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, 2020
 
 Commission File Number: 001-31522

	
	
Eldorado Gold Corporation	
(Translation of registrant’s name into English)	

	
	
1188-550 Burrard Street, Bentall 5
Vancouver, B.C. Canada V6C 2B5	
(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	Eldorado Gold Reports Q2 2020 Financial and Operational Results	

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 30, 2020	/s/ Karen Aram                                          
Karen Aram
Corporate Secretary	

Exhibit 99.1

	
		
NEWS RELEASE	 	
TSX: ELD NYSE: EGO	July 30, 2020	
Eldorado Gold Reports Q2 2020
Financial and Operational Results

VANCOUVER, BC - Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the second quarter of 2020.

•	Measures remain in place to manage the impact of the novel coronavirus ("COVID-19") pandemic: The Company's mines are fully operational and the global workforce has returned to normal levels. Preventing the spread of COVID-19, ensuring safe working environments across Eldorado's global sites, and preparedness should an outbreak occur, remain priorities.	

•	Stronger quarterly production and 2020 annual guidance maintained: Gold production totalled 137,782 ounces in Q2 2020, an increase of 50% from Q2 2019 production of 91,803 ounces, and a 19% increase over Q1 2020. Eldorado is maintaining its 2020 annual guidance of 520,000-550,000 ounces of gold at an all-in sustaining cost of $850-950 per ounce sold.	

•	Significant increase in free cash flow: Free cash flow of $63.4 million in Q2 2020 increased significantly from $4.8 million in Q2 2019 and $7.2 million in Q1 2020 as a result of higher sales volume and a higher gold price.	

•	Commenced construction of a three kilometre decline at Lamaque: The underground decline will connect the Sigma mill to the 405 metre level of the Triangle mine. Benefits of the decline include eliminating surface haulage of ore (approximately 26km round trip), reducing energy requirements for mine ventilation and providing access to reduce exploration costs. The decline is expected to be completed in the first half of 2022 at an estimated cost of $24 million.	

•	All-in sustaining costs lower quarter-on-quarter: Q2 2020 all-in sustaining costs of $859 per ounce of gold sold in the quarter were lower than in Q2 2019 ($917 per ounce sold).	

•	Continued strong financial liquidity: The Company currently has $440 million of cash, cash equivalents and term deposits and approximately $35 million available under the revolving credit facility, with $65 million of capacity on the facility allocated to secure certain reclamation obligations in connection with its operations.	

•	Improved financial position and net leverage ratio: $33.3 million was repaid on the Company's term loan during the quarter. Continued strong EBITDA has improved the Company's net leverage ratio, lowering the interest rate on the term loan and amounts drawn under the revolving credit facility from LIBOR + 2.5% to LIBOR + 2.25% during the quarter. Additionally, we have issued a redemption notice to repay $58.6 million of principal in August 2020 under the equity clawback provision of our senior secured notes.	

•	Net earnings and adjusted net earnings attributable to shareholders: Net earnings attributable to shareholders of the Company in Q2 2020 were $45.6 million or $0.27 per share (Q2 2019: net earnings attributable to shareholders of the Company of $12.2 million, or $0.08 per share). Adjusted net earnings attributable to shareholders of the Company in Q2 2020 were $43.8 million, or $0.26 per share (Q2 2019: adjusted net loss attributable to shareholders of the Company of $3.5 million, or $0.02 loss per share).	

•	Increased EBITDA: Q2 2020 EBITDA was $131.8 million ($74.5 million in Q2 2019) and Q2 2020 adjusted EBITDA was $135.8 million ($66.8 million in Q2 2019). Adjustments included, among other things, share based compensation and losses on asset disposals.	

	
			
 	 	1	

“Our outstanding operational performance during the quarter positions us to continue to generate significant value for our stakeholders. Even while managing COVID-19, we achieved strong quarterly production while seeing lower all-in sustaining costs,” said George Burns, President and CEO.

“We are pleased to have made our first scheduled term loan repayment in June. Additionally, we have issued a redemption notice to repay $59 million dollars of principal in August under the equity clawback provision of our senior secured notes. We are committed to reducing our debt, while at the same time maintaining a strong liquidity position as we continue to grow our business."

“Our teams continue to show agility in addressing COVID-19 and we have begun to integrate innovative new technologies to protect our workforce. We are extremely pleased with first half corporate performance and see several positive catalysts on the horizon, including further success in Turkey and continued growth in Greece and Quebec.”

