Eldorado Gold Corp 6-K, filed Jul 30, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

For the month of July, 2021

Commission File Number: 001-31522

Eldorado Gold Corporation
(Translation of registrant’s name into English)
1188-550 Burrard Street, Bentall 5<br>Vancouver, B.C. Canada V6C 2B5
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(Address of principal executive offices)

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

Form 20-F	¨	Form 40-F	þ

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

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

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

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

EXHIBIT INDEX

Exhibits

99.1	Unaudited Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2021 and 2020
99.2	Management's Discussion and Analysis for the three and six months ended June 30, 2021
99.3	CEO Certification
99.4	CFO Certification
99.5	Consent of Simon Hille, FAusIMM

INCORPORATION BY REFERENCE

Exhibits 99.1, 99.2 and 99.5 to this Form 6-K of Eldorado Gold Corporation (the “Company”) are hereby incorporated by reference as exhibits to the Registration Statement on Form F-10 (File No. 333-233055) of the Company, as amended or supplemented.

SIGNATURES

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

ELDORADO GOLD CORPORATION
(Registrant)
Date:  July 29, 2021	/s/ Karen Aram<br><br>Karen Aram<br><br>Corporate Secretary
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Document

Exhibit 99.1

Condensed Consolidated Interim Financial Statements

June 30, 2021 and 2020

(Unaudited)

(Expressed in thousands of U.S. dollars)

Eldorado Gold Corporation

Condensed Consolidated Interim Statements of Financial Position

As at June 30, 2021 and December 31, 2020

(Unaudited – in thousands of U.S. dollars)

As at	Note	June 30, 2021		December 31, 2020
ASSETS
Current assets
Cash and cash equivalents		$	409,733	$	451,962
Term deposits		1,001		59,034
Accounts receivable and other	6	86,234		73,216
Inventories	2(c),7	170,754		164,135
Current portion of employee benefit plan assets		5,900		5,749
		673,622		754,096
Restricted cash		2,662		2,097
Other assets		17,853		39,562
Property, plant and equipment	2(c)	4,051,887		4,042,199
Goodwill		92,591		92,591
		$	4,838,615	$	4,930,545
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities		$	152,427	$	179,372
Current portion of lease liabilities		10,274		11,297
Current portion of debt	8	66,667		66,667
Current portion of asset retirement obligations		4,701		4,701
		234,069		262,037
Debt	8	359,640		434,465
Lease liabilities		13,263		14,659
Employee benefit plan obligations		21,654		21,974
Asset retirement obligations		109,581		106,677
Deferred income tax liabilities	2(c)	383,308		412,162
		1,121,515		1,251,974
Equity
Share capital	12	3,224,830		3,144,644
Treasury stock		(10,295)		(11,452)
Contributed surplus		2,639,288		2,638,008
Accumulated other comprehensive loss		(30,297)		(30,297)
Deficit	2(c)	(2,147,004)		(2,103,205)
Total equity attributable to shareholders of the Company		3,676,522		3,637,698
Attributable to non-controlling interests		40,578		40,873
		3,717,100		3,678,571
		$	4,838,615	$	4,930,545

Subsequent events (Note 20)

Approved on behalf of the Board of Directors

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

Date of approval: July 29, 2021

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

Eldorado Gold Corporation

Condensed Consolidated Interim Statements of Operations

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars except share and per share amounts)

		Three months ended				Six months ended
		June 30,				June 30,
	Note	2021		2020		2021		2020
Revenue
Metal sales	9	$	233,224	$	255,917	$	457,842	$	460,572
Cost of sales
Production costs		112,800		109,477		221,360		210,839
Depreciation and amortization	2(c)	51,034		53,285		103,531		102,500
		163,834		162,762		324,891		313,339
Earnings from mine operations		69,390		93,155		132,951		147,233
Exploration and evaluation expenses		7,828		2,333		11,889		5,560
Mine standby costs	10	2,094		5,029		3,721		9,059
General and administrative expenses		9,779		6,157		19,924		14,444
Employee benefit plan expense		616		766		1,365		1,457
Share-based payments expense	13	1,922		2,863		3,703		4,658
Impairment of property, plant and equipment	5	99,497		—		99,497		—
Write-down (recovery) of assets		320		(295)		(430)		(92)
Foreign exchange gain		(330)		(1,238)		(6,273)		(2,000)
(Loss) earnings from operations		(52,336)		77,540		(445)		114,147
Other income	11	9,636		1,356		10,314		36
Finance costs	11	(15,500)		(6,480)		(25,838)		(22,687)
(Loss) earnings from operations before income tax		(58,200)		72,416		(15,969)		91,496
Income tax expense	2(c)	146		25,243		28,533		47,822
Net (loss) earnings for the period		$	(58,346)	$	47,173	$	(44,502)	$	43,674
Attributable to:
Shareholders of the Company	2(c)	(55,737)		49,089		(43,798)		46,183
Non-controlling interests		(2,609)		(1,916)		(704)		(2,509)
Net (loss) earnings for the period		$	(58,346)	$	47,173	$	(44,502)	$	43,674
Weighted average number of shares outstanding (thousands)
Basic		181,599		169,867		178,086		167,524
Diluted		181,599		173,787		178,086		171,342
Net (loss) earnings per share attributable to shareholders of the Company:
Basic (loss) earnings per share	2(c)	$	(0.31)	$	0.29	$	(0.25)	$	0.28
Diluted (loss) earnings per share	2(c)	$	(0.31)	$	0.28	$	(0.25)	$	0.27

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

Eldorado Gold Corporation

Condensed Consolidated Interim Statements of Comprehensive (Loss) Income

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars)

		Three months ended				Six months ended
		June 30,				June 30,
	Note	2021		2020		2021		2020
Net (loss) earnings for the period	2(c)	$	(58,346)	$	47,173	$	(44,502)	$	43,674
Other comprehensive income:
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in equity securities, net of tax		95		1,766		(30)		898
Actuarial gains (losses) on employee benefit plans, net of tax		64		30		30		(198)
Total other comprehensive income for the period		159		1,796		—		700
Total comprehensive (loss) income for the period		$	(58,187)	$	48,969	$	(44,502)	$	44,374
Attributable to:
Shareholders of the Company	2(c)	(55,578)		50,885		(43,798)		46,883
Non-controlling interests		(2,609)		(1,916)		(704)		(2,509)
		$	(58,187)	$	48,969	$	(44,502)	$	44,374

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

Eldorado Gold Corporation

Condensed Consolidated Interim Statements of Cash Flows

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars)

		Three months ended				Six months ended
		June 30,				June 30,
	Note	2021		2020		2021		2020
Cash flows generated from (used in):
Operating activities
Net (loss) earnings for the period	2(c)	$	(58,346)	$	47,173	$	(44,502)	$	43,674
Items not affecting cash:
Depreciation and amortization	2(c)	51,482		53,840		104,558		103,619
Finance costs		15,500		6,498		25,838		22,722
Interest income		(1,173)		(894)		(1,475)		(1,283)
Unrealized foreign exchange loss (gain)		675		(512)		(1,689)		(3,050)
Income tax expense	2(c)	146		25,243		28,533		47,822
Impairment of property, plant and equipment	5	99,497		—		99,497		—
(Gain) loss on disposal of assets	11	(98)		96		847		2,550
Gain on disposal of mining licences	11	(7,046)		—		(7,046)		—
Write-down (recovery) of assets		320		(295)		(430)		(92)
Share-based payments expense	13	1,922		2,863		3,703		4,658
Employee benefit plan expense		616		766		1,365		1,457
		103,495		134,778		209,199		222,077
Property reclamation payments		(772)		(474)		(1,107)		(1,000)
Employee benefit plan payments		(289)		(435)		(521)		(671)
Income taxes paid		(27,517)		(18,128)		(52,013)		(32,847)
Interest paid		(13,278)		(17,588)		(15,483)		(20,358)
Interest received		1,173		894		1,475		1,283
Changes in non-cash working capital	14	(25,761)		583		(13,629)		(15,587)
Net cash generated from operating activities		37,051		99,630		127,921		152,897
Investing activities
Purchase of property, plant and equipment		(72,533)		(37,126)		(137,389)		(77,608)
Acquisition of subsidiary, net of $4,311 cash received	4	(19,336)		—		(19,336)		—
Proceeds from the sale of property, plant and equipment		519		683		1,669		705
Proceeds from sale of mining licences	11	5,000		—		5,000		—
Value added taxes related to mineral property expenditures, net		(1,631)		168		(4,199)		(5,483)
Decrease (increase) in term deposits		1,904		49,964		58,034		(1,561)
(Increase) decrease in restricted cash		(31)		(77)		(104)		1,097
Net cash (used in) generated from investing activities		(86,108)		13,612		(96,325)		(82,850)
Financing activities
Issuance of common shares, net of issuance costs		2,300		60,243		14,134		87,079
Acquisition of non-controlling interest		—		(7,500)		—		(7,500)
Contributions from non-controlling interests		85		301		409		301
Proceeds from (repayment of) revolving credit facility	8	(50,000)		—		(50,000)		150,000
Repayment of term loan	8	(22,233)		(33,333)		(33,333)		(33,333)
Principal portion of lease liabilities		(2,265)		(2,499)		(5,035)		(5,033)
Purchase of treasury stock		—		(3,679)		—		(3,679)
Net cash (used in) generated from financing activities		(72,113)		13,533		(73,825)		187,835
Net (decrease) increase in cash and cash equivalents		(121,170)		126,775		(42,229)		257,882
Cash and cash equivalents - beginning of period		530,903		308,780		451,962		177,742
Cash in disposal group held for sale		—		(86)		—		(155)
Cash and cash equivalents - end of period		$	409,733	$	435,469	$	409,733	$	435,469

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

Eldorado Gold Corporation

Condensed Consolidated Interim Statements of Changes in Equity

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars)

	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Share capital
Balance beginning of period	$	3,157,117	$	3,075,100	$	3,144,644	$	3,054,563
Shares issued upon exercise of share options, for cash	681		1,392		1,398		1,816
Shares issued upon exercise of performance share units	1,172		—		1,172		—
Transfer of contributed surplus on exercise of options	263		560		548		730
Shares issued on acquisition of subsidiary (Note 4)	65,647		—		65,647		—
Shares issued to the public, net of share issuance costs	(50)		58,903		11,421		78,846
Balance end of period	$	3,224,830	$	3,135,955	$	3,224,830	$	3,135,955
Treasury stock
Balance beginning of period	$	(10,879)	$	(8,314)	$	(11,452)	$	(8,662)
Purchase of treasury stock	—		(3,679)		—		(3,679)
Shares redeemed upon exercise of restricted share units	584		406		1,157		754
Balance end of period	$	(10,295)	$	(11,587)	$	(10,295)	$	(11,587)
Contributed surplus
Balance beginning of period	$	2,639,067	$	2,628,820	$	2,638,008	$	2,627,441
Share-based payments	2,240		2,221		4,157		4,118
Acquisition of non-controlling interest	—		4,171		—		4,171
Shares redeemed upon exercise of restricted share units	(584)		(406)		(1,157)		(754)
Shares redeemed upon exercise of performance share units	(1,172)		—		(1,172)		—
Transfer to share capital on exercise of options	(263)		(560)		(548)		(730)
Balance end of period	$	2,639,288	$	2,634,246	$	2,639,288	$	2,634,246
Accumulated other comprehensive loss
Balance beginning of period	$	(30,456)	$	(30,062)	$	(30,297)	$	(28,966)
Other comprehensive income for the period	159		1,796		—		700
Balance end of period	$	(30,297)	$	(28,266)	$	(30,297)	$	(28,266)
Deficit
Balance beginning of period	$	(2,091,267)	$	(2,230,904)	$	(2,103,206)	$	(2,227,998)
(Loss) earnings attributable to shareholders of the Company (Note 2(c))	(55,737)		49,089		(43,798)		46,183
Balance end of period	$	(2,147,004)	$	(2,181,815)	$	(2,147,004)	$	(2,181,815)
Total equity attributable to shareholders of the Company	$	3,676,522	$	3,548,533	$	3,676,522	$	3,548,533
Non-controlling interests
Balance beginning of period	$	43,102	$	58,711	$	40,873	$	59,304
Loss attributable to non-controlling interests	(2,609)		(1,916)		(704)		(2,509)
Acquisition of non-controlling interest	—		(11,672)		—		(11,672)
Contributions from non-controlling interests	85		301		409		301
Balance end of period	$	40,578	$	45,424	$	40,578	$	45,424
Total equity	$	3,717,100	$	3,593,957	$	3,717,100	$	3,593,957

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

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, 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 Turkey, Canada, Greece, Romania, and Brazil.

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 ("CBCA").

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

2. Basis of preparation

(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 (“IASB”) for full annual financial statements and should be read in conjunction with the Company’s audited annual consolidated financial statements as at and for the year ended December 31, 2020.

Except as described in Note 3, 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 and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.

These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on July 29, 2021.

(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, 2020.

(c)Immaterial error correction

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

(1)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

2. Basis of preparation (continued)

The following tables set forth the effect of this immaterial error correction on the Company's unaudited condensed consolidated statements of operations for the three months ended March 31, 2021 and for the three and six month periods ended June 30, 2020.

	Three months ended March 31, 2021
	Previously Reported		Correction		As recast
Depreciation	$	56,309	(3,812)		$	52,497
Income tax expense	28,249		138		28,387
Net earnings for the period	10,171		3,673		13,844
Net earnings attributable to shareholders	8,266		3,673		11,939
Net earnings per share attributable to shareholders - basic and diluted	$	0.05	$	0.02	$	0.07
	Three months ended June 30, 2020					Six months ended June 30, 2020
---	---	---	---	---	---	---	---	---	---	---
	Previously Reported		Correction	As recast		Previously Reported		Correction	As recast
Depreciation	$	58,328	(5,043)	$	53,285	$	110,691	(8,191)	$	102,500
Income tax expense	23,671		1,572	25,243		45,076		2,746	47,822
Net earnings for the period	43,702		3,471	47,173		38,229		5,445	43,674
Net earnings attributable to shareholders	45,618		3,471	49,089		40,738		5,445	46,183
Comprehensive income attributable to shareholders	47,414		3,471	50,885		41,438		5,445	46,883
Net earnings per share attributable to shareholders - basic	0.27		0.02	0.29		0.24		0.04	0.28
Net earnings per share attributable to shareholders - diluted	$	0.26	0.02	$	0.28	$	0.24	0.03	$	0.27

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

	As at December 31, 2020
	Previously Reported		Correction	As recast
Inventories	$	176,271	(12,136)	$	164,135
Property, plant and equipment	3,998,493		43,706	4,042,199
Deferred income tax liabilities	402,713		9,449	412,162
Deficit	$	(2,125,326)	22,121	$	(2,103,205)

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

(2)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

3. Significant accounting policies

(a)Adoption of new accounting standards

The Company adopted the new IASB standard, Interest Rate Benchmark Reform - Phase 2 which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure, IFRS 4 Insurance Contracts, and IFRS 16 Leases. The amendment became effective January 1, 2021 and there was no material effect from the adoption of this amendment on the Company’s condensed consolidated interim financial statements.

A number of new standards and amendments to standards are effective for annual periods beginning after January 1, 2021 and earlier application is permitted; however, the Company has not early adopted and continues to evaluate the impact of the forthcoming or amended standards in preparing these condensed consolidated interim financial statements.

Property, plant and equipment - proceeds before intended use

On May 14, 2020, the IASB published a narrow scope amendment to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits deducting from the cost of property, plant and equipment amounts received from selling items produced while preparing the asset for its intended use. Instead, amounts received will be recognized as sales proceeds and related cost in profit or loss. The effective date is for annual periods beginning on or after January 1, 2022. The amendment must be applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the amendments are first applied. The Company will adopt this narrow scope amendment on the date it becomes effective and does not expect a revision to comparative financial information in its consolidated interim financial statements as a result of adoption.

