to grow in value and deliver returns for our stakeholders as we create and pursue new opportunities.

Eldorado’s 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 the Company’s in-country teams and stakeholder relationships. The Company has a highly skilled and dedicated workforce of over 4,600 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, Eldorado strives to deliver value for all its stakeholders.

From time to time, we may evaluate and re-align our business objectives, including considering suspension or delay of projects or disposition of assets.

We are committed to the following four strategic priorities:

Gold is used mainly for product fabrication and investment. It is traded on international markets. The London AM Fix price for gold on December 31, 2021 was $ 1,820.10 per ounce.

All of our revenues from gold sales are denominated in US dollars, while the majority of our operating costs are denominated in the local currencies of the countries in which we operate. We monitor the economic environment, including foreign exchange rates, in these countries on an ongoing basis.

The table below shows our foreign exchange gains recorded in the last three financial years:

We monitor and consider the selective use of a variety of hedging techniques to mitigate the impact of downturns in the various metals and currency markets.

As of the date of this AIF, we do not have any gold or currency hedges. We continue to review the markets and prices for the metals that we produce along with the key consumables (electricity and diesel) and would selectively consider hedges at an appropriate time.

Below we describe each stage of the mining life cycle and the role of our dedicated teams at each phase.

Costs are calculated using the standard developed by the Gold Institute, a worldwide association of suppliers of gold and gold products including leading North American gold producers. The Gold Institute stopped operating in 2002, but its standard is still widely used in North America to report cash costs of production. Adoption of the standard is voluntary, so you may not be able to compare the costs reported here to those reported by other companies.

Cash operating costs and cash operating cost 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. The Company calculates costs according to the Gold Institute Production Cost Standard. 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. The Company discloses cash operating costs and cash operating cost per ounce sold as it believes these 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.

Total cash costs, a non-IFRS financial measure, is defined as the sum of cash operating costs (as defined above), royalties and production taxes. Total cash costs per ounce sold is calculated by dividing total cash costs by volume of gold ounces sold. The Company discloses total cash costs and total cash costs per ounce sold as it believes these 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.

AISC and AISC per ounce sold are non-IFRS financial measures and ratios. These measures 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, the Company’s definition conforms to the definition of AISC set out by the World Gold Council and the updated guidance note dated November 14, 2018. The Company defines 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.

The Company believes that this measure represents the total costs of producing gold from current operations and provides the Company and other stakeholders of the Company with additional information on the Company’s operational performance and ability to generate cash flows.

Free cash flow is a non-IFRS financial measure. The Company believes it is a useful indicator of its ability to operate without reliance on additional borrowing or usage of existing cash. The Company defines free cash flow as cash generated by (used in) operating activities, less cash used in investing activities before increases or decreases in cash from term deposits or restricted cash. Changes in cash balances relating to term deposits or restricted cash are not considered to be representative of the Company’s ability to generate cash.

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 the Company’s liquidity.

Sustaining and growth capital are non-IFRS financial measures. The Company defines 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. The Company 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.

Eldorado focuses on contributing to the sustainable development of the communities and regions we work in by mitigating our environmental impacts, investing in local communities, engaging with our stakeholders and by focusing health and safety of our workforce and local communities. We implement industry-leading environmental practices such as dry-stack tailings, and invest in infrastructure, education and healthcare to create a positive lasting legacy everywhere we operate.

Our strong governance systems, including policies, frameworks and transparent disclosure practices underpin our environmental, social and governance (“ESG”) efforts. The Board of Directors works to utilize the diverse perspectives and experiences of directors in its oversight of Eldorado’s business and sustainability activities, and has increased its focus on integrating sustainability performance into governance models and compensation. Strong corporate governance and a commitment to transparency are the core of our business. Eldorado’s Sustainability Committee and Corporate Governance and Nominating Committee of the Board of Directors are responsible for overseeing Eldorado’s ESG activities.

In 2020, Eldorado developed a Sustainability Integrated Management System (“SIMS”), which is a global framework that outlines a common set of standards by which we will operate. SIMS was founded on, formed and fostered through our values of integrity, collaboration, drive, agility and courage. SIMS was developed with collaboration from across the organization and began implementation in 2021.

In 2021, Eldorado launched SIMS globally and conducted on-site assessments with corporate and site teams to evaluate alignment with SIMS standards and develop corrective action plans. SIMS Self-assessments were conducted at each operating site, and included participation from site management teams, corporate management and subject matter experts.

In 2021, Eldorado launched its Sustainability Framework, which articulates Eldorado sustainability-related commitments. The framework is comprised of 4 pillars, including: Safe, Inclusive and Innovative Operations; Engaged and Prosperous Communities; Responsibly Produced Products; and Healthy Environment Now and for The Future.

Eldorado also developed a Climate Change Strategy and continued the development and implementation of an Energy and Carbon Management System to strengthen governance, management, targets and processes related to climate change mitigation and adaptation. Eldorado conducted climate change scenario risk assessments for operating sites. Information was disclosed via Eldorado’s Climate Change and GHG Emissions Report on February 9, 2022.

Other highlights from 2021 include:

Eldorado Gold also has a Sustainability Committee comprising selected members of the Board of Directors. Their task is to oversee and monitor the environmental, health, safety, community relations, security, human rights and other sustainability policies, practices, programs and performance of the Company. The Sustainability Committee is also responsible for overseeing matters related to climate change. The whole Board is aligned with management in ensuring our workplaces are safe, secure and our people are healthy.

Our organizational culture is what produces our results. For that reason, we ground our culture building efforts in our core values: collaboration, integrity, agility, drive and courage. A tone at the top is critical to shifting our culture forward in a positive, inclusive fashion. Inclusion shows up centrally in our sustainability vision because it is deemed critical to our long-term success. Our Board of Directors and senior management set the tone for a culture of inclusion, inviting diverse people and perspectives to the table. This is evidenced in our Board and Senior Management Diversity Policy, reflecting ongoing dialogues and societal progress on the topics of diversity, equity and inclusion. We recognize diversity includes both cognitive and identity-based diversity. The policy now includes refreshed aspirational targets around representation across designated groups, including women, Indigenous peoples, visible minorities, persons with disabilities and the LGBTQIA2S+ community.

Deeper in the organization, we take the approach of listening and activating regional-specific plans to include diverse people and voices in decision making. Companies who fail to create a strong sense of inclusion will miss out on the diverse voices necessary for innovation, safety and improved results. Given the multi-local nature of our business, a one-size-fits-all approach to inclusive diversity won’t suffice. We have three core beliefs when it comes to approaching inclusive diversity globally at Eldorado, and we are working regionally and locally to tailor strategies and solutions to address the most pressing gaps and challenges on the ground. Our global beliefs include: diversity

is a strength for driving better quality business decisions; unconscious bias needs to be removed from processes (not people) to fully realize a meritocracy; and inclusive leadership behaviours are essential for a sustainable, inclusive culture. Eldorado’s Corporate Governance and Nominating Committee of the Board of Directors is responsible for overseeing Eldorado’s ESG activities.

