ELDORADO GOLD CORP /FI filed this 6-K on Oct 30, 2025

ELDORADO GOLD CORP /FI - 6-K - 20251030 - EXHIBIT_99

Exhibit 99.1
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Condensed Consolidated Interim Financial Statements
September 30, 2025 and 2024
(Unaudited)
(Expressed in U.S. dollars unless otherwise noted)










Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position    
As at September 30, 2025 and December 31, 2024
(Unaudited – in thousands of U.S. dollars)
As atNoteSeptember 30, 2025December 31, 2024
ASSETS
Current assets
Cash and cash equivalents$1,043,935 $856,797 
Accounts receivable and other4209,636 190,676 
Inventories5289,493 278,995 
Current other assets6— 138,932 
Current derivative assets162,377 52 
Assets held for sale13,551 16,686 
1,558,992 1,482,138 
Restricted cash2,281 2,177 
Deferred tax assets19,487 19,487 
Other assets6173,068 120,418 
Non-current derivative assets1612,614 — 
Property, plant and equipment4,626,398 4,118,782 
Goodwill92,591 92,591 
$6,485,431 $5,835,593 
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities$472,273 $366,690 
Current portion of lease liabilities5,759 4,693 
Current portion of asset retirement obligation5,327 5,071 
Current derivative liabilities1664,142 25,587 
Liabilities associated with assets held for sale10,459 10,133 
557,960 412,174 
Debt71,258,517 915,425 
Lease liabilities9,622 10,030 
Employee benefit plan obligations12,618 10,910 
Asset retirement obligations133,864 127,925 
Non-current derivative liabilities1678,971 35,743 
Deferred income tax liabilities344,128 434,939 
2,395,680 1,947,146 
Equity
Share capital123,379,147 3,433,778 
Shares held in trust for restricted share units12(12,891)(12,970)
Contributed surplus2,551,436 2,612,762 
Accumulated other comprehensive income6,735 56,183 
Deficit(1,823,222)(2,193,163)
Total equity attributable to shareholders of the Company4,101,205 3,896,590 
Attributable to non-controlling interests(11,454)(8,143)
4,089,751 3,888,447 
$6,485,431 $5,835,593 


Approved on behalf of the Board of Directors


    (signed) Teresa Conway    Director            (signed) George Burns    Director
Date of approval: October 30, 2025
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
1            

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations        
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            
Three months ended
Nine months ended
September 30,September 30,
Note2025202420252024
Revenue
  Metal sales8$434,727 $331,758 $1,241,696 $886,866 
Cost of sales
  Production costs164,140 141,225 474,609 392,040 
  Depreciation and amortization62,829 64,056 188,961 177,973 
226,969 205,281 663,570 570,013 
Earnings from mine operations207,758 126,477 578,126 316,853 
Exploration and evaluation expenses10,975 8,310 25,218 16,129 
Mine standby costs6,465 3,198 15,252 7,821 
General and administrative expenses8,784 7,281 25,371 27,040 
Employee benefit plan expense719 1,115 2,820 3,153 
Share-based payments expense136,802 4,083 15,347 9,808 
Write-down of assets3,261 2 8,426 1,412 
Foreign exchange loss32 2,527 24,840 979 
Earnings from operations170,720 99,961 460,852 250,511 
Other (expense) income9(52,406)32,773 (115,145)18,553 
Finance costs10(8,221)(3,476)(21,134)(10,529)
Earnings from continuing operations before income tax110,093 129,258 324,573 258,535 
Income tax expense1153,917 28,223 54,604 65,986 
Net earnings from continuing operations56,176 101,035 269,969 192,549 
Net loss from discontinued operations, net of tax(1,122)(9,770)(6,578)(12,268)
Net earnings for the period$55,054 $91,265 $263,391 $180,281 
Net earnings (loss) attributable to:
Shareholders of the Company56,027 94,971 266,438 184,056 
Non-controlling interests(973)(3,706)(3,047)(3,775)
Net earnings for the period$55,054 $91,265 $263,391 $180,281 
Net earnings (loss) attributable to shareholders of the Company:
Continuing operations56,540 101,113 267,522 192,691 
Discontinued operations(513)(6,142)(1,084)(8,635)
$56,027 $94,971 $266,438 $184,056 
Net (loss) earnings attributable to non-controlling Interests:
Continuing operations(364)(78)2,447 (142)
Discontinued operations(609)(3,628)(5,494)(3,633)
$(973)$(3,706)$(3,047)$(3,775)
Weighted average number of shares outstanding:
Basic12202,742,582 204,520,670 204,129,778 203,770,089 
Diluted12205,150,042 206,146,570 206,247,722 205,257,479 
Net earnings per share attributable to shareholders of the Company:
Basic earnings per share$0.28 $0.46 $1.31 $0.90 
Diluted earnings per share$0.27 $0.46 $1.29 $0.90 
Net earnings per share attributable to shareholders of the Company - Continuing operations:
Basic earnings per share$0.28 $0.49 $1.31 $0.95 
Diluted earnings per share$0.28 $0.49 $1.30 $0.94 
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
2            

Eldorado Gold Corporation                        
Condensed Consolidated Interim Statements of Comprehensive Income
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – in thousands of U.S. dollars)                            
Three months ended
Nine months ended
September 30,September 30,
2025202420252024
Net earnings for the period$55,054 $91,265 $263,391 $180,281 
Other comprehensive income (loss):
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in marketable securities32,584 2,739 62,521 57,984 
Income tax expense on change in fair value of investments in marketable securities(4,388)(339)(8,394)(7,787)
Actuarial (losses) gains on employee benefit plans(359)413 61 (342)
Income tax (expense) recovery on actuarial losses on employee benefit plans(32)(96)(133)82 
Total other comprehensive income for the period27,805 2,717 54,055 49,937 
Total comprehensive income for the period$82,859 $93,982 $317,446 $230,218 
Total comprehensive income (loss) attributable to:
Shareholders of the Company83,832 97,688 320,493 233,993 
Non-controlling interests(973)(3,706)(3,047)(3,775)
$82,859 $93,982 $317,446 $230,218 




