“The addition of Ms. Judith Mosely as a director is highly complementary to the skills and experience of our existing board members and we look forward to her added insights. This timing is consistent with our ongoing Board succession plan.”

Consolidated Financial and Operational Highlights

														
 	3 months ended June 30,	 	 	6 months ended June 30,	 	
 	2020		2019		 	2020 		2019		
Revenue (1)		$255.9			$173.7		 		$460.6			$253.7		
Gold revenue (1)		$232.9			$150.1		 		$416.6			$204.6		
Gold produced (oz) (2)	137,782		91,803		 	253,732		174,780		
Gold sold (oz) (1)	134,960		113,685		 	251,179		156,759		
Average realized gold price ($/oz sold) (6)		$1,726			$1,321		 		$1,658			$1,301		
Cash operating costs ($/oz sold) (3,7)	550		631		 	586		629		
Total cash costs ($/oz sold) (3,7)	616		670		 	644		665		
All-in sustaining costs ($/oz sold) (3,6)	859		917		 	902		977		
Net earnings (loss) for the period (4)	45.6		12.2		 	40.7		(14.8	)	
Net earnings (loss) per share – basic ($/share) (4)	0.27		0.08		 	0.24		(0.09	)	
Adjusted net earnings (loss) (4,5,6,7)	43.8		(3.5	)	 	56.3		(24.5	)	
Adjusted net earnings (loss) per share ($/share) (4,5,6,7)	0.26		(0.02	)	 	0.34		(0.15	)	
Cash flow from operating activities before changes in working capital (6,7)	99.0		38.5		 	168.5		46.6		
Free cash flow (6)	63.4		4.8		 	70.5		(59.2	)	
Cash, cash equivalents and term deposits		$440.3			$119.9		 		$440.3			$119.9		

(1)	Excludes sales of inventory mined at Lamaque during the pre-commercial production period (Q1 2019).	
		
(2)	Includes pre-commercial production at Lamaque (Q1 2019).	
		
(3)	By-product revenues are off-set against cash operating costs.	
		
(4)	Attributable to shareholders of the Company.	
		
(5)	See reconciliation of net earnings (loss) to adjusted net earnings (loss) in the section 'Non-IFRS Measures' in the June 30, 2020 MD&A.	
		
(6)	These measures are non-IFRS measures. See the June 30, 2020 MD&A for explanations and discussion of these non-IFRS measures.	
		
(7)	2019 amounts have been adjusted to conform with 2020 presentation. See the section 'Non-IFRS Measures' in the June 30, 2020 MD&A for detail.	

Gold production of 137,782 ounces increased 50% from last year’s second quarter production of 91,803 ounces. Gold sales totalled 134,960 ounces in Q2 2020, an increase of 19% from 113,685 ounces sold in Q2 2019. The higher sales volume compared with the prior year reflected an increase of 33,845 ounces sold at Kisladag following the resumption of mining activities in April 2019, an increase of 7,634 ounces sold at Lamaque following its commencement of commercial operations in April 2019 and an increase of 2,925 ounces sold at Olympias as a result of increased production. Gold sales at Efemcukuru in Q2 2020 decreased by 23,129 ounces from the prior year as sales in Q2 2019 included shipments that had been delayed from Q1 2019.
Total revenue was $255.9 million in Q2 2020, an increase of 47% from $173.7 million in Q2 2019. The increase was due to increased sales volume combined with a higher average realized gold price.
Cash operating costs per ounce sold in Q2 2020 averaged $550, a decrease from $631 in Q2 2019. The improvement was primarily due to higher production at Kisladag with an increase in stacked ore on the heap leach pad, higher

	
			
 	 	2	

production and grade at Olympias and higher production at Efemcukuru. The improvement was also due to increased mining rates at Lamaque in Q2 2020 following approval to expand underground production. Cash operating costs also benefited from a weakening of the Turkish Lira in the first half of 2020.
We reported net earnings attributable to shareholders of $45.6 million ($0.27 per share) in Q2 2020, compared to net earnings of $12.2 million ($0.08 per share) in Q2 2019. The improvement reflects higher production and sales volumes, combined with a higher average realized gold price.
Adjusted net earnings were $43.8 million ($0.26 per share) in Q2 2020 compared to adjusted net loss of $3.5 million ($0.02 loss per share) in Q2 2019. Adjusted net earnings in Q2 2020 removes, among other things, the $5.7 million gain on the non-cash revaluation of the derivative related to redemption options in our debt and a $3.0 million loss on foreign exchange due to translation of deferred tax balances.