At the end of 2021, we directly employed 4,678 employees and contractors worldwide. The majority of our workforce are nationals of the countries where we operate, and many of our employees are from local communities near our operations.

We have permanent employees and contractors in seven countries. The table below shows the number of personnel working at our operations by country at December 31, 2021.

The majority of our employees are unionized, with employment terms and conditions negotiated through collective bargaining agreements. Approximately 60% of our employees at our mines and projects in Turkey, Canada, Greece, and Romania were covered by collective bargaining agreements in 2021.

Less than 1% of our employees across the Company, including our operations and projects, are expatriates. We pay locally competitive salaries and benefits to our employees and contractors.

To provide a healthy and safe work environment, our workforce is trained on a regular and ongoing basis. These training programs emphasize health and safety, accident avoidance and skills development.

We value the diversity of our workforce and are committed to providing employment and training opportunities for women. As of December 31, 2021, approximately 11% of our full-time employees are women. Eldorado’s Diversity Policy further states our commitment to gender diversity at the management and board level.

As stated in the Company’s Human Rights Policy, Eldorado does not discriminate against any individual on the basis of race, gender identity, religion, age, social status, sexual orientation any other arbitrary characteristics unrelated to the individual’s job performance. We prohibit child labour, forced labour and modern slavery in our operations and in our supply chains, and support the elimination of all forms of child and forced labour.

For further information on our diversity and inclusion, please refer to our recent Management Information Circular.

The "About our Business" section of this AIF describes each stage of the mining life cycle, from exploration through to mine closure. Below we provide a brief overview of our approach to sustainability and some of the additional activities we undertake as part of being a responsible operator and respectful neighbour.

Eldorado’s sustainability framework embodies our pledge to incorporate ‘sustainability from the ground up’, which means we consider sustainability in everything we do, from exploration to closure, in our relationships with customers, communities, investors and other stakeholders, and sustainability is the responsibility of all – from mine site employees to our Board and executive team. Our Company values of collaboration, courage, integrity, drive and agility provide a meaningful foundation to this approach.

Our framework includes our commitments to deliver on:

The framework is supported by our management system, consisting of a suite of sustainability policies (refer to the following sections Health and Safety, Environment and Human Rights), our Sustainability Integrated Management System (known as “SIMS”) and site-level plans and procedures.

In 2020, Eldorado undertook a company-wide effort to develop a Sustainability Integrated Management System (“SIMS”). SIMS defines the minimum performance standards for material sustainability areas: environmental and social performance, occupational health and safety, and security. SIMS is aligned with the requirements of Mining Association of Canada’s Towards Sustainable Mining (“TSM”), the World Gold Council’s Responsible Gold Mining Principles (“RGMPs”), the International Cyanide Management Code (the “Cyanide Code”), and the Voluntary Principles on Security and Human Rights (“VPSHRs”).

The SIMS was developed through a collaborative effort with direct participation from executive leadership, senior management, Mine and Country General Managers, corporate teams and a dedicated group of sustainability professionals from across Eldorado’s operating regions.

Following the successful development of SIMS in 2020, the program was launched for implementation in early 2021. In 2021, we conducted SIMS self-assessments at each operating site with the participation of management

and subject matter experts. The self-assessments resulted in the development of corrective action plans to direct the ongoing implementation and alignment with SIMS at operating sites.

Eldorado maintains a SIMS governance structure that includes the Sustainability Committee of the Board, executive management, in-country and operations management, and subject matter experts.

SIMS is founded and fostered on Eldorado’s values, and is a critical tool for driving sustainability performance across our business.

During exploration, while we conduct geological surveys, drilling and sampling to determine the existence and location of an ore deposit, we first engage directly with local communities. Through this interaction, we seek to understand their social and environmental concerns and consider these as part of our exploration programs and potential mine development plans. We hire local residents and local contractors to assist us in conducting our exploration fieldwork. We also assess community needs so that we can plan future initiatives and investments. During exploration, we also conduct environmental baseline studies as part of our mine impact assessments.

During the evaluation and development stage, we complete feasibility studies that outline the economics, optimal mining methods and mineral recovery processes for the project, including environmental and closure considerations. We conduct extensive environmental testing and studies to establish baseline data and characteristics for air, water, soil and biodiversity. All this information becomes part of an EIA, also referred to as an Environmental Impact Study (“EIS”) that must be completed and approved by the relevant government authorities before a project can be developed. Sustainability criteria are built into the EIA, and throughout the environmental permitting process we engage and consult with local communities, businesses and government to obtain input and commentary. Where appropriate, Eldorado has also conducted Environmental and Social Impact Assessments (“ESIA”) as a best practice in project evaluation and development. ESIA processes include evaluation of social impacts and are conducted through engagement with local communities. This research and dialogue helps Eldorado develop innovative solutions for the social and environmental challenges of our projects, including, but not limited to, dust and air emissions, water and energy use, noise and waste. Infrastructure development initiatives – such as initiatives for improving roads, building sewage systems and drilling water wells – may also commence, subject to both project and local community needs. Projects are also assessed for their social and economic impacts, and their ability to contribute to sustainable development.

We make it a priority to hire locally. We also train and instruct our employees and contractors in leading environmental, health and safety practices, procedures and controls. Based on dialogue with local communities and businesses, we identify gaps in skills and capacity, provide on-the-job training and, where possible, work with local technical schools and universities to enhance their mining-specific and trades programs so that local residents and businesses have the skills and training necessary for employment with us.

We implement the practices described in our applicable EIA or EIS and permits to mitigate known potential environmental impacts throughout the life of a mine.

Beyond adherence to our permits, licenses and regulatory and legal obligations, we add value during the production phase through a commitment to local employment and procurement, operational excellence and community development. New equipment and technologies, continuous improvement projects, prioritizing health and safety, a commitment to environmental stewardship and effective controls and procedures are all part of our commitment to generate sustainable value for our stakeholders. Frequent consultation with local communities and businesses helps identify where we can create new opportunities for sustainable development within the framework of our Code of Ethics and Business Conduct and Anti-Bribery & Corruption Policy (“ABC Policy”).

Consultation with local communities continues throughout the mining and processing cycle. As part of our commitment to protecting the environment, we maintain extensive environmental monitoring programs, the results of which are shared with relevant government agencies and independent government and academic groups. We monitor air, water (surface and ground) and soil quality, as well as noise, blast vibration and dust levels both on the mine site and surrounding areas. We are sensitive to the potential impacts of our operations on local communities and have robust programs to mitigate such effects. We also implement programs to preserve biodiversity at and near our operations. Mine waste, including hazardous wastes, are stored and disposed of with consideration for their potential environmental impacts. Water use is strictly controlled across our sites to reduce overall water consumption, and we recycle as much water as is possible. Process tailings are discharged into specially constructed storage facilities and water from tailings is recycled through the mining process or, if being discharged, is treated and tested to meet regulated limits before release. Measures are also in place to safeguard our tailings storage areas in the case of heavier than usual rainfall and other such events. An overview of Eldorado’s planned and existing tailings facilities is outlined in the table below and outlined in further detail within the “Material Properties” and “Non-Material Properties” sections of this AIF. For a full review of Eldorado’s tailings facilities please see the environment section of the Company’s website.