The accompanying notes are an integral part of the condensed consolidated interim financial statements.
3            

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows        
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – in thousands of U.S. dollars)
Three months ended
Nine months ended
September 30,September 30,
Note2025202420252024
Cash flows generated from (used in):
Operating activities
Net earnings from continuing operations$56,176 $101,035 $269,969 $192,549 
Adjustments for:
Depreciation and amortization63,342 64,944 190,374 180,608 
Finance costs108,221 3,476 21,134 10,529 
Interest income9(8,561)(6,060)(25,782)(17,346)
Foreign exchange (gain) loss(694)1,797 23,991 3,134 
Income tax expense1153,917 28,223 54,604 65,986 
Loss (gain) on disposal of assets441 273 (6,618)830 
Unrealized loss on derivative contracts922,194 33,055 66,844 61,908 
Write-down of assets3,261 2 8,426 1,412 
Share-based payments expense136,802 4,083 15,347 9,808 
Employee benefit plan expense719 1,115 2,820 3,153 
Non-cash gain on deferred consideration4— (60,000)— (60,000)
205,818 171,943 621,109 452,571 
Property reclamation payments(1,284)(926)(3,688)(2,419)
Employee benefit plan payments(298)(255)(1,087)(1,175)
Income taxes paid(29,316)(10,308)(120,136)(59,349)
Interest received8,561 6,060 25,782 17,346 
Changes in non-cash operating working capital14(13,273)14,385 (63,194)(18,575)
Net cash generated from operating activities of continuing operations170,208 180,899 458,786 388,399 
Net cash (used in) generated from operating activities of discontinued operations(151)(75)158 (293)
Investing activities
Additions to property, plant and equipment(242,517)(169,337)(592,207)(423,117)
Capitalized interest paid(8,437)(9,136)(28,457)(23,224)
Proceeds from the sale of property, plant and equipment244 232 724 248 
Proceeds from sale of mining licenses— — 2,500 — 
Value added taxes related to mineral property expenditures, net(5,954)(5,968)(7,005)(8,593)
Cash received from deferred consideration460,000 — 60,000 — 
(Purchase) sale of investments in marketable securities(13,961)— 141,117 (11,130)
Deposits on property, plant and equipment
(1,484)— (10,750)— 
Decrease in other investments— — — 1,136 
Net cash used in investing activities of continuing operations(212,109)(184,209)(434,078)(464,680)
Financing activities
Issuance of common shares for cash, net of share issuance costs1,575 1,340 9,102 13,659 
Contributions from (distributions to) non-controlling interests53 — (264)173 
Proceeds from Term Facility - Commercial loans and RRF loans797,884 92,207 278,494 218,810 
Proceeds from VAT Facility726,329 18,034 63,888 37,340 
Repayments of VAT Facility7(25,664)(15,473)(54,068)(30,962)
Term Facility commitment fees— — (1,372)(2,201)
Interest paid(9,174)(10,058)(19,601)(20,097)
Principal portion of lease liabilities (1,401)(1,202)(3,927)(3,366)
Purchase of shares for cancellation12(78,793)— (123,381)— 
Purchase of shares held in trust for restricted share units
12(3,955)— (8,181)(958)
Net cash generated from financing activities of continuing operations6,854 84,848 140,690 212,398 
Effect of exchange rates on cash and cash equivalents410 — 21,740 — 
Net (decrease) increase in cash and cash equivalents(34,788)81,463 187,296 135,824 
Cash and cash equivalents - beginning of period1,078,572 595,052 856,797 540,473 
Change in cash in disposal group held for sale151 75 (158)293 
Cash and cash equivalents - end of period $1,043,935 $676,590 $1,043,935 $676,590 
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
4            

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – in thousands of U.S. dollars)
Three months ended
Nine months ended
September 30,September 30,
Note2025202420252024
Share capital
Balance beginning of period$3,423,439 $3,431,267 $3,433,778 $3,413,365 
Shares issued upon exercise of share options1,502 1,465 9,913 13,784 
Shares issued upon redemption of performance share units— — 5,282 499 
Transfer of contributed surplus on exercise of options565 595 3,749 5,679 
Shares repurchased and cancelled, including tax(42,467)— (68,872)— 
Shares repurchased and not yet cancelled(3,892)— (3,892)— 
Share issuance costs — — (811)— 
Balance end of period12$3,379,147 $3,433,327 $3,379,147 $3,433,327 
Shares held in trust for restricted share units
Balance beginning of period$(9,162)$(12,157)$(12,970)$(19,263)
Shares purchased and held in trust for restricted share units(3,954)— (8,180)(958)
Shares released for settlement of restricted share units225 191 8,259 8,255 
Balance end of period12$(12,891)$(11,966)$(12,891)$(11,966)
Contributed surplus
Balance beginning of period$2,583,047 $2,607,572 $2,612,762 $2,617,216 
Shares repurchased and cancelled(33,876)— (52,950)— 
Share-based payment arrangements3,055 3,064 8,914 7,067 
Shares redeemed upon exercise of restricted share units(225)(191)(8,259)(8,255)
Shares redeemed upon exercise of performance share units— — (5,282)(499)
Transfer to share capital on exercise of options(565)(595)(3,749)(5,679)
Balance end of period$2,551,436 $2,609,850 $2,551,436 $2,609,850 
Accumulated other comprehensive (loss) income
Balance beginning of period$(21,070)$42,469 $56,183 $(4,751)
Other comprehensive earnings for the period attributable to shareholders of the Company27,805 2,717 54,055 49,937 
Reclassification of accumulated other comprehensive income on derecognition of investment in marketable securities— — (103,503)— 
Balance end of period$6,735 $45,186 $6,735 $45,186 
Deficit
Balance beginning of period$(1,879,249)$(2,399,335)$(2,193,163)$(2,488,420)
Net earnings attributable to shareholders of the Company56,027 94,971 266,438 184,056 
Reclassification of accumulated other comprehensive income on derecognition of investment in marketable securities— — 103,503 — 
Balance end of period$(1,823,222)$(2,304,364)$(1,823,222)$(2,304,364)
Total equity attributable to shareholders of the Company$4,101,205 $3,772,033 $4,101,205 $3,772,033 
Non-controlling interests
Balance beginning of period$(10,534)$(6,078)$(8,143)$(6,182)
Loss attributable to non-controlling interests(973)(3,706)(3,047)(3,775)
Contributions from (distributions to) non-controlling interests53 — (264)173 
Balance end of period$(11,454)$(9,784)$(11,454)$(9,784)
Total equity$4,089,751 $3,762,249 $4,089,751 $3,762,249 
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
5            

