1、 Consolidated Financial StatementsDecember 31,2023 and 2022(Expressed in thousands of U.S.dollars)Managements Responsibility for Financial ReportingThe management of Eldorado Gold Corporation is responsible for the integrity and fair presentation of the financial information contained in the Consoli
2、dated Financial Statements,which reflects amounts based on managements best estimates and judgements.The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.Management is respons
3、ible for establishing and maintaining adequate internal control over financial reporting.Management has established and maintains a system of internal accounting control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use,financial information is reliab
4、le and accurate and transactions are properly recorded and executed in accordance with managements authorization.This system includes established policies and procedures,the selection and training of qualified personnel and an organization providing for appropriate delegation of authority and segreg
5、ation of responsibilities.Any system of internal control over financial reporting,no matter how well designed,has inherent limitations.Therefore,even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.Manage
6、ment has a process in place to evaluate internal control over financial reporting based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission(2013)in Internal Control-Integrated Framework.Based on this assessment,management determined that as of December
7、 31,2023,the Companys internal control over financial reporting was effective and provided reasonable assurance of the reliability of our financial reporting and preparation of the Consolidated Financial Statements.KPMG LLP,an independent registered public accounting firm,appointed by the shareholde
8、rs,has audited the Companys Consolidated Financial Statements as of and for the year ended December 31,2023 in accordance with the standards of the Public Company Accounting Oversight Board(United States)and has expressed their opinion in their report titled“Report of Independent Registered Public A
9、ccounting Firm”.The effectiveness of the Companys internal control over financial reporting as of December 31,2023 has also been audited by KPMG LLP,and their opinion is included in their report titled“Report of Independent Registered Public Accounting Firm”.(Signed)George Burns(Signed)Paul Ferneyho
10、ughGeorge BurnsPaul FerneyhoughPresident&Chief Executive OfficerExecutive Vice President&Chief Financial OfficerFebruary 22,2024Vancouver,British Columbia,Canada Report of Independent Registered Public Accounting FirmTo the Shareholders and Board of Directors of Eldorado Gold CorporationOpinion on t
11、he Consolidated Financial StatementsWe have audited the accompanying consolidated statements of financial position of Eldorado Gold Corporation and subsidiaries(the Company)as of December 31,2023 and 2022,the related consolidated statements of operations,comprehensive income(loss),cash flows,and cha
12、nges in equity for each of the years then ended,and the related notes(collectively,the consolidated financial statements).In our opinion,the consolidated financial statements present fairly,in all material respects,the financial position of the Company as of December 31,2023 and 2022,and its financi
13、al performance and its cash flows for each of the years then ended,in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.We also have audited,in accordance with the standards of the Public Company Accounting Oversight Board(United St
14、ates)(PCAOB),the Companys internal control over financial reporting as of December 31,2023,based on criteria established in Internal Control Integrated Framework(2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission,and our report dated February 22,2024 expressed an unq
15、ualified opinion on the effectiveness of the Companys internal control over financial reporting.Basis for OpinionThese consolidated financial statements are the responsibility of the Companys management.Our responsibility is to express an opinion on these consolidated financial statements based on o
16、ur audits.We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audi
17、ts in accordance with the standards of the PCAOB.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement,whether due to error or fraud.Our audits included performing procedures to
18、assess the risks of material misstatement of the consolidated financial statements,whether due to error or fraud,and performing procedures that respond to those risks.Such procedures included examining,on a test basis,evidence regarding the amounts and disclosures in the consolidated financial state
19、ments.Our audits also included evaluating the accounting principles used and significant estimates made by management,as well as evaluating the overall presentation of the consolidated financial statements.We believe that our audits provide a reasonable basis for our opinion.Critical Audit MatterThe
20、 critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Audit Committee and that:(1)relates to accounts or disclosures that are material to the consolidated financ
21、ial statements and(2)involved our especially challenging,subjective,or complex judgments.The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements,taken as a whole,and we are not,by communicating the critical audit matter below,prov
22、iding a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.Evaluation of indicators of impairment or impairment reversal of property,plant and equipmentAs discussed in Note 12 to the consolidated financial statements,the carrying value of property,pla
23、nt and equipment as of December 31,2023 was$3,755,559 thousand.As discussed in Notes 3.7 and 4(i),property,plant and equipment are reviewed each reporting for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.Judgment is applied in assess
24、ing whether certain facts and circumstances are indicators of impairment,and accordingly,require an impairment test to be performed.The Company considers both external and internal sources of information in assessing whether there are any indicators that its assets or Cash Generating Units(CGU)may b
25、e impaired.The primary external factors considered are changes in estimated long-term metal prices,changes in laws and regulations and the Companys market capitalization relative to its net asset carrying amount.The primary internal factors considered are the performance of its CGUs against expectat
26、ions,changes in mineral reserves and resources,life of mine plans and exploration results.We identified the evaluation of indicators of impairment or impairment reversal of property,plant and equipment as a critical audit matter.Significant auditor judgment was required to assess the Companys determ
27、ination of whether various internal and external factors,individually and in aggregate,result in impairment indicators or impairment reversal.Specifically,complex auditor judgment was required to assess the performance of certain CGUs against expectations,changes in estimated metal prices and the di
28、fference between the Companys market capitalization and the carrying value of its net assets.The following are the primary procedures we performed to address this critical audit matter.We evaluated the design and tested the operating effectiveness of certain internal controls over the Companys impai
29、rment indicator assessment process.This included a control over the Companys assessment of the difference between its market capitalization and the carrying value of its net assets,performance of certain CGUs against expectations and changes in estimated metal prices.We analyzed the components of th