Gold Operations

													
 	3 months ended June 30,	 	6 months ended June 30,	 	
 	2020		2019		2020		2019		
Total	 	 	 	 	
 Ounces produced (1)	137,782		91,803		253,732		174,780		
Ounces sold (2, 4)	134,960		113,685		251,179		156,759		
Cash operating costs ($/oz sold) (4,5)		$550			$631			$586			$629		
All-in sustaining costs ($/oz sold) (4,5)		$859			$917			$902			$977		
Sustaining capex (5)		$21.9			$15.6			$41.3			$26.4		
Kisladag	 	 	 	 	
Ounces produced (3)	59,890		26,072		110,066		53,319		
Ounces sold	59,917		26,072		111,517		53,327		
Cash operating costs ($/oz sold) (5)		$465			$381			$459			$471		
All-in sustaining costs ($/oz sold) (5)		$631			$471			$606			$590		
Sustaining capex (5)		$5.4			$1.1			$8.4			$4.2		
Lamaque	 	 	 	 	
Ounces produced (1)	33,095		33,140		60,448		52,818		
Ounces sold (2)	31,964		24,330		58,692		24,330		
Cash operating costs ($/oz sold) (5)		$480			$517			$553			$517		
All-in sustaining costs ($/oz sold) (5)		$796			$814			$908			$814		
Sustaining capex (5)		$8.0			$5.3			$16.3			$5.3		
Efemcukuru	 	 	 	 	
Ounces produced	26,876		25,667		50,115		51,791		
Ounces sold (4)	25,692		48,821		48,913		54,639		
Cash operating costs ($/oz sold) (4,5)		$534			$593			$586			$598		
All-in sustaining costs ($/oz sold) (4,5)		$807			$774			$835			$840		
Sustaining capex (5)		$3.6			$5.4			$6.7			$9.0		
Olympias	 	 	 	 	
Ounces produced	17,921		6,924		33,103		16,852		
Ounces sold	17,387		14,462		32,057		24,463		
Cash operating costs ($/oz sold) (5)		$993			$1,402			$1,086			$1,156		
All-in sustaining costs ($/oz sold) (5)		$1,377			$1,731			$1,500			$1,553		
Sustaining capex (5)		$4.9			$3.8			$9.9			$7.9		

(1)	Includes pre-commercial production at Lamaque (Q1 2019).	
		
(2)	Excludes sales of inventory produced at Lamaque during the pre-commercial production period (Q1 2019).	
		
(3)	Kisladag resumed mining, crushing and placing ore on the heap leach pad on April 1, 2019. This activity had been suspended since April 2018.	
		
(4)	Efemcukuru ounces sold and unit costs were impacted by delayed shipments in Q1 2019 that were completed in Q2 2019.	
		
(5)	These measures are non-IFRS measures. See the June 30, 2020 MD&A for explanations and discussion of these non-IFRS measures.	

	
			
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Corporate
On July 30, 2020, the Company issued a redemption notice for the senior secured notes and intends to redeem $59 million of the principal amount of the senior secured notes in August 2020 using proceeds from the ATM Program. The redemption price is 109.5% of the aggregate principal amount repaid, plus accrued and unpaid interest.
We are pleased to announce the appointment of Ms. Judith Mosely to the Board of Directors, effective September 1, 2020. Ms. Mosely has over 20 years of experience in the mining and metals banking sector.

Conference Call
A conference call to discuss the details of the Company’s Q2 2020 results will be held by senior management on Friday, July 31, 2020 at 8:30 AM PT (11:30 AM ET). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via this link: http://services.choruscall.ca/links/eldoradogold20200731.html.