Classification of liabilities as current or non-current

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

(b) Change in estimate

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

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

(3)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

4. Acquisition of QMX Gold Corporation

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

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

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

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

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

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

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

Fair value of net assets acquired:
Cash	$	4,311
Property, plant and equipment and other assets	8,995
Mineral property	75,636
Deferred income tax asset	14,122
Asset retirement obligation	(3,252)
Accounts payable and accrued liabilities	(8,906)
Total purchase price	$	90,906

(4)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

5. Impairment of Tocantinzinho Project

As a result of a plan to consider selling Tocantinzinho, a non-core gold asset, the Company recorded impairment of $99,497 in June 2021 to recognize the mineral properties and capitalized development at their estimated fair value. The non-recurring fair value measurement of $108,000 has been categorized as a Level 3 fair value based on the expected consideration of a sale, less estimated costs of disposal.

6. Accounts receivable and other

	June 30, 2021		December 31, 2020
Trade receivables	$	24,264	$	35,649
Value added tax and other taxes recoverable	35,562		12,171
Other receivables and advances	9,379		6,037
Prepaid expenses and deposits	17,029		19,359
	$	86,234	$	73,216

7. Inventories

	June 30, 2021		December 31, 2020
Ore stockpiles	$	5,603	$	6,327
In-process inventory and finished goods (Note 2(c))	66,755		68,984
Materials and supplies	98,396		88,824
	$	170,754	$	164,135

As at June 30, 2021, the Company recognized $182 and $16 in production costs and depreciation, respectively, to reduce the cost of lead and zinc concentrate inventory at Stratoni to net realizable value (as at June 30, 2020 – $740 and $72).

8. Debt

	June 30, 2021		December 31, 2020
Senior notes due June 2024, net of unamortized discount and transaction costs of $7,402 (December 31, 2020 - $8,680) (Note 8 (a))	$	227,925	$	226,647
Term loan, net of unamortized transaction costs of $1,118<br><br>(December 31, 2020 - $1,491) (Note 8 (b))	98,882		131,842
Revolving credit facility (Note 8 (b))	100,000		150,000
Redemption option derivative asset (Note 8 (a))	(500)		(7,357)
	$	426,307	$	501,132
Less: Current portion	66,667		66,667
Long-term portion	$	359,640	$	434,465

(5)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

8. Debt (continued)

(a) Senior Secured Second Lien Notes due 2024

On June 5, 2019, the Company completed an offering of $300 million senior secured second lien notes (the "senior secured notes") at 98% of par value, with a coupon rate of 9.5% due June 1, 2024. The senior secured notes pay interest semi-annually on June 1 and December 1, beginning December 1, 2019.

The senior secured 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 decreases in fair value for the three and six months ended June 30, 2021, respectively, are $6,182 and $6,857, which are recognized in finance costs.

The senior secured notes contain covenants that restrict, among other things, the ability of the Company to incur certain capital expenditures, distributions in certain circumstances and sales of material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants as at June 30, 2021.

The fair market value of the senior secured notes as at June 30, 2021 is $254,000 (December 31, 2020 – $260,500).

(b) Senior Secured Credit Facility

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

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

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

On March 30, 2020, the Company drew $150,000 under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the novel coronavirus ("COVID-19") pandemic. The Company repaid $50,000 of the credit facility draw in June 2021 and as at June 30, 2021, $100,000 of the credit facility draw remains outstanding (December 31, 2020 - $150,000). The outstanding amount is classified as non-current according to its contractual maturity.

As at June 30, 2021, the Company has outstanding non-financial (Greece) and financial (Canada) letters of credit of EUR 58,216 and CDN $426, totaling $69,399 (December 31, 2020 - EUR 57,600 and CDN $400, totaling $70,800). The non-financial letters of credit were issued to secure certain obligations in connection with the Company's operations. In February 2021, the TARCA was amended such that the non-financial letters of credit no longer reduce credit availability under the revolving credit facility, thereby increasing the availability under the facility. An early repayment of $11,100 of principal as part of the scheduled semi-annual payment on the term loan was made in February 2021 in conjunction with this amendment, and in June 2021, the Company completed the remaining scheduled $22,233 semi-annual payment on the term loan. At June 30, 2021, the current availability under the credit facility is $150 million.

The TARCA contains covenants that restrict, among other things, the ability of the Company to incur additional unsecured indebtedness except in compliance with certain conditions, incur certain lease obligations, make distributions in certain circumstances, sell material assets or carry on a business other than one related to mining. Significant financial covenants include a minimum Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to interest ratio and a maximum debt net of unrestricted cash ("net debt") to EBITDA ratio ("net leverage ratio"). The Company is in full compliance with its covenants at June 30, 2021.

Both the term loan and revolving credit facility bear interest at LIBOR plus a margin of 2.25% – 3.25%, dependent on a net leverage ratio pricing grid. As at June 30, 2021, the Company’s current interest charges and fees are as follows: LIBOR plus margin of 2.25% on the term loan and any amounts drawn from the revolving credit facility, 0.90% plus 0.13% on Greek non-financial letters of credit, the margin (2.25%) on the financial letters of credit secured by the revolving credit facility and 0.5625% standby fees on the available and undrawn portion of the revolving credit facility.

(6)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

9. Revenue

For the three months ended June 30, 2021, revenue from contracts with customers by product and segment were as follows:

	Turkey		Canada		Greece		Total
Gold revenue - doré	$	79,944	$	63,125	$	—	$	143,069
Gold revenue - concentrate	41,218		—		21,366		62,584
Silver revenue - doré	800		411		—		1,211
Silver revenue - concentrate	1,300		—		4,357		5,657
Lead concentrate	—		—		4,418		4,418
Zinc concentrate	—		—		12,800		12,800
Revenue from contracts with customers	$	123,262	$	63,536	$	42,941	$	229,739
Gain on revaluation of derivatives in trade receivables	2,466		—		1,019		3,485
	$	125,728	$	63,536	$	43,960	$	233,224

For the three months ended June 30, 2020, revenue from contracts with customers by product and segment were as follows:

	Turkey		Canada		Greece		Total
Gold revenue - doré	$	103,364	$	55,595	$	—	$	158,959
Gold revenue - concentrate	46,446		—		28,885		75,331
Silver revenue - doré	489		168		—		657
Silver revenue - concentrate	747		—		6,569		7,316
Lead concentrate	—		—		3,007		3,007
Zinc concentrate	—		—		6,175		6,175
Revenue from contracts with customers	$	151,046	$	55,763	$	44,636	$	251,445
Gain on revaluation of derivatives in trade receivables	324		—		4,148		4,472
	$	151,370	$	55,763	$	48,784	$	255,917

(7)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

9. Revenue (continued)

For the six months ended June 30, 2021, revenue from contracts with customers by product and segment were as follows:

	Turkey		Canada		Greece		Total
Gold revenue - doré	$	164,896	$	114,707	$	—	$	279,603
Gold revenue - concentrate	81,849		—		42,821		124,670
Silver revenue - doré	1,558		787		—		2,345
Silver revenue - concentrate	2,433		—		14,237		16,670
Lead concentrate	—		—		13,670		13,670
Zinc concentrate	—		—		21,175		21,175
Revenue from contracts with customers	$	250,736	$	115,494	$	91,903	$	458,133
Gain (loss) on revaluation of derivatives in trade receivables	550		—		(841)		(291)
	$	251,286	$	115,494	$	91,062	$	457,842

For the six months ended June 30, 2020, revenue from contracts with customers by product and segment were as follows:

	Turkey		Canada		Greece		Total
Gold revenue - doré	$	185,091	$	98,177	$	—	$	283,268
Gold revenue - concentrate	86,432		—		50,837		137,269
Silver revenue - doré	889		353		—		1,242
Silver revenue - concentrate	1,231		—		11,040		12,271
Lead concentrate	—		—		8,474		8,474
Zinc concentrate	—		—		17,011		17,011
Revenue from contracts with customers	$	273,643	$	98,530	$	87,362	$	459,535
Gain (loss) on revaluation of derivatives in trade receivables	(779)		—		1,816		1,037
	$	272,864	$	98,530	$	89,178	$	460,572

(8)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

10. Mine standby costs

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Skouries	$	1,417	$	2,171	$	2,695	$	4,224
Lamaque	—		2,031		—		3,086
Other mine standby costs	677		827		1,026		1,749
	$	2,094	$	5,029	$	3,721	$	9,059

11. Other income and finance costs

	Three months ended June 30,				Six months ended June 30,
(a) Other income (loss)	2021		2020		2021		2020
Gain (loss) on disposal of assets	$	98	$	(96)	$	(847)	$	(2,550)
Gain on disposal of mining licences	7,046		—		7,046		—
Interest and other income	2,492		1,452		4,115		2,586
	$	9,636	$	1,356	$	10,314	$	36

In May 2021, the Company recognized other income of $7,046 from the sale of mining licences in Turkey, which had a carrying value of nil. Consideration for the sale was $7,046 of which $5,000 was received in cash as at June 30, 2021. The remaining cash consideration is expected to be received in January 2022.

	Three months ended June 30,				Six months ended June 30,
(b) Finance costs	2021		2020		2021		2020
Interest on senior secured notes	$	6,195	$	7,909	$	12,390	15,811
Interest on term loan	927		1,632		1,887		3,930
Other interest and financing costs	1,835		2,113		3,993		3,201
Loss (gain) on redemption option derivative (Note 8(a))	6,182		(5,665)		6,857		(1,236)
Asset retirement obligation accretion	361		491		711		981
	$	15,500	$	6,480	$	25,838	$	22,687

(9)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

12. Share capital and (loss) earnings per share

(a) Share capital

	2021			2020
Voting common shares	Number of Shares	Total		Number of Shares	Total
Balance at January 1,	174,931,381	$	3,144,644	164,963,324	$	3,054,563
Shares issued upon exercise of share options, for cash	266,520	1,398		427,232	1,816
Shares issued on redemption of PSU's (Note 13)	507,998	1,172		—	—
Estimated fair value of share options exercised transferred from contributed surplus	—	548		—	730
Shares issued on acquisition of QMX<br><br>(Note 4)	5,788,187	65,647		—	—
Shares issued to the public	—	—		8,353,042	76,956
Share issuance costs	—	—		—	(1,605)
Flow-through shares issued, net of costs and premium	1,100,000	11,421		384,616	3,495
Balance at June 30,	182,594,086	$	3,224,830	174,128,214	$	3,135,955

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

(b) (Loss) earnings per share

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

	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Weighted average number of ordinary shares used in the calculation of basic (loss) earnings per share	181,598,939	169,866,635	178,085,804	167,524,192
Dilutive impact of share options	—	1,113,860	—	1,068,456
Dilutive impact of restricted share units and restricted share units with performance criteria	—	1,755,293	—	1,637,679
Dilutive impact of performance share units	—	1,051,210	—	1,111,188
Weighted average number of ordinary shares used in the calculation of diluted (loss) earnings per share	181,598,939	173,786,998	178,085,804	171,341,515

(10)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

12. Share capital and (loss) earnings per share (continued)

As at June 30, 2021, 2,498,594 options (June 30, 2020 - 3,008,224) were excluded from the dilutive weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive. For the three months ended June 30, 2021, 1,160,500 share options, 234,984 RSU's and RSU's with performance criteria, and 751,552 PSU's were anti-dilutive. For the six months ended June 30, 2021, 1,255,926 share options, 335,587 RSU's and RSU's with performance criteria, and 822,403 PSU's were anti-dilutive.

13. Share-based payment arrangements

Share-based payments expense consists of:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Share options	$	642	$	814	$	1,395	$	1,576
Restricted shares with no performance criteria	367		357		602		664
Restricted shares with performance criteria	1,025		778		1,670		1,237
Performance shares	206		272		489		540
Deferred units	(318)		642		(453)		641
	$	1,922	$	2,863	$	3,703	$	4,658

(a) Share option plans

The Company’s Incentive Stock Option Plan (the “Plan”) consists of options which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. Options vest at the discretion of the Board of Directors at the time an Option is granted. Options vest in three equal and separate tranches with the first vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.

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

	2021		2020
	Weightedaverageexercise priceCdn	Number of<br>options	Weightedaverageexercise priceCdn	Number of<br>options
At January 1,		5,092,388		5,714,491
Options granted	13.27	1,091,891	12.72	1,156,744
Exercised	6.49	(266,520)	5.94	(427,232)
Expired	16.14	(783,771)	33.40	(813,933)
Forfeited	12.08	(535,134)	14.02	(206,597)
At June 30,		4,598,854		5,423,473

All values are in US Dollars.

As at June 30, 2021, a total of 4,152,312 options (December 31, 2020 – 3,898,038) were available to grant under the Plan. As at June 30, 2021, 2,391,937 share purchase options (December 31, 2020 – 2,416,611) with a weighted average exercise price of CDN $11.80 (December 31, 2020 – CDN $14.45) had vested and were exercisable.

(11)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

13. Share-based payment arrangements (continued)

The weighted average market share price at the date of exercise for share options exercised for the six months ended June 30, 2021 was CDN $13.90 (June 30, 2020 – CDN $12.96).

During the first six months of 2021, 1,091,891 (June 30, 2020 – 1,156,744) share options were granted. The weighted average fair value per stock option granted was CDN $13.27 (June 30, 2020 – CDN $12.72). The assumptions used to estimate the fair value of options granted during the six months ended June 30, 2021 and 2020 are in the table below. Volatility was determined based on the historical volatility over the estimated lives of the share options.

	2021	2020
Risk-free interest rate (range)	0.3% - 0.8%	0.25% - 1.51%
Expected volatility (range)	64% - 68%	59% - 70%
Expected life	3 years	3 years
Expected dividends (CDN$)	—	—

(b) Restricted share unit plan

The Company has a Restricted Share Unit Plan (“RSU” plan) whereby restricted share units ("RSUs") may be granted to senior management of the Company. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. The current maximum number of common shares authorized for issue under the RSU plan is 5,000,000. As at June 30, 2021, 269,574 common shares purchased by the Company remain held in trust in connection with this plan and have been included in treasury stock within equity on the consolidated statement of financial position.

Currently, the Company has two types of RSUs:

i.RSU with no performance criteria

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

A total of 180,132 RSUs with no performance criteria with an average grant-date fair value of CDN $13.79 per unit were granted during the six months ended June 30, 2021 under this plan (June 30, 2020 - 149,552). The fair value of each RSU issued is determined as the closing share price at grant date.

A summary of the status of the RSUs with no performance criteria and changes is as follows:

	2021	2020
At January 1,	478,067	536,330
Granted	180,132	149,552
Redeemed	(134,542)	(189,671)
Forfeited	(40,898)	(16,852)
At June 30,	482,759	479,359

As at June 30, 2021, 109,649 restricted share units are fully vested and exercisable (June 30, 2020 – 70,939).

(12)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

13. Share-based payment arrangements (continued)

ii. RSU with performance criteria

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

A total of 360,273 RSUs with performance criteria were granted under this plan during the six months ended June 30, 2021 (June 30, 2020 - 299,112) with a fair value of CDN $22.46 per unit (June 30, 2020 - CDN $24.94). In addition, 80,235 RSUs with performance criteria were granted as a result of the performance criteria being met during the year, which were then redeemed for common shares issued from treasury stock. The fair value of each RSU with market-based performance criteria issued is determined based on fair value of the share units on the date of grant which is based on a valuation model which uses the forward price of the Company's shares and an index consisting of global gold-based securities.