30、e Companys market capitalization reconciliation to the carrying value of its net assets.We evaluated the reasonableness of managements conclusion with respect to the Companys assessment of the performance of certain CGUs against expectations by considering the current and past performance of the CGU
31、s.We involved valuation professionals with specialized skills and knowledge,who assisted in assessing the long-term metal prices by comparing to third party data,and by evaluating the difference between the Companys market capitalization and the carrying value of its net assets by reviewing market a
32、vailable information./s/KPMG LLPChartered Professional AccountantsWe have served as the Companys auditor since 2009.Vancouver,Canada February 22,2024Report of Independent Registered Public Accounting FirmTo the Shareholders and Board of Directors of Eldorado Gold CorporationOpinion on Internal Contr
33、ol over Financial ReportingWe have audited Eldorado Gold Corporation and subsidiaries(the Company)internal control over financial reporting as of December 31,2023,based on criteria established in Internal Control Integrated Framework(2013)issued by the Committee of Sponsoring Organizations of the Tr
34、eadway Commission.In our opinion,the Company maintained,in all material respects,effective internal control over financial reporting as of December 31,2023,based on criteria established in Internal Control Integrated Framework(2013)issued by the Committee of Sponsoring Organizations of the Treadway
35、Commission.We also have audited,in accordance with the standards of the Public Company Accounting Oversight Board(United States)(PCAOB),the consolidated statements of financial position of the Company as of December 31,2023 and 2022,the related consolidated statements of operations,comprehensive inc
36、ome(loss),cash flows,and changes in equity for each of the years then ended,and the related notes(collectively,the consolidated financial statements),and our report dated February 22,2024,expressed an unqualified opinion on those consolidated financial statements.Basis for OpinionThe Companys manage
37、ment is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting,included in the accompanying“Managements Discussion and Analysis Internal Controls over Financial Reporting”.Our responsibi
38、lity is to express an opinion on the Companys internal control over financial reporting based on our audit.We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.federal securities laws and the applicable ru
39、les and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting
40、 was maintained in all material respects.Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,assessing the risk that a material weakness exists,and testing and evaluating the design and operating effectiveness of int
41、ernal control based on the assessed risk.Our audit also included performing such other procedures as we considered necessary in the circumstances.We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA companys in
42、ternal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.A companys internal control ove
43、r financial reporting includes those policies and procedures that(1)pertain to the maintenance of records that,in reasonable detail,accurately and fairly reflect the transactions and dispositions of the assets of the company;(2)provide reasonable assurance that transactions are recorded as necessary
44、 to permit preparation of financial statements in accordance with generally accepted accounting principles,and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;and(3)provide reasonable assurance regarding p
45、revention or timely detection of unauthorized acquisition,use,or disposition of the companys assets that could have a material effect on the financial statements.Because of its inherent limitations,internal control over financial reporting may not prevent or detect misstatements.Also,projections of
46、any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,or that the degree of compliance with the policies or procedures may deteriorate./s/KPMG LLPChartered Professional AccountantsVancouver,Canada February 22,20
47、24NoteDecember 31,2023December 31,2022ASSETSCurrent assetsCash and cash equivalents7$540,473$279,735 Term deposits 1,136 35,000 Accounts receivable and other8 122,778 91,113 Inventories9 235,890 198,872 Current derivative assets27 2,502 Assets held for sale6 27,627 27,738 930,406 632,458 Restricted
48、cash 2,085 2,033 Deferred tax assets 14,748 14,507 Other assets10 185,209 120,065 Non-current derivative assets27 7,036 Property,plant and equipment12 3,755,559 3,596,262 Goodwill13 92,591 92,591$4,987,634$4,457,916 LIABILITIES&EQUITYCurrent liabilitiesAccounts payable and accrued liabilities15$254,
49、030$191,705 Current portion of lease liabilities 5,020 4,777 Current portion of asset retirement obligations17 4,019 3,980 Current derivative liabilities27 279 Liabilities associated with assets held for sale6 10,867 10,479 274,215 210,941 Debt16 636,059 494,414 Lease liabilities 12,092 12,164 Emplo
50、yee benefit plan obligations 10,261 8,910 Asset retirement obligations17 125,090 105,893 Non-current derivative liabilities27 18,843 Deferred income tax liabilities 399,109 424,726 1,475,669 1,257,048 EquityShare capital20 3,413,365 3,241,644 Treasury stock(19,263)(20,454)Contributed surplus 2,617,2
51、16 2,618,212 Accumulated other comprehensive loss(4,751)(42,284)Deficit(2,488,420)(2,593,050)Total equity attributable to shareholders of the Company 3,518,147 3,204,068 Attributable to non-controlling interests(6,182)(3,200)3,511,965 3,200,868$4,987,634$4,457,916 Commitments and contractual obligat
52、ions(Note 24)Contingencies(Note 25)Subsequent events(Note 17)Approved on behalf of the Board of Directors(signed)John Webster Director (signed)George Burns DirectorDate of approval:February 22,2024 Eldorado Gold CorporationConsolidated Statements of Financial Position As at December 31,2023 and Dece
53、mber 31,2022(In thousands of U.S.dollars)The accompanying notes are an integral part of these consolidated financial statements.NoteYear ended Year ended December 31,2023December 31,2022Revenue Metal sales29$1,008,501$871,984 Cost of sales Production costs30 478,947 459,586 Depreciation and amortiza
54、tion 261,087 240,185 740,034 699,771 Earnings from mine operations 268,467 172,213 Exploration and evaluation expenses 22,422 19,635 Mine standby costs31 16,106 34,367 General and administrative expenses 39,788 37,015 Employee benefit plan expense 4,228 5,982 Share-based payments expense21 10,195 10
55、,744 Write-down of assets 9,719 32,499 Foreign exchange gain(16,000)(9,708)Earnings from operations 182,009 41,679 Other income18 14,195 11,802 Finance costs18(32,839)(41,625)Earnings from continuing operations before income tax 163,365 11,856 Income tax expense19 57,575 61,224 Net earnings(loss)fro
56、m continuing operations 105,790 (49,368)Net loss from discontinued operations,net of tax6(4,407)(377,485)Net earnings(loss)for the year$101,383$(426,853)Net earnings(loss)attributable to:Shareholders of the Company 104,630 (353,824)Non-controlling interests(3,247)(73,029)Net earnings(loss)for the ye
57、ar$101,383$(426,853)Net earnings(loss)attributable to shareholders of the Company:Continuing operations 106,183 (49,176)Discontinued operations (1,553)(304,648)$104,630$(353,824)Net loss attributable to non-controlling interest:Continuing operations (393)(192)Discontinued operations (2,854)(72,837)$