	
					
Conference Call Details	 	Replay (available until Sept. 4, 2020)	
Date:	July 31, 2020	 	Vancouver:	+1 604 638 9010	
Time:	8:30 am PT (11:30 am ET)	 	Toll Free:	1 800 319 6413	
Dial in:	+1 604 638 5340	 	Pass code:	4874	
Toll free:	1 800 319 4610	 	 	 	

About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact
Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166 peter.lekich@eldoradogold.com
Media
Louise Burgess, Director Communications & Government Relations
604.601.6679 or 1.888.363.8166 louise.burgess@eldoradogold.com

	
			
 	 	4	

Non-IFRS Measures
Certain non-IFRS measures are included in this press release, including average realized gold price per ounce sold, cash operating costs and cash operating costs per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, adjusted net earnings/(loss), adjusted net earnings/(loss) per share, working capital, cash flow from operations before changes in non-cash working capital, earnings before interest, taxes and depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes and depreciation and amortization ("Adjusted EBITDA"), free cash flow and sustaining capital. Please see the June 30, 2020 MD&A for explanations and discussion of these non-IFRS measures. The Company believes that these measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards (“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.

Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release 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 "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information contained in this release 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 our operations, our guidance and outlook, including expected production, cost guidance and recoveries of gold, construction of the decline at Lamaque, including expected timing and cost, and realization of the associated benefits, planned capital and exploration expenditures; redemption of high-yield bonds by the Company, our expectation as to our future financial and operating performance, expected metallurgical recoveries, gold price outlook and the global concentrate market; and our strategy, plans and goals, including our 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 and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about 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 construction of the decline at Lamaque, and any associated benefits; our ability to complete the redemption of the Company’s high yield bonds; geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs and expenses; production, mineral reserves and resources and metallurgical recoveries, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: global outbreaks of infectious diseases, including COVID-19, timing and cost of construction of the decline at Lamaque, and any associated benefits, ability to complete the redemption of the Company’s high yield bonds; results of further testwork, recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks, foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of the common shares of the Company; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s 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.
Financial Information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and is not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR and EDGAR under our Company name. The reader is directed to carefully review such document for a full understanding of the financial information summarized herein.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Paul Skayman, FAusIMM, Special Advisor to the Chief Operating Officer for Eldorado Gold Corporation, and a "qualified person" under NI 43-101.

	
			
 	 	5	

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position                
(Unaudited – in thousands of U.S. dollars)

	
										
As at	Note	 	June 30, 2020		 	December 31, 2019		
ASSETS		 	 	 	 	
Current assets		 	 	 	 	
Cash and cash equivalents		 	$	435,469		 	$	177,742		
Term deposits		 	4,836		 	3,275		
Marketable securities		 	4,654		 	3,828		
Accounts receivable and other	4	 	86,351		 	75,310		
Inventories	5	 	162,785		 	163,234		
Current portion of employee benefit plan assets		 	6,025		 	—		
Assets held for sale		 	11,929		 	12,471		
		 	712,049		 	435,860		
Restricted cash		 	1,983		 	3,080		
Other assets		 	30,647		 	22,943		
Employee benefit plan assets		 	—		 	6,244		
Property, plant and equipment		 	4,044,955		 	4,088,202		
Goodwill		 	92,591		 	92,591		
		 	$	4,882,225		 	$	4,648,920		
LIABILITIES & EQUITY		 		 		
Current liabilities		 		 		
Accounts payable and accrued liabilities		 	$	144,629		 	$	139,104		
Current portion of capital lease liabilities		 	10,342		 	9,913		
Current portion of debt	6	 	216,667		 	66,667		
Current portion of asset retirement obligations		 	1,783		 	1,782		
Current portion of employee benefit plan obligations		 	1,133		 	—		
Liabilities associated with assets held for sale		 	4,229		 	4,257		
		 	378,783		 	221,723		
Debt	6	 	380,423		 	413,065		
Lease liabilities		 	11,399		 	15,143		
Employee benefit plan obligations		 	17,464		 	18,224		
Asset retirement obligations		 	94,174		 	94,235		
Deferred income tax liabilities		 	413,339		 	412,717		
		 	1,295,582		 	1,175,107		
Equity		 		 		
Share capital	10	 	3,135,955		 	3,054,563		
Treasury stock		 	(11,587	)	 	(8,662	)	
Contributed surplus		 	2,634,246		 	2,627,441		
Accumulated other comprehensive loss		 	(28,266	)	 	(28,966	)	
Deficit		 	(2,189,129	)	 	(2,229,867	)	
Total equity attributable to shareholders of the Company		 	3,541,219		 	3,414,509		
Attributable to non-controlling interests	11	 	45,424		 	59,304		
		 	3,586,643		 	3,473,813		
		 	$	4,882,225		 	$	4,648,920		