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
1. General Information
Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, “Eldorado” or the “Company”) is a gold and base metals mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkiye, Canada, and Greece.
Eldorado is a public company listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and is incorporated under the Canada Business Corporations Act.
The Company's head office and principal address is located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

2. Basis of preparation
(a)Statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’. They do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board for full annual financial statements and should be read in conjunction with the Company’s annual audited consolidated financial statements as at and for the year ended December 31, 2024.
The same accounting policies were used in the preparation of these unaudited condensed consolidated interim financial statements as for the most recent audited annual consolidated financial statements except as described below for adoption of new accounting standards and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.
All amounts are presented in U.S. dollars ("$") unless otherwise stated.
These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on October 30, 2025.
(b)Critical accounting estimates and judgements
The preparation of these unaudited condensed consolidated interim financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
Significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the audited annual consolidated financial statements as at and for the year ended December 31, 2024.

3. Material accounting policies
Adoption of new accounting standards
The following amendments to standards were effective for annual periods beginning on or after January 1, 2025:
•Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
There was no material impact on the Company's consolidated financial statements from the adoption of these amendments.


6

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
4. Accounts receivable and other
September 30, 2025December 31, 2024
Trade receivables$97,170 $57,832 
Value added tax and other taxes recoverable53,686 30,984 
Other receivables and advances33,457 21,128 
Prepaid expenses and deposits25,323 20,732 
Deferred consideration (i)
— 60,000 
$209,636 $190,676 
(i) On October 27, 2021, the Company completed a sale of the Tocantinzinho Project ("TZ"), a non-core gold asset, located in Brazil. The Company entered into a definitive agreement (the "GMIN Agreement") with G Mining Ventures Corp. (“GMIN”) to divest TZ. Under the terms of the GMIN Agreement, Eldorado was due to receive a deferred consideration of $60.0 million in cash, payable on or before the first anniversary following TZ commencing commercial production (“Deferred Consideration”). GMIN declared commercial production on September 3, 2024 and paid the deferred consideration to Eldorado on September 3, 2025. The $60.0 million gain was recognized in other (expense) income in Q3 2024 (Note 9).

5. Inventories
September 30, 2025December 31, 2024
Ore stockpiles$14,270 $15,286 
In-process inventory and finished goods154,212 137,599 
Materials and supplies121,011 126,110 
$289,493 $278,995 
The presentation of the prior period amounts were amended to conform with the presentation adopted in the current period, specifically the reclassification of amounts between line items in the note.

6. Other assets
September 30, 2025December 31, 2024
Investments in marketable securities and debt securities$88,829 $172,168 
Value added tax and other taxes recoverable77,051 77,610 
Prepaid loan costs2,433 3,489 
Deposits and other4,755 6,083 
$173,068 $259,350 
Less: current marketable securities and debt securities (i)
— (138,932)
Non-current other assets$173,068 $120,418 
(i) The remaining GMIN investment held at December 31, 2024 was sold in January 2025 for CDN $223.1 million ($155.1 million).
7

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
7. Debt
September 30, 2025December 31, 2024
Senior Notes, net of unamortized transaction fees of $3,890 (2024 – $4,525) and initial redemption option of $2,667 (2024 - $3,103)
$498,778 $498,578 
Redemption option derivative asset(16,172)(7,575)
Commercial Loan Facility, net of unamortized transaction fees of $20,918 (2024 - $21,751)
543,120 293,550 
RRF Facility, net of unamortized transaction fees of $5,153 (2024 - $5,445)
210,176 119,935 
VAT Facility, net of unamortized transaction fees of $391 (2024 - $559)
22,615 10,937 
$1,258,517 $915,425 
(a) Senior Notes
On August 26, 2021, the Company completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the “Senior Notes”). The Senior Notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022. The Senior Notes are guaranteed by Eldorado Gold (Netherlands) B.V., SG Resources B.V., Tuprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.
The Senior Notes contain certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit and loss. The increase in fair value for the nine months ended September 30, 2025 is $8.6 million (nine months ended September 30, 2024 – $7.0 million) and the increase in fair value for the three months ended September 30, 2025 is $0.7 million (three months ended September 30, 2024 – $5.0 million). The changes in fair value are recognized in finance costs (Note 10).
The Senior Notes contain covenants that restrict, among other things, distributions in certain circumstances and sales of certain material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants as at September 30, 2025.
The fair market value of the Senior Notes as at September 30, 2025 is $500.3 million (December 31, 2024 – $491.4 million).
(b) Skouries Project Financing Facility
On April 5, 2023, the Company entered into a project financing facility for the development of the Skouries Project in Northern Greece. This includes a €480.4 million commercial loan facility ("Commercial Loan Facility"), €200.0 million of funds from the Greek Recovery and Resilience Fund ("RRF Facility") and a contingent overrun facility ("Contingent Overrun Facility") for an additional €60.0 million (the Commercial Loan Facility, the RRF Facility and the Contingent Overrun Facility, together the "Term Facility"). The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries Project and the Hellas Gold operating assets. The project financing facility also includes a €30.0 million revolving credit facility ("VAT Facility") to fund reimbursable value added tax expenditures relating to the Skouries Project.
The Company's equity commitment for the project is backstopped by a letter of credit in the amount of €256.8 million ($301.6 million) as at September 30, 2025 (December 31, 2024 – €106.3 million ($110.5 million)), issued under the Company's $350.0 million revolving senior secured credit facility ("Credit Facility") (Note 7(c)). The letter of credit will be reduced Euro for Euro as the Company invests further equity in the Skouries Project.
The Term Facility includes the following components:
i.Commercial Loan Facility - €480.4 million at a variable interest rate comprised of 6-month Euribor plus a fixed margin, with 70% of the variable rate exposure economically hedged through an interest rate swap for the term of the facility (Note 16(d)(ii)).
8