58、(3,247)$(73,029)Weighted average number of shares outstanding(thousands):Basic32194,448183,446Diluted32195,329183,446Net earnings(loss)per share attributable to shareholders of the Company:Basic earnings(loss)per share$0.54$(1.93)Diluted earnings(loss)per share$0.54$(1.93)Net earnings(loss)per share
59、 attributable to shareholders of the Company-Continuing operations:Basic earnings(loss)per share$0.55$(0.27)Diluted earnings(loss)per share$0.54$(0.27)Eldorado Gold CorporationConsolidated Statements of Operations For the years ended December 31,2023 and December 31,2022(In thousands of U.S.dollars
60、except share and per share amounts)The accompanying notes are an integral part of these consolidated financial statements.Year endedYear endedDecember 31,2023December 31,2022Net earnings(loss)for the year$101,383$(426,853)Other comprehensive income(loss):Items that will not be reclassified to earnin
61、gs or(loss):Change in fair value of investments in marketable securities 44,437 (19,753)Income tax expense on change in fair value of investments in marketable securities (3,449)Actuarial losses on employee benefit plans(4,476)(2,163)Income tax recovery on actuarial losses on employee benefit pensio
62、n plans 1,021 537 Total other comprehensive income(loss)for the year 37,533 (21,379)Total comprehensive income(loss)for the year$138,916$(448,232)Attributable to:Shareholders of the Company 142,163 (375,203)Non-controlling interests(3,247)(73,029)$138,916$(448,232)Eldorado Gold CorporationConsolidat
63、ed Statements of Comprehensive Income(Loss)For the years ended December 31,2023 and December 31,2022(In thousands of U.S.dollars)The accompanying notes are an integral part of these consolidated financial statements.NoteYear endedYear endedCash flows generated from(used in):December 31,2023December
64、31,2022Operating activitiesNet earnings(loss)for the year from continuing operations$105,790$(49,368)Adjustments for:Depreciation and amortization 264,325 242,393 Finance costs18 32,839 41,625 Interest income (17,640)(6,763)Unrealized foreign exchange gain(15,167)(2,413)Income tax expense19 57,575 6
65、1,224 Loss(gain)on disposal of assets18 605 (2,959)Unrealized loss on derivative contracts18 9,584 Realized gain on derivative contracts18(431)Write-down of assets 9,719 32,499 Share-based payments expense21 10,195 10,744 Employee benefit plan expense 4,228 5,982 461,622 332,964 Property reclamation
66、 payments(3,591)(3,202)Employee benefit plan payments(5,084)(6,180)Settlement of derivative contracts18 431 Income taxes paid (59,839)(90,871)Interest received 17,640 6,763 Changes in non-cash operating working capital22(28,282)(28,314)Net cash generated from operating activities of continuing opera
67、tions 382,897 211,160 Net cash generated from(used in)operating activities of discontinued operations 414 (164)Investing activitiesAdditions to property,plant and equipment(401,870)(289,853)Capitalized interest paid(10,782)Proceeds from the sale of property,plant and equipment 1,647 4,293 Value adde
68、d taxes related to mineral property expenditures(17,906)(30,134)Purchase of marketable securities and investment in debt securities(633)(20,163)Decrease(increase)in term deposits 33,864 (35,000)Net cash used in investing activities of continuing operations(395,680)(370,857)Net cash used in investing
69、 activities of discontinued operations (33)Financing activitiesIssuance of common shares,net of issuance costs 168,664 14,101 Contributions from non-controlling interests 265 272 Proceeds from Term Facility-Commercial Loans and RRF Loans16 166,738 Proceeds from Term Facility-VAT Facility16 14,588 Re
70、payments of Term Facility-VAT Facility16(11,328)Term Facility loan financing costs16(22,084)Term Facility commitment fees(5,066)Interest paid(29,490)(34,862)Principal portion of lease liabilities (3,968)(6,884)Purchase of treasury stock(4,442)(13,969)Net cash generated from(used in)financing activit
71、ies of continuing operations 273,877 (41,342)Net increase(decrease)in cash and cash equivalents 261,508 (201,236)Cash and cash equivalents-beginning of year 279,735 481,327 Cash in disposal group held for sale 6(770)(356)Cash and cash equivalents-end of year$540,473$279,735 Eldorado Gold Corporation
72、Consolidated Statements of Cash Flows For the years ended December 31,2023 and December 31,2022(In thousands of U.S.dollars)The accompanying notes are an integral part of these consolidated financial statements.NoteYear endedYear endedDecember 31,2023December 31,2022Share capitalBalance beginning of
73、 year$3,241,644$3,225,326 Shares issued upon exercise of share options 7,390 4,438 Shares issued upon exercise of performance share units 2,256 Transfer of contributed surplus on exercise of options 3,112 1,787 Shares issued in private placements,net of share issuance costs 59,873 Shares issued to t
74、he public,net of share issuance costs 101,346 7,837 Balance end of year20$3,413,365$3,241,644 Treasury stockBalance beginning of year$(20,454)$(10,289)Purchase of treasury stock(4,442)(13,969)Shares redeemed upon exercise of restricted share units 5,633 3,804 Balance end of year$(19,263)$(20,454)Con
75、tributed surplusBalance beginning of year$2,618,212$2,615,459 Share-based payment arrangements 7,749 10,600 Shares redeemed upon exercise of restricted share units(5,633)(3,804)Shares redeemed upon exercise of performance share units (2,256)Transfer to share capital on exercise of options(3,112)(1,7
76、87)Balance end of year$2,617,216$2,618,212 Accumulated other comprehensive lossBalance beginning of year$(42,284)$(20,905)Other comprehensive earnings(loss)for the year attributable to shareholders of the Company 37,533 (21,379)Balance end of year$(4,751)$(42,284)DeficitBalance beginning of year$(2,
77、593,050)$(2,239,226)Net earnings(loss)attributable to shareholders of the Company 104,630 (353,824)Balance end of year$(2,488,420)$(2,593,050)Total equity attributable to shareholders of the Company$3,518,147$3,204,068 Non-controlling interestsBalance beginning of year$(3,200)$69,557 Loss attributab
78、le to non-controlling interests(3,247)(73,029)Contributions from non-controlling interests 265 272 Balance end of year$(6,182)$(3,200)Total equity$3,511,965$3,200,868 Eldorado Gold CorporationConsolidated Statements of Changes in Equity For the years ended December 31,2023 and December 31,2022(In th
79、ousands of U.S.dollars)The accompanying notes are an integral part of these consolidated financial statements.1.General InformationEldorado Gold Corporation(individually or collectively with its subsidiaries,as applicable,“Eldorado”or the“Company”)is a gold and base metals mining,development,and exp
80、loration company.The Company has mining operations,ongoing development projects and exploration in Turkiye,Canada,and Greece.Eldorado is a public company listed on the Toronto Stock Exchange(“TSX”)and the New York Stock Exchange(“NYSE”)and is incorporated under the Canada Business Corporations Act.T
81、he Companys head office,principal address and records are located at 550 Burrard Street,Suite 1188,Vancouver,British Columbia,Canada,V6C 2B5.2.Basis of preparationThese consolidated financial statements,including comparatives,have been prepared in compliance with International Financial Reporting St
82、andards(“IFRS”)as issued by the International Accounting Standards Board(“IASB”).The material accounting policies applied in these consolidated financial statements are presented in Note 3 and,except as described in Note 5,have been applied consistently to all years presented,unless otherwise noted.