	
			
Please see the Condensed Consolidated Interim Financial Statements dated June 30, 2020 for notes to the accounts.	
 	 	6	

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations        
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars except share and per share amounts)    

	
																		
 	 	 	Three months ended	 	Six months ended	
 	 	 	June 30,	 	June 30,	
	Note	 	2020		 	2019			2020		 	2019		
Revenue		 	 	 	 					
  Metal sales	7	 	$	255,917		 	$	173,678			$	460,572			$	253,702		
		 	 	 	 				 	
Cost of sales		 	 	 	 				 	
  Production costs		 	109,477		 	100,896			210,839			152,817		
  Depreciation and amortization	 	 	58,328		 	41,188			110,691			61,130		
		 	167,805		 	142,084			321,530			213,947		
		 	 	 	 				 	
Earnings from mine operations		 	88,112		 	31,594			139,042			39,755		
		 	 	 	 				 	
Exploration and evaluation expenses		 	2,333		 	2,529			5,560			7,894		
Mine standby costs	8	 	5,029		 	3,450			9,059			11,443		
General and administrative expenses		 	6,157		 	8,084			14,444			15,256		
Employee benefit plan expense	 	 	766		 	510			1,457			1,109		
Share-based payments expense	12	 	2,863		 	2,498			4,658			5,400		
Reversal of impairment	 	 	—		 	(11,690	)		—			(11,690	)	
Write-down (reversal) of assets	 	 	(295	)	 	410			(92	)		427		
Foreign exchange loss (gain)		 	(1,238	)	 	480			(2,000	)		235		
Earnings from operations		 	72,497		 	25,323			105,956			9,681		
		 	 	 	 				 	
Other income	9	 	1,356		 	8,655			36			10,288		
Finance costs	9	 	(6,480	)	 	(16,786	)		(22,687	)		(24,117	)	
Earnings (loss) from operations before income tax		 	67,373		 	17,192			83,305			(4,148	)	
 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	23,671		 	8,010			45,076			14,042		
Net earnings (loss) for the period		 	$	43,702		 	$	9,182			$	38,229			$	(18,190	)	
		 	 	 	 				 	
Attributable to:		 	 	 	 				 	
Shareholders of the Company		 	45,618		 	12,151			40,738			(14,814	)	
Non-controlling interests		 	(1,916	)	 	(2,969	)		(2,509	)		(3,376	)	
Net earnings (loss) for the period		 	$	43,702		 	$	9,182			$	38,229			$	(18,190	)	
		 	 	 	 				 	
Weighted average number of shares outstanding (thousands)	 	 	 	 	 				 	
Basic		 	169,867		 	158,372			167,524			158,345		
Diluted		 	173,787		 	161,276			171,342			158,345		
		 	 	 	 				 	
Net earnings (loss) per share attributable to shareholders of the Company:		 	 	 	 				 	
Basic earnings (loss) per share		 	$	0.27		 	$	0.08			$	0.24			$	(0.09	)	
Diluted earnings (loss) per share		 	$	0.26		 	$	0.08			$	0.24			$	(0.09	)	

	
			
Please see the Condensed Consolidated Interim Financial Statements dated June 30, 2020 for notes to the accounts.	
 	 	7	

Eldorado Gold Corporation                        
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars)

	
																		
			Three months ended	 	Six months ended	
 	 	 	June 30,	 	June 30,	
 	 	 	2020		 	2019		 	2020		 	2019		
						 	 	 	 	
Net earnings (loss) for the period			$	43,702			$	9,182		 	$	38,229		 	$	(18,190	)	
Other comprehensive (loss) income:						 	 	 	 	
Items that will not be reclassified to earnings or loss:	 	 	 	 	 	 	 	 	 	
Change in fair value of investments in equity securities, net of tax			1,766			1,016		 	898		 	1,163		
Actuarial gains (losses) on employee benefit plans, net of tax	 		30			(63	)	 	(198	)	 	(409	)	
Total other comprehensive income for the period			1,796			953		 	700		 	754		
Total comprehensive income (loss) for the period			$	45,498			$	10,135		 	$	38,929		 	$	(17,436	)	
						 	 	 	 	
Attributable to:						 	 	 	 	
Shareholders of the Company			47,414			13,104		 	41,438		 	(14,060	)	
Non-controlling interests			(1,916	)		(2,969	)	 	(2,509	)	 	(3,376	)	
			$	45,498			$	10,135		 	$	38,929		 	$	(17,436	)	