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
7. Debt (continued)
(b) Skouries Project Financing Facility (continued)
ii.RRF Facility - €100.0 million at a fixed interest rate of 3.04% and €100.0 million at a fixed interest rate of 4.06%, both for the term of the facility.
iii.Contingent Overrun Facility - €60.0 million for additional capital costs at a variable interest rate comprised of 6-month Euribor plus a fixed margin with 70% of the variable rate exposure economically hedged through an interest rate swap for the term of the facility (Note 16(d)(ii)).
In the nine months ended September 30, 2025, the Company completed drawdowns on the Term Facility totalling €238.8 million ($278.5 million), including €176.9 million ($206.3 million) of commercial loans and €61.9 million ($72.2 million) from the RRF loans. Additionally, in the nine months ended September 30, 2025, the Company completed drawdowns on the VAT Facility totalling €56.6 million ($63.9 million) and made repayments of €48.1 million ($54.1 million) during the period.
As at September 30, 2025, cumulative drawdowns on the Term Facility since inception amount to €680.4 million ($798.9 million) and the Commercial Loan Facility and the RRF Facility are now fully drawn.
In accordance with the requirements of the Term Facility, the Company has entered into hedging arrangements including gold and copper commodity swaps, interest rate swaps, U.S. dollar to Euro forward contracts and gold collars (Note 16(d)).
In January 2025, Eldorado exercised a deferral option, which extends drawings from the Term Facility through the earlier of August 26, 2026, or three months following completion of the Skouries Project. Due to Eldorado exercising this deferral option, repayment of the Term Facility will commence on December 31, 2026, with 13 semi-annual installments, through to December 31, 2032.
Proceeds from the VAT Facility will be drawn and repaid on a revolving basis, with a maturity date of the earlier of June 30, 2027 or 18 months following completion of the Skouries Project.
The Term Facility contains a number of standard financial covenants, including debt service and leverage ratios. The Company is in compliance with its covenants as at September 30, 2025.
As at September 30, 2025, €182.8 million ($214.6 million) (December 31, 2024 - €157.3 million ($163.4 million)) of cash and cash equivalents are designated for the use of constructing the Skouries Project and to fund reimbursable VAT expenditures relating to the Skouries Project.
(c) Senior Secured Credit Facility
On June 27, 2024, the Company entered into an agreement with a syndicate of lenders to increase the existing revolving senior secured credit facility ("Credit Facility") from $250 million to $350 million, with an option to increase the available credit by $100 million through an accordion feature, and to extend the facility to a maturity date of June 27, 2028.
The Company's equity commitment for the Skouries Project is backstopped by a letter of credit issued under the Company's Credit Facility. As at September 30, 2025, after taking into account investments in the Skouries Project to date and revised costs to complete, the amount outstanding under the letter of credit for Skouries was €256.8 million ($301.6 million) and the Company's available balance on the Credit Facility was $48.1 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries Project.
The Credit Facility is subject to standard conditions and covenants. At September 30, 2025, the Company was in compliance with the applicable covenants. The Company is required to comply with covenants which include an interest coverage ratio (maintain an interest coverage ratio with respect to each rolling four quarter period of not less than 3.00:1.00) and a net leverage ratio (maintain a net leverage ratio with respect to each rolling four quarter period of not more than 3.50:1.00).
9

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
8. Revenue
For the three months ended September 30, 2025, revenue from contracts with customers by product and segment was as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$129,153 $160,019 $— $289,172 
Gold revenue - concentrate70,628 — 44,077 114,705 
Silver revenue - doré1,309 677 — 1,986 
Silver revenue - concentrate2,099 — 11,002 13,101 
Lead revenue - concentrate— — 4,226 4,226 
Zinc revenue - concentrate— — 5,469 5,469 
Revenue from contracts with customers$203,189 $160,696 $64,774 $428,659 
Provisional adjustments on current year concentrate sales5,319 — 1,873 7,192 
Provisional adjustments on prior year concentrate sales(267)— (857)(1,124)
$208,241 $160,696 $65,790 $434,727 
For the three months ended September 30, 2024, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$101,491 $111,166 $— $212,657 
Gold revenue - concentrate49,740 — 43,431 93,171 
Silver revenue - doré728 387 — 1,115 
Silver revenue - concentrate1,488 — 9,714 11,202 
Lead revenue - concentrate— — 5,536 5,536 
Zinc revenue - concentrate— — 8,598 8,598 
Revenue from contracts with customers$153,447 $111,553 $67,279 $332,279 
Provisional adjustments on current year concentrate sales887 — (1,674)(787)
Provisional adjustments on prior year concentrate sales165 — 101 266 
$154,499 $111,553 $65,706 $331,758 
The presentation of the prior period table above was amended to conform with the presentation adopted in the current period including the reclassification of amounts between line items in the note.
10

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
8. Revenue (continued)
For the nine months ended September 30, 2025, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$405,879 $445,913 $— $851,792 
Gold revenue - concentrate188,162 — 127,944 316,106 
Silver revenue - doré4,171 1,624 — 5,795 
Silver revenue - concentrate5,314 — 27,309 32,623 
Lead revenue - concentrate— — 12,116 12,116 
Zinc revenue - concentrate— — 16,622 16,622 
Revenue from contracts with customers$603,526 $447,537 $183,991 $1,235,054 
Provisional adjustments on current year concentrate sales8,031 — 1,399 9,430 
Provisional adjustments on prior year concentrate sales4,425 — (7,213)(2,788)
$615,982 $447,537 $178,177 $1,241,696 

For the nine months ended September 30, 2024, revenue from contracts with customers by product and segment were as follows:
TurkiyeCanadaGreeceTotal
Gold revenue - doré$270,772 $306,552 $— $577,324 
Gold revenue - concentrate140,096 — 107,119 247,215 
Silver revenue - doré2,490 1,294 — 3,784 
Silver revenue - concentrate4,645 — 23,668 28,313 
Lead revenue - concentrate— — 14,628 14,628 
Zinc revenue - concentrate— — 16,227 16,227 
Revenue from contracts with customers$418,003 $307,846 $161,642 $887,491 
Provisional adjustments on current year concentrate sales3,034 — 431 3,465 
Provisional adjustments on prior year concentrate sales1,142 — (5,232)(4,090)
$422,179 $307,846 $156,841 $886,866 

The presentation of the prior period table above was amended to conform with the presentation adopted in the current period including the reclassification of amounts between line items in the note.