A summary of the status of the RSUs with performance criteria and changes is as follows:

	2021	2020
At January 1,	689,967	457,498
Granted	440,508	299,112
Redeemed	(160,470)	—
Forfeited	(26,671)	(66,643)
At June 30,	943,334	689,967

(c) Deferred unit plan

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

As at June 30, 2021, 348,872 DUs were outstanding (December 31, 2020 – 289,360) with a fair value of $3,468, which is included in accounts payable and accrued liabilities (December 31, 2020 – $3,834). The fair value was determined based on the closing share price at June 30, 2021.

(d)    Performance share units plan

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

(13)

Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

13. Share-based payment arrangements (continued)

There were 13,937 PSUs granted during the six months ended June 30, 2021 under the PSU Plan (June 30, 2020 – nil) with a fair value of CDN $24.40 per unit (June 30, 2020 - nil). In addition, 253,999 PSUs were granted as a result of the performance criteria being met during the year, which were then redeemed for common shares. The current maximum number of common shares authorized for issuance from treasury under the PSU Plan is 3,126,000. The fair value of each PSU issued is determined based on fair value of the share units on the date of grant which is based on the expected future forward price of the Company's shares and an index consisting of global gold securities.

Movements in the PSUs during the six months ended June 30, 2021 and June 30, 2020 are as follows:

	2021	2020
At January 1,	525,605	610,885
Granted	267,936	—
Redeemed	(507,998)	—
Expired	—	(85,280)
At June 30,	285,543	525,605

14. Supplementary cash flow information

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Changes in non-cash working capital:
Accounts receivable and other	$	(9,912)	$	(16,133)	$	6,366	$	(19,458)
Inventories	(8,656)		4,706		(6,923)		3,875
Accounts payable and accrued liabilities	(7,193)		12,010		(13,072)		(4)
	$	(25,761)	$	583	$	(13,629)	$	(15,587)

15. Income tax rate changes

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

On April 16, 2021, an increase in the corporate income tax rate in Turkey was enacted. The corporate income tax rate was 20% at the beginning of 2021, and upon enactment increased to 25% for 2021, 23% for 2022 and will return to 20% for 2023 onwards. The increase was effective on July 1, 2021 with retroactive application to January 1, 2021. The opening deferred tax liability and current year’s deferred tax expense were increased by $6,101 due to the tax rate increase.

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Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

16. Commitments

Significant changes to the Company's commitments and contractual obligations as at June 30, 2021:

	Within 1 Year		2 Years		3 Years		4 Years		5 Years		Total
Debt	$	66,667	$	133,333	$	233,953	$	—	$	—	$	433,953
Purchase obligations and other commitments	79,778		4,156		242		238		237		84,651
	$	146,445	$	137,489	$	234,195	$	238	$	237	$	518,604

Debt obligations represent required repayments of principal for the senior secured notes and term loan and do not include interest on debt. Debt obligations also include the revolving credit facility, of which the current amount drawn at June 30, 2021 is $100,000 and is presented in the table above as repayable on June 5, 2023, based on the contractual maturity date of the revolving credit facility.

Purchase obligations and other commitments relate primarily to operating costs at all mines and capital projects at Kişladağ.

17. Fair value measurements

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).

Assets measured at fair value as at June 30, 2021 include marketable securities of $164 (December 31, 2020 – $194), comprised of publicly-traded equity investments classified as fair value through other comprehensive income, settlement receivables of $23,682 (December 31, 2020 – $31,898) arising from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss and a derivative asset of $500 (December 31, 2020 – $7,357), related to the redemption options associated with the senior secured notes classified as fair value through profit and loss. Changes in the fair value of settlement receivables are recorded in revenue and changes in the fair value of the redemption option derivative asset are recorded in finance costs. Valuation of the contingent consideration on the May 2020 acquisition of interest in Hellas Gold SA is measured at fair value, with any changes in fair value recorded in profit or loss. No other liabilities are measured at fair value on a recurring basis as at June 30, 2021.

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Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

17. Fair value measurements (continued)

The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. The Company's marketable securities are included in Level 1. Instruments included in Level 2 comprise settlement receivables, the redemption option derivative asset and the fair market value of the Company's senior secured notes (Note 8). The fair value of settlement receivables is determined based on forward metal prices for the quotational period, the fair value of the Company's redemption option derivative asset is based on models using observable interest rate inputs and the fair value of the Company's senior secured notes is based on observable prices in inactive markets. The fair value of the term loan is $100,000 and the fair value of the revolving credit facility approximates the carrying value both based on current market rates of interest and the Company's credit risk premium, and represent Level 2 fair value measurements. The fair value measurement of contingent consideration related to the May 2020 acquisition of the minority interest in Hellas Gold SA is categorized as a Level 3 fair value. For all other financial instruments, carrying amounts approximate fair value.

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 June 30, 2021 are outlined below.

(a)Interest rate risk

The Company's outstanding debt is in the form of senior secured notes with a fixed interest rate of 9.5% and a term loan with a variable rate based on LIBOR. In March 2020, the Company additionally drew $150,000 under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. Borrowings under the revolving credit facility are also at variable rates of interest based on LIBOR. Borrowings at variable rates of interest expose the Company to interest rate risk. At June 30, 2021, $100,000 is outstanding under the term loan and $100,000 is outstanding under the revolving credit facility. A 1% increase in the variable interest rate would result in a $1,357 decrease in net earnings on an annualized basis.

(b)Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. In March 2020, the Company drew $150,000 under the revolving credit facility, of which $50,000 was repaid in June 2021. Management cannot accurately predict the impact COVID-19 will have on the Company’s operations, the fair value of the Company's assets, its ability to obtain financing, third parties’ ability to meet their obligations with the Company and the length of travel and quarantine restrictions imposed by governments of the countries in which the Company operates.

In February 2021, the TARCA was amended such that the non-financial letters of credit no longer reduce credit availability under the revolving credit facility, thereby increasing the availability under the facility. An early repayment of $11,100 of principal as part of the scheduled semi-annual payment on the term loan was made in February 2021 in conjunction with this amendment, and in June 2021, the Company completed the remaining scheduled $22,233 semi-annual payment on the term loan. At June 30, 2021, the current availability under the credit facility is $150 million.

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

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Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, 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, property, plant and equipment and non-current assets, as well as total debt. As at June 30, 2021, Eldorado had six reportable segments based on the geographical location of mining and exploration and development activities.

Geographical segments

Geographically, the operating segments are identified by country and by operating mine. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Canada reporting segment includes the Lamaque operations and exploration activities in Canada, including those related to QMX from the date of acquisition. The Greece reporting segment includes the Stratoni and Olympias mines, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment includes the Certej project and exploration activities in Romania. The Brazil reporting segment includes the Tocantinzinho project and exploration activities. The Brazil segment also includes Vila Nova up until the sale of Vila Nova iron ore mine in September 2020. Other reporting segment includes operations of Eldorado’s corporate offices.

Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in each of the different reporting segments share similar economic characteristics and have been aggregated accordingly.

As at and for the three months ended June 30, 2021	Turkey		Canada		Greece		Romania		Brazil		Other		Total
Earnings and loss information
Revenue	$	125,728	$	63,536	$	43,960	$	—	$	—	$	—	$	233,224
Production costs	46,503		24,040		42,257		—		—		—		112,800
Depreciation and amortization	22,205		14,715		14,114		—		—		—		51,034
Earnings (loss) from mine operations	$	57,020	$	24,781	$	(12,411)	$	—	$	—	$	—	$	69,390
Other significant items of income and expense
Impairment (Note 5)	$	—	$	—	$	—	$	—	$	99,497	$	—	$	99,497
Exploration and evaluation expenses	5,100		1,177		161		927		(53)		516		7,828
Income tax expense (recovery)	18,881		7,986		(8,301)		(5,861)		(12,559)		—		146
Capital expenditure information
Additions to property, plant and equipment during the period (*)	$	38,970	$	21,810	$	13,725	$	—	$	930	$	1,571	$	77,006

* Presented on an accrual basis; excludes asset retirement adjustments.

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Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

19. Segment information (continued)

As at and for the three months ended June 30, 2020	Turkey		Canada		Greece		Romania		Brazil		Other		Total
Earnings and loss information
Revenue	$	151,370	$	55,763	$	48,784	$	—	$	—	$	—	$	255,917
Production costs	49,537		16,203		43,737		—		—		—		109,477
Depreciation and amortization (Note 2(c))	24,851		15,845		12,589		—		—		—		53,285
Earnings (loss) from mine operations	$	76,982	$	23,715	$	(7,542)	$	—	$	—	$	—	$	93,155
Other significant items of income and expense
Exploration and evaluation expenses	$	518	$	601	$	186	$	720	$	41	$	267	$	2,333
Income tax expense (recovery) (Note 2(c))	21,102		5,784		(726)		(1,761)		844		—		25,243
Capital expenditure information
Additions to property, plant and equipment during the period (*)	$	17,876	$	10,342	$	10,837	$	3	$	397	$	21	$	39,476

* Presented on an accrual basis; excludes asset retirement adjustments.

As at and for the six months ended June 30, 2021	Turkey		Canada		Greece		Romania		Brazil		Other		Total
Earnings and loss information
Revenue	$	251,286	$	115,494	$	91,062	$	—	$	—	$	—	$	457,842
Production costs	87,415		47,023		86,922		—		—		—		221,360
Depreciation and amortization (Note 2(c))	44,618		31,279		27,634		—		—		—		103,531
Earnings (loss) from mine operations	$	119,253	$	37,192	$	(23,494)	$	—	$	—	$	—	$	132,951
Other significant items of income and expense
Impairment (Note 5)	$	—	$	—	$	—	$	—	$	99,497	$	—	$	99,497
Exploration and evaluation expenses	5,921		2,660		298		1,923		—		1,087		11,889
Income tax expense (recovery) (Note 2(c))	42,744		12,698		(16,454)		556		(11,011)		—		28,533
Capital expenditure information
Additions to property, plant and equipment during the period (*)	$	69,991	$	39,254	$	24,336	$	—	$	1,795	$	1,904	$	137,280
Information about assets and liabilities
Property, plant and equipment (Note 2(c))	$	808,330	$	688,344	$	2,023,717	$	413,595	$	106,728	$	11,173	$	4,051,887
Goodwill	—		92,591		—		—		—		—		92,591
	$	808,330	$	780,935	$	2,023,717	$	413,595	$	106,728	$	11,173	$	4,144,478
Debt, including current portion	$	—	$	—	$	—	$	—	$	—	$	426,307	$	426,307

* Presented on an accrual basis; excludes asset retirement adjustments.

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Eldorado Gold Corporation

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2021 and 2020

(Unaudited – in thousands of U.S. dollars, unless otherwise stated)

19. Segment information (continued)

As at and for the six months ended June 30, 2020	Turkey		Canada		Greece		Romania		Brazil		Other		Total
Earnings and loss information
Revenue	$	272,864	$	98,530	$	89,178	$	—	$	—	$	—	$	460,572
Production costs	93,114		34,049		83,676		—		—		—		210,839
Depreciation and amortization (Note 2(c))	47,411		30,320		24,769		—		—		—		102,500
Earnings (loss) from mine operations	$	132,339	$	34,161	$	(19,267)	$	—	$	—	$	—	$	147,233
Other significant items of income and expense
Exploration and evaluation expenses	$	976	$	1,448	$	316	$	1,823	$	108	$	889	$	5,560
Income tax expense (recovery) (Note 2(c))	40,342		6,863		(4,557)		(1,183)		6,357		—		47,822
Capital expenditure information
Additions to property, plant and equipment during the period (*)	$	31,858	$	22,186	$	20,208	$	6	$	895	$	26	$	75,179

* Presented on an accrual basis, excludes asset retirement adjustments.

As at December 31, 2020	Turkey		Canada		Greece		Romania		Brazil		Other		Total
Information about assets and liabilities
Property, plant and equipment<br><br>(Note 2(c))	$	789,186	$	596,082	$	2,027,612	$	414,118	$	205,432	$	9,769	$	4,042,199
Goodwill	—		92,591		—		—		—		—		92,591
	$	789,186	$	688,673	$	2,027,612	$	414,118	$	205,432	$	9,769	$	4,134,790
Debt, including current portion	$	—	$	—	$	—	$	—	$	—	$	501,132	$	501,132

20. Events occurring after the reporting date

In July 2021, the Company completed the acquisition of 11.5% of the outstanding common shares of Probe Metals Inc. for cash consideration of CDN $23,691 ($18,654).

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Document

Exhibit 99.2

Management's Discussion and Analysis
For the three and six months ended June 30, 2021
Suite 1188, 550 Burrard Street
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Vancouver, British Columbia
V6C 2B5
Phone: (604) 687-4018
Fax: (604) 687-4026
MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021
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Management’s Discussion and Analysis

This Management's Discussion and Analysis ("MD&A") dated July 29, 2021 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 three and six months ended June 30, 2021. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2021 and 2020, which were prepared in accordance with International Accounting Standard ("IAS") 34 'Interim Financial Reporting'. In addition, this MD&A should be read in conjunction with both the audited annual consolidated financial statements for the years ended December 31, 2020 and 2019 prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), and the related annual MD&A.

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

Forward Looking Statements and Information

This MD&A contains forward-looking statements and information and should be read in conjunction with the risk factors described in the "Managing Risk" and "Other Information and Advisories" sections of this MD&A. Additional information including this MD&A, the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2021 and 2020, the audited annual consolidated financial statements for the years ended December 31, 2020 and 2019, our Annual Information Form for the year ended December 31, 2020 (our "AIF"), and press releases, have been filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR"), the Electronic Data Gathering, Analysis and Retrieval system ("EDGAR"), and are available online under the Eldorado profile at www.sedar.com, www.sec.gov/edgar and on the Company's website (www.eldoradogold.com).

Non-IFRS Measures

Certain non-IFRS measures are included in this MD&A, including cash operating costs and cash operating cost per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining cost ("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 Measures" 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 ("kt"); Percentage ("%"); Cash Generating Unit ("CGU"); Life of Mine ("LOM"); New York Stock Exchange ("NYSE"); Toronto Stock Exchange ("TSX"); Net Present Value ("NPV"); Internal Rate of Return ("IRR"); and London Inter-Bank Offered Rate ("LIBOR").

Reporting Currency and Tabular Amounts

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

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Table of Contents

Section	Page
About Eldorado	4
Second Quarter 2021 and Subsequent Period Highlights	5
Key Business Developments	7
Consolidated Financial and Operational Highlights	9
Review of Financial and Operating Performance	10
Quarterly Operations Update	13
Development Projects	19
Exploration and Evaluation	20
Financial Condition and Liquidity	21
Quarterly Results	24
Outstanding Share Information	24
Non-IFRS Measures	25
Managing Risk	37
Other Information and Advisories	38
Corporate Information	42
MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021
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About Eldorado

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

Our operations are global and we have assets in Turkey, Canada, Greece, Romania and Brazil. We operate five mines: Kisladag and Efemcukuru located in western Turkey, Lamaque (Triangle mine) in Canada, and Olympias and Stratoni located in northern Greece. Kisladag, Efemcukuru and Lamaque are gold operations, while Olympias and Stratoni are polymetallic operations. Olympias produces three concentrates bearing lead-silver, zinc and gold. Stratoni produces two concentrates bearing lead-silver and zinc.

Complementing our producing portfolio is our advanced stage gold-copper development project, Skouries in northern Greece. Skouries is currently on care and maintenance. We have in place an amended Investment Agreement with the Hellenic Republic that provides a mutually beneficial and modernized legal and financial framework to allow for investment in the Skouries project and the Olympias and Stratoni mines. We continue to engage with the Greek government to receive regulatory approval for future permits and technical studies.