	
			
Please see the Condensed Consolidated Interim Financial Statements dated June 30, 2020 for notes to the accounts.	
 	 	8	

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows        
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars)

	
																		
 	 	 	Three months ended	 	Six months ended	
	 		June 30,	 	June 30,	
 	Note	 	2020		 	2019		 	2020		 	2019		
Cash flows generated from (used in):						 	 	 	 	
Operating activities						 	 	 	 	
Net earnings (loss) for the period			$	43,702			$	9,182		 	$	38,229		 	$	(18,190	)	
Items not affecting cash:						 	 	 	 	
Depreciation and amortization	 		58,883			41,188		 	111,810		 	61,130		
Finance costs	 	 	6,498		 	16,786		 	22,722		 	24,117		
Interest income	 	 	(894	)	 	(939	)	 	(1,283	)	 	(2,154	)	
Unrealized foreign exchange gain	 	 	(512	)	 	(178	)	 	(3,050	)	 	(351	)	
Income tax expense	 		23,671			8,010		 	45,076		 	14,042		
Loss on disposal of assets		 	96		 	951		 	2,550		 	1,013		
Write-down (reversal) of assets			(295	)		410		 	(92	)	 	427		
Share-based payments expense	12		2,863			2,498		 	4,658		 	5,400		
Employee benefit plan expense			766			510		 	1,457		 	1,109		
Income from royalty sale	 	 	—		 	(8,075	)	 	—		 	(8,075	)	
Reversal of impairment	 		—			(11,690	)	 	—		 	(11,690	)	
			134,778			58,653		 	222,077		 	66,778		
Property reclamation payments			(474	)		(896	)	 	(1,000	)	 	(1,796	)	
Employee benefit plan payments			(435	)		(1,349	)	 	(671	)	 	(1,349	)	
Income taxes paid	 	 	(18,128	)	 	(4,010	)	 	(32,847	)	 	(4,010	)	
Interest paid	 	 	(17,588	)	 	(14,886	)	 	(20,358	)	 	(15,136	)	
Interest received	 	 	894		 	939		 	1,283		 	2,154		
Changes in non-cash working capital	13		583			12,572		 	(15,587	)	 	3,754		
Net cash generated from operating activities			99,630			51,023		 	152,897		 	50,395		
						 	 	 	 	
Investing activities						 	 	 	 	
Purchase of property, plant and equipment			(37,126	)		(48,020	)	 	(77,608	)	 	(113,940	)	
Proceeds from the sale of property, plant and equipment	 		683			3,392		 	705		 	3,772		
Value added taxes related to mineral property expenditures, net			168			(5,348	)	 	(5,483	)	 	(7,719	)	
Decrease (increase) in term deposits			49,964			1,897		 	(1,561	)	 	1,871		
Decrease (increase) in restricted cash	 		(77	)		10,640		 	1,097		 	10,194		
Capitalized interest	 	 	—		 	(3,848	)	 	—		 	(3,848	)	
Proceeds on pre-commercial production sales, net	 		—			7,606		 	—		 	12,159		
Net cash generated from (used in) investing activities			13,612			(33,681	)	 	(82,850	)	 	(97,511	)	
						 	 	 	 	
Financing activities						 	 	 	 	
Cash received for issuance of shares	 		60,243			18		 	87,079		 	18		
Acquisition of non-controlling interest	11	 	(7,500	)	 	—		 	(7,500	)	 	—		
Contributions from non-controlling interests			301			—		 	301		 	—		
Proceeds from borrowings	6	 	—		 	494,000		 	150,000		 	494,000		
Repayment of borrowings	6	 	(33,333	)	 	(600,000	)	 	(33,333	)	 	(600,000	)	
Loan financing costs	 	 	—		 	(14,995	)	 	—		 	(14,995	)	
Principal portion of lease liabilities	 	 	(2,499	)	 	(1,312	)	 	(5,033	)	 	(2,386	)	
Purchase of treasury stock	 	 	(3,679	)	 	—		 	(3,679	)	 	—		
Net cash generated from (used in) financing activities			13,533			(122,289	)	 	187,835		 	(123,363	)	
						 	 	 	 	