We work with local communities to create opportunities for sustainable development throughout the course of our operations. For example, we have supported the creation of local companies such as a vineyard management company at Efemçukuru, plant nursery businesses at Olympias and Kişladağ, and transport services companies at both Kişladağ and Efemçukuru. At Lamaque, we work closely with educational institutions and partners to provide training and employment opportunities, including opportunities for First Nations. In Greece, we have worked with a non-governmental organization to provide science, mathematics, and robotics education programs for children in communities near our operations. Projects like these ultimately benefit local communities and help to provide opportunities for local residents, including those not directly associated with mining operations, beyond the life of our mines.

Prior to and throughout a mine's operation, we conduct research to establish best practices for mine reclamation and closure. Whenever possible, remediation and reclamation will begin in parallel with other work being carried out across the mine. For example, at Kişladağ, cover systems for capping the leach pad and rock dumps have been designed and are implemented as work is completed on those areas. Topsoil removed from mining and construction areas is stored for later use in all reclamation activities. We also investigate different plants, shrubs and tree species suitable for local propagation in studies that are typically done in onsite greenhouses.

Sometimes it is necessary to place a mine site or development project under care and maintenance, whereby we temporarily close the site when there is the potential to recommence operations at a later date. This may occur when a mine or development project is considered temporarily unviable (e.g. current economic conditions or resource prices) or expected permits have not been issued. During care and maintenance, production and construction activities are stopped but the site is managed so that it remains in a safe and stable condition. Environmental risks such as mine tailings, hazardous materials storage and water continue to be monitored and managed, while idle plants and machinery are maintained. Care and maintenance does not reduce our environmental or safety requirements.

After a mine site is permanently closed, we conduct further environmental monitoring and reclamation activities, as required by the mine’s EIA and mine licenses, so that the environment can successfully transition to a productive ecosystem.

All of Eldorado’s mine closure plans address:

The return of our people to their home safely every day is paramount to us. We are committed to the highest health and safety standards, strictly adhere to the most stringent safety regulations and have systems in place to promote a culture of safety.

We work to maintain a good safety record by investing in environmental and health and safety training at our operations, and measure our results by tracking the numbers of lost-time incidents (“LTIs”) and the lost-time incident frequency rate (“LTIFR”) at each of our sites. In order to reduce or eliminate LTIs we continue to train our workers and stress the importance of safety at our operations as one of our core values. We work to engage our workforce and communicate frequently about the importance of health and safety. We hold contractors working for Eldorado to the same high standards as our employees and all of our safety reporting herein combines employees and contractors.

The table below shows our LTI performance for 2021 for our employees and contractors.

We had an overall LTIFR of 0.88 this year, a slight increase from 2020 where we reported an LTIFR of 0.85. We continue to focus on increased workforce engagement on health and safety issues, and an increased effort by site managers to participate in safety inspections.

In addition to the work done by health and safety teams in 2021, Eldorado’s global workforce continued to mitigate risks related to the COVID-19 pandemic. Crisis management teams were activated and increased health & safety

protocols to mitigate the risk of viral transmission on site were maintained globally. Eldorado has also implemented contact tracing programs at sites and maintained communication with local health agencies in all operating regions to support the health and safety of its workforce and local communities. Eldorado’s enhanced health and safety protocols were largely successful in mitigating risks of COVID-19 transmission on site and the Company was able to avoid material outbreaks on its sites.

The health and safety of our employees and local stakeholders is a key priority of Eldorado. We are committed to providing our employees with both a safe working environment and the skills necessary to perform their tasks in a safe manner.

As part of our commitment to a safe workplace, we align our safety management systems with best practice frameworks. ISO 45001 is a leading framework for occupational health and safety management systems. Sites have transitioned from OHSAS 18001 to ISO 45001. Efemçukuru achieved OHSAS certification in 2013, was recertified in 2016 and was certified to ISO 45001 in 2019. Kişladağ achieved certification in December 2015, was recertified in 2018 and was certified to ISO 45001 in 2020. The Kassandra Mines achieved certification in January 2011, were recertified in 2014 and 2017, and were recertified to ISO 45001 in 2019. All of the sites mentioned have passed their annual ISO surveillance audits as required to maintain certification.

The Kassandra Mines also achieved certification in 2016 and 2020 to the ISO 39001 road traffic safety management systems framework. The objective of ISO 39001 is to reduce death and serious injuries related to road traffic incidents that are within the mines’ influence.

All of our projects and operations are required to comply with local and international environmental standards. If there is disagreement between the standards, we implement the better practices. These are described in our EIAs and EISs and feasibility studies to ensure that we maintain compliance. In early 2022, Eldorado updated its Environmental Policy

Eldorado’s Sustainability Committee reviews environmental performance and works closely with Eldorado’s management team to monitor adherence to the Environmental Policy.

Eldorado Gold’s properties are routinely inspected by government and regulatory staff along with local community representatives to determine that the properties are in compliance with applicable laws and regulations as well as the Company’s Environmental Policy and standards. Eldorado Gold also has closure plans for all of its operations. These closure plans assist us to properly estimate the key activities and costs associated with implementing the required closure provisions.

ISO 14001 is an international standard for best practices in environmental management systems. Kişladağ was certified in 2012 and recertified in 2015 and 2018. Efemçukuru was certified in 2013 and transitioned to ISO 14001:2015 in 2019. The Kassandra Mines were certified in 2014 and recertified in 2018. Sites undergo annual audits for certificate renewal processes.

The Cyanide Code is an industry voluntary program for gold and silver mining companies. It focuses exclusively on the safe management of cyanide that is produced, transported, stored and used for the recovery of gold and silver, and on mill tailings and leach solutions. The Cyanide Code also considers the decommissioning of cyanide facilities. Companies that adopt the Cyanide Code must have their mining operations that use cyanide to recover gold and silver audited by an independent third party every three years to determine the status of Cyanide Code implementation. Those operations that meet the Cyanide Code requirements can be certified. A unique trademark symbol can then be utilized by the certified operation. Audit results are publicly available on the International Cyanide Management Institute’s website to inform stakeholders of the status of cyanide management practices at the certified operation.

The objective of the Cyanide Code is to improve the management of cyanide used in gold and silver mining, and to assist in the protection of human health and the reduction of environmental impacts. Eldorado became a signatory to the Cyanide Code in 2012 and we require all of our cyanide suppliers and transporters to join us in becoming signatories.

Kişladağ received Cyanide Code certification in 2013 and completed its second recertification audit in 2019. Lamaque uses cyanide to recover gold and is currently working towards alignment with and certification under the

In order to mitigate risks to the environment, local communities, workers and other stakeholders, our tailings facilities are designed, operated and monitored in accordance with leading international standards and practices. Our facilities regularly undergo independent reviews by third party experts and government authorities, and are operated and maintained by Eldorado employees and contractors at each site.