83、The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities which are measured at fair value.The preparation of the consolidated financial statements in compliance with IFRS requires management to make certain critical accou
84、nting estimates.It also requires management to exercise judgement in the process of applying the Companys accounting policies.The areas involving a higher degree of judgement or complexity,or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed
85、 in Note 4.All amounts are presented in U.S.dollars($)unless otherwise stated.The consolidated financial statements were authorized for issue by the Companys Board of Directors on February 22,2024.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,
86、2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(1)3.Material accounting policies3.1 Basis of presentation and principles of consolidation(i)Subsidiaries and business combinationsSubsidiaries are those entities controlled by Eldorado
87、.The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.All intercompany transactions,balances,income and expenses are eliminated in full upon consolidation.The acquisition method of accou
88、nting is used to account for business acquisitions.The cost of an acquisition is measured at the fair value of the assets acquired,equity instruments issued and liabilities incurred or assumed at the date of exchange.Identifiable assets acquired and liabilities and contingent liabilities assumed in
89、a business combination are measured initially at their fair values at the acquisition date,irrespective of the extent of any non-controlling interest.The excess of the cost of acquisition over the fair value of Eldorados share of the identifiable net assets acquired is recorded as goodwill.Transacti
90、on costs,other than those associated with the issue of debt or equity securities,which the Company incurs in connection with a business combination,are expensed as incurred.The material subsidiaries of the Company as at December 31,2023 are described below:SubsidiaryLocationOwnershipinterestOperatio
91、ns anddevelopment projectsownedTprag Metal Madencilik Sanayi ve Ticaret AS(Tprag)Turkiye100%Kilada MineEfemukuru MineHellas Gold Single Member S.A.(Hellas)Greece100%Olympias Mine Stratoni MineSkouries ProjectEldorado Gold(Qubec)Inc.Canada100%Lamaque ComplexThracean Gold Mining SAGreece100%Perama Hil
92、l ProjectThrace Minerals SAGreece100%Sapes ProjectDeva Gold SA(Deva)(1)Romania80.5%Certej Project(1)In October 2022,the Certej project was reclassified to assets held for sale(Note 6).(ii)Discontinued operationsDiscontinued operations are presented in the consolidated statements of operations as a s
93、eparate line.(iii)Assets held for saleAssets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.Impairment losses on initial classification as held for sale and gains or losses on subsequent remeasurements are included in the con
94、solidated statements of operations.No depreciation is charged on assets and businesses classified as held for sale.Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use.The
95、 asset or business must be available for immediate sale and the sale must be highly probable within one year.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except s
96、hare and per share amounts)(2)3.Material accounting policies(continued)(iv)Transactions with non-controlling interestsFor purchases from non-controlling interests,the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is re
97、corded in equity.Gains or losses on disposals to non-controlling interests are also recorded in equity.Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.3.2 Foreign currency translation(i)Functional and presentation curr
98、encyItems included in the financial statements of each of Eldorados subsidiaries are measured using the currency of the primary economic environment in which the entity operates(the functional currency).The consolidated financial statements are presented in U.S.dollars,which is the Companys function
99、al and presentation currency,as well as the functional currency of all significant subsidiaries.(ii)Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.Monetary assets and liabilities
100、denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date.Foreign exchange gains and losses resulting from the settlement of such transactions,and from the translation of monetary assets and liabilities denominated in foreign
101、currencies,are recognized in the consolidated statements of operations.3.3 Property,plant and equipment(i)Cost and valuationProperty,plant and equipment are carried at cost less accumulated depreciation and any impairment in value.When an asset is disposed of,it is derecognized and the difference be
102、tween its carrying value and net sales proceeds is recognized as a gain or loss in the consolidated statements of operations.(ii)Property,plant and equipmentProperty,plant and equipment includes expenditures incurred on properties under development,significant payments related to the acquisition of
103、land,mineral rights and property,plant and equipment which are recorded at cost on initial acquisition.Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of
104、 operating in the manner intended by management,including capitalized borrowing costs for qualifying assets.Proceeds from selling items before the related item of property,plant and equipment is available for use is recognized in profit or loss,together with the costs of producing those items.(iii)D
105、eferred stripping costsStripping costs incurred during the production phase of a surface mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred,unless the stripping activity can be shown to provide access to add
106、itional mineral reserves,in which case the stripping costs are capitalized.Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs(pre-stripping).Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2
107、023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(3)3.Material accounting policies(continued)3.3 Property,plant and equipment(continued)(iv)DepreciationMine development costs,property,plant and equipment and other mining assets whose e
108、stimated useful life is the same as the remaining life of the mine are depreciated,depleted and amortized over a mines estimated life using the units-of-production method.Under this method,capitalized costs are multiplied by the number of tonnes mined,and divided by the estimated recoverable tonnes
109、contained in proven and probable reserves and a portion of resources where it is considered highly probable that those resources will be economically extracted over the life of the mine.Management reviews the estimated total recoverable tonnes contained in reserves and resources annually,and when ev
110、ents and circumstances indicate that such a review should be made.To reflect the pattern in which each assets future economic benefits are expected to be consumed based on current mine plans,inferred resources are included in total estimated recoverable tonnes on a mine by mine basis if it is consid
111、ered highly probable that those resources will be economically extracted,and the amounts of highly probable inferred resources are significant.Changes to estimated total recoverable tonnes contained in reserves and resources are accounted for prospectively.Capitalized stripping costs are amortized o
112、n a unit-of-production basis over the proven and probable reserves to which they relate.Property,plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets.Where
113、 components of an asset have a different useful life and the cost of the component is significant to the total cost of the asset,depreciation is calculated on each separate component.Depreciation methods,useful lives and residual values are reviewed at the end of each year and adjusted if appropriat
114、e.Assets under construction are capitalized as capital works in progress until the asset is available for use.Capital works in progress are not depreciated.Depreciation commences once the asset is complete and available for use.Certain mineral property,exploration and evaluation expenditures are cap
115、italized and are not subject to depreciation until the property is ready for its intended use.(v)Subsequent costsExpenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs.Where an asset or part of an asset is replaced and it is probable that furt
116、her future economic benefit will flow to the Company,the expenditure is capitalized and the carrying value of the replaced asset or part of an asset is derecognized.Similarly,overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow t
117、o the Company and any remaining costs of previous overhauls relating to the same asset are derecognized.All other expenditures are expensed as incurred.(vi)Borrowing costsBorrowing costs are expensed as incurred except where they are attributable to the financing of construction or development of qu
118、alifying assets requiring a substantial period of time to prepare for their intended future use.The Company has defined any period of 12 months and longer as a substantial period of time.Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for i
119、ts intended use are complete.Interest is ceased to be capitalized during periods of prolonged suspension of construction or development.Borrowing costs are classified as cash outflows from operating activities on the statements of cash flows except for borrowing costs capitalized which are classifie
120、d as investing activities.Investment income arising on the temporary investment of proceeds from borrowings specific to qualifying assets is offset against borrowing costs being capitalized.(vii)Mine standby costs and restructuring costsMine standby costs and costs related to restructuring a mining
121、operation are charged directly to expense in the period incurred.Mine standby costs include labour,maintenance and mine support costs incurred during temporary shutdowns of a mine or a development project.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended Dece