Other development projects in our portfolio include:

•Perama Hill, gold-silver, Greece;

•Certej (80.5%), gold, Romania; and

•Tocantinzinho, gold, Brazil.

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

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

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

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Second Quarter 2021 and Subsequent Period Highlights

•Quarterly production in line with expectations; full year 2021 annual guidance: Gold production totalled 116,066 ounces in Q2 2021, a decrease of 16% from Q2 2020 production of 137,782 ounces and a 4% increase over Q1 2021, driven by a planned shift to lower-grade ore at Kisladag. Eldorado is maintaining its 2021 annual production guidance of 430,000-460,000 ounces of gold at an all-in sustaining cost of $920-1,150 per ounce sold.

•All-in sustaining costs: Q2 2021 all-in sustaining costs of $1,074 per ounce of gold sold in the quarter increased from Q2 2020 ($859 per ounce sold) as a result of lower production in the quarter and increased from Q1 2021 ($986 per ounce sold) primarily as a result of AISC in that quarter benefiting from a reversal of accrued royalty expense.

•Net loss and adjusted net earnings attributable to shareholders: Net loss attributable to shareholders of the Company in Q2 2021 was $55.7 million, or $0.31 loss per share (Q2 2020: $49.1 million or $0.29 earnings per share, Q1 2021: $11.9 million or $0.07 earnings per share)(1). Adjusted net earnings attributable to shareholders of the Company in Q2 2021 were $29.3 million, or $0.16 earnings per share (Q2 2020: $47.2 million or $0.28 earnings per share, Q1 2021: $24.6 million or $0.14 earnings per share)(1).

•EBITDA: Q2 2021 EBITDA was $7.6 million (Q2 2020: $131.8 million, Q1 2021: $105.3 million) and Q2 2021 adjusted EBITDA was $101.9 million (Q2 2020: $135.8 million, Q1 2021: $108.0 million). Material adjustments in Q2 2021 included a $99.5 million ($89.5 million net of deferred tax) impairment of the Tocantinzinho project, a non-core gold asset, as a result of a plan to consider selling the project.

•Free cash flow: Negative free cash flow of $36.6 million in Q2 2021 decreased from free cash flow of $63.4 million in Q2 2020 as a result of higher capital spend and lower sales. A decrease from free cash flow of $24.6 million in Q1 2021 was primarily due to increased growth capital spending, increased tax payments and the timing of royalty and interest payments. We expect free cash flow generation to improve in the second half of 2021.

•Financial position: Debt repayments in Q2 2021 included $50 million on the Company's revolving credit facility and $22 million on the Company's term loan. At June 30, 2021, the Company had $410.7 million of cash, cash equivalents and term deposits and approximately $150 million available under its revolving credit facility.

•Capital spending: Capital expenditures totalled $72.5 million in Q2 2021 (Q2 2020: $37.1 million, Q1 2021:$64.9 million), reflecting a planned increased in growth capital spending and following reduced spending in the prior year due to the novel coronavirus ("COVID-19") pandemic. Capital allocation is following a rigorous process to ensure discipline and control at all operations.

◦At Kisladag, $29.4 million investment in the quarter related to waste stripping, construction of the north leach pad to support the mine life extension and installation of a high-pressure grinding roll ("HPGR") circuit, which is expected to improve heap leach recovery with commissioning now scheduled to initiate at the start of Q4 2021.

◦At Lamaque, $8.9 million investment in the quarter related primarily to the decline connecting the Triangle underground mine with the Sigma mill, which is expected to reduce operating costs, reduce greenhouse gas emissions, and provide access for underground drill platforms for Ormaque, Plug 4, and other exploration targets in the prospective corridor.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

•Optimization of the Kassandra mines: Operations at Olympias were negatively affected in Q2 2021 as the Company progresses through the implementation of transformation efforts at its Kassandra mines. Discussions with stakeholders are ongoing and are expected to lead to a sustainable continuous improvement program as the year progresses.

•Measures remain in place to manage the impact of the COVID-19 pandemic: The Company's mines remain fully operational and isolated cases of COVID-19 have been successfully managed. Preventing the spread of COVID-19, ensuring safe working environments across Eldorado's global sites, and preparedness should an outbreak occur, remain priorities.

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Key Business Developments

Response to the 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.

No disruptions to the procurement of critical supplies have been experienced to date. We are monitoring our stock levels and the availability of critical supplies where shortages of these supplies could negatively impact production.

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

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

Acquisition of QMX Gold Corporation

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

Amended Investment Agreement

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

The Amended Investment Agreement also includes a 10% increase in royalty rates for all contained metals in concentrate (whereby the 6% royalty at gold prices above $1,800 per ounce increases to 6.6%). The increase was effective from the ratification date of March 23, 2021 and applies to concentrate sales from our Olympias and Stratoni mines, as well as future sales from Skouries.

Ormaque Deposit Maiden Inferred Mineral Resource

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

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

2021 Outlook

We are maintaining our 2021 annual guidance of 430,000-460,000 ounces of gold production with average cash operating costs expected to be $590-640 per ounce sold and all-in sustaining costs expected to be $920-1,150 per ounce sold. Free cash flow is expected to improve in the second half of 2021.

Sustainability Report

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, which we are committed to implementing in full.

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.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Consolidated Financial and Operational Highlights

	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Revenue	$233.2	$255.9	$457.8	$460.6
Gold revenue	$209.5	$232.9	$405.1	$416.6
Gold produced (oz)	116,066	137,782	227,808	253,732
Gold sold (oz)	114,140	134,960	227,734	251,179
Average realized gold price ($/oz sold) (4)	$1,835	$1,726	$1,779	$1,658
Cash operating costs ($/oz sold) (1,4)	645	550	643	586
Total cash costs ($/oz sold) (1,4)	746	616	716	644
All-in sustaining costs ($/oz sold) (1,4)	1,074	859	1,030	902
Net (loss) earnings for the period (2,5)	(55.7)	49.1	(43.8)	46.2
Net (loss) earnings per share – basic ($/share) (2,5)	(0.31)	0.29	(0.25)	0.27
Adjusted net earnings (loss) (2,3,4,5)	29.3	47.2	53.9	61.7
Adjusted net earnings (loss) per share ($/share) (2,3,4,5)	0.16	0.28	0.30	0.37
Cash flow from operating activities before changes in working capital (4)	62.8	99.0	141.6	168.5
Free cash flow (4)	(36.6)	63.4	(12.0)	70.5
Cash, cash equivalents and term deposits	$410.7	$440.3	$410.7	$440.3

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

(2)Attributable to shareholders of the Company.

(3)See reconciliation of net earnings (loss) to adjusted net earnings (loss) in the section 'Non-IFRS Measures'.

(4)These measures are non-IFRS measures. See the section 'Non-IFRS Measures' for explanations and discussion of these non-IFRS measures.

(5)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Review of Financial and Operating Performance

Health and Safety

At Eldorado, our ultimate objective is to create and sustain safe, injury-free, and healthy work environments for our employees and contractors. The Company’s lost-time injury frequency rate per million person-hours worked ("LTIFR") was 1.32 in Q2 2021, improving from 2.01 in Q2 2020. We continue to take proactive steps to improve workplace safety despite the challenges presented during the COVID-19 pandemic.

Production, Sales and Revenue

In Q2 2021, we produced 116,066 ounces of gold, a decrease of 16% from Q2 2020 production of 137,782 ounces and 4% increase from 111,742 ounces in Q1 2021.

•Kisladag produced 44,016 ounces during the quarter, a decrease of 27% from Q2 2020 production of 59,890 ounces and a decrease of 5% from Q1 2021 production of 46,172 ounces. This planned decrease in production from Q2 2020 is primarily due to lower average grade in the quarter, which was partially offset by higher volumes of mining and crushing and higher recovery.

•Lamaque produced 35,643 ounces during the quarter, an increase of 8% from Q2 2020 production of 33,095 ounces and an increase of 24% from Q1 2021 production of 28,835 ounces. The increase from Q2 2020 is primarily due to the Quebec government-mandated suspension of operations from March 25, 2020 to April 15, 2020 to address COVID-19, which negatively impacted production.

•Efemcukuru produced 23,473 ounces during the quarter, a decrease of 13% from Q2 2020 production of 26,876 ounces and a modest increase from Q1 2021 production of 23,298 ounces. The decrease from Q2 2020 is primarily a result of decreased tonnes processed combined with an adjustment to reflect payable ounces following a change in structure of concentrate sales in 2021.

•Olympias produced 12,934 ounces during the quarter, a decrease of 28% from Q2 2020 production of 17,921 ounces and a decrease of 4% from Q1 2021 production of 13,437 ounces. The decrease from Q2 2020 is due to lower processing volumes combined with lower average grade. Operations at Olympias were negatively affected in Q2 2021 by work slowdowns as the Company progresses through the implementation of transformation efforts at its Kassandra mines.

Gold sales in Q2 2021 totalled 114,140 ounces, a decrease of 15% from 134,960 ounces sold in Q2 2020 and a slight increase from Q1 2021 of 113,594 ounces. The lower sales volume compared with the prior year primarily reflects decreases in production at Kisladag and Olympias.

The average realized gold price was $1,835 in Q2 2021, 6% higher than the average realized gold price of $1,726 in Q2 2020. The gold price increased throughout 2020 amid economic uncertainty that was exacerbated by the COVID-19 pandemic starting in March 2020. Some subsequent weakening of the gold price was experienced in the first half of 2021.

Total revenue was $233.2 million in Q2 2021, a decrease from $255.9 million in Q2 2020 and an increase from Q1 2021 of $224.6 million. Total revenue was $457.8 million in the six months ended June 30, 2021, a decrease from $460.6 million in the six months ended June 30, 2020. The decreases in both three and six-month periods were due to lower sales volumes and were partially offset by higher average realized gold prices.

Unit Cost Performance

Cash operating costs in Q2 2021 averaged $645 per ounce sold, an increase from $550 in Q2 2020, and cash operating costs per ounce sold averaged $643 in the six months ended June 30, 2021, an increase from $586 in the six months ended June 30, 2020. Increases in both the three and six-month periods were primarily due to lower-grade ore mined and processed at Kisladag, Lamaque, and Olympias, resulting in fewer ounces produced and sold.

These increases were partially offset by a modest reduction in cash operating costs per ounce sold at Efemcukuru as a result of the weakening of the Turkish Lira from Q2 2020 and a change in the structure of concentrate contracts whereby lower payable ounces are offset by the elimination of treatment charges and other deductions.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

AISC per ounce sold averaged $1,074 in Q2 2021, an increase from $859 in Q2 2020, and AISC per ounce sold averaged $1,030 in the six months ended June 30, 2021, an increase from $902 in the six months ended June 30, 2020. Increases in both the three and six-month periods primarily reflect the increase in average cash operating costs per ounce sold, higher royalty expense at Kisladag and Efemcukuru as a result of the 25% increase to gold royalty rates effective from September 2020, higher royalties at Olympias effective from March 2021 following ratification of the Amended Investment Agreement and higher sustaining capital expenditure.

Other Expenses

Depreciation expense totalled $51.0 million in Q2 2021 compared to $53.3 million in Q2 2020 and $103.5 million in the six months ended June 30, 2021 compared to $102.5 million in the six months ended June 30, 2020. The slight decrease in Q2 2021 reflects lower sales volumes and the modest increase in depreciation in the six months ended June 30, 2021 reflects increased tonnes mined. A significant portion of property, plant and equipment depreciates on a unit-of-production basis over total estimated recoverable tonnes. Lower average grade and increased mining rates in the first half of 2021, primarily at Kisladag and Lamaque, therefore led to higher depreciation expense on a per ounce sold basis as compared to the first half of 2020. During Q2 2021, the Company identified and corrected an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. 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 this immaterial error. The recast resulted in a decrease in depreciation expense and increases in income tax expense and net earnings.

Mine standby costs of $2.1 million in Q2 2021 related primarily to Skouries and Perama Hill and decreased from $5.0 million in Q2 2020. Mine standby costs of $3.7 million in the six months ended June 30, 2021 decreased from $9.1 million in the six months ended June 30, 2020. Mine standby costs of $1.1 million and $2.0 million were incurred in Q1 2020 and Q2 2020, respectively, 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.

In Q2 2021, an impairment of $99.5 million ($89.5 million net of deferred tax) was recorded relating to the Tocantinzinho gold project in Brazil as a result of a plan to consider selling the project. The impairment relates primarily to the mineral property asset and reflects the fair value of this asset based on the expected sale consideration.

Other income increased to $9.6 million in Q2 2021, from $1.4 million in Q2 2020, and to $10.3 million in the six months ended June 30, 2021 from $0.04 million in the six months ended June 30, 2020. Increases in both periods were primarily the result of the May 2021 sale of mining licences in Turkey for proceeds of $7.0 million, of which $5.0 million was received as at June 30, 2021 and the remaining $2.0 million is expected to be received in Q1 2022.

Finance costs increased to $15.5 million in Q2 2021 from $6.5 million in Q2 2020 and to $25.8 million in the six months ended June 30, 2021 from $22.7 million in the six months ended June 30, 2020. Increases in both periods were primarily due to non-cash losses recognized on revaluation of a derivative related to redemption options in our debt of $6.2 million and $6.9 million in the three and six months ended June 30, 2021, respectively. These increases were partially offset by lower interest expense in the first half of 2021 as a result of lower debt principal balances and lower variable interest rates.

Tax expense decreased to $0.1 million in Q2 2021 from $25.2 million in Q2 2020 and to $28.5 million in the six months ended June 30, 2021 from $47.8 million in the six months ended June 30, 2020. An increase in the income tax rate in Turkey was effective from July 1, 2021, with retroactive application to January 1, 2021. The effective tax rate increased from the previously-effective rate of 20% to 25% in 2021 and is expected to reduce to 23% in 2022 and return to 20% for 2023 onwards. A decrease in the income tax rate in Greece was announced in May 2021, lowering the effective tax rate from 24% to 22%, with retroactive application to January 1, 2021.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Current tax decreased to $17.6 million in Q2 2021 from $25.8 million in Q2 2020 and to $43.3 million in the six months ended June 30, 2021 from $44.4 million in the six months ended June 30, 2020. Current tax related primarily to operations in Turkey of which $15.1 million and $38.8 million was included in the three and six-month periods ended June 30, 2021, respectively. Decreases in current tax in both periods primarily reflect lower sales volumes at Kisladag. In addition to current taxes on profits from mining operations, current tax expense in Turkey in Q2 2021 included $8.3 million of withholding tax on earnings subject to repatriation, $3.8 million relating to the retroactive impact of the tax rate increase to 25% on Q1 2021 and $2.7 million related to taxable unrealized foreign exchange gains, primarily related to cash held in US dollars. Partially offsetting current tax expense in Turkey was the investment tax credit related to Kisladag heap leach improvements. The investment tax credit reduced the corporate tax rate, resulting in current tax savings of $22.5 million and $28.7 million in the three and six-month periods ended June 30, 2021, respectively. Current tax also included Quebec mining duties of $2.5 million and $4.5 million in the three and six-month periods ended June 30, 2021, respectively.

Deferred tax recovery increased to $17.4 million in Q2 2021 from $0.5 million in Q2 2020 and to $14.7 million in the six months ended June 30, 2021 from an expense of $3.4 million in the six months ended June 30, 2020. These deferred tax recoveries primarily related to changes in temporary differences, including for property, plant and equipment, and a deferred tax recovery of $9.9 million resulting from the impairment of the Tocantinzinho gold project. Deferred tax was also impacted by a weakening of local currencies in which income tax is determined including a recovery of $0.2 million and an expense of $11.9 million in the three and six-month periods ended June 30, 2021, respectively, relating primarily the Turkish Lira. Deferred tax in Q2 2021 also included a recovery of $11.4 million and an expense of $6.1 million relating to the impact of the tax rate changes on opening deferred tax balances in Greece and Turkey, respectively.

