Eldorado Gold : 2023 ESTMA Report

Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name			Eldorado Gold Corporation
Reporting Year	From	2023-01-01	To:		2023-12-31	Date submitted	2024-05-27
Reporting Entity ESTMA Identification Number	E919377		Original Submission
	Amended Report
Other Subsidiaries Included
(optional field)

For Consolidated Reports - Subsidiary Reporting Entities Included in Report:

Eldorado Gold (Quebec) Inc (ID: E558445)

Not Substituted

Attestation by Reporting Entity

In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

Full Name of Director or Officer of Reporting Entity	Paul Ferneyhough
Position Title	Executive VP and Chief Financial Officer

Date

2024-05-27

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

2023-01-01

To:

2023-12-31

Reporting Entity Name

Eldorado Gold Corporation

Currency of the Report

USD

Reporting Entity ESTMA

E919377

Identification Number

Subsidiary Reporting Entities (if

Eldorado Gold (Quebec) Inc (ID: E558445)

necessary)

Payments by Payee

Departments, Agency, etc…

Infrastructure

Total Amount paid to

Country

Payee Name

within Payee that Received

Taxes1

Royalties

Fees2

Production Entitlements

Bonuses

Dividends

Notes

Payments

Improvement Payments

Payee

Payments to Regional Directorate of Forestry, General Directorate of Mining and Oil Affairs, Ankara

Kurumlar Tax Office, Ankara Tax Office Directorate, Ankara Ihtisas Tax Office, Canakkale Tax Office,

Federal Government of the

Energy Market Regulatory Authority, General Directorate of Land Registry, Inheritance Tax Office,

Turkey

11,110,000

17,000,000

4,910,000

33,020,000

Menderes Land Registry Office, Ministry of Justice, and Hayriye Ozcelik Ankara 9th Notary .

Republic of Turkey

Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment.

The average exchange rate for the period was 23.91. See note 1 & 2 below.

Turkey

Menderes Municipal

200,000

200,000

Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment.

Government

The average exchange rate for the period was 23.91.

Payments to Revenu Quebec, Ministre des finances du Québec, and Ministère de la Faune Québec.

Canada

Government of Quebec

14,390,000

80,000

14,470,000

Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment.

The average exchange rate for the period was 1.35.

Payments to Centre Service Scolaire de l'Or et des Bois, Commission scolaire Western Quebec, and Ville

de Val d'Or.

Canada

Municipality of Val-d'Or

480,000

480,000

Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment.

The average exchange rate for the period was 1.35.

Greece

Federal Government of Greece

210,000

12,520,000

12,730,000

Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average

exchange rate for the period was 0.92.

Greece

Municipality of Polygyros

130,000

130,000

Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average

exchange rate for the period was 0.92.

Greece

Municipality of Aristoteles

970,000

970,000

Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average

exchange rate for the period was 0.92.

Romania

Certej Municipal Government

140,000

140,000

Payments made in RON, converted to USD at the exchange rate of the individual payment. The average

exchange rate for the period was 4.53.

Payments to the Ministry of Public Finance, and National Agency for Mineral Resources.

Romania

Federal Government of

320,000

320,000

Romania

Payments made in RON, converted to USD at the exchange rate of the individual payment. The average

exchange rate for the period was 4.53.

1. Taxes of $48,180,000 were remitted to the Federal Government of the Republic of Turkey of which $11,110,000 was paid in cash after applying refunds of sales taxes previously paid.

Additional Notes:

2. Of the total fees of $4,910,000 paid to the Federal Government of the Repubic of Turkey in cash, the company received a refund of $2,240,000 for refundable VAT in cash.

3. Royalties of $15,670,000 were remitted to the Federal Government of Greece of which $12,520,000

was paid in cash after applying VAT refunds.

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year	From:	2023-01-01	To:		2023-12-31
Reporting Entity Name			Eldorado Gold Corporation			Currency of the Report	USD
Reporting Entity ESTMA			E919377
Identification Number
Subsidiary Reporting Entities (if		Eldorado Gold (Quebec) Inc (ID: E558445)
necessary)
						Payments by Project
Country	Project Name	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure	Total Amount paid by	Notes
Improvement Payments	Project
Turkey	Kisladag	-	8,910,000			3,870,000				12,780,000	Note 1
Turkey	Efemcukuru	-	8,290,000			570,000				8,860,000	Note 1
Turkey	Ankara Office	11,110,000	-			470,000				11,580,000	Note 1
Canada	Lamaque Complex	14,870,000				80,000				14,950,000	Note 2
Greece	Skouries		60,000							60,000	Note 3
Greece	Perama Hill		20,000							20,000	Note 3
Greece	Kassandra Mines	210,000	12,440,000						1,100,000	13,750,000	Note 3
Romania	Certej	320,000				140,000				460,000	Note 4
	1. Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 23.91
Additional Notes:	2. Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.35.
3. Payments made in EUR, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 0.92.
	4. Payments made in RON, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 4.53.

Reporting Principles

1. Basis of Accounting
   The Schedule of Payments by Payee and the Schedule of Payments by Project (collectively, the "Schedules") prepared by Eldorado Gold Corporation (the "Company") for the year ended December 31, 2023 has been prepared in accordance with the financial reporting provisions in Section 9 of the Extractive Sector Transparency Measures Act, Section 2.3 of the Extractive Sector Transparency Measures Act - Technical Reporting Specifications and Section 3 of the Extractor Sector Transparency Measures Act - Guidance Version 2 (collectively the "financial reporting framework").
   The Schedules are prepared to provide information to the Board of Directors of Eldorado Gold Corporation and the Minister of Natural Resources Canada to assist in meeting the requirements of the Extractive Sector Transparency Measures Act. As a result, the Schedules may not be suitable for another purpose.
2. Basis of Presentation
   The Schedules have been prepared using the cash basis of accounting, as required by the financial reporting framework, and therefore exclude any accruals related to payments due to governments.
   The Schedules include all cash payments made, without inclusion of cash inflows from a government. Where the Company makes a payment to a government that is net of credits from that government, the net payment amount has been presented.
3. Reporting Currency
   All payments are reported in U.S. dollars which is the reporting currency of the Company. When the Company has made payments in currencies other than its reporting currency, it translates the payments using the exchange rate on the date of the individual payment.
4. Rounding
   All figures have been rounded to the nearest $10,000 U.S. dollars.
5. Control
   As required by the financial reporting framework, the Company has reported payments made by entities controlled by the Company. The Company has determined whether it controls an entity in accordance with International Financial Reporting Standards.