122、mber 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(4)3.Material accounting policies(continued)3.4 Leases A contract is or contains a lease when the contract conveys a right to control the use of an identified asset for a period
123、 of time in exchange for consideration.The Company recognizes a right-of-use asset and a lease liability at the lease commencement date.The right-of-use asset is initially measured at cost,and subsequently at cost less any accumulated depreciation and impairment losses,and is adjusted for certain re
124、measurements of the lease liability.The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability,any lease payments made at or before the commencement date,less any lease incentives received,any initial direct costs;and if applicable,an estimate of costs t
125、o be incurred by the Company in dismantling and removing the underlying asset,restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.Right-of-use assets are presented in property,plant and equipment on the statem
126、ents of financial position.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,discounted using the interest rate implicit in the lease or,if that rate cannot be readily determined,the Companys incremental borrowing rate.The
127、 incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.The lease liability is subsequently increased by the interest cost on the
128、lease liability and decreased by lease payments made.It is remeasured when there is a change in future lease payments arising from a change in an index or rate,a change in the estimate of the amount expected to be payable under a residual value guarantee,or as appropriate,changes in the assessment o
129、f whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.The Company applies judgement to determine the lease term for some lease contracts which contain renewal options.The Company does not recognize right-of-us
130、e assets and lease liabilities for leases of low-value assets,leases with lease terms that are less than 12 months at inception and arrangements for the use of land that grant the Company the right to explore,develop,produce or otherwise use the mineral resource contained in that land.Lease payments
131、 associated with these arrangements are instead recognized as an expense over the term on either a straight-line basis,or another systematic basis if more representative of the pattern of benefit.The Company applies judgement in determining whether an arrangement grants the Company the right to expl
132、ore,develop,produce or otherwise use the mineral resource contained in that land.3.5 Exploration,evaluation and development expenditures(i)ExplorationExploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information ab
133、out existing mineral deposits.Exploration expenditures typically include costs associated with the acquisition of mineral licences,prospecting,sampling,mapping,diamond drilling and other work involved in searching for mineral deposits.All expenditures relating to exploration activities are expensed
134、as incurred except for the costs associated with the acquisition of mineral licences which are capitalized in property,plant and equipment.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,un
135、less otherwise stated except share and per share amounts)(5)3.Material accounting policies(continued)3.5 Exploration,evaluation and development expenditures(continued)(ii)EvaluationEvaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viabili
136、ty of mineral deposits identified through exploration or acquired through a business combination or asset acquisition.Evaluation expenditures include the cost of:establishing the volume and grade of deposits through drilling of core samples,trenching and sampling activities for an ore body that is c
137、lassified as either a mineral resource or a proven and probable reserve;determining the optimal methods of extraction and metallurgical and treatment processes;studies related to surveying,transportation and infrastructure requirements;permitting activities;andeconomic evaluations to determine wheth
138、er development of the mineralized material is commercially viable,including scoping,pre-feasibility and final feasibility studies.Evaluation expenditures are capitalized if management determines that there is evidence to support the probability of generating positive economic returns in the future.A
139、 mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices.Therefore,prior to capitalizing such costs,management determines that th
140、e following conditions have been met:There is a probable future benefit that will contribute to future cash inflows;The Company can obtain the benefit and control access to it;andThe transaction or event giving rise to the benefit has already occurred.The evaluation phase is complete once technical
141、feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement,including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine.On such date,capitalized eval
142、uation costs are assessed for impairment and reclassified to development costs.(iii)DevelopmentDevelopment expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing.These include pre-stripping costs and underground development costs to gai
143、n access to the ore that is suitable for sustaining commercial mining,preparing land,construction of plant,equipment and buildings and costs of commissioning the mine and processing facilities.Expenditures incurred on development projects continue to be capitalized until the mine and mill move into
144、the production stage.The Company assesses each mine construction project to determine when a mine moves into the production stage.The criteria used to assess the start date are determined based on the nature of each mine construction project,such as the complexity of a plant or its location.Before s
145、uch date,sales proceeds and their related production costs from the mine construction project are recognized in profit or loss.Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage.The criteria co
146、nsidered include,but are not limited to,the following:the level of capital expenditures compared to construction cost estimates;the completion of a reasonable period of testing of mine plant and equipment;the ability to produce minerals in saleable form(within specification);and the ability to susta
147、in ongoing production of minerals.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(6)3.Material accounting policies(continued)3.6
148、Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Companys share of the net assets of the acquired business at the date of acquisition.When the excess is negative(negative goodwill),it is recognized immediately in income.Goodwill on acquisition of subsi
149、diaries and businesses is shown separately as goodwill in the consolidated financial statements.Goodwill on acquisition of associates is included in investments in significantly influenced companies and tested for impairment as part of the overall investment.Goodwill is carried at cost less accumula
150、ted impairment losses and tested annually for impairment or more frequently if events or changes in circumstances indicate that it may be impaired.Impairment losses on goodwill are not reversed.Goodwill is allocated to cash-generating units(“CGUs)for the purpose of impairment testing.The allocation
151、is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose.If the composition of one or more CGUs to which goodwill has been allocated changes due to a reorganization,the goodwill is reallocated to the units affected.3.7 Impairment
152、of non-financial assets Non-financial assets which include property,plant and equipment are reviewed each reporting period for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.If such indicators exist,the Company determines the recoverab
153、le amount,and if applicable,recognizes an impairment loss.An impairment loss is recognized for the amount by which the assets carrying amount exceeds its recoverable amount.The recoverable amount is the higher of an assets fair value less cost of disposal(FVLCD)and value in use.For the purposes of a
154、ssessing impairment,assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs.Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual dis
155、posal.Value in use is determined by applying assumptions specific to the Companys continued use of the asset and does not take into account assumptions of significant future enhancements of an assets performance or capacity to which the Company is not committed.FVLCD is the amount obtainable from th
156、e sale of an asset or CGU in an arms length transaction between knowledgeable,willing parties,less the costs of disposal.For mining assets,FVLCD is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement.Esti
157、mated future cash flows are calculated using estimated future prices,mineral reserves and resources,operating and capital costs.All assumptions used are those that an independent market participant would consider appropriate.The estimated future cash flows are discounted to their present value using
158、 a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an it
159、em of mineral property and equipment or CGU is no longer impaired.An impairment charge is reversed through the consolidated statements of operations only to the extent of the assets or CGUs carrying amount that would have been determined net of applicable depreciation,had no impairment loss been rec
160、ognized.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(7)3.Material accounting policies(continued)3.8 Financial assets(i)Classif
161、ication and measurement The Company classifies its financial assets in the following categories:at fair value through profit or loss(“FVTPL”),at fair value through other comprehensive income(“FVTOCI”)or at amortized cost.The classification depends on the purpose for which the financial assets were a
162、cquired.Management determines the classification of its financial assets at initial recognition.The classification of investments in debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics.Investments in debt instruments are
163、measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest.If the business model is not to hold the debt instrument,it is classified as FVTPL.Financial assets with embedded derivatives are