Net Earnings (Loss) Attributable to Shareholders

We reported net loss attributable to shareholders of $55.7 million ($0.31 loss per share) in Q2 2021, compared to net earnings of $49.1 million ($0.29 per share) in Q2 2020 and net loss of $43.8 million ($0.25 loss per share) in the six months ended June 30, 2021 compared to net earnings of $46.2 million ($0.27 per share) in the six months ended June 30, 2020. The decreases in both periods were primarily due to the $99.5M impairment loss related to the Tocantinzinho project, and also reflects lower production and sales volumes, which were partially offset by lower income tax expense.

Adjusted net earnings were $29.3 million ($0.16 per share) in Q2 2021 compared to $47.2 million ($0.28 per share) in Q2 2020. Adjusted net earnings in Q2 2021 removes, among other things, the $99.5 million impairment of the Tocantinzinho project, the $6.2 million loss on the non-cash revaluation of the derivative related to redemption options in our debt, the $5.3 million net recovery of deferred tax relating to tax rate changes in Greece and Turkey and the $7.0 million ($5.3 million net of tax) gain on sale of mining licences in Turkey.

Adjusted net earnings were $53.9 million ($0.30 per share) in the six months ended June 30, 2021 compared to $61.8 million ($0.37 per share) in the six months ended June 30, 2020. Adjustments to net earnings in the six months ended June 30, 2021 remove, in addition to the adjustments described for Q2 2021, a $11.9 million loss on foreign exchange due to translation of deferred tax balances.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Quarterly Operations Update

Gold Operations

	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Total
Ounces produced	116,066	137,782	227,808	253,732
Ounces sold	114,140	134,960	227,734	251,179
Cash operating costs ($/oz sold) (1,2)	$645	$550	$643	$586
All-in sustaining costs ($/oz sold) (1,2)	$1,074	$859	$1,030	$902
Sustaining capital expenditures (2)	$24.2	$21.9	$44.7	$41.3
Kisladag
Ounces produced	44,016	59,890	90,188	110,066
Ounces sold	44,049	59,917	91,555	111,517
Cash operating costs ($/oz sold) (1,2)	$529	$465	$510	$459
All-in sustaining costs ($/oz sold) (1,2)	$728	$630	$665	$606
Sustaining capital expenditures (2)	$3.7	$5.4	$6.5	$8.4
Lamaque
Ounces produced	35,643	33,095	64,478	60,448
Ounces sold	34,677	31,964	63,755	58,692
Cash operating costs ($/oz sold) (1,2)	$658	$480	$704	$553
All-in sustaining costs ($/oz sold) (1,2)	$1,065	$796	$1,109	$908
Sustaining capital expenditures (2)	$11.0	$8.0	$20.3	$16.3
Efemcukuru
Ounces produced	23,473	26,876	46,771	50,115
Ounces sold	23,006	25,692	47,136	48,913
Cash operating costs ($/oz sold) (1,2)	$525	$534	$525	$586
All-in sustaining costs ($/oz sold) (1,2)	$917	$807	$802	$835
Sustaining capital expenditures (2)	$3.8	$3.6	$6.3	$6.7
Olympias
Ounces produced	12,934	17,921	26,371	33,103
Ounces sold	12,409	17,387	25,288	32,057
Cash operating costs ($/oz sold) (1,2)	$1,237	$993	$1,190	$1,086
All-in sustaining costs ($/oz sold) (1,2)	$1,893	$1,377	$1,845	$1,500
Sustaining capital expenditures (2)	$5.7	$4.9	$11.5	$9.9

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

(2)These measures are non-IFRS measures. See the section 'Non-IFRS Measures' for explanations and discussion of these non-IFRS measures.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Kisladag

Operating Data	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Tonnes placed on pad	3,367,305	3,060,873	6,494,595	5,728,248
Head grade (g/t Au)	0.81	1.03	0.79	0.98
Gold ounces produced	44,016	59,890	90,188	110,066
Gold ounces sold	44,049	59,917	91,555	111,517
Cash operating costs ($/oz sold)	$529	$465	$510	$459
All-in sustaining costs ($/oz sold)	$728	$630	$665	$606
Financial Data
Gold revenue	$80.7	$103.4	$166.5	$185.1
Depreciation and depletion (1)	11.5	13.7	23.1	26.0
Earnings from mine operations (1)	40.6	58.0	88.5	101.4
Growth capital expenditures	29.4	7.0	53.3	14.4
Sustaining capital expenditures	$3.7	$5.4	$6.5	$8.4

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

Kisladag produced 44,016 ounces of gold in Q2 2021, a decrease of 27% from 59,890 ounces in Q2 2020. The decrease was the result of a planned shift to lower-grade ore through 2021 as compared to 2020. Production was in line with expectations for the quarter and solution processing rates have increased as a result of the installation of two additional multi-stage carbon-in-column sets during Q1 2021.

Tonnes of ore mined, crushed and placed on the heap leach pad in Q2 2021 were higher than planned, reflecting good equipment availability and crusher throughput. Ore placed on the pad in the second quarter had an average grade of 0.81 grams per tonne, slightly higher than the average grade of 0.77 grams per tonne in Q1 2021. Average grade is expected to decline in the second half of 2021.

Gold revenue decreased to $80.7 million in Q2 2021 from $103.4 million in Q2 2020, reflecting lower production and was partly offset by higher gold prices.

Cash operating costs per ounce sold increased to $529 in Q2 2021 from $465 in Q2 2020. The increase was primarily due to lower production and sales volumes, a result of lower grade ore mined in the quarter, and was partially offset by lower costs as a result of the weakening of the Turkish Lira from Q2 2020. AISC per ounce sold increased to $728 in Q2 2021 from $630 in Q2 2020, as a result of lower production and sales. AISC per ounce sold was positively impacted in Q2 2021 by reduced sustaining capital spending as compared to Q2 2020. Sustaining capital expenditures of $3.7 million in Q2 2021 primarily included process upgrades and mine equipment overhauls.

Growth capital expenditures of $29.4 million in Q2 2021 and $53.3 million in the six months ended June 30, 2021 included continued installation works of an HPGR circuit expected to improve heap leach recovery with commissioning now scheduled to initiate at the start of Q4 2021. The change in schedule does not impact the production forecast for the year. Growth capital also included waste stripping and construction of the north leach pad to support the mine life extension. The absorption-desorption-recovery ("ADR") plant expansion was successfully commissioned in Q2, which enables higher process solution flow rates.

Depreciation expense decreased in Q2 2021 in line with lower sales volumes. A significant portion of property, plant and equipment depreciates on a unit-of-production basis over total estimated recoverable tonnes. The decrease in grade in Q2 2021 therefore led to higher depreciation expense on a per ounce sold basis as compared to Q2 2020.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Lamaque

Operating Data	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Tonnes milled	190,940	146,998	371,774	293,546
Head grade (g/t Au)	5.98	7.25	5.58	6.65
Average recovery rate	97.1%	96.6%	96.5%	96.3%
Gold ounces produced	35,643	33,095	64,478	60,448
Gold ounces sold	34,677	31,964	63,755	58,692
Cash operating costs ($/oz sold)	$658	$480	$704	$553
All-in sustaining costs ($/oz sold)	$1,065	$796	$1,109	$908
Financial Data
Gold revenue	$63.1	$55.6	$114.7	$98.2
Depreciation and depletion (1)	14.7	15.8	31.3	30.3
Earnings from mine operations (1)	24.8	23.7	37.2	34.2
Growth capital expenditures	8.9	1.7	16.0	4.5
Sustaining capital expenditures	$11.0	$8.0	$20.3	$16.3

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

Lamaque produced 35,643 ounces of gold in Q2 2021, an 8% increase from 33,095 ounces in Q2 2020 despite a planned shift to lower-grade ore stopes. Average grade was 5.98 grams per tonne in Q2 2021, an increase from 5.17 grams per tonne in Q1 2021 but lower than 7.25 grams per tonne in Q2 2020. Grade is expected to improve at Lamaque in the second half of 2021. Tonnes processed in the quarter increased 30% from Q2 2020 as a result of increased underground production and the ability to process higher volumes.

Gold revenue increased to $63.1 million in Q2 2021 from $55.6 million in Q2 2020 due to higher production, combined with increased gold prices.

Cash operating costs per ounce sold increased to $658 in Q2 2021 from $480 in Q2 2020, primarily reflecting the planned shift to lower-grade ore and were negatively impacted by a stronger Canadian dollar in the quarter as compared to Q2 2020.

AISC per ounce sold increased to $1,065 in Q2 2021 from $796 in Q2 2020 and included $11.0 million of sustaining capital expenditure related primarily to underground development, underground infrastructure improvements and tailings management.

Growth capital expenditures of $8.9 million in Q2 2021 and $16.0 million in the six months ended June 30, 2021 primarily included continued development of the decline from the Sigma mill to the Triangle mine which commenced in Q3 2020 and remains on schedule for completion in Q4 2021. Following completion, the decline is expected to reduce operating costs, reduce greenhouse gas emissions, and provide access for underground drill platforms for Ormaque, Plug 4, and other exploration targets in the prospective corridor between the Triangle underground mine and the Sigma mill.

Depreciation decreased in Q1 2021 despite higher ounces sold as a result of a change in estimate. A significant portion of property, plant and equipment depreciates on a unit-of-production basis over total estimated recoverable tonnes. Until December 31, 2020, total estimated recoverable tonnes included proven and probable mineral reserves only. Effective January 1, 2021, total estimated recoverable tonnes for Lamaque also include a portion of inferred mineral resources considered to be highly probable to be economically extracted over the life of the mine. This change in estimate better reflects the pattern in which the asset's future economic benefits are expected to be consumed based on the current mine plans.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Efemcukuru

Operating Data	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Tonnes milled	130,208	132,173	259,197	261,640
Head grade (g/t Au)	6.60	7.21	6.64	6.83
Average recovery rate (to concentrate)	93.8%	93.4%	93.7%	93.5%
Gold ounces produced (1)	23,473	26,876	46,771	50,115
Gold ounces sold	23,006	25,692	47,136	48,913
Cash operating costs ($/oz sold)	$525	$534	$525	$586
All-in sustaining costs ($/oz sold)	$917	$807	$802	$835
Financial Data
Gold revenue	$43.7	$46.8	$82.4	$85.7
Depreciation and depletion	10.7	11.1	21.6	21.4
Earnings from mining operations	16.4	19.0	30.7	30.9
Sustaining capital expenditures	$3.8	$3.6	$6.3	$6.7

(1)Payable metal produced (2021).

Efemcukuru produced 23,473 ounces of gold in Q2 2021, a 13% decrease from 26,876 ounces in Q2 2020, reflecting a slight decrease in tonnes milled combined with lower average grade. Production in 2021 has also been adjusted to reflect reduced payable ounces, following a change in structure of concentrate sales contracts. The lower payable ounces under the new contracts are offset by a decrease in production costs due to the elimination of treatment charges and other deductions.

Gold revenue of $43.7 million in Q2 2021 decreased from $46.8 million in Q2 2020 but benefited from a higher average realized gold price in the quarter.

Cash operating costs per ounce sold improved to $525 in Q2 2021 from $534 in Q2 2020. Cash operating costs in Q2 2021 benefited from lower selling costs due to the change in structure of concentrate sales contracts and lower costs resulting from the weakening of the Turkish Lira. These decreases were partly offset by a decrease in average grade to 6.60 in Q2 2021 from 7.21 in Q2 2020.

AISC per ounce sold increased to $917 in Q2 2021 from $807 in Q2 2020. The increase is primarily due to higher royalty expense as a result of a 25% increase to gold royalty rates, effective from September 2020. Sustaining capital expenditure of $3.8 million in Q2 2021 primarily included underground development, resource conversion drilling and process upgrades.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Olympias

Operating Data	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Tonnes milled	107,575	116,382	210,742	223,320
Head grade (g/t Au)	6.35	8.39	6.66	8.15
Average recovery rate (to concentrate)	87.3%	88.8%	86.3%	86.9%
Gold ounces produced (1)	12,934	17,921	26,371	33,103
Gold ounces sold	12,409	17,387	25,288	32,057
Silver ounces produced (1)	230,127	233,422	434,916	453,897
Lead tonnes produced (1)	2,278	2,283	4,299	4,349
Zinc tonnes produced (1)	2,502	2,737	4,802	5,085
Cash operating costs ($/oz sold)	$1,237	$993	$1,190	$1,086
All-in sustaining costs ($/oz sold)	$1,893	$1,377	$1,845	$1,500
Financial Data
Gold revenue	$22.7	$27.2	$43.1	$47.7
Silver and base metal revenue	11.4	14.3	24.4	24.8
Depreciation and depletion	13.5	11.6	26.4	22.7
Loss from mining operations	(7.9)	(1.1)	(16.8)	(8.4)
Sustaining capital expenditures	$5.7	$4.9	$11.5	$9.9

(1)Payable metal produced.

Olympias produced 12,934 ounces of gold in Q2 2021, a 28% decrease from 17,921 ounces in Q2 2020. The decrease reflected lower processing volumes in the quarter, combined with lower average gold grade. Lead, silver and zinc production was also lower in Q2 2021 as compared to Q2 2020 primarily a result of lower processing volumes, a modest increase in lead and silver average grades and a modest decrease in zinc average grade. Operations at Olympias were negatively affected in Q2 2021 by work slowdowns as the Company progresses through the implementation of transformation efforts at its Kassandra mines. Discussions with stakeholders are ongoing and are expected to lead to a sustainable continuous improvement program as the year progresses. Further improvement is underway to long range mine design and planning based on updated geotechnical guidance.

Gold revenue decreased to $22.7 million in Q2 2021 from $27.2 million in Q2 2020 primarily as a result of decreased sales volumes and benefited from higher gold prices in the quarter. Silver and base metal revenue decreased to $11.4 million in Q2 2021 from $14.3 million in Q2 2020 primarily due to the timing of bulk lead-silver concentrate sales. Silver and base metal revenue benefited in Q2 2021 from increased prices as compared to Q2 2020.

Cash operating costs per ounce sold increased to $1,237 in Q2 2021 from $993 in Q2 2020, primarily a result of decreased production and lower silver and base metal sales, which reduce cash operating costs as by-product credits.

AISC per ounce sold increased to $1,893 in Q2 2021 from $1,377 in Q2 2020 in line with higher cash operating costs and an increase in royalties following ratification of the Amended Investment Agreement in March 2021. AISC was also negatively impacted by an increase in sustaining capital expenditure to $5.7 million in Q2 2021 from $4.9 million in Q2 2020. Sustaining capital expenditure in Q2 2021 primarily included underground development, diamond drilling and tailings facility construction.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Stratoni

Operating Data	3 months ended June 30,		6 months ended June 30,
	2021	2020	2021	2020
Tonnes milled	47,630	45,235	95,440	91,495
Lead head grade	5.2%	4.8%	5.2%	5.4%
Zinc head grade	8.1%	8.9%	8.3%	9.7%
Tonnes of concentrate produced	10,090	9,965	20,505	22,048
Tonnes of concentrate sold	10,188	9,388	23,110	21,254
Average realized concentrate price ($/t sold) (1)	$964	$777	$1,019	$788
Cash operating costs ($/t of concentrate sold)	$1,293	$1,352	$1,221	$1,196
Financial Data
Concentrate revenues	$9.8	$7.3	$23.6	$16.8
Depreciation and depletion	0.6	1.0	1.2	2.0
Loss from mining operations	(4.5)	(6.5)	(6.7)	(10.8)
Sustaining capital expenditures	$2.2	$2.2	$3.7	$2.9

(1)Average realized price includes mark to market adjustments.