When designing a tailings facility, we consider local conditions such as topography, geography and climate, as well as the facility’s location in relation to work sites, local communities and environmentally sensitive areas. We work with governments and other stakeholders to assess risks, and implement practices and technologies best suited to mitigate the risks specifically associated with each facility.

Eldorado has acquired the Sigma Tailings Facility. The Sigma Tailings Facility has been redesigned and improved in accordance with these criteria to mitigate impacts and risks. Eldorado also monitors and inspects the closed Lamaque Tailings Facility, which is located on the Lamaque property but is not owned by Eldorado. The Lamaque Tailings Facility has not operated since 1989 and is subject to monitoring and review.

Our tailings facility monitoring programs include collecting and analyzing geotechnical, hydrological and environmental data from across our facilities. Physical inspections by site personnel and equipment such as piezometers and other sensors may be used to collect data. Our monitoring programs assess the stability of tailings materials as well as dam structures and related infrastructure.

In accordance with the Mining Association of Canada’s Guide to the Management of Tailings Facilities, as well as applicable regulations in the jurisdictions where we operate, our tailings facilities regularly undergo independent reviews and third-party inspections by experts and government authorities. These reviews assess the stability and structural integrity of our tailings facilities and note any improvements that should be made to further mitigate risks.

In 2021, Eldorado established an Independent Tailings Review Board (“ITRB”) in accordance with best practices in tailings management and governance. The ITRB is comprised of leading experts in tailings and geotechnical matters. The ITRB provides Eldorado with non-binding advice and opinions on matters related to tailings design, monitoring, management, operation and surveillance.

Eldorado is committed to supporting the protection of international human rights through best practices in all of our business activities. While governments have the primary responsibility for protecting and upholding the human rights of their citizens, Eldorado recognizes its responsibility to respect human rights everywhere we operate. In addition, we recognize that we have an opportunity to promote human rights where we can make a positive contribution.

In 2021, Eldorado engaged a credible third-party to conduct Human Rights Impact Assessments at its Turkish and Canadian operations, and will seek to conduct similar assessments at its Greek operations in 2022.

Our Human Rights Policy is not intended to supersede local laws or local customs and traditions, but rather to support host governments and communities in the protection of human rights and prevention of human rights abuses.

In early 2022, Eldorado also adopted a Social Performance Policy, which articulates our commitments to sustainable development and stakeholder engagement including the United Nations Declaration on the Rights of Indigenous Peoples.

Our Human Rights Policy and Social Performance Policy are used to inform internal procedures, training and reporting structures, and is overseen by the Sustainability Committee of the Board.

Created in 2000, the Voluntary Principles on Security and Human Rights (“VPSHRs”) are a set of principles designed to guide extractive sector companies in maintaining the safety and security of their operations within an operating framework that encourages respect for human rights. Eldorado is committed to aligning with the Voluntary Principles on Security and Human Rights at all of its operations, regardless of level of risk, believing that there are useful principles to be applied in any situation where public or private security may be engaged. In 2019, our site security managers and vendors attended a train-the-trainer session in order to facilitate VP training for security guards at each of our sites. In 2020, alignment with the Voluntary Principles was included within Eldorado’s Sustainability Integrated Management System. In 2021, Eldorado engaged a credible third-party to conduct assessments against the VPSHRs at Kışladağ, Efemçukuru and Lamaque. Third party auditors visited sites, conducted interviews and collected documentation to assess each site’s conformance with the VPSHRs. Where recommendations were made, sites have developed corrective action plans. In 2022, Eldorado will seek to conduct similar assessments for its Greek operations. As a best practice, Eldorado intends to repeat these audits every 3 years, as defined in SIMS.

As part of our continued efforts to enhance the disclosure and transparency of our environmental, social and governance (“ESG”) performance, Eldorado Gold has published an annual Sustainability Report since 2012. Our Sustainability Reports comply with the Global Reporting Initiative’s Standards. The GRI Standards are a generally accepted framework for reporting an organization’s economic, environmental and social performance. The GRI

Standards contain general and sector-specific content for reporting an organization’s sustainability performance. In 2020, we began to report certain metrics in accordance with the Sustainability Accounting Standards Board (“SASB”) as we seek to improve the transparency and breadth of our sustainability-related disclosures.

In September 2019, the World Gold Council released the Responsible Gold Mining Principles (“RGMPs”) as a comprehensive framework that sets out a set of clear and measurable expectations for environmental, social and governance performance across the gold mining sector. As a member of the World Gold Council, Eldorado has stated its intention to align with the RGMPs through an independent assurance program in accordance with the timeframes set forth by the World Gold Council.

In 2020, Eldorado achieved compliance with year 1 requirements of the RGMPs through the publication of an independently assured report stating the Company’s ongoing efforts to achieve compliance with the 10 principles and 51 sub principles of the RGMPs.

In February 2022, Eldorado published its first report (the “Report) aligned with the Task Force on Climate-Related Financial Disclosures (“TCFD”). The Report details Eldorado’s governance, management, risks, strategy, metrics and targets related to climate change. The Sustainability Committee of the Board oversees Eldorado’s Climate Change Strategy, which includes 5 pillars as follows:

Within the Report, Eldorado announced its inaugural GHG target to mitigate Scope 1 and Scope 2 GHG emissions by an amount equal to 30% of its aggregate 2020 baseline for operating mines – equal to approximately 65,000 tCO2e – by 2030, in comparison to possible Scope 1 and Scope 2 GHG emissions in an unmitigated (“business as usual”) operating and growth scenario. Operating mines included in the target are Lamaque, Kışladağ, Efemçukuru, Olympias and Stratoni. Eldorado does not expect uniform GHG emissions reductions from each operating mine.

Eldorado will seek to update this Report annually.

The CDP (formerly Carbon Disclosure Project) is an independent not-for-profit organization aiming to create a lasting relationship between shareholders and corporations regarding the implications for shareholder value and commercial operations presented by climate change. Eldorado Gold submitted its first climate change report in 2012 and continues to report on an annual basis in response to CDP’s Climate Change and Water surveys. Eldorado submitted its first response to the CDP Forests survey in 2019. Eldorado submitted responses to the CDP Climate, Water and Forests surveys in 2021. Eldorado’s CDP responses are available to CDP members.

The Conflict-Free Gold Standard (“CFGS”) was published by the World Gold Council in October 2012, following an extensive consultation process involving governments, civil society, external auditors and supply chain participants. The CFGS creates a framework for assurance that gold is not contributing to conflict, or contributing to human rights abuses, and helps to put into operation the Organization for Economic Co-operation and Development (“OECD”) Due Diligence Guidance for Responsible Supply Chains for Minerals from Conflict-Affected and High-Risk Areas. Since inception of the CFGS, Eldorado Gold has annually published a Conflict-Free Gold Report that summarizes how the Company conforms to the requirements.

On July 29, 2016, Eldorado Gold was accepted into the United Nations Global Compact (“UNGC”). The UNGC is a United Nations initiative to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to report on their implementation. Joining the UNGC demonstrates our support of the UNGC’s Ten Principles and Sustainable Development Goals (“SDGs”). We report how the Company’s business operations are aligned to the Principles of the UN Global Compact and SDGs in Eldorado Gold’s Sustainability Report.