11

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
9. Other (expense) income
Three months ended September 30,Nine months ended September 30,
2025202420252024
Unrealized loss on derivative instruments$(22,194)$(33,055)$(66,844)$(61,908)
Realized (loss) gain on derivative instruments(38,285)(39)(79,625)423 
Interest income8,561 6,060 25,782 17,346 
Gain on sale of the Tocantinzinho project (Note 4)
— 60,000 60,000 
Other(488)(193)5,542 2,692 
$(52,406)$32,773 $(115,145)$18,553 

10. Finance costs
Three months ended September 30,Nine months ended September 30,
2025202420252024
Interest cost on Senior Notes $7,880 $7,876 $23,637 $23,625 
Interest cost on Project Financing Facility 9,997 5,270 25,489 11,581 
Change in fair value of redemption option derivative (Note 7)
(675)(5,020)(8,597)(7,049)
Discount on disposal of marketable securities— — 5,147 — 
Other interest and financing costs2,453 2,561 5,331 1,013 
Asset retirement obligation accretion1,479 1,217 4,436 3,651 
Interest expense on lease liabilities517 431 1,356 1,222 
Total finance costs$21,651 $12,335 $56,799 $34,043 
Less: capitalized interest(13,430)(8,859)(35,665)(23,514)
$8,221 $3,476 $21,134 $10,529 

11. Income tax expense
Three months ended September 30,Nine months ended September 30,
2025202420252024
Current tax expense$52,241 $39,634 $143,994 $72,813 
Deferred tax expense (recovery) 1,676 (11,411)(89,390)(6,827)
$53,917 $28,223 $54,604 $65,986 
Deferred tax includes the recognition of a $73.5 million deferred tax asset on tax attributes that became available in Q1 2025.
12

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
12. Share capital and earnings per share
(a) Share capital     
2025
2024
Voting common sharesNumber of SharesTotalNumber of SharesTotal
Issued and outstanding, beginning of year204,946,024 $3,433,778 203,138,351 $3,413,365 
Shares issued upon exercise of share options965,857 9,913 1,743,271 13,784 
Estimated fair value of share options exercised transferred from contributed surplus— 3,749 — 5,679 
Shares issued on redemption of PSU's284,411 5,282 27,874 499 
Shares purchased and cancelled (i)(4,921,608)(68,872)— — 
Share issuance cost— (811)— — 
Issued and outstanding, September 30201,274,684 $3,383,039 204,909,496 $3,433,327 
Shares purchased and not yet cancelled(230,441)(3,892)— — 
Share Capital - balance at the end of the period201,044,243 $3,379,147 204,909,496 $3,433,327 
Shares held in trust for restricted share units, beginning of year(344,839)(12,970)(762,819)(19,263)
Purchased and held in trust for future settlement of restricted share units (ii)(408,000)(8,180)(82,000)(958)
Released for settlement of restricted share units282,037 8,259 561,980 8,255 
Shares held in trust for restricted share units, September 30(470,802)(12,891)(282,839)(11,966)
Issued and outstanding, net of shares held in trust, September 30200,803,882 $3,370,148 204,626,657 $3,421,361 

i)    During the nine months ended September 30, 2025, 5,152,049 shares were purchased by the Company (of which 4,921,608 shares were cancelled) in accordance with its normal course issuer bid ("NCIB") at an average price of $23.95 per share for total consideration of $123.4 million (nine months ended September 30, 2024 – Nil). $52.9 million of the consideration paid was recorded in contributed surplus.

ii)    During the nine months ended September 30, 2025, 408,000 additional shares were purchased in accordance with the NCIB at an average price of $20.05 per share for total consideration of $8.2 million (nine months ended September 30, 2024 – 82,000 shares at an average price of $11.69 for a total consideration of $1.0 million). These shares were held in trust by a third-party trustee to facilitate the settlement of the Company's obligations under its restricted share unit plan.
13

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
12. Share capital and earnings per share (continued)
(b) Earnings per share
The weighted average number of common shares for the purpose of diluted earnings per share reconciles to the weighted average number of common shares used in the calculation of basic earnings per share as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Weighted average number of common shares used in the calculation of basic earnings per share
202,742,582 204,520,670 204,129,778 203,770,089 
Dilutive impact of share options1,119,963 762,096 942,969 639,606 
Dilutive impact of restricted share units and restricted share units with performance criteria387,910 294,125 339,404 428,958 
Dilutive impact of performance share units899,587 569,679 835,571 418,826 
Weighted average number of common shares used in the calculation of diluted earnings per share
205,150,042 206,146,570 206,247,722 205,257,479 
As at September 30, 2025, 506 options (September 30, 2024 – 16,218) were excluded from the dilutive weighted-average number of common shares calculation because their effect would have been anti-dilutive.