Stratoni produced 10,090 tonnes of concentrate during Q2 2021, a 1% increase from 9,965 tonnes in Q2 2020 and primarily reflecting an increase in tonnes milled.

Concentrate revenues increased to $9.8 million in Q2 2021 from $7.3 million in Q2 2020, due to a higher volume of concentrate sold, combined with higher metal prices in the quarter.

Cash operating costs per tonne sold decreased slightly to $1,293 in Q2 2021 from $1,352 in Q2 2020 in line with consistent production volumes.

Sustaining capital expenditures of $2.2 million in Q2 2021 primarily included underground development.

The Stratoni mine experienced a fall of ground on June 27, 2021. There were no injuries, however, an investigation revealed several other locations with similar ground support conditions. In line with our strict safety protocols, we have suspended operations at Stratoni until the situation is fully corrected. We currently expect operations to resume at the mine in September, subject to further technical and economic review.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Development Projects

Skouries – Greece

Skouries remains on care and maintenance pending a full re-start of construction. Construction activities were suspended in 2017, including construction of the mill building, pebble crusher and the flotation building. Preservation activities resumed in late 2019 and continued in the first half of 2021 to protect the plant assets. Capital expenditures totalled $2.8 million in Q2 2021 and primarily included preservation and design works.

We are advancing several key pieces of technical work on the Skouries project, including additional engineering and feasibility-level updates to the execution plan, schedule, and capital cost estimate. Approval was granted in April 2021 by the Greek Ministry of Energy and Environment for a modification to the Kassandra Mines Environmental Impact Assessment 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. We continue to evaluate financing options for Skouries. Following the re-start of construction, we expect to complete construction in approximately 2.5 years.

Spending on care and maintenance activities totalled $1.4 million in Q2 2021 and is included in mine standby costs.

Olympias Expansion – Greece

With the successful completion of the Amended Investment Agreement, plans are underway to expand the processing facility, currently at 473,000tpa, to 650,000tpa through modest capital investment. These process upgrades will come in the form of strategic debottlenecking which will allow the process facility to step to 530,000tpa in 2023 and 650,000tpa in 2024. These processing expansions are aligned with the development of the flats area within the mine, which provides a less constrained underground production environment.

Beyond the process plant debottlenecking, Eldorado is committed to providing the Hellenic state with an updated proposal for refractory ore processing by 2023. This being a key 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 has been largely on hold since 2014. Work continued during the quarter on updating 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, good practices and optimizations of the site and process. The permitting documentation is being reassessed and updated.

Certej Project – Romania

The Certej mining concession was extended in January 2020 for an additional five years. During the quarter, some minor construction work was completed, and environmental monitoring continued at the site. Spending totalled $0.9 million in Q2 2021 and is included in exploration and evaluation expenditure. We are currently evaluating strategic options for Certej.

Tocantinzinho Project – Brazil

As a result of a plan to consider selling the Tocantinzinho Project, a non-core gold asset, we recorded an impairment of $99.5 million ($89.5 million net of deferred tax) in Q2 2021. Spending totalled $0.9 million in Q2 2021.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Exploration and Evaluation

Exploration and evaluation expenditures in the first half of 2021 were primarily related to brownfields resource expansion programs at our operations in Canada, Turkey and Greece, and 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 from a project.

Expensed exploration and evaluation expense totalled $7.8 million and $11.9 million in the three and six months ended June 30, 2021 and mostly related to early-stage projects in Quebec and Turkey. In Quebec, these included till-sampling drilling at the Montgolfier project and targeting fieldwork at the Bruell and Lamaque project. In Turkey, expensed exploration programs focused on drilling at the early-stage Bambal project (2,005 metres and 3,712 metres in the three and six months ended June 30, 2021) and Hod Maden North project (1,990 metres and 4,294 metres in the three and six months ended June 30, 2021). The remaining expense related to activities at Certej and other sites.

Capitalized expenditures of $2.6 million and $4.3 million in the three and six months ended June 30, 2021 related to resource expansion programs at the Triangle and Ormaque deposits (Lamaque Operations), Efemcukuru, Stratoni and Olympias. At the Triangle deposit, underground and surface drilling programs (5,678 metres and 10,693 metres in the three and six months ended June 30, 2021) tested extensions of the C4 zone as well as previously undrilled areas along the northern edge of the deposit. On February 22, 2021, we announced in our news release the maiden inferred mineral resources for the Ormaque deposit totalling 2.6 million tonnes at a grade of 9.5 grams per tonne, for 803,000 ounces of contained gold. At Ormaque, 9,306 metres and 12,415 metres of drilling in the three and six months ended June 30, 2021 were completed, including 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 500%, adding a range of early to advanced-stage exploration projects to the Lamaque portfolio.

At Efemcukuru, capitalized exploration was related to resource expansion and resource conversion drilling programs (9,659 metres and 13,325 metres in the three and six months ended June 30, 2021) 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 also completed in the western part of the property, with high gold grades identified in poorly-exposed vein systems that are planned to be drill-tested later in 2021.

At the Stratoni mine, surface drilling totalled 5,291 metres and 5,671 metres in the three and six months ended June 30, 2021 testing along-strike and down-dip extensions to the Mavres Petres ore body. At Olympias, 1,388 metres and 4,055 metres were completed in the three and six months ended June 30, 2021, targeting western lateral extensions of the Flats ore zone.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Financial Condition and Liquidity

Operating Activities

Net cash generated from operating activities decreased to $37.1 million in Q2 2021 from $99.6 million in Q2 2020, primarily a result of lower sales volume, higher income tax payments and timing of certain other payments. Taxes paid of $27.5 million in Q2 2021 primarily related to operations in Turkey, mining duties for Lamaque and includes $8.3 million of withholding taxes on earnings subject to repatriation. Interest payments of $13.3 million were made in Q2 2021, including a semi-annual interest payment on the senior secured notes. The negative working capital change of $25.8 million in Q2 2021 includes a $9.9 million increase in accounts receivable, primarily relating to timing of refundable sales tax payments and recoveries, a $7.2 million decrease in accounts payable primarily due to the annual payment of royalties in Turkey and an $8.7 million buildup of inventory in the quarter.

Investing Activities

In Q2 2021, we invested $72.5 million in capital expenditures, of which $24.2 million related to sustaining capital expenditures and $39.6 million related to growth capital expenditures. Sustaining capital expenditures primarily related to underground development and equipment overhauls. Growth capital expenditures included $29.4 million at Kisladag relating to the HPGR, construction of the North leach pad and waste stripping.

Capital Expenditures	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Kisladag	$29.4	$7.0	$53.3	$14.4
Lamaque	8.9	1.7	16.0	4.5
Olympias	1.3	2.1	2.6	3.7
Growth capital expenditures	$39.6	$10.8	$71.8	$22.5
Kisladag (1)	$3.7	$5.4	$6.9	$8.4
Lamaque	11.0	8.0	20.3	16.3
Efemcukuru (1)	3.8	4.6	6.6	7.7
Olympias	5.7	4.9	11.5	9.9
Sustaining capital expenditures (1)	$24.2	$23.0	$45.3	$42.4
Lamaque	$1.9	$0.7	$3.0	$1.4
Efemcukuru	0.5	0.1	0.7	0.2
Olympias	0.2	—	0.7	0.5
Capitalized exploration costs	$2.6	$0.8	$4.3	$2.1
Skouries	$2.8	$0.9	$3.6	$1.6
Stratoni (1)	3.2	2.4	4.9	3.8
Tocantinzinho	0.9	0.4	1.8	0.9
Other projects	3.7	1.2	5.5	1.9
Total capital expenditures	$77.0	$39.5	$137.3	$75.2
Reconciliation to cash capital expenditures:
Capital accruals	($3.5)	($1.2)	$2.9	$4.6
Lease and other non-monetary additions	(1.0)	(1.2)	(2.8)	(2.2)
Total cash capital expenditures	$72.5	$37.1	$137.4	$77.6

(1)Includes non-cash sustaining lease additions.

.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Financing Activities

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

On June 5, 2019, we completed an offering of $300 million senior secured second lien notes (the "senior secured notes") at 98% of par value, with a coupon rate of 9.5% due June 1, 2024. The senior secured notes pay interest semi-annually on June 1 and December 1, beginning December 1, 2019. The senior secured notes contain covenants that restrict, among other things, our ability to incur certain capital expenditures, distributions in certain circumstances and sales of material assets, in each case, subject to certain conditions. We are in compliance with these covenants as at June 30, 2021.

In May 2019, we executed a $450 million amended and restated senior secured credit facility (the "third amended and restated credit agreement" or "TARCA") which consists of a $200 million non-revolving term loan ("term loan") with six equal semi-annual payments commencing June 30, 2020 and a $250 million revolving credit facility with a maturity date of June 5, 2023. In February 2021, the TARCA was amended such that the non-financial letters of credit no longer reduce credit availability under the revolving credit facility, thereby increasing the availability under the facility. An early repayment of $11.1 million of principal as part of the scheduled semi-annual payment on the term loan was made in February 2021 in conjunction with this amendment, and in June 2021, we completed the remaining scheduled $22.2 million payment on the term loan. At June 30, 2021, the current availability under the credit facility is $150 million.

The TARCA contains covenants that restrict, among other things, our ability to incur additional unsecured indebtedness except in compliance with certain conditions, incur certain lease obligations, make distributions in certain circumstances, sell material assets or carry on a business other than one related to mining. Significant financial covenants include a minimum EBITDA to interest ratio and a maximum debt net of unrestricted cash ("net debt") to EBITDA ratio ("net leverage ratio"). We are in full compliance with these covenants at June 30, 2021.

Both the term loan and revolving credit facility bear interest at LIBOR plus a margin of 2.25% – 3.25%, dependent on a net leverage ratio pricing grid. As at June 30, 2021, our current interest charges and fees are as follows: LIBOR plus margin of 2.25% on the term loan and any amounts drawn from the revolving credit facility, 0.90% plus 0.13% on Greek non-financial letters of credit, the margin (2.25%) on the financial letters of credit secured by the revolving credit facility and 0.5625% standby fees on the available and undrawn portion of the revolving credit facility.

On March 30, 2020, we drew $150 million under the revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. We repaid $50 million of the credit facility draw in June 2021 and as at June 30, 2021, $100 million of the credit facility draw remains outstanding.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Capital Resources

	June 30, 2021	December 31, 2020
Cash, cash equivalents and term deposits	$410.7	$511.0
Working capital (1)	439.6	492.1
Debt – long-term	359.6	434.5

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

At June 30, 2021, we had unrestricted cash and cash equivalents and term deposits of $410.7 million including the remaining $100 million draw under the revolving credit facility. At June 30, 2021, the current availability under the credit facility is $150 million.

We believe that the working capital of $439.6 million as at June 30, 2021, together with future cash flows from operations and access to the remaining undrawn revolving credit facility, if required, are sufficient to support our existing and foreseeable commitments for the next twelve months. We continue to evaluate financing options for the Skouries project.

Contractual Obligations

Significant changes to our commitments and contractual obligations as at June 30, 2021 are outlined below:

	Within 1 Year	2 Years	3 Years	4 Years	5 Years	Over 5 Years	Total
Debt	$66.7	$133.3	$234.0	$—	$—	$—	$434.0
Purchase obligations	79.8	4.2	0.2	0.2	0.2	—	84.7
	$146.4	$137.5	$234.2	$0.2	$0.2	$—	$518.6

(1)Does not include interest on debt.

Debt obligations represent required repayments of principal for the senior secured notes and term loan and do not include interest on debt. Debt obligations also include the revolving credit facility, of which the current amount drawn at June 30, 2021 is $100 million and is presented in the table above as repayable on June 5, 2023, based on the contractual maturity date of the revolving credit facility.

Purchase obligations and other commitments relate primarily to operating costs at all mines and capital projects at Kisladag.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Quarterly Results

	2021	2021	2020	2020	2020	2020	2019	2019
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Total revenue	$233.2	$224.6	$278.5	$287.6	$255.9	$204.7	$191.9	$172.3
Impairment charges (reversals), net of tax	89.5	—	—	—	—	—	(68.2)	—
Net earnings (loss) (1,2)	($55.7)	$11.9	$31.5	$47.1	$49.1	($2.9)	$91.2	$4.2
Net earnings (loss) per share (1,2)
- basic	(0.31)	0.07	0.18	0.27	0.29	(0.02)	0.57	0.03
- diluted	(0.31)	0.07	0.18	0.26	0.28	(0.02)	0.56	0.03

(1)Attributable to shareholders of the Company.

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

Revenue in Q1 2020 through Q2 2021 benefited from an increase in the average realized gold price during these quarters amid continued economic uncertainty exacerbated by the COVID-19 pandemic commencing in March 2020. Revenue and net earnings in Q1 and Q2 2020 were negatively impacted by the COVID-19 pandemic, primarily from the suspension of mining and processing activities at Lamaque from March 25, 2020 to April 15, 2020 in accordance with the Quebec government-mandated restrictions to address the COVID-19 pandemic in the province.

Net loss in Q2 2021 was negatively impacted by impairment relating to the Tocantinzinho project and net earnings in Q4 2019 were positively impacted by an impairment reversal relating to Kisladag. Net earnings in Q4 2020 were also negatively impacted by a $40.0 million non-cash write-down recorded on capital works in progress. Net earnings were negatively impacted in Q1 and Q2 2021 by planned decreases in average ore grade at Kisladag and Lamaque.

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

Net earnings were positively impacted by the receipt of an investment tax credit related to Kisladag heap leach improvements which reduced the corporate tax rate, resulting in current tax savings of $21.7 million, $6.2 million and $22.5 million in Q4 2020, Q1 2021 and Q2 2021, respectively.

Outstanding Share Information

Common Shares Outstanding (1)
- as of June 30, 2021	182,594,086
- as of July 29, 2021	182,594,086
Share purchase options - as of July 29, 2021<br><br>(Weighted average exercise price per share: Cdn$11.41)	4,587,286

(1)Includes Treasury Stock.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Non-IFRS Measures

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

Cash Operating Costs, Cash Operating Costs per Ounce Sold

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

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

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Production costs (1)	$112.8	$109.5	$221.4	$210.8
Stratoni production costs (2)	(13.7)	(12.8)	(29.0)	(25.5)
Production costs – excluding Stratoni	99.1	96.7	192.3	185.3
By-product credits	(13.9)	(13.6)	(29.2)	(23.4)
Royalty expense and production taxes	(11.5)	(8.9)	(16.7)	(14.8)
Cash operating costs	$73.6	$74.2	$146.5	$147.1
Gold ounces sold	114,140	134,960	227,734	251,179
Cash operating costs per ounce sold	$645	$550	$643	$586

(1)Includes inventory write-downs.