Net increase (decrease) in cash and cash equivalents			126,775			(104,947	)	 	257,882		 	(170,479	)	
Cash and cash equivalents - beginning of period			308,780			220,780		 	177,742		 	286,312		
Cash in disposal group held for sale	 	 	(86	)	 	(724	)	 	(155	)	 	(724	)	
Cash and cash equivalents - end of period			$	435,469			$	115,109		 	$	435,469		 	$	115,109		

	
			
Please see the Condensed Consolidated Interim Financial Statements dated June 30, 2020 for notes to the accounts.	
 	 	9	

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity    
For the three and six months ended June 30, 2020 and 2019
(Unaudited – in thousands of U.S. dollars)

	
																	
 	 	Three months ended	 	Six months ended	
 	 	June 30,	 	June 30,	
		2020		 	2019		 	2020		 	2019		
Share capital		 	 	 	 				
Balance beginning of period		$	3,075,100		 	$	3,007,924		 	$	3,054,563			$	3,007,924		
Shares issued upon exercise of share options, for cash		1,392		 	18		 	1,816			18		
Transfer of contributed surplus on exercise of options		560		 	2		 	730			2		
Shares issued to the public, net of share issuance costs		58,903		 	—		 	78,846			—		
Balance end of period		$	3,135,955		 	$	3,007,944		 	$	3,135,955			$	3,007,944		
		 	 	 	 	 			
Treasury stock		 	 	 	 	 			
Balance beginning of period		$	(8,314	)	 	$	(9,269	)	 	$	(8,662	)		$	(10,104	)	
Purchase of treasury stock (Note 12(b))		(3,679	)	 	—		 	(3,679	)		—		
Shares redeemed upon exercise of restricted share units		406		 	456		 	754			1,291		
Balance end of period		$	(11,587	)	 	$	(8,813	)	 	$	(11,587	)		$	(8,813	)	
		 	 	 	 	 			
Contributed surplus		 	 	 	 	 			
Balance beginning of period		$	2,628,820		 	$	2,621,866		 	$	2,627,441			$	2,620,799		
Share based payments		2,221		 	2,115		 	4,118			4,017		
Acquisition of non-controlling interest (Note 11)	 	4,171		 	—		 	4,171		 	—		
Shares redeemed upon exercise of restricted share units		(406	)	 	(456	)	 	(754	)		(1,291	)	
Transfer to share capital on exercise of options		(560	)	 	(2	)	 	(730	)		(2	)	
Balance end of period		$	2,634,246		 	$	2,623,523		 	$	2,634,246			$	2,623,523		
		 	 	 	 	 			
Accumulated other comprehensive loss		 	 	 	 	 			
Balance beginning of period		$	(30,062	)	 	$	(24,693	)	 	$	(28,966	)		$	(24,494	)	
Other comprehensive income for the period		1,796		 	953		 	700			754		
Balance end of period		$	(28,266	)	 	$	(23,740	)	 	$	(28,266	)		$	(23,740	)	
		 	 	 	 	 			
Deficit		 	 	 	 	 			
Balance beginning of period		$	(2,234,747	)	 	$	(2,337,418	)	 	$	(2,229,867	)		$	(2,310,453	)	
Net earnings (loss) attributable to shareholders of the Company		45,618		 	12,151		 	40,738			(14,814	)	
Balance end of period		$	(2,189,129	)	 	$	(2,325,267	)	 	$	(2,189,129	)		$	(2,325,267	)	
Total equity attributable to shareholders of the Company		$	3,541,219		 	$	3,273,647		 	$	3,541,219			$	3,273,647		
		 	 	 	 	 			
Non-controlling interests		 	 	 	 	 			
Balance beginning of period		$	58,711		 	$	63,007		 	$	59,304			$	63,414		
Net loss attributable to non-controlling interests		(1,916	)	 	(2,969	)	 	(2,509	)		(3,376	)	
Acquisition of non-controlling interest (Note 11)	 	(11,672	)	 	—		 	(11,672	)	 	—		
Contributions from non-controlling interests		301		 	219		 	301			219		
Balance end of period		$	45,424		 	$	60,257		 	$	45,424			$	60,257		
Total equity		$	3,586,643		 	$	3,333,904		 	$	3,586,643			$	3,333,904		

	
			
Please see the Condensed Consolidated Interim Financial Statements dated June 30, 2020 for notes to the accounts.	
 	 	10