13. Share-based payments expense
Three months ended September 30,Nine months ended September 30,
2025202420252024
Share options$1,102 $1,009 $3,078 $2,794 
Restricted share units - no performance criteria1,185 966 3,387 2,569 
Restricted share units - performance criteria— — — (630)
Performance share units768 1,089 2,449 2,334 
Deferred units3,747 1,019 6,433 2,741 
$6,802 $4,083 $15,347 $9,808 

14. Supplementary cash flow information
Three months ended September 30,Nine months ended September 30,
2025202420252024
Changes in non-cash working capital:
Accounts receivable and other$(28,223)$(19,553)$(53,056)$(20,586)
Inventories(2,776)(13,670)(19,538)(31,515)
Accounts payable and accrued liabilities17,726 47,608 9,400 33,526 
$(13,273)$14,385 $(63,194)$(18,575)

14

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
15. Commitments and contractual obligations
The Company's commitments and contractual obligations that had significant changes as at September 30, 2025 compared to December 31, 2024 include:
Within 1 Year2 Years3 Years4 Years5 YearsOver 5 YearsTotal
Debt$— $118,870 $95,863 $87,874 $119,829 $399,429 $821,865 
Purchase obligations $1,189 $924 $3 $— $— $— $2,116 
Leases$7,994 $6,283 $2,823 $1,998 $1,216 $4,495 $24,809 
Debt obligations represent required repayments of principal for the Term Facility and VAT Facility and excludes interest on debt. Purchase obligations relate primarily to contractual obligations at Olympias.

16. Derivative financial instruments
September 30, 2025December 31, 2024
Assets
Foreign currency collars (a)$1,255 $— 
Foreign currency forward contracts - Term Facility (d(iii))13,495 — 
Warrants241 52 
Total derivative assets$14,991 $52 
Classified as:September 30, 2025December 31, 2024
Current$2,377 $52 
Non-Current12,614 — 
$14,991 $52 
September 30, 2025December 31, 2024
Liabilities
Foreign currency collars (a)$— $194 
Euro forward contracts (b)— 2,353 
Gold collars (c)59,948 20,465 
Gold commodity swaps - Term Facility (d(i))55,241 18,149 
Copper commodity swaps - Term Facility (d(i))10,352 3,165 
Interest rate swaps - Term Facility (d(ii))11,695 12,167 
Foreign currency forward contracts - Term Facility (d(iii))— 4,837 
Gold collars - Term Facility (d(iv)) 5,877 — 
Total derivative liabilities$143,113 $61,330 
Classified as:September 30, 2025December 31, 2024
Current$64,142 $25,587 
Non-Current78,971 35,743 
$143,113 $61,330 
15

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
16. Derivative financial instruments (continued)
(a)Foreign Currency Collars
In December 2024, the Company entered into zero-cost collars that mature monthly from January to December 2025 (Canadian dollar collars - $7.5 million monthly; Euro collars - $6.0 million monthly).
These derivatives are not designated as hedging instruments. Changes in the fair value of the foreign currency collars are recorded in other (expense) income.
As at September 30, 2025, the Company's outstanding currency derivative instruments were as follows:
2025
   Canadian dollar collar contracts $22,500 
   Weighted average put strike price (USD:CDN)1.33
   Weighted average call strike price (USD:CDN)1.55
   Euro collar contracts$18,000 
   Weighted average put strike price (EUR:USD)1.10
   Weighted average call strike price (EUR:USD)1.00
During the nine months ended September 30, 2025, Canadian dollar collars totalling $67.5 million expired without financial settlement. Euro collars totalling $18.0 million expired without financial settlement and Euro collars totalling $36.0 million expired with financial settlement on which a $1.7 million realized gain was recognized.
During the three months ended September 30, 2025, Canadian dollar collars totalling $22.5 million expired without financial settlement, and Euro collars totalling $18.0 million expired with financial settlement on which a $1.1 million realized gain was recognized.

(b)Euro Forward Contracts
In August 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company’s equity commitment for the Skouries project and from June 30, 2024 to May 31, 2025, €5.0 million was delivered to the Company every month at a forward rate of EUR/USD 1.1160.
In October 2023, the Company entered into additional foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate and from June 2024 to May 2025, €2.5 million was delivered to the Company every month at a forward rate of EUR/USD 1.0785. The foreign currency forward contracts were not designated as hedging instruments.
During the nine months ended September 30, 2025, €37.5 million was delivered to the Company, on which a $0.7 million realized loss was recognized (nine months ended September 30, 2024 - $0.3 million realized loss). Changes in the fair value of the forward contracts and settlement (losses) gains have been recorded in other (expense) income.

16

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
16. Derivative financial instruments (continued)
(c)Gold Collars
In May 2023, the Company entered into zero-cost collars to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. Under the gold collars, 16,667 ounces settle monthly during the period from June 2023 through December 2025.
These derivatives are not designated as hedging instruments. Changes in the fair value of the gold collars are recorded in other (expense) income.
As at September 30, 2025, the Company's outstanding gold collars were as follows:
2025
Gold ounces 50,001 
Weighted average put strike price per ounceUS$1,900 
Weighted average call strike price per ounceUS$2,667 
During the nine months ended September 30, 2025, 150,003 ounces were settled (nine months ended September 30, 2024 – 150,003 expired), on which a $79.8 million realized derivative loss was recognized (nine months ended September 30, 2024 – nil). During the three months ended September 30, 2025, 50,001 ounces were settled (three months ended September 30, 2024 – 50,001 expired), on which a $39.4 million realized derivative loss was recognized (three months ended September 30, 2024 – nil).
(d)Term Facility Derivative Arrangements
(i) Gold and Copper Commodity Swaps - Term Facility
In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts for settlement on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026. The gold commodity swap contracts total 32,000 ounces at a forward price of US$2,160 per ounce and will be financially settled. The copper commodity swap contracts total 6,160 tonnes of copper at a forward price of US$8,525 per tonne and will be financially settled.
These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold and copper commodity swaps are recorded in other (expense) income.
(ii) Interest Rate Swaps - Term Facility
In April 2023, in conjunction with the Term Facility, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure under the six-months Euribor index, excluding the Contingent Overrun Facility. The interest rate swaps have a fixed rate of 3.11% and mature on December 31, 2032. The interest payment frequency is every six months.
In June 2024, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure of the Contingent Overrun Facility, under the six-months Euribor index. The interest rate swaps have a fixed rate of 2.748% and mature on December 31, 2032. The interest payment frequency is every six months.
The interest rate swaps have not been designated as hedging instruments. Changes in the fair value of the interest rate swaps are recorded in other (expense) income.
During the nine months ended September 30, 2025, interest rate swap settlements resulted in a realized loss of $0.9 million for the Company (nine months ended September 30, 2024 – $0.7 million realized gain).