In June 2017, the Company provided an update to guidance for 2017 for the Kışladağ operation. At that time, we indicated that gold solution grade and consequently gold recovery from the leach pad had recently lagged internal expectations. Laboratory and in-situ tests where solution chemistry had been adjusted had indicated normal recovery rates were still expected. However, more time was required to adjust the overall pad solution chemistry and allow solution to flow through the current stack height of the leach pad, which was at approximately 80 metres at the highest point.

In October 2017, the Company provided a further update on the laboratory testwork that was undertaken, which indicated that lower recoveries were then expected from the zone of mineralization located around the base of the open pit where mining was currently underway. Monthly composite samples from material recently placed on the pad, even with adjusted solution chemistry, indicated lower gold recoveries. Final recoveries in the low 40% range were anticipated for this material. This resulted in a reduction in the recoverable leach pad inventory by approximately 40,000 ounces of gold. Further metallurgical testwork was ongoing to determine the extent of the impact on gold resources and reserves.

The Company also indicated that it was looking at alternative treatment methods, including studies on finer particle breakage, either through milling or high-pressure grinding rolls (“HPGR”) crushers. The Company had previously contemplated construction of a mill at Kışladağ and historic and ongoing test work using bottle rolls and other metallurgical tests indicated that milling should result in consistently higher recoveries compared to heap leaching throughout the orebody.

In March 2018, the Company announced the results of a pre-feasibility study on a mill option at Kışladağ. Ore crushing and stacking onto the leach pad halted at the end of March 2018 to preserve value while the Company continued to evaluate feasibility of mill construction. Following a year of engineering and testwork, in October 2018,

the Company announced that the Board of Directors had approved the advancement of the mill project and the results of a feasibility study for the Kışladağ Mill Project, including the following aspects:

In parallel to the Kışladağ Mill Project engineering and analysis, testwork to extract maximum value from ore already placed on the heap leach pad and the remaining reserves was ongoing throughout 2018. Approximately 900,000 tonnes of ore were placed on a lined test pad in the first quarter of 2018. Late in 2018, results from this pad showed recoveries of approximately 58% from an extended leach cycle approaching 250 days (compared to approximately 40% recoveries from the original 90 day column tests).

This improved recovery based on an extended leach cycle was contrary to expectations and was not previously observed for a number of reasons. While we have completed many column tests (2 m columns), normal practice is to stop irrigating these columns once the gold solution drops to an uneconomic level. Normally, this occurs at 60-90 days in the 2 m columns. Also, on the leach pad, we stop irrigating after a normal period of time (varying but around 120 days), to allow for placement of more new material. We have previously not tested material over extended leach cycles as it was understood that material buried under fresh material would still continue leaching once irrigation was supplied to the new material and therefore completing irrigation was not considered critical.

What the extended leach cycle demonstrated was that very long leach cycles could increase the overall recovery for material that was crushed and stacked on the leach pad in 2017 and early 2018.

In early 2019, the Company analyzed the new data and developed revised heap leaching plans, showing significantly improved economics for the heap leaching scenario. As a result, in January 2019, the Company announced it would resume mining and heap leaching and suspend advancement of the Mill Project at Kışladağ. While the Mill Project had been suspended, the project still remained viable.

On April 1, 2019, ore mining, crushing and stacking onto the leach pad resumed. Metallurgical test work continued throughout 2019.

A metallurgical PQ size diamond drilling program of 18,387 m started in January 2019. From this drilling a total of 118 composite samples were created to represent different locations, depths, rock types, alteration types, and contacts between units. These composites were tested with 45-day intermittent bottle roll tests (extended IBRT) and 2 m column tests of 220 days duration. The 220 day 2 m column test results averaged 51.8% recovery. The extended IBRT results averaged 51% recovery. The 220 day 2 m column data was used to create a 3D model of recovery for the mineral resource. The PQ drill program also included bulk sampling for HPGR test work. The HPGR results showed a recovery upgrade of 3.9 percentage points over standard three-stage crushing.

In January 2020 new mineral reserve estimates were created that outlined a 15 year mine life with total proven and probable ore amounting to 173.2 Mt at a grade of 0.72 g/t containing 4.0 Moz Au with an expected metallurgical recovery of 56%. The life of mine strip ratio required to mine this ore will be 1.12:1. This proven and probable estimate was again updated in September 2020.

Production, cash operating cost per ounce, and sustaining capital for 2021 and forecasts for 2022 are as follows:

The scientific and technical information regarding Kışladağ in this AIF is primarily derived from or based upon the scientific and technical information contained in the technical report titled “Technical Report, Kışladağ Gold Mine, Turkey” with an effective date of January 17, 2020 (Kışladağ Technical Report) prepared by Stephen Juras, Ph.D., P.Geo., Paul Skayman, FAusIMM, David Sutherland, P.Eng., Richard Miller, P.Eng. and Sean McKinley, P.Geo., are all “Qualified Persons” under NI 43-101. Peter Lind, P. Eng. is responsible for the scientific and technical information previously prepared by Paul Skayman; Terry Cardin, P. Eng. is responsible for the scientific and technical information previously prepared by Richard Miller and both Peter Lind and Terry Cadrin are “qualified persons” for the purposes of NI 43-101.

The Kışladağ Technical Report is available under Eldorado Gold’s name on SEDAR and EDGAR.

Kışladağ is located in a rural area in west-central Turkey, between the cities of Izmir (180 km to the west on the Aegean coast) and Ankara (the capital city, 350 km to the northeast). The site is 35 km southwest of the city of Uşak

(population approximately 196,000) near the village of Gumuskol. Kışladağ sits approximately 1,000 m above sea level in gently rolling hills.

A 5.3 km access road connects the site to the highway between Ulubey and Esme. Employees are primarily from the region. Supplies, services and employees access the site primarily from the city of Uşak. The site is serviced by a 27.4 km 154 kV transmission line, and a water well field consisting of five water wells with a 13 km water pipeline that is also supplemented by a dam which is approximately 6km from the plant site. The site is bounded by a series non-contact water diversion ditches. Contact water from the site is collected then treated to discharge quality standard and used for various site purposes including processing. We also have the ability to discharge this treated water if the site water balance requires this.

The area has a temperate climate. The average annual rainfall of 493mm occurs mostly during the winter months. The operating season covers a full twelve months.

Tüprag discovered the Kışladağ deposit in the late 1980’s during a regional grassroots exploration program focusing on Late Cretaceous to Tertiary volcanic centres in western Turkey. It selected the prospect area on the basis of Landsat-5 images that had been processed to enhance areas of clay and iron alteration, followed by regional stream sediment and soil sampling programs. Preliminary soil sampling programs identified a broad 50 ppb gold anomaly within a poorly exposed area now known to directly overlie the porphyry deposit. Early exploration of the deposit area included excavation of trenches to better characterize the soil anomaly, and ground geophysical surveys including IP-resistivity, magnetic and radiometric surveys.