164、 considered in their entirety when determining whether their cash flows are solely payments of principal and interest.Equity instruments that are held for trading(including all equity derivative instruments)are classified as FVTPL.For other equity instruments,on the day of acquisition the Company ca
165、n make an irrevocable election(on an instrument-by-instrument basis)to designate them as FVTOCI.(a)Financial assets at FVTPL Financial assets carried as FVTPL are initially recorded at fair value with all transaction costs expensed in the consolidated statements of operations.Realized and unrealized
166、 gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the consolidated statements of operations in the period in which they arise.Derivatives are also categorized as FVTPL unless they are designated as hedges.(b)Financial assets at FVTOCI Inves
167、tments in equity instruments as FVTOCI are initially recognized at fair value plus transaction costs.Subsequently they are measured at fair value,with gains and losses arising from changes in fair value recognized in other comprehensive income(loss).There is no subsequent reclassification of fair va
168、lue gains and losses to net earnings(loss)following the derecognition of the investment.(c)Financial assets at amortized cost Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any provisions for credit losses.(ii)Impairment of f
169、inancial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.At each reporting date,the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the
170、 financial asset has increased significantly since initial recognition.If at the reporting date,the credit risk on the financial asset has not increased significantly since initial recognition,the loss allowance is measured for the financial asset at an amount equal to 12-month expected credit losse
171、s.For trade receivables the Company applies the simplified approach to providing for expected credit losses,which allows the use of a lifetime expected loss provision.Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decrease
172、s and the decrease can be objectively related to an event occurring after the impairment was recognized.(iii)Derecognition of financial assets Financial assets are derecognized when they mature or are sold,and substantially all the risks and rewards of ownership have been transferred.Gains and losse
173、s on derecognition of financial assets classified as FVTPL or amortized cost are recognized in the consolidated statements of operations.Gains or losses on financial assets classified as FVTOCI remain within accumulated other comprehensive income(loss).Eldorado Gold CorporationNotes to the Consolida
174、ted Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(8)3.Material accounting policies(continued)3.9 Derivative financial instruments and hedging activities Derivatives are recognize
175、d initially at fair value on the date a derivative contract is entered into.Subsequent to initial recognition,derivatives are remeasured at their fair value.Derivatives embedded in financial liability contracts are recognized separately if they are not closely related to the host contract.Derivative
176、s,including embedded derivatives from financial liability contracts,are recorded on the statements of financial position at fair value and the unrealized gains and losses are recognized in the consolidated statements of operations.The method of recognizing any resulting gain or loss depends on wheth
177、er the derivative is designated as a hedging instrument and,if so,the nature of the item being hedged.Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognized immediately in the consolidated statements of operations.3.10 Inventories Inventories
178、are valued at the lower of cost and net realizable value.Costs incurred in bringing each product to its present location and condition are accounted for as follows:(i)Product inventory consists of stockpiled ore,ore on leach pads,crushed ore,in-circuit material at properties with milling or processi
179、ng operations,gold concentrate,other metal concentrate,dor awaiting refinement and unsold bullion.Product inventory costs consist of direct production costs including mining,crushing and processing;site administration costs;and allocated indirect costs,including depreciation and amortization of mine
180、ral property,plant and equipment.Inventory costs are charged to production costs on the basis of quantity of metal sold.At operations where the ore extracted contains significant amounts of metals other than gold,primarily silver,lead and zinc,cost is allocated between the joint products.The Company
181、 regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.Net realizable value is the estimated selling price,less the estimated costs of completion and
182、selling expenses.A write-down is recorded when the carrying value of inventory is higher than its net realizable value.(ii)Materials and supplies inventory consists of consumables used in operations,such as fuel,chemicals,reagents and spare parts,which are valued at the lower of average cost and net
183、 realizable value and,where appropriate,less a provision for obsolescence.Costs include acquisition,freight and other directly attributable costs.3.11 Trade receivables Trade receivables are amounts due from customers for the sale of bullion and metals in concentrate in the ordinary course of busine
184、ss.Trade receivables are recognized initially at fair value and subsequently at amortized cost using the effective interest rate method.Trade receivables are recorded net of lifetime expected credit losses.Settlement receivables arise from the sale of metals in concentrate where the amount receivabl
185、e is finalized on settlement date based on the underlying commodity price.Settlement receivables are classified as fair value through profit and loss and are recorded at each reporting period at fair value based on forward metal prices.Changes in fair value of settlements receivable are recorded in
186、revenue.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(9)3.Material accounting policies(continued)3.12 Debt and borrowings Borro
187、wings are recognized initially at fair value,net of transaction costs incurred.Borrowings are subsequently carried at amortized cost,calculated using the effective interest method.Any difference between the proceeds(net of transaction costs)and the redemption value is recognized in the consolidated
188、statements of operations over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities and other borrowings are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowing
189、s will be drawn down.In this case,the fee is deferred until the draw-down occurs at which time,these transaction costs are included in the carrying value of the amount drawn on the facility and amortized using the effective interest rate method.To the extent there is no evidence that it is probable
190、that some or all of the facility and borrowings will be drawn down,the fee is capitalized as a prepayment for liquidity services and amortized over the period the loan facility to which it relates is available to the Company.3.13 Current and deferred income tax Income tax expense comprises current a
191、nd deferred tax.Income tax expense is recognized in the consolidated statements of operations except to the extent that it relates to items recognized either in other comprehensive income or directly in equity,in which case it is recognized in other comprehensive income or in equity,respectively.Cur
192、rent tax is the expected tax payable on the taxable income for the year,using tax rates enacted or substantively enacted at the reporting date,and any adjustment to tax payable in respect of previous years.Taxes on income in the interim periods are accrued using the tax rate that would be applicable
193、 to expected total annual earnings.The tax rate used is the rate that is substantively enacted.Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax is
194、 not recorded if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss or on temporary differences relating to the investment in subsidiaries to the exte
195、nt that they will not reverse in the foreseeable future.Deferred income tax is determined using tax rates(and laws)that have been enacted or substantively enacted by the statements of financial position date and are expected to apply when the related deferred income tax asset is realized or the defe
196、rred income tax liability is settled.A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized.Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it
197、 is no longer probable that the related tax benefit will be realized.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(10)3.Materia
198、l accounting policies(continued)3.14 Share-based payment arrangements Share-based payment arrangements related to stock option awards,deferred share units,equity settled restricted share units and performance share units are measured at fair value.Compensation expense for all stock options awarded t
199、o employees is measured based on the fair value of the options on the date of grant which is determined using the Black-Scholes option pricing model.For equity settled restricted share units,compensation expense is measured based on the quoted market value of the shares.For equity settled performanc
200、e share units with market based vesting conditions,compensation expense is measured based on the fair value of the share units on the date of grant which is based on the expected future forward price of the Companys shares and an index consisting of global gold-based securities.Deferred share units
201、are liability awards settled in cash and measured at the quoted market price at the grant date and the corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled.The fair value of the options,restricted share units,performance share u
202、nits and deferred units are expensed over the vesting period of the awards with a corresponding increase in equity.No expense is recognized for awards that do not ultimately vest.3.15 Asset retirement obligations A provision is made for mine restoration and rehabilitation when an obligation is incur