17

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
16. Derivative financial instruments (continued)
(d) Term Facility Derivative Arrangements (continued)
(iii) Foreign Currency Forward Contracts - Term Facility
In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments. From June 30, 2026 to December 31, 2029, €17.0 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1473. From June 28, 2030 to December 30, 2032, €11.4 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1704.
The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts will be recorded in other (expense) income.
(iv) Gold Collars - Term Facility
In July 2025, as required under the Term Facility, the Company entered into zero-cost collars which settle monthly covering the period from July 1, 2027 to December 31, 2027. The gold collars total 28,000 ounces with a put strike price of $3,000 per ounce and a call strike price of $4,537 per ounce.
These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold collars are recorded in other (expense) income.
17. Financial instruments by category
Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.
The three levels of the fair value hierarchy are described below:
•Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities).
•Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).


18

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
17. Financial instruments by category (continued)
The table below provides the carrying value and fair value of financial instruments at September 30, 2025 and December 31, 2024. There were no amounts transferred between levels of the fair value hierarchy during the period. Financial assets and liabilities carried at amortized cost and whose carrying amount approximates fair values due to their short-term maturities are excluded from the table including cash and cash equivalents, term deposits, restricted cash, accounts receivable and other, other assets, accounts payable and accrued liabilities.
September 30, 2025December 31, 2024
Carrying amountFair valueCarrying amountFair value
Level 1(11)
Level 2
Level 1(11)
Level 2
Marketable securities (1)
$83,078 $— $83,078 $166,723 $— $166,723 
Debt securities (2)
5,751 — 5,751 5,445 — 5,445 
Trade receivables - doré (3)
— 15,119 15,119 — — — 
Trade receivables - concentrate (4)
— 82,051 82,051 — 57,832 57,832 
Deferred consideration (5)
— — — — 60,000 60,000 
Deferred unit liability (6)
(11,621)— (11,621)(5,778)— (5,778)
Senior Notes, excluding derivative asset (7)
— (498,778)(500,300)— (498,578)(491,350)
Redemption option derivative asset (8)
— 16,172 16,172 — 7,575 7,575 
Project financing facility (9)
— (775,911)(775,911)— (424,422)(424,422)
Derivative assets (10)
— 14,991 14,991 — 52 52 
Derivative liabilities (10)
— (143,113)(143,113)— (61,330)(61,330)
Net financial assets (liabilities)$77,208 $(1,289,469)$(1,213,783)$166,390 $(858,871)$(685,253)

(1)Marketable securities include publicly-traded equity investments classified as fair value through other comprehensive income.
(2)Debt securities include publicly-traded debt securities classified as fair value through other comprehensive income.
(3)Trade receivables (doré) are amounts due from customers for the sale of doré in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently at amortized cost using the effective interest rate method and are recorded net of lifetime expected credit losses.
(4)Trade receivables (concentrate) arise from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss with fair value determined based on forward metal prices for the quotational period. Changes in fair value are recorded in revenue.
(5)The deferred consideration is carried at amortized cost and approximates fair value (Note 4).
(6)Deferred units liability classified as fair value through profit and loss with fair value based on observable prices in active markets.
(7)Senior Notes, excluding the redemption option derivative asset (Note 7), is carried at amortized cost. The fair value of the Senior Notes is based on observable prices in inactive markets.
(8)The redemption option derivative asset is an embedded derivative separately recognized to reflect the redemption features of the Senior Notes and is classified as fair value through profit and loss (Note 7) with fair value based on models using observable interest rate inputs. Changes in fair value are recorded in finance costs.
(9)The project financing facility includes the Term Facility and the VAT Facility (Note 7), and is carried at amortized cost. The fair value approximates the carrying amount.
(10)Derivative assets and liabilities are classified as fair value through profit and loss (Note 16) with fair value based on observable prices in active markets.
(11)The fair value of financial instruments traded in active markets are based on quoted market prices at the date of the statements of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price.
19

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
18. Financial risk management
Eldorado’s activities expose it to a variety of financial risks. Significant changes to the Company’s financial risks and overall risk management program as at September 30, 2025 are outlined below.
Foreign Exchange Risk
The Company is exposed to foreign exchange risk arising from transactions denominated in foreign currencies, particularly from its operations in Turkiye, Canada and Greece.
The Company continues to use zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar (Note 16(a)) at the Olympias mine and Lamaque Complex, respectively.
In conjunction with the Term Facility, the Company also uses foreign currency forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments (Note 16(d)(iii)), reducing its exposure to foreign exchange risk.
Metal Price and Global Market Risk
The Company is subject to price risk for fluctuations in the market price of gold and other metals.
As required under the Term Facility, the Company uses gold and copper commodity swap contracts and gold collars, reducing its exposure to fluctuations in future metal prices. The swap contracts settle on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026 (Note 16(d)(i)), and the gold collars settle monthly covering the period from July 1, 2027 to December, 31 2027 (Note 16(d)(iv)).
The Company also uses zero-cost gold collars to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. Under the gold collars, 16,667 ounces settle monthly during the period from June 2023 through December 2025 (Note 16(c)).
Interest Rate Risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates.
Borrowings under the Term Facility include amounts at variable rates based on six-months EURIBOR index. To reduce interest rate risk, the Company has entered into an interest rate swap covering 70% of the variable interest rate exposure related to the Term Facility (Note 16(d)(ii)).
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss.
The Company manages credit risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. The Company also monitors the credit ratings of all financial institutions in which it holds cash and investments.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments.
The Company's equity commitment for the Skouries project is backstopped by a letter of credit issued under the Credit Facility. As at September 30, 2025, after giving effect to investments in the project to date (including the proceeds from the EBRD investment), the amount outstanding under the letter of credit for Skouries was €256.8 million ($301.6 million) and the Company's available balance on the revolving credit facility was $48.1 million. The letter of credit will continue to be reduced Euro for Euro as the Company invests further in the Skouries Project.
20