(2)Base metals production.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Reconciliation of Cash Operating Costs and Cash Operating Costs per ounce sold, by asset, for the three months ended June 30, 2021:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$23.5	($0.8)	$0.2	$0.5	$23.3	44,049	$529
Lamaque	23.8	(0.4)	—	(0.6)	22.8	34,677	658
Efemcukuru	11.6	(1.3)	1.9	(0.1)	12.1	23,006	525
Olympias	23.4	(11.4)	4.1	(0.7)	15.4	12,409	1,237
Total consolidated	$82.3	($13.9)	$6.2	($1.0)	$73.6	114,140	$645

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

Reconciliation of Cash Operating Costs and Cash Operating Costs per ounce sold, by asset, for the six months ended June 30, 2021:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$46.9	($1.6)	$0.3	$1.1	$46.7	91,555	$510
Lamaque	47.0	(0.8)	0.1	(1.4)	44.9	63,755	704
Efemcukuru	23.8	(2.4)	3.1	0.3	24.8	47,136	525
Olympias	46.1	(24.4)	7.6	0.7	30.1	25,288	1,190
Total consolidated	$163.8	($29.2)	$11.1	$0.7	$146.5	227,734	$643

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

Reconciliation of Cash Operating Costs and Cash Operating Costs per ounce sold, by asset, for the three months ended June 30, 2020:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$23.3	($0.5)	$0.2	$4.9	$27.9	59,917	$465
Lamaque	15.3	(0.2)	—	0.2	15.3	31,964	480
Efemcukuru	11.2	(0.7)	3.6	(0.3)	13.7	25,692	534
Olympias	21.3	(12.2)	4.8	3.4	17.3	17,387	993
Total consolidated	$71.1	($13.6)	$8.6	$8.2	$74.2	134,960	$550

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

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Reconciliation of Cash Operating Costs and Cash Operating Costs per ounce sold, by asset, for the six months ended June 30, 2020:

	Direct mining costs	By-product credits	Refining and selling costs	Inventory change (1)	Cash operating costs	Gold oz sold	Cash operating cost/oz sold
Kisladag	$48.3	($0.9)	$0.3	$3.4	$51.1	111,517	$459
Lamaque	32.8	(0.4)	0.1	(0.1)	32.5	58,692	553
Efemcukuru	22.9	(1.2)	7.0	—	28.6	48,913	586
Olympias	41.8	(21.0)	8.2	5.8	34.8	32,057	1,086
Total consolidated	$145.9	($23.4)	$15.6	$9.0	$147.1	251,179	$586

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

Total Cash Costs, Total Cash Costs per ounce sold

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

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

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Cash operating costs	$73.6	$74.2	$146.5	$147.1
Royalties and production taxes	11.5	8.9	16.7	14.8
Total cash costs	$85.1	$83.1	$163.2	$161.9
Gold ounces sold	114,140	134,960	227,734	251,179
Total cash costs per ounce sold	$746	$616	$716	$644
MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021
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All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold

AISC and AISC per ounce sold are non-IFRS measures. These measures are intended to assist readers in evaluating the total costs of producing gold from current operations. While there is no standardized meaning across the industry for this measure, our definition conforms to the definition of AISC set out by the World Gold Council and the updated guidance note dated November 14, 2018. We define AISC as the sum of total cash costs (as defined and calculated above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation.

As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded.

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

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

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Total cash costs	$85.1	$83.1	$163.2	$161.9
Corporate and allocated G&A	9.0	8.1	18.5	16.8
Exploration and evaluation costs	2.8	1.2	5.4	3.3
Reclamation costs and amortization	1.5	1.7	2.9	3.3
Sustaining capital expenditure	24.2	21.9	44.7	41.3
AISC	$122.6	$115.9	$234.6	$226.5
Gold ounces sold	114,140	134,960	227,734	251,179
AISC per ounce sold	$1,074	$859	$1,030	$902
MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021
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Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the three months ended June 30, 2021:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration and Evaluation	Reclamation costs and amortization	Sustaining capital	Total<br><br>AISC	Gold oz sold	Total AISC/<br><br>oz sold
Kisladag	$23.3	$4.5	$27.8	$—	$—	$0.5	$3.7	$32.1	44,049	$728
Lamaque	22.8	0.8	23.6	—	2.1	0.2	11.0	36.9	34,677	1,065
Efemcukuru	12.1	4.5	16.6	—	0.5	0.3	3.8	21.1	23,006	917
Olympias	15.4	1.7	17.1	—	0.2	0.5	5.7	23.5	12,409	1,893
Corporate (1)	—	—	—	9.0	—	—	—	9.0	—	79
Total consolidated	$73.6	$11.5	$85.1	$9.0	$2.8	$1.5	$24.2	$122.6	114,140	$1,074

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

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the six months ended June 30, 2021:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration and Evaluation	Reclamation costs and amortization	Sustaining capital	Total<br><br>AISC	Gold oz sold	Total<br><br>AISC/<br><br>oz sold
Kisladag	$46.7	$6.6	$53.3	$—	$—	$1.0	$6.5	$60.9	91,555	$665
Lamaque	44.9	1.3	46.2	—	3.8	0.4	20.3	70.7	63,755	1,109
Efemcukuru	24.8	5.3	30.1	—	0.9	0.5	6.3	37.8	47,136	802
Olympias	30.1	3.4	33.5	—	0.7	1.0	11.5	46.7	25,288	1,845
Corporate (1)	—	—	—	18.5	—	—	—	18.5	—	81
Total consolidated	$146.5	$16.7	$163.2	$18.5	$5.4	$2.9	$44.7	$234.6	227,734	$1,030

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

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the three months ended June 30, 2020:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration and Evaluation	Reclamation costs and amortization	Sustaining capital	Total<br><br>AISC	Gold oz sold	Total<br><br>AISC/<br><br>oz sold
Kisladag	$27.9	$3.8	$31.6	$—	$—	$0.8	$5.4	$37.8	59,917	$630
Lamaque	15.3	0.7	16.0	—	1.1	0.4	8.0	25.4	31,964	796
Efemcukuru	13.7	2.9	16.7	—	0.2	0.3	3.6	20.7	25,692	806
Olympias	17.3	1.5	18.7	—	(0.1)	0.3	4.9	23.9	17,387	1,377
Corporate (1)	—	—	—	8.1	—	—	—	8.1	—	60
Total consolidated	$74.2	$8.9	$83.1	$8.1	$1.2	$1.7	$21.9	$115.9	134,960	$859

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

Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the six months ended June 30, 2020:

	Cash operating costs	Royalties & production taxes	Total cash costs	Corporate & allocated G&A	Exploration and Evaluation	Reclamation costs and amortization	Sustaining capital	Total<br><br>AISC	Gold oz sold	Total<br><br>AISC/<br><br>oz sold
Kisladag	$51.1	$6.5	$57.6	$—	$—	$1.5	$8.4	$67.5	111,517	$606
Lamaque	32.5	1.2	33.7	—	2.6	0.7	16.3	53.3	58,692	908
Efemcukuru	28.6	4.7	33.3	—	0.2	0.5	6.7	40.7	48,913	834
Olympias	34.8	2.4	37.2	—	0.4	0.6	9.9	48.1	32,057	1,500
Corporate (1)	—	—	—	16.8	—	—	—	16.8	—	68
Total consolidated	$147.1	$14.8	$161.9	$16.8	$3.3	$3.3	$41.3	$226.5	251,179	$902

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

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Reconciliation of general and administrative expenses included in All-in Sustaining Costs:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
General and administrative expenses (from consolidated statement of operations)	$9.8	$6.2	$19.9	$14.4
Add:
Share-based payments expense	1.9	2.9	3.7	4.7
Employee benefit plan expense from corporate and operating gold mines	0.6	0.8	1.4	1.5
Less:
General and administrative expenses related to non-gold mines and in-country offices	—	(0.4)	(0.2)	(0.9)
Depreciation in G&A	(0.4)	(0.6)	(1.0)	(1.1)
Business development	(2.1)	(0.4)	(3.8)	(1.2)
Development projects	(0.8)	(0.4)	(1.5)	(0.6)
Adjusted corporate general and administrative expenses	$8.9	$8.0	$18.4	$16.8
Regional general and administrative costs allocated to gold mines	—	—	—	—
Corporate and allocated general and administrative expenses per AISC	$8.9	$8.0	$18.5	$16.8

Reconciliation of exploration and evaluation cost included in All-in Sustaining Costs:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Exploration and evaluation expense (from consolidated statement of operations)	$7.8	$2.3	$11.9	$5.6
Add:
Capitalized exploration cost related to operating gold mines	2.6	0.8	4.3	2.1
Less:
Exploration and evaluation expenses related to non-gold mines and other sites	(7.6)	(1.9)	(10.8)	(4.4)
Exploration costs per AISC	$2.8	$1.2	$5.4	$3.3

Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Asset retirement obligation accretion<br><br>(from notes to the condensed consolidated interim financial statements)	$0.4	$0.5	$0.7	$1.0
Add:
Depreciation related to asset retirement obligation assets	1.2	1.4	2.3	2.6
Less:
Asset retirement obligation accretion related to non-gold mines and other sites	(0.1)	(0.2)	(0.1)	(0.3)
Reclamation costs and amortization per AISC	$1.5	$1.7	$2.9	$3.3
MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021
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Sustaining and Growth Capital

Sustaining capital and growth capital are non-IFRS measures. We define sustaining capital as capital required to maintain current operations at existing levels. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include expenditure related to capitalized evaluation, development projects, or other growth or sustaining capital not related to operating gold mines. Sustaining capital also excludes capitalized interest. Growth capital is defined as capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

Reconciliation of Sustaining Capital and Growth Capital:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Additions to property, plant and equipment<br><br>(from segment note in the consolidated financial statements)	$77.0	$39.5	$137.3	$75.2
Growth and development project capital expenditure	(46.0)	(13.3)	(81.8)	(26.9)
Capitalized exploration	(3.5)	(1.0)	(5.4)	(3.0)
Sustaining capital expenditure Stratoni (1)	(2.3)	(2.2)	(3.7)	(2.9)
Sustaining capital expenditure equipment leases (2)	(1.0)	(1.1)	(1.7)	(1.1)
Sustaining capital expenditure at operating gold mines	$24.2	$21.9	$44.7	$41.3

(1)Base metals production.

(2)Non-cash sustaining equipment leases

Average Realized Gold Price per ounce sold

In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue. Average realized gold price per ounce sold should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating the total gold revenues realized in a period from current operations.

Average realized gold price per ounce sold is reconciled for the periods presented as follows:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Revenue	$233.2	$255.9	$457.8	$460.6
Less non-gold revenue	(23.8)	(23.0)	(52.7)	(44.0)
Gold revenue	$209.5	$232.9	$405.1	$416.6
Gold oz sold	114,140	134,960	227,734	251,179
Average realized gold price per ounce sold	$1,835	$1,726	$1,779	$1,658
MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021
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Adjusted Net Earnings (Loss) Attributable to Shareholders

Adjusted net earnings (loss) and adjusted net earnings (loss) per share are used by management and investors to measure the underlying operating performance of the Company. Adjusted net earnings (loss) is defined as net earnings (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the underlying operations of the Company, including impairment adjustments and reversals; asset write-downs; foreign exchange on deferred tax balances; changes in tax rates; gain (loss) on embedded derivatives; transaction costs; executive severance costs; gain (loss) on sale of securities; and other non-recurring items. Adjusted net earnings (loss) per share is calculated using the weighted average number of shares outstanding for adjusted net earnings (loss) per share. In prior periods, net earnings (loss) was also adjusted to exclude gain (loss) on disposal of assets in the normal course and write-down of inventory. These items are no longer excluded as they are considered to occur from time to time in the normal course of operations.

Reconciliation of Net Earnings (Loss) attributable to shareholders of the Company to Adjusted Net Earnings (Loss) attributable to shareholders of the Company:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Net (loss) earnings attributable to shareholders of the Company (1)	($55.7)	$49.1	($43.8)	$46.2
Impairment of property, plant and equipment, net (2)	89.5	—	89.5	—
Loss (gain) on foreign exchange translation of deferred tax balances	(0.2)	3.0	11.9	15.3
Gain on deferred tax due to changes in tax rates (3)	(5.3)	—	(5.3)	—
Gain on sale of mining licences, net (4)	(5.3)	—	(5.3)	—
Loss (gain) on redemption option derivative	6.2	(5.7)	6.9	(1.2)
Lamaque standby costs, net (5)	—	0.8	—	1.5
Total adjusted net earnings (loss) (1)	$29.3	$47.2	$53.9	$61.8
Weighted average shares outstanding (thousands)	181,599	169,867	178,086	167,524
Adjusted net earnings (loss) per share ($/share) (1)	$0.16	$0.28	$0.30	$0.37

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

(2)Impairment of Tocantinzinho project in Q2 2021, net of tax.

(3)Q2 2021 includes an $11.4 million deferred tax recovery relating to the adjustment of opening balances for the tax rate decrease in Greece net of a $6.1 million deferred tax expense relating to the adjustment of opening balances for the tax rate increase in Turkey. Both tax rate changes were enacted in Q2 2021 and were retroactive to January 1, 2021.

(4)Sale of mining licences in Turkey in May 2021, net of tax.

(5)Mine standby costs relating to the government-mandated temporary suspension of operations at Lamaque in 2020 to address the COVID-19 pandemic are presented net of tax and net of subsidies recorded in other income.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

EBITDA, Adjusted EBITDA

EBITDA from continuing operations represents net earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA includes net pre-commercial production proceeds and removes the impact of impairments or reversals of impairments, share based payments, losses or gains on disposals of assets, executive severance costs, mine standby costs relating to the COVID-19 pandemic and other non-cash or non-recurring expenses or recoveries. In addition to conventional measures prepared in accordance with IFRS, we and certain investors use EBITDA and Adjusted EBITDA as an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is also frequently used by investors and analysts for valuation purposes based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and therefore are not necessarily indicative of operating earnings or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.

Reconciliation of Net Earnings (Loss) before tax to EBITDA and Adjusted EBITDA:

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
(Loss) earnings before income tax (1)	($58.2)	$72.4	($16.0)	$91.5
Depreciation, depletion and amortization (1,2)	51.5	53.8	104.6	103.6
Interest income	(1.2)	(0.9)	(1.5)	(1.3)
Finance costs	15.5	6.5	25.8	22.7
EBITDA	$7.6	$131.8	$113.0	$216.5
Share-based payments	1.9	2.9	3.7	4.7
Loss (gain) on disposal of assets	(0.1)	0.1	0.8	2.6
Impairment of property, plant and equipment (3)	99.5	—	99.5	—
Gain on sale of mining licences (4)	(7.0)	—	(7.0)	—
Lamaque standby costs (5)	—	1.0	—	2.1
Adjusted EBITDA	$101.9	$135.8	$210.0	$225.8

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

(2)Includes depreciation within general and administrative expenses.

(3)Impairment of Tocantinzinho project in Q2 2021.

(4)Sale of mining licences in Turkey in May 2021.

(5)Mine standby costs relating to the government-mandated temporary suspension of operations at Lamaque to address the COVID-19 pandemic.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Free Cash Flow

Free cash flow is a non-IFRS measure. We believe it is a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. We define free cash flow as cash generated by (used in) operating activities, less cash used in investing activities before increases or decreases in cash from term deposits or restricted cash, before cash used for acquisitions of mineral properties and before cash proceeds from non-recurring asset sales. Changes in cash balances relating to term deposits, restricted cash, acquisitions of mineral properties and non-recurring asset sales are not considered to be representative of our ability to generate cash.

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Cash generated by operating activities	$37.1	$99.6	$127.9	$152.9
Less: Cash used in investing activities	(86.1)	13.6	(96.3)	(82.9)
Add back: Acquisition of subsidiary, net of cash received (1)	19.3	—	19.3	—
Add back: Sale of mining licences (2)	(5.0)	—	(5.0)	—
Add back: Increase (decrease) in term deposits	(1.9)	(50.0)	(58.0)	1.6
Add back: (Decrease) increase in restricted cash	—	0.1	0.1	(1.1)
Free cash flow	($36.6)	$63.4	($12.0)	$70.5

(1)Cash paid upon acquisition of QMX in Q2 2021, net of $4.3 million cash acquired.

(2)Cash consideration received on sale of mining licences. Additional cash consideration of $2.0 million is expected to be received in Q1 2022.

Working Capital

Working capital is a non-IFRS measure. In the gold mining industry, working capital is a common measure of liquidity, but does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current assets and current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital does not include assets held for sale and liabilities associated with assets held for sale. Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating our liquidity.