203、red.The provision is recognized as a liability with the corresponding cost included in the asset to which the obligation relates.At each reporting date the asset retirement obligation is remeasured to reflect changes in discount rates,and the timing or amount of the costs to be incurred.The provisio
204、n recognized represents managements best estimate of the present value of the future costs required.Significant estimates and assumptions are made in determining the amount of asset retirement obligations.Those estimates and assumptions deal with uncertainties such as:requirements of the relevant le
205、gal and regulatory frameworks,the magnitude of necessary remediation activities and the timing,extent and costs of required restoration and rehabilitation activities.These uncertainties may result in future actual expenditure differing from the amounts currently provided.The provision recognized is
206、periodically reviewed and updated based on the facts and circumstances available at the time.Changes to the estimated future costs for operating sites are recognized in the consolidated statements of financial position by adjusting both the asset retirement obligation and related assets.Such changes
207、 result in changes in future depreciation and financial charges.Changes to the estimated future costs for sites that are closed,inactive,or where the related asset no longer exists,are recognized in the consolidated statements of operations.3.16 Share capitalCommon shares are classified as equity.In
208、cremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity,net of any tax effects.Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders equity.Eldorado Gold CorporationNotes
209、to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(11)3.Material accounting policies(continued)3.17 Revenue recognition Revenue is generated from the production an
210、d sale of dor,bullion and metals in concentrate.The Companys performance obligations relate primarily to the delivery of these products to customers,with each shipment representing a separate performance obligation.Revenue from the sale of dor,bullion and metals in concentrates is measured based on
211、the consideration specified in the contract with the customer.The Company recognizes revenue when it transfers control of the product to the customer and has a present right to payment for the product.(i)Metals in concentrate Control over metals in concentrates is transferred to the customer and rev
212、enue is recognized when the product is considered to be physically delivered to the customer under the terms of the customer contract.This is typically when the concentrate has been placed on board a vessel for shipment or delivered to a location specified by the customer.Metals in concentrate are s
213、old under pricing arrangements where final prices are determined by market prices subsequent to the date of sale(the“quotational period”).Revenue from concentrate sales is recorded based on the estimated amounts to be received,based on the respective metals forward price at the expected settlement d
214、ate.Adjustments are made to settlements receivable in subsequent periods based on fluctuations in the forward prices until the date of final metal pricing.These subsequent changes in the fair value of the settlement receivable are recorded in revenue separate from revenue from contracts with custome
215、rs.Provisional invoices for metals in concentrate sales are typically issued shortly after or on the passage of control of the product to the customer and the Company receives 90%-95%of the provisional invoice at that time.Additional invoices are issued as final product weights and assays are determ
216、ined over the quotational period.Provisionally invoiced amounts are generally collected promptly.(ii)Metals in dor The Company sells dor directly to refiners,or,refiners may receive dor from the Company to refine the materials on the Companys behalf and arrange for sale of the refined metal.In the T
217、urkiye operating segment,refined metals are sold at spot prices on the Precious Metal Market of the Borsa Istanbul.Sales proceeds are collected within several days of the completion of the sale transaction.Control over the refined gold or silver produced from dor is transferred to the customer and r
218、evenue recognized upon delivery to the customers bullion account on the Precious Metal Market of the Borsa Istanbul.In the Canada segment,dor and refined metals are sold at spot prices with sales proceeds collected within several days of the sales transaction.Control is typically transferred to the
219、customer and revenue recognized upon delivery to a location specified by the customer.3.18 Finance income and expenses Finance income includes interest income on funds invested(including financial assets carried at FVTPL)and changes in the fair value of financial assets at FVTPL.Interest income is r
220、ecognized as it accrues in the consolidated statements of operations,using the effective interest method.Finance expenses include borrowing costs,unwinding of the discount on provisions,changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognize
221、d on financial assets.All borrowing costs are recognized in the consolidated statements of operations using the effective interest method,except for those amounts capitalized as part of the cost of qualifying property,plant and equipment.Eldorado Gold CorporationNotes to the Consolidated Financial S
222、tatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(12)3.Material accounting policies(continued)3.19 Earnings(loss)per share The Company presents basic and diluted earnings per share(“EPS”)data f
223、or its common shares.Basic EPS is calculated by dividing the earnings or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period.Diluted EPS is determined by adjusting the earnings or loss attributable to common shareholde
224、rs and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares,which comprise share options,restricted share units and performance share units granted to employees.4.Judgements and estimation uncertainty The preparation of consolidated financi
225、al 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 assumpt
226、ions 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.Significant areas requiring the use of management assumptions,estimates and judgements include the valuation of property,plant and
227、 equipment and goodwill,estimated recoverable mineral reserves and mineral resources,inventory,asset retirement obligations and current and deferred taxes.Actual results could differ from these estimates.Outlined below are some of the areas which require management to make significant judgements,est
228、imates and assumptions.(i)Valuation of property,plant and equipment and goodwill Property,plant and equipment and goodwill are tested for impairment when events or changes in circumstances indicate that the carrying amount may not be fully recoverable.Goodwill is tested at least annually.Calculating
229、 the recoverable amount,including estimated FVLCD of CGUs for property,plant and equipment and goodwill,requires management to make estimates and assumptions with respect to discount rates,future production levels including amount of recoverable reserves,resources and exploration potential,operating
230、 and capital costs,long-term metal prices,and estimates of the fair value of mineral properties beyond proven and probable reserves.Changes in any of the assumptions or estimates used in determining the recoverable amount could result in additional impairment or reversal of impairment recognized.Jud
231、gment is applied in assessing whether certain facts and circumstances are indicators of impairment,and accordingly,require an impairment test to be performed.The Company considers both external and internal sources of information in assessing whether there are any indications that its assets or CGUs
232、 may be impaired.The primary external factors considered are changes in estimated long-term metal prices,changes in laws and regulations and the Companys market capitalization relative to its net asset carrying amount.The primary internal factors considered are the performance of its CGUs against ex
233、pectations,changes in mineral reserves and resources,life of mine plans and exploration results.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per
234、share amounts)(13)4.Judgements and estimation uncertainty(continued)(i)Valuation of property,plant and equipment and goodwill(continued)Mineral reserve and mineral resource estimates are based on various assumptions relating to operating matters,including,with respect to production costs,mining and
235、processing recoveries,cut-off grades,as well as assumptions relating to long-term commodity prices and exchange rates and capital costs.Cost estimates are based primarily on feasibility study estimates or operating history.Estimates are prepared under supervision of appropriately qualified persons,b
236、ut will be impacted by forecasted commodity prices,exchange rates,capital and production costs and recoveries amongst other factors.Estimated recoverable mineral reserves and mineral resources are used to determine the depreciation of property,plant and equipment at operating mine sites,in accountin
237、g for deferred stripping costs,in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs.Therefore,changes in the assumptions used could impact the carrying value of assets,depreciation and impairment charges recorded in the consolidated
238、statements of operations and the carrying value of the asset retirement obligation.(ii)Inventory Inventories are measured at the lower of weighted average cost and net realizable value.The determination of net realizable value involves the use of estimates.The net realizable value of inventories is
239、calculated as the estimated price at the time of eventual sale based on prevailing and forecast metal prices less estimated future costs to convert the inventories into saleable form and associated selling costs.The net realizable value of inventories is assessed at the end of each reporting period.