Recent exploration work was limited to a regional airborne geophysical survey that included the Kışladağ property as part of the survey grid. No new targets were identified within the license area.

Kışladağ gold mine is a gold-only porphyry deposit located in the eroded Miocene Beydağı stratovolcano in western Turkey. The gold mineralization occurs mainly within monzonite intrusive rocks emplaced within and above pre- Cretaceous Menderes metamorphic rocks of the Menderes complex. Deformation within the Beydağı volcanic sequence is minor in and around the deposit. Stratigraphic layering dips gently radially outward from the eroded center of the volcanic system, with no evidence of fault-related tilting.

The Kışladağ deposit is hosted by a suite of nested subvolcanic monzonite porphyry intrusions that are subdivided into intrusions #1, #2, #2A, and #3. Intrusion #1 is the oldest, and generally best mineralized phase. It forms the core of the system and is cut by the younger porphyritic intrusions. It is an E-W elongate elliptical body (~1,300 m x ~500 m), and in the subsurface has a sill-like form intruding along the contact of the basement and volcanic package. At depth, the main body extends beyond the current limit of drilling (~1,000 m).

Alteration comprises an overlapping zoned system that contains a high temperature potassic core, an outer white mica-tourmaline zone and pervasive argillic alteration. The latter is particularly dominant in the western upper levels and throughout much of the surrounding volcanic sequence. Within the deposit, the largest zone of intense kaolinite alteration is focused in Intrusion #2A and a second smaller zone is focused in the southwest corner of the pit within

Intrusion #1. Montmorillonite commonly overprints biotite in the potassic alteration zone. Porphyry-style sheeted to stockwork quartz veins occur with the potassic and white mica-tourmaline alteration zones.

Oxidation extended to a depth of 30 to 80m on the southern side of the deposit, and 20 to 50m on the northern side of the deposit. Limonite and goethite are the most abundant oxide minerals.

Gold is very fine grained at Kışladağ. Gold in the argillic alteration occurs primarily with pyrite whereas in the white mica tourmaline alteration the gold grains occur with pyrite and muscovite. In the potassic samples, the majority of gold is hosted in K-feldspar.

Several drilling campaigns by both diamond core drilling and reverse-circulation (“RC”) drilling took place from 1998 through 2016 for a total of 198,000 m of which 38% was drilled in 2007 to 2010 and 26% in 2014 to 2016. It is this later drilling, mostly core holes, that provided information to enable conversion of the mineral resource to reserves.

Diamond drilling in Kışladağ was done with wire line core rigs and mostly of HQ size. Drillers placed the core into wooden core boxes with each box holding about 4 m of HQ core. Geology and geotechnical data were collected from the core and core was photographed (wet) before sampling. SG measurements were done approximately every 5 m. Core recovery in the mineralized units was excellent, usually between 95% and 100%. The entire lengths of the diamond drill holes were sampled (sawn in half by diamond saw). The core library for the Kışladağ deposit is kept in core storage facilities on site.

Core recovery in the mineralized units was excellent, usually between 95% and 100%.

Sample numbers were written on wooden core boxes allowing gaps in numbering sequence for control sample insertion.

After logging, each drill hole was photographed. The entire lengths of the diamond-drill holes were sampled. Core cutting and sampling was done on site at Kışladağ. The cut samples were sent to Eldorado’s sample preparation facility near Çanakkale in northwest Turkey.

Sample preparation comprised:

The 110 g subsample was placed in a kraft paper envelope, sealed with a folded wire or glued top, and prepared for shipping. The rest of the pulverized sample was stored in plastic bags for later use.

All equipment was flushed with barren material and blasted with compressed air between each sample preparation procedure. Regular screen tests were done on the crushed and pulverized material to ensure that sample preparation specifications were being met.

Standard reference materials (“SRM”), field duplicates and blanks were regularly inserted into the sample stream to monitor precision, possible contamination, and accuracy.

The sample pulps were sent to Bureau Veritas laboratory in Ankara for assay. Assaying consisted of 30 g fire assay for gold, with an atomic absorption finish, and for multi-element geochemistry using fusion digestion and inductively coupled plasma (“ICP”) analysis.

Assay results were provided to Eldorado in electronic format and as paper certificates. Upon receipt of assay results, values for SRMs and field blanks were tabulated and compared to the established pass-fail criteria as follows:

If a batch failed, it was re-assayed until it passed. Override allowances were made for barren batches. Batch pass/failure data were tabulated on an ongoing basis, and charts of individual reference material values with respect to round-robin tolerance limits were maintained.

Regular monitoring of the QA/QC results ensured that the assays passed the abovementioned criteria thus demonstrating that the Kışladağ assay database was sufficiently accurate and precise for resource estimation.

The drillhole database underwent periodic reviews where cross-checks were made between the original assay certificates and downhole survey data and the digital database. Also, the descriptive information (lithology and alteration) was reviewed. Any discrepancies found were corrected and incorporated into the current resource database.

Another form of verification is the reconciliation to production of mined portions of the resource model. Results to date have shown very good agreement between the actual mined production and the predicted production from the long-term resource model.

Eldorado therefore concludes that the data supporting the Kışladağ resource work are sufficiently accurate and precise for resource estimation.

Subsequent to commercial start up in 2006, Kışladağ increased its mineral reserves through various exploration campaigns. This contributed to the decisions to increase the crushing capacity from an initial 5 Mtpa to 10 Mtpa and subsequently to 12.5 Mtpa. In 2011, the Phase IV expansion to the crushing circuit of 25 Mtpa with additional run of mine leaching capacity of 8Mtpa was announced. In 2013, we announced the deferral of the Phase IV expansion as described above. We have subsequently upgraded the truck and shovel fleet to take advantage of the operating cost difference between diesel and electric power costs. In June 2014, we received EIA approval for the expansion of the open pit mine production to a maximum of 35 Mtpa. In July 2014, we announced a revised Phase IV expansion that was expected to improve the crushing circuit to 20 Mtpa. This work was deferred at the end of 2014 due to corporate cash flow considerations.

During 2016, we optimized the Phase III crushing circuit expansion. This was originally designed as a partially open circuit system where some material was crushed and placed on the leach pad without further screening. Crush size was determined to be important, so the circuit was modified such that all material was screened prior to placement on the leach pad.

In January 2017, Eldorado Gold announced the indefinite deferral of the Kışladağ expansion from 12.5 Mtpa to 20 Mtpa. In June 2017, we reported potential issues with the chemistry in the leach pad, which was contributing to slower recoveries from placed ore. These slower recoveries were initially thought to be due to the height of placed material.

With a total pad height of approximately 80 m, the solution that provides information on the pad performance can take up to 3 months to report to the collection drains at the base of the pad. However, it was determined that there was insufficient cyanide being added to the irrigation solution and this was causing a deficiency in the leach pad which was leading to temporarily low recoveries. Cyanide addition was increased in the middle of 2017 and leach solution grade had increased as expected by Q4 2017.