Working capital for the periods highlighted is as follows:

	As at June 30, 2021	As at December 31, 2020
Current assets	$673.6	$754.1
Current liabilities	234.1	262.0
Working capital	$439.6	$492.1

(1)2020 and YTD 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(c) of our Unaudited Condensed Consolidated Interim Financial Statements.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Cash Flow from Operations before Changes in Working Capital

We use cash flow from operations (or operating activities) before changes in non-cash working capital to supplement the consolidated financial statements and exclude the period to period movement of non-cash working capital items, such as accounts receivable, advances and deposits, inventory, accounts payable and accrued liabilities. We believe this provides an alternative indication of our cash flow from operations and may be meaningful to investors in evaluating its past performance or future prospects. It is not meant to be a substitute for cash flow from operations (or operating activities), which is calculated in accordance with IFRS.

	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Cash provided by operating activities	$37.1	$99.6	$127.9	$152.9
Less: Changes in non-cash working capital	(25.8)	0.6	(13.6)	(15.6)
Cash flow from operations before changes in working capital	$62.8	$99.0	$141.6	$168.5
MANAGEMENT’S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2020
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Managing Risk

In the exploration, development and mining of mineral deposits, we are subject to various significant risks. Several of these financial and operational risks could have a significant impact on our cash flows and profitability. The most significant risks and uncertainties we face include: global outbreaks of infectious diseases including COVID-19; political, economic and other risks specific to the jurisdictions where we operate; our ability to maintain community relations and social license; natural phenomena including climate change and related health and social effects; our ability to maintain adequate liquidity and financing; the inherent risk associated with project development and permitting processes; our ability to service and repay our debt; environmental risks, including those related to tailings storage facilities; deterioration of global economic conditions; new or amended government regulation; commodity price risk; the possibility of future changes to the mining regimes in the countries in which we operate; the uncertainty of the mineral resources and their development into mineral reserves; the replacement of depleted reserves and the expected impact on reserves and the carrying value of our properties; the updating of resource and reserve models and life of mine plans; the occurrence of unpredictable geological or metallurgical factors; the uncertainty of production estimates, including the ability to extract anticipated tonnes and successfully realize estimated grades; and changes to operating and capital cost assumptions. These risks are not the only risks and uncertainties that we face. Risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results of operations and prospects.

There were three changes to our financial, operational and business risk exposure during the three and six months ended June 30, 2021.

•The first results from the significant transformation process we have undertaken in Greece to improve the performance of the Kassandra Mines, in respect of which we anticipate work stoppages of a significant duration are possible as we move forward to achieve the necessary outcomes of this work. Any work interruptions involving Eldorado's employees (including as a result of a strike or lockout) or operations, or any jointly owned facilities operated by another entity present a significant risk to Eldorado and could have a material adverse effect on Eldorado's business, financial condition, and results of operations.

•The second results from an independent review of all tailings facilities, operating and closed, associated with the Lamaque operations completed in July 2021. While the final report is pending, we anticipate potential recommendations to improve the risk profile of these facilities.

•There is the potential for a change in the tariff arrangements from the Chinese importation specification for concentrate imports which may lead to increased costs.

For a comprehensive discussion on risks and uncertainties, in respect of our business and share price, refer to the section 'Risk Factors in Our Business' in our AIF for the year ended December 31, 2020, which risks are incorporated by reference in this MD&A.

These are not the only risks that could have an effect on our business, results of operations, financial condition and share price and other risks may become more material to us in the future or the above risks could diminish in importance, depending on the current circumstances of our business and operations.

The reader should carefully review each of the risk factors set out in our most recently filed AIF, in respect of the year ended December 31, 2020 which risk factors provide a detailed discussion of the foregoing risks as well as a detailed discussion of other relevant risks.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Other Information and Advisories

Changes in Internal Controls over Financial Reporting

Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting. We believe that any system of internal control over financial reporting, no matter how well conceived and operated, has inherent limitations. As a result, even those systems designed to be effective can provide only reasonable, not absolute, assurance that the objectives of the control system are met. There have been no changes in our internal control over financial reporting during the three months ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Significant Judgments and Accounting Estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

In Q1 2021, the Company changed its estimate relating to total recoverable tonnes used to determine the depreciation, depletion and amortization of mineral properties and certain capitalized mine development costs, capitalized stripping costs, plant and mining assets whose estimated useful life is the same as the remaining life of the mine. Until December 31, 2020, the carrying amounts of these assets were depreciated, depleted or amortized over estimated recoverable tonnes of proven and probable mineral reserves. Effective January 1, 2021, total estimated recoverable tonnes for applicable mines also include a portion of inferred mineral resources considered to be highly probable to be economically extracted over the life of the mine. This change in estimate better reflects the pattern in which the asset's future economic benefits are expected to be consumed based on the current mine plans and was made as a result of increased experience in the conversion of inferred resources into proven and probable reserves for the applicable mines. Inferred resources are included in total estimated recoverable tonnes on a mine by mine basis if it is considered highly probable that those resources will be economically extracted.

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

For further information on our significant judgements and accounting estimates, refer to note 4 of our audited annual consolidated financial statements for the years ended December 31, 2020 and 2019. There have been no subsequent material changes to these significant judgements and accounting estimates.

Changes in Accounting Policies

The accounting policies applied in our unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2021 are the same as those applied in the audited annual consolidated financial statements for the years ended December 31, 2020 and 2019 other than as described below.

We adopted the new IASB standard, Interest Rate Benchmark Reform - Phase 2 which amends IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure, IFRS 4 Insurance Contracts, and IFRS 16 Leases. The amendment became effective January 1, 2021 and there was no material effect from the adoption of this amendment on the Company’s condensed consolidated interim financial statements.

A number of new standards and amendments to standards are effective for annual periods beginning after January 1, 2021 and earlier application is permitted; however, we have not early adopted and continue to evaluate the impact of the forthcoming or amended standards in preparing our unaudited condensed consolidated interim financial statements.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Property, plant and equipment - proceeds before intended use

On May 14, 2020, the IASB published a narrow scope amendment to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits deducting from the cost of property, plant and equipment amounts received from selling items produced while preparing the asset for its intended use. Instead, amounts received will be recognized as sales proceeds and related cost in profit or loss. The effective date is for annual periods beginning on or after January 1, 2022. The amendment must be applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the amendments are first applied. The Company will adopt this narrow scope amendment on the date it becomes effective and does not expect a revision to comparative financial information in its consolidated interim financial statements as a result of adoption.

Classification of liabilities as current or non-current

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

Qualified Person

Except as otherwise noted, Simon Hille, FAusIMM, Vice President, Technical Services, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

Forward-looking Statements and Information

Certain of the statements made and information provided in this MD&A are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "advancing", "allow", "anticipates", "believes", "continue", "estimates", "expected", "expects", "forecast", "foresee", "future", "goal", "guidance", "intends", "opportunity", "outlook", "pending", "plans", "scheduled", "strive", "target", "underway" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "can", "could", "may", "might", "will" or "would" be taken, occur or be achieved.

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

•the duration, extent and other implications of COVID-19 and any restrictions and suspensions with respect to the Company's operations;

•Eldorado’s capital resources and business objectives, including use of its revolving credit facility and any potential reduction of the balance;

•benefits of the Amended Investment Agreement, including future proposals, investment and receipt of regulatory approvals in Greece;

•Eldorado’s guidance and outlook, including expected production, cost guidance and recoveries of gold, including:

◦annual production and cost guidance;

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

◦increased heap leach recoveries through increased leach time in conjunction with a high-pressure grinding roll at Kisladag, increasing the throughput at the Sigma mill;

◦timing and cost of the construction of an underground decline at the Triangle mine and the associated benefits;

◦expansion at Lamaque; and

◦resumption of operations at Stratoni;

•the benefits of using dry stack tailings;

•the anticipated recommendations from the independent review of all tailings facilities;

•the advancement and completion of construction, technical work and receipt of approvals at Skouries;

•favourable economics for the Company's heap leaching plan and the ability to extend mine life at Eldorado's projects;

•the potential sale of the Tocantinzinho project and any other of our non-core assets, including expectations concerning sale consideration;

•planned capital and exploration expenditures;

•conversion of mineral resources to mineral reserves;

•Eldorado’s expectation as to its future financial and operating performance, including expectations around generating free cash flow;

•expected changes in tax rates and accounting standards;

•expected metallurgical recoveries and improved or decreased concentrate grade and quality, including expectations concerning improved grade at Lamaque in the second half of 2021;

•gold price outlook and the global concentrate market;

•Eldorado's strategy, plans and goals, including its proposed exploration, development, construction, permitting and operating plans and priorities and related timelines and schedules; and

•results of litigation and arbitration proceedings.

Forward-looking statements or information is based on a number of assumptions, that management considers reasonable, however, if such assumptions prove to be inaccurate, then actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of the construction of an underground decline at the Triangle mine and the associated benefits; the benefits of using dry stack tailings; timing of advancement and completion of construction, technical work and receipt of approvals, including dry stack tailings permits, at Skouries; the geopolitical, economic, permitting and legal climate that Eldorado operates in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs and expenses; production and metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays in the Company's business and the Company's ability to achieve its goals. In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this MD&A.

Forward-looking statements or information is subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: risks relating to global outbreaks of infectious diseases, including COVID-19; the benefits of using dry stack tailings; timing of advancement and completion of construction, technical work and receipt of approvals, including dry stack tailings permits, at Skouries; timing and cost of the construction of an underground decline at the

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Triangle mine and associated benefits; results of further testwork; the geopolitical climate in jurisdictions in which the Company operates; community relations and social license; natural phenomena, including climate change, health and social effects; liquidity and financing risks; costs of development projects; indebtedness and financing, including current and future operating restrictions and implications of a change in control; environmental matters; the global economic environment; government regulation; commodity price risk; mining operational and development risk; resource nationalism and foreign operations; mineral tenure and permits; unavailability of capital and inadequate income, including limited access to equity markets, dilutive equity financings and credit ratings; non-governmental organizations (NGOs); corruption and bribery; litigation and contracts; estimation of mineral reserves and mineral resources; metallurgical testing and recoveries; occurrence of unpredictable geological and metallurgical factors; production and cost estimates; credit risk, debt service obligations and default; actions of activist shareholders; information technology systems; common share price and volume fluctuations, including price volatility; infrastructure, including power and water, and commodities/consumables; pre-stripping/stripping and underground development, extraction, processing and exploration activities; currency and interest rates, cost estimates and tax matters; repatriation of funds and dividends; compensation; financial reporting, including relating to the carrying value of the Company's assets and changes in reporting standards; labour, including employee relations, employee misconduct, key personnel and skilled workforce; reclamation and other long term obligations; the use and transport of regulated substances, including waste disposal; necessary equipment; co-ownership of the Company's properties; the use of contractors; acquisitions, including integration risks, and dispositions; human rights matters; the unavailability of required insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition; security; discretion to use capital resources other than as specified in this MD&A; the Company's success depending on making significant capital investments; future sales or issuances of securities of Eldorado; the payment of future dividends; and those risk factors discussed in the section titled "Managing Risk" above. The reader is also directed to carefully review the detailed risk discussion in our most recent AIF filed in respect of the year ended December 31, 2020 on SEDAR and EDGAR under our Company name, for a fuller understanding of the risks and uncertainties that affect our business and operations.

Forward-looking statements and information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource" used herein are Canadian mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions differ from the definitions in the United States Securities and Exchange Commission (the "SEC") Industry Guide 7 ("Industry Guide 7"). Under Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

While the terms "mineral resource", "measured mineral resource", "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under Industry Guide 7 and historically they have not been permitted to be used in reports and registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public under Industry Guide 7 by U.S. companies in SEC filings.

Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under U.S. federal securities laws and the rules and regulations thereunder.

MANAGEMENT'S DISCUSSION and ANALYSIS<br><br>For the three and six months ended June 30, 2021

Corporate Information

Directors

Steven Reid 2, 5	Chair of the Board	Catharine Farrow 2, 4, 5	Independent Director
George Burns	President and Chief Executive Officer	Pamela Gibson 1, 3, 4	Independent Director
George Albino 2, 3, 5	Independent Director	Judith Mosely 1, 4	Independent Director
Teresa Conway 1, 2	Independent Director	John Webster 1, 3	Independent Director

Board Committees

1.Audit Committee

2.Compensation Committee

3.Corporate Governance & Nominating Committee

4.Sustainability Committee

5.Technical Committee

Officers and Management

George Burns	President and Chief Executive Officer
Philip Yee	Executive VP and Chief Financial Officer
Joe Dick	Executive VP and Chief Operating Officer
Jason Cho	Executive VP and Chief Strategy Officer
Tim Garvin	Executive VP and General Counsel
Lisa Ower	Executive VP, People and External Affairs
Paul Ferneyhough	Senior VP, Chief Growth and Integration Officer
Brock Gill	Senior VP, Projects and Transformation
Christos Balaskas	VP and General Manager, Greece
Sylvain Lehoux	VP and General Manager, Québec
Lincoln Silva	VP and General Manager, Brazil
Nicolae Stanca	VP and General Manager, Romania
Mehmet Yilmaz	VP and General Manager, Turkey
Cara Allaway	VP, Finance
Simon Hille	VP, Technical Services
Peter Lewis	VP, Exploration
Lisa Wilkinson	VP, Investor Relations
Corporate Head Office	Investor Relations
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1188 Bentall 5	Lisa Wilkinson, VP, Investor Relations
550 Burrard Street	T: +1 647 271 2827
Vancouver, BC	E: lisa.wilkinson@eldoradogold.com
V6C 2B5 Canada
www.eldoradogold.com
Auditors	Registrar and Transfer Agent
KPMG LLP	Computershare Trust Company of Canada
777 Dunsmuir Street	100 University Avenue
Vancouver, BC	8th Floor, North Tower
V7Y 1K3 Canada	Toronto, Ontario
	M5J 2Y1 Canada
42
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Document

Exhibit 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, George Burns, President & Chief Executive Officer of Eldorado Gold Corporation certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Eldorado Gold Corporation (the “issuer”) for the interim period ended June 30, 2021.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)     designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)    material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)    information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)     designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (COSO).

5.2    ICFR - material weakness relating to design: N/A

5.3    Limitation on scope of design: N/A

6.    Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2021 and ended on June 30, 2021 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: July 29, 2021

/s/ George Burns

George Burns

President & Chief Executive Officer

Document

Exhibit 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Philip Yee, Executive Vice President & Chief Financial Officer of Eldorado Gold Corporation certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Eldorado Gold Corporation (the “issuer”) for the interim period ended June 30, 2021.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)     designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)    material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)    information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)     designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (COSO).

5.2    ICFR - material weakness relating to design: N/A

5.3    Limitation on scope of design: N/A

6.    Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2021 and ended on June 30, 2021 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: July 29, 2021

/s/ Philip Yee

Philip Yee

Executive Vice President & Chief Financial Officer

Document

Exhibit 99.5

CONSENT OF EXPERT

July 29, 2021

Eldorado Gold Corporation

United States Securities and Exchange Commission

Ladies and Gentlemen:

Re: Eldorado Gold Corporation

I, Simon Hille, do hereby consent to:

(1)the inclusion in this Current Report on Form 6-K of Eldorado Gold Corporation (the “Company”) of the scientific and/or technical information relating to the Company's operating mines and development projects contained in the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2021 (the “Technical Information”) being filed with the United States Securities and Exchange Commission (the “SEC”) under cover of Form 6-K; and

(2)the filing of this consent under cover of Form 6-K with the SEC and of the incorporation by reference of this consent, the use of my name and the Technical Information into the Company’s Registration Statement on Form F-10 (No. 333-233055), and any amendments thereto, filed with the SEC.

By:	/s/Simon Hille
	Simon Hille, FAusIMM