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
19. Segment information
Identification of reportable segments
The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or “CODM”) in assessing performance and in determining the allocation of resources.
The CODM consider the business from both a geographic and product perspective and assess the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings (loss) from mine operations, expenditures on exploration, income tax expense (recovery), property, plant and equipment, and total debt. As at September 30, 2025, Eldorado had five reportable segments based on the geographical location of mining and exploration and development activities.
Geographical segments
Geographically, the operating segments are identified by country and by operating mine. The Turkiye reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkiye. The Canada reporting segment includes Lamaque Complex and exploration activities in Canada. The Greece reporting segment includes the Olympias mine, the Skouries and Perama Hill projects and exploration activities in Greece. The Greece segment also includes the Stratoni mine and mill, which transitioned to care and maintenance during 2022. The Romania reporting segment includes the Certej Project and exploration activities in Romania, and is classified as a disposal group held for sale at September 30, 2025. Other reporting segment includes operations of Eldorado’s corporate offices.
Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in each of the reporting segments share similar economic characteristics and have been aggregated accordingly.

As at and for the three months ended September 30, 2025TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$208,241 $160,696 $65,790 $— $— $434,727 
Production costs82,385 35,989 45,766 — — 164,140 
Depreciation and amortization29,807 20,401 12,621 — — 62,829 
Earnings from mine operations$96,049 $104,306 $7,403 $— $— $207,758 
Other significant items of income and expense
Write-down of assets$1,910 $522 $829 $— $— $3,261 
Exploration and evaluation expenses4,095 4,181 1,800 — 899 10,975 
Mine standby costs— 931 5,534 — — 6,465 
Income tax expense (recovery)31,363 33,364 (6,474)— (4,336)53,917 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — 513 — 513 
Capital expenditure information
Additions to property, plant and equipment during the period**$42,000 $37,684 $174,249 $— $1,704 $255,637 
Capitalized interest— — 13,430 — — 13,430 
* Discontinued operations.
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.
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Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
19. Segment information (continued)
As at and for the three months ended September 30, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$154,499 $111,553 $65,706 $— $— $331,758 
Production costs63,752 32,815 44,658 — — 141,225 
Depreciation and amortization32,245 18,496 13,315 — — 64,056 
Earnings from mine operations$58,502 $60,242 $7,733 $— $— $126,477 
Other significant items of income and expense
Write-down of assets$2 $— $— $— $— $2 
Exploration and evaluation expenses3,207 3,224 127 — 1,752 8,310 
Mine standby costs— 613 2,585 — — 3,198 
Income tax expense (recovery)13,934 16,742 (17,923)— 15,470 28,223 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — 6,142 — 6,142 
Capital expenditure information
Additions to property, plant and equipment during the period**$37,466 $26,732 $92,128 $— $1,771 $158,097 
Capitalized interest— — 8,859 — — 8,859 
* Discontinued operations.
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.



















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Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
19. Segment information (continued)
As at and for the nine months ended September 30, 2025TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$615,982 $447,537 $178,177 $— $— $1,241,696 
Production costs235,852 107,871 130,886 — — 474,609 
Depreciation and amortization88,008 60,693 40,260 — — 188,961 
Earnings from mine operations$292,122 $278,973 $7,031 $— $— $578,126 
Other significant items of income and expense
Write-down of assets$4,132 $867 $3,427 $— $— $8,426 
Exploration and evaluation expenses9,101 10,164 1,997 — 3,956 25,218 
Mine standby costs— 3,861 11,391 — — 15,252 
Income tax expense (recovery)103,520 14,585 (55,159)— (8,342)54,604 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — 1,084 — 1,084 
Capital expenditure information
Additions to property, plant and equipment during the period**$116,247 $115,524 $434,011 $— $3,982 $669,764 
Capitalized interest — — 35,665 — — 35,665 
Information about assets and liabilities
Property, plant and equipment$873,740 $808,854 $2,930,398 $— $13,406 $4,626,398
Goodwill— 92,591 — — — 92,591 
$873,740 $901,445 $2,930,398 $— $13,406 $4,718,989 
Debt$— $— $775,911 $— $482,606 $1,258,517 
* Discontinued operations.
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.
23

Eldorado Gold Corporation                                
Notes to the Condensed Consolidated Interim Financial Statements    
For the three and nine months ended September 30, 2025 and 2024
(Unaudited – tables expressed in thousands of U.S. dollars, except number of shares, unless otherwise stated)
19. Segment information (continued)
As at and for the nine months ended September 30, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Earnings and loss information
Revenue$422,179 $307,846 $156,841 $— $— $886,866 
Production costs179,536 101,590 110,914 — — 392,040 
Depreciation and amortization85,832 53,783 38,358 — — 177,973 
Earnings from mine operations$156,811 $152,473 $7,569 $— $— $316,853 
Other significant items of income and expense
Write-down (recovery) of assets$1,754 $— $(342)$— $— $1,412 
Exploration and evaluation expenses6,020 6,715 387 — 3,007 16,129 
Mine standby costs— 1,246 6,575 — — 7,821 
Income tax expense (recovery)27,917 45,190 (15,143)— 8,022 65,986 
Loss from discontinued operations, net of tax attributable to shareholders of the Company— — — 8,635 — 8,635 
Capital expenditure information
Additions to property, plant and equipment during the period**$109,052 $81,052 $247,229 $— $8,433 $445,766 
Capitalized interest— — 23,514 — — 23,514 
* Discontinued Operations.
** Presented on an accrual basis, excludes asset retirement adjustments. Excludes capital expenditure from discontinued operations.

For the year ended December 31, 2024TurkiyeCanadaGreeceRomania*OtherTotal
Information about assets and liabilities
Property, plant and equipment$839,030 $754,566 $2,511,051 $— $14,135 $4,118,782 
Goodwill— 92,591 — — — 92,591 
$839,030 $847,157 $2,511,051 $— $14,135 $4,211,373 
Debt$— $— $424,422 $— $491,003 $915,425 

* Discontinued operations.


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