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

Exhibit 99.3

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

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

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

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

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

Table of Contents

Consolidated Financial and Operational Highlights

Key Business and Financial Developments

Updated Lamaque Technical Study

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

Weakening of Turkish Lira

Skouries Project Feasibility Study

Sale of Tocantinzinho Project

Suspension of Operations at Stratoni

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

Completion of Refinancing

11.5% Acquisition of Probe Metals

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

Acquisition of QMX Gold Corporation

Sustainability

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

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

Amended Investment Agreement

Ormaque Deposit Maiden Inferred Mineral Resource

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

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

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

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

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

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

Health and Safety

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

Production, Sales and Revenue

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

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

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

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

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

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

Other Expenses

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

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

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

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

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

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

Net Earnings Attributable to Shareholders

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

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

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

Operations Update and Outlook

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

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

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

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

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

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

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

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

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

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

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

Olympias

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

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

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

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

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

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

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

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

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

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

Skouries Project – Greece

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

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

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

Olympias Expansion – Greece

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

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

Perama Hill – Greece

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

Certej Project – Romania

Tocantinzinho Project – Brazil

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

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

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

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

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

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

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

Operating Activities

Investing Activities

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