Later in 2017, we reported that we had seen lower recoveries from composite column tests that were completed on monthly composites of material that was placed on the pad during Q3 2017. The Company reduced the estimated recoverable leach pad inventory by approximately 40,000 ounces of gold as a result of these tests. Subsequent to this, we completed a large number of tests on the material that is to be placed on the pad over the next 12 months and this material exhibited lower than expected recoveries using heap leaching. Based on these lower recoveries and the continued good recoveries seen in the bottle rolls on identical material, we completed a pre-feasibility study (“PFS”) on the option of installing a milling circuit at Kışladağ.

Based on testwork to extract maximum value from material already placed on the heap leach pad approximately 900,000 tonnes of ore were placed on an inter-lift lined test pad in the first quarter of 2018. Late in the year, results from this pad were showing recoveries of approximately 58% from an extended leach cycle approaching 250 days (compared to approximately 40% recoveries from the original 90 day column tests). In early 2019, the Company analyzed the new data and developed revised heap leaching plans, showing improved economics for the heap leaching scenario. As a result, the Company decided to resume mining and heap leaching in April 2019.

Throughout 2019, a large metallurgical testwork program was completed that confirmed an overall heap leach recovery of approximately 56% when an increased leach time was used in conjunction with HPGR crushing. The Kışladağ Technical Report outlined below details the results of this testwork.

Kışladağ is a large tonnage, low grade operation. Mining and processing activities operate 24 hours a day, seven days a week. The mining operation is a standard truck and shovel operation using owner equipment and labour. All rock requires blasting. The blast holes are sampled and analyzed in-house for detailed grade control. Ore is processed in a standard heap leach facility as follows:

All other existing infrastructure is adequate for the remaining life of the operation. Ancillary buildings include administrative offices, reagent storage, warehouse buildings, fixed plant maintenance workshop, mine truck shop, mine dry, canteen, assay laboratory, health and security facilities, environment and safety building, public relations building and the gate house. There are also several prefabricated buildings on site. Sewage systems on site include an underground sewer reticulation system, which connects all the buildings to a treatment plant, with a capacity of 120 m3/d. Operations personnel reside in the surrounding towns and villages and there are no plans to erect a permanent camp for operations personnel or temporary construction camps.

As Kışladağ is a heap leach operation, it does not require a tailings facility. A heap leach pad (described above) and mine waste rock dump are used for storage of mined material.

For more information on the geopolitical climate in Turkey, see section titled “Risk factors in our business”.

While there are no outstanding material legal or regulatory proceedings involving Kışladağ, Tüprag is, from time to time, subject to and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including pertaining to licenses, permits, supplies, services, employment and tax. Eldorado Gold and Tüprag cannot reasonably predict the likelihood or outcome of these actions.

Production, cash operating cost per ounce, and sustaining capital for 2021 and forecasts for 2022 are as follows:

Efemçukuru is expected to produce between 85,000 – 90,000 ounces in 2023, and between 80,000 – 85,000 ounces annually from 2024 to 2026.

Sustaining capital costs for 2022 are estimated at $ 15 – 20 M, which is in line with 2021 spending of $ 18.0 M. Capital expenditure will be spent primarily on capitalized underground mine development, equipment purchase and rebuilds, various small capital projects and exploration.

Efemçukuru is in Izmir Province near the coast of western Turkey, about 30 km by paved road from the city centre of Izmir, the provincial capital. The site is centered approximately 1.5 km northeast of the village of Efemçukuru (population approximately 640). It sits approximately 580 m to 720 m above sea level in hilly terrain. Vegetation is a mixture of mature and newly planted second growth pine trees with sparse undergrowth covering the hillsides.

Economic activity in the area is a mixture of subsistence farming and grazing. We mainly access supplies and services from the city of Izmir. Several paved roads connect the project with other local population centres.

Employees are primarily drawn from the local region.

Power is provided by a dedicated transmission line from the Urla substation approximately 23km away. Mine infrastructure includes administration buildings, a concentrator, a filtration plant, tailings and waste rock impound areas.

The area has hot and humid summers and cool and rainy winters with limited snowfall. Temperatures range between 30°C in summer and -15°C in winter with an annual average temperature of approximately 17°C. Average annual precipitation is 720mm. The operating season lasts a full 12 months.

The Efemçukuru gold mine is based on an intermediate sulfidation epithermal vein deposit, hosted in the center of a broadly NE-SW trending horst known as the Seferihisar Horst, which regionally exposes basement rocks of the Bornova Flysch in the Menderes Massif. The flysch predominantly comprises lower greenschist facies schist with intercalations of mudstone, fine-grained sandstone, limestone and marly sandstone. Bedding dip directions of the flysch sequence across the entire Seferihisar Horst outline a broad, asymmetric NE-trending syncline.

Local geology consists of intermediate sulfidation veins hosted by a low-grade metamorphic sequence of very fine- grained, black to dark grey shales to phyllite and schist that have been locally folded and intruded by rhyolite dikes. Mineralogy of the phyllite and schist is fine-grained quartz, feldspar, muscovite, chlorite and rare biotite. A calc-silicate alteration, locally termed hornfels, occurs in a broadly NW-trending pattern in the center of the deposit area. The alteration commonly occurs as alternating dark green and tan-grey bands within meta-sedimentary rocks. The contact between calc-silicate alteration and phyllite is gradational. Rhyolite occurs throughout as 1 to 5 m-wide NW-striking dikes. Contacts of the rhyolite dikes with the flysch units are usually sharp,

Two major broadly NW-SE striking epithermal vein systems occur at Efemçukuru, namely Kestane Beleni and Kokarpinar, with strike extents of approximately 2 km and 4 km respectively. Both veins cut the rhyolite dikes, calc- silicate alteration and unaltered phyllite and schist. At surface, the veins are up to 5m wide and occur as multi-phase, brecciated, banded crustiform-colloform, and massive quartz-rhodochrosite veins. The individual epithermal veins within these vein systems contain multiple ore shoots with zoned mineral and metal distributions and a complex paragenesis. The 2 km long Kestane Beleni vein hosts the major gold resource and reserve at Efemçukuru and comprises four ore shoots: South Ore Shoot (“SOS”), Middle Ore Shoot (“MOS”), North Ore Shoot (“NOS”) and Kestane Beleni Northwest (“KBNW”). The Kestane Beleni vein has a distinct mineralogical zonation with the proportions of Mn silicate and carbonate and sulfide vein material varying across the vein system. Mn-rich vein assemblages are most abundant in the upper portions of the SOS, whereas the sulfide content of the MOS and NOS, particularly at depth, is much higher.

The Efemçukuru gold mine has seen numerous diamond drill campaigns since 1992. A total of 1,022 exploration and resource delineation drillholes, drilled from surface and underground locations and totaling 259,000 m, have been drilled to 2021. Infill drilling programs, designed to increase the geologic confidence in gold grade distribution and mineralization contacts just ahead of mining, generally drill 35,000 m annually from underground stations. These programs also convert indicated resources to measured resources.

The diamond drilling was done with wire line core rigs of HQ size (63.5mm) for exploration and delineation campaigns, and BQ size (36.4mm) for infill programs. Core recovery in the mineralized units was very good, averaging 97%.

Geological logging of drill core includes collection of lithological, structural, alteration and mineralization information. After logging, each drill hole was photographed. All vein occurrences were sampled with suitable bracket sampling into unmineralized host rock. The drill core samples were either cut with a diamond rock saw (if a delineation hole) or whole core sampled (if an infill hole) at the mine’s core logging facility at Görece. The samples were bagged and were sent to the nearby ALS analytical laboratory in Izmir for sample preparation.

All equipment was flushed with barren material and blasted with compressed air between each sample preparation procedure. Regular screen tests were done on the crushed and pulverized material to ensure that sample preparation specifications were being met. Standard reference materials (“SRM”), field duplicates and blanks for Au assays were regularly inserted into the sample stream to monitor precision, possible contamination and accuracy.

All samples were assayed for gold by 30 g fire assay with an Atomic Absorption (“AA”) finish and for multi-element determination using fusion digestion and inductively coupled plasma spectroscopy (“ICP”) analysis.

Samples that returned assays greater than 10 ppm were re-assayed by fire assay with a gravimetric finish

Assay results were provided to Eldorado in electronic format and as paper certificates. Upon receipt of assay results, values for SRMs and field blanks were tabulated and compared to the established pass-fail criteria as follows:

If a batch failed, it was re-assayed until it passed. Override allowances were made for barren batches. Batch pass/failure data were tabulated on an ongoing basis, and charts of individual reference material values with respect to round-robin tolerance limits were maintained.

Regular monitoring of the QA/QC results ensured that the assays pass the above-mentioned criteria thus demonstrating that the Efemçukuru assay database is sufficiently accurate and precise for resource estimation.

The drillhole database was periodically reviewed where cross-checks were made between the original assay certificates and downhole survey data and the digital database. Also, the descriptive information (lithology and alteration) was reviewed. Any discrepancies found were corrected and incorporated into the current resource database.

Another form of verification was the reconciliation to production of mined portions of the resource model. Results to date have shown very good agreement between the actual mined and milled production and the predicted production from the long term resource model.

Eldorado therefore concludes that the assay data supporting the Efemçukuru resource estimation are sufficiently accurate and precise for such estimation.

Efemçukuru is a high-grade underground mine currently mining various ore zones with the Kestane Beleni vein. The ore is mined by both drift & fill (“DAF”) and longhole open stoping (“LHOS”) mining methods. Dilution is captured as internal dilution (mining shape) and planning (overbreak). The latter equaled 16%. A mining recovery factor of 96% was also implemented. Both of these factors are defended by regular reconciliation and stope closure exercises. Paste backfill is used as a “free standing” structure to control stability of walls, dilution, and safety for the LHOS. In the DAF stopes, paste backfill is used as the working floor. Ore is truck hauled to a central ore pass system above the underground crusher before being conveyed to surface via a 380 m belt conveyor. The orepass system provides 3,500 tonne surge capacity for underground production with a further 5,000 tonne capacity in bins on surface. Waste rock is hauled to surface via the south or north portals.

The ore is processed at the Efemçukuru mill that comprises an underground crushing plant, milling and flotation plant, filtration and paste backfill plant, and water treatment plant, along with ancillary buildings. Gold is generally fine-grained and primarily associated with pyrite and galena. It is recovered in a gold-containing bulk sulphide rich flotation concentrate that is sold to third parties. Major sulfide minerals in the concentrate comprise pyrite, sphalerite and galena. The flotation circuit was enhanced in 2020 and installation of two column flotation cells as the third cleaner stage was completed in Q4 of same year. This addition has achieved a 9% grade increase while reducing tonnage of the final concentrate about 10% with negligible gold recovery loss, during 2021. This resulted an 0.74% increase on the payability of the gold concentrate besides cost saving from transportation.

The flotation tailings are filtered and either placed back underground as paste fill or placed in a lined dry stack tailings facility.

All existing infrastructure is adequate for the remaining life of the mine. This includes site access roads, plant site roads, water treatment, supply and distribution systems, sewage collection and disposal systems, diesel fuel storage, power supply and distribution, and ancillary facilities. The ancillary facilities include the process plant building, a site laboratory, workshop, warehouse, administration building, mine dry, canteen and a gate house. There are no accommodations or personnel camp of any nature provided on site.

Efemçukuru uses a dry stack flotation tailings storage facility to store approximately 50% of the filtered tailings produced by the operation. The remaining 50% of filtered tailings is used for underground filling purposes in the form of paste backfill mixed with cement. The tailings storage facility has a double liner system with a geosynthetic clay liner and HDPE geomembrane separated by a leak detection layer and a downstream method of construction is used. A rock toe berm is constructed from the mine rock at the toe of the tailings storage facility. The toe berm

bottom is lined with single HDPE layer and geotextile while the slopes in contact with tailings are covered with a double liner system.

The facility undergoes routine operation, maintenance and surveillance inspections by the Company, and regular independent inspections and audits from third party consultants and government authorities. Ministry and provincial inspections are conducted on the compliance of works following each stage of construction.

For more information on Geopolitical Climate in Turkey, see section titled “Risk factors in our business”.

On December 15, 2015, certain third parties filed litigation against the revised 600 ktpa environmental impact assessment approval decision, dated November 17, 2015 (the Revised EIA Approval Decision) seeking to cancel the Revised EIA Approval Decision. The cases are being heard at the Local Court of Izmir and Tüprag has been accepted as a co-defendant next to the Ministry.

In May 2016, the Local Court canceled the revised EIA on the basis of the February 25, 2016 decision of the Council of State (“CoS”) to overturn the April 16, 2015 Local Court decision. The court reasoned that two EIAs cannot be in place at the same time and that the conditions for the revision no longer existed following the cancelation of the Izmir’s 1st Administrative Court decision by the CoS.

On November 15, 2017, the Local Court reversed its original decisions, thereby upholding the Revised EIA.

Tüprag submitted the decision of the İzmir 1st Administrative Court dated September 19, 2019 relating to the Expansion EIA Approval Decision to be added to the case files for the Revised EIA Approval Decision and requested for the dismissal of both cases. The Local Court rejected both cases on October 25, 2019. The rejection decisions were appealed by the plaintiffs on 16 December 2019 and 19 December 2019. Both cases were sent to the CoS for appeal review.

On March 10, 2020 the CoS revoked the rejection decisions in the Revised EIA Approval Decision cases by ruling that (i) the Revised EIA Approval Decision is in force and (ii) the Local Court must make a ruling on the cancellation requests after conducting site and expert examinations.

There are currently two active cases related to the Revised EIA, both of which are with the Local Court. In both cases, the plaintiffs seek the cancellation of the Revised EIA Approval Decision. While the cases are proceeding, the Council of State has ruled that the Revised EIA is in force. The Local Court appointed a team of experts to

In addition to the litigation brought against Tüprag described in this section titled “Litigation”, Tüprag is, from time to time, subject to and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including pertaining to licenses, permits, supplies, services, employment and tax. Eldorado Gold and Tüprag cannot reasonably predict the likelihood or outcome of these actions.