240、Changes in the estimates of net realizable value may result in a write-down of inventories or a reversal of a previous write-down.In determining the valuation of heap leach ore inventories,the Company makes estimates of recoverable ounces on the leach pads based on quantities of ore placed on the le
241、ach pads,the grade of ore placed on the leach pads and an estimated recovery rate.Actual timing and ultimate recovery of gold contained on the leach pads can differ significantly from these estimates.Changes in estimates of recoverable ounces on the leach pads can impact the Companys ability to reco
242、ver the carrying amount of the inventories and may result in a write-down of inventories.(iii)Asset retirement obligation The asset retirement obligation provision represents managements best estimate of the present value of future cash outflows required to settle the liability which reflect estimat
243、es of future costs,inflation,requirements of the relevant legal and regulatory frameworks and the timing of restoration and rehabilitation activities.Estimated future cash outflows are discounted using a risk-free rate based on U.S.Treasury bond rates.Changes to asset retirement obligation estimates
244、 are recorded with a corresponding change to the related item of property,plant and equipment,or to the statements of operations if there is no related property,plant and equipment.Adjustments to the carrying amounts of related items of property,plant and equipment can result in a change to future d
245、epreciation expense.(iv)Current and deferred taxes Judgements and estimates of recoverability are required in assessing whether deferred tax assets recognized on the consolidated statements of financial position are recoverable which is based on an assessment of the ability to use the underlying fut
246、ure tax deductions before they expire against future taxable income.Deferred tax liabilities arising from temporary differences on investments in subsidiaries,joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable fut
247、ure and can be controlled,which requires judgement.Assumptions about the generation of future taxable earnings and repatriation of retained earnings depend on managements estimates of future production and sales volumes,commodity prices,reserves,operating costs,decommissioning and restoration costs,
248、capital expenditures,dividends and other capital management transactions.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(14)4.Jud
249、gements and estimation uncertainty(continued)(iv)Current and deferred taxes (continued)The Company operates in multiple tax jurisdictions and judgement is required in the application of income tax legislation in these jurisdictions.These estimates and judgements are subject to risk and uncertainty a
250、nd could result in an adjustment to current and deferred tax provisions and a corresponding increase or decrease to earnings or loss for the period.5.Adoption of new accounting standards(a)Current adoption of new accounting standards The following amendments to existing standards have been adopted b
251、y the Company commencing January 1,2023:Amendments to IAS 1 and IFRS Practice Statement 2:Disclosure of Accounting Policies In February 2021,the IASB published a narrow scope amendment to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2.The amendments replace all instances of
252、 the term significant accounting policies with material accounting policy information,requiring companies to disclose their material accounting policies rather than their significant accounting policies.The amendments define what is material accounting information(being information that,when conside
253、red together with other information included in an entitys financial statements,can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements)and explain how to identify when accounting policy informat
254、ion is material.The amendments apply for annual reporting periods beginning on or after January 1,2023,and applied prospectively.The Company adopted these amendments,which did not result in any changes to the Companys accounting policies themselves,however they impacted the accounting policy informa
255、tion disclosed in the Companys consolidated financial statements.The Companys material accounting policies are disclosed in Note 3.Amendments to IAS 12:Deferred Tax related to Assets and Liabilities arising from a single transactionIn May 2021,the IASB published a narrow scope amendment to IAS 12 In
256、come Taxes.In September 2021,IAS 12 was revised to reflect this amendment.The amendment narrowed the scope of the recognition exemption so that it no longer applies to transactions that,on initial recognition,give rise to equal taxable and deductible temporary differences such as deferred taxes on l
257、eases and decommissioning obligations.As a result,companies need to recognize a deferred tax asset and a deferred tax liability for these temporary differences arising on initial recognition.The amendment applies for annual reporting periods beginning on or after January 1,2023,and applied retrospec
258、tively.The Company previously accounted for deferred tax assets and deferred tax liabilities on leases and asset retirement obligations resulting in the same outcome as under the amendments.Therefore,there was no material impact on the consolidated financial statements from the adoption of this amen
259、dment.Amendments to IAS 12:International Tax Reform-Pillar Two Model Rules In May 2023,the IASB issued International Tax Reform-Pillar Two Model Rules which amends the scope of IAS 12 to clarify that the standard applies to income taxes arising from tax law enacted or substantively enacted to implem
260、ent the Pillar Two model rules published by The Organization for Economic Cooperation and Development(OECD),including tax law that implements qualified domestic minimum top up taxes described in those rules.The Company has adopted the amendment to IAS 12 in the current year.There was no material imp
261、act on the consolidated financial statements from the adoption of this amendment.Refer to Note 19 for further information.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise st
262、ated except share and per share amounts)(15)5.Adoption of new accounting standards(continued)(b)New standards issued and not yet effectiveBelow are new standards,amendments to existing standards and interpretations that have been issued and are not yet effective.The Company plans to apply the new st
263、andards or interpretations in the annual period for which they are effective.Classification of liabilities as current or non-currentIn January 2020,the IASB published narrow scope amendments to IAS 1 Presentation of Financial Statements.The narrow scope amendment clarifies that liabilities are class
264、ified 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 1,2024,and appl
265、ied retrospectively.The Company is currently evaluating the impact of the amendments on its consolidated financial statements.Non-current liabilities with covenantsIn October 2022,the IASB published a narrow scope amendment to IAS 1 Presentation of Financial Statements.After reconsidering certain as
266、pects of the 2020 amendments,noted above in Classification of liabilities as current or non-current,the IASB reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current.Covenants with which the Co
267、mpany must comply after the reporting date do not affect a liabilitys classification at that date.The amendment is effective for annual periods beginning on or after January 1,2024,and applied retrospectively.The Company has considered the amendment and concluded that there is no material impact on
268、the consolidated financial statements from the adoption of this amendment.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(16)6.Di
269、sposal group held for sale and discontinued operationsCertej projectOn October 26,2022,the Company entered into a share purchase agreement to sell the Certej project,a non-core gold asset in the Romania segment.While the agreement expired on March 24,2023,the Company is committed to a plan to sell t
270、he Certej project.The Company has initiated an active program to locate a buyer.The Certej project has been actively marketed for sale at a price that is reasonable in relation to its current fair value and the Company expects the sale to qualify for recognition as a completed sale within one year.A
271、s at December 31,2023,the disposal group was stated at fair value less costs to sell and comprised the following assets and liabilities:December 31,2023December 31,2022Cash$770$356 Accounts receivable and other 1,276 1,150 Inventories 1,586 1,501 Property,plant,and equipment 23,995 24,731 Assets hel
272、d for sale$27,627$27,738 Accounts payable and accrued liabilities$(228)$(168)Asset retirement obligations(10,639)(10,311)Liabilities associated with assets held for sale$(10,867)$(10,479)During the year ended December 31,2022,the Company recorded an impairment of$394,723($374,684 net of deferred tax
273、)on the Certej project.The fair value measurement for the disposal group has been categorized as a Level 3 fair value based on the expected cash consideration of a sale,less estimated costs of disposal.The results from operations of the Romanian reporting segment include:Year ended December 31,2023
274、2022 Expenses$(4,407)$(2,801)Impairment of property and equipment (394,723)Loss from operations(4,407)(397,524)Income tax recovery (20,039)Loss from discontinued operations,net of tax$(4,407)$(377,485)Loss from discontinued operations attributable to shareholders of the Company$(1,553)$(304,648)Loss
275、 from discontinued operations attributable to non-controlling interest$(2,854)$(72,837)Basic loss per share attributable to shareholders of the Company$(0.01)$(1.66)Diluted loss per share attributable to shareholders of the Company$(0.01)$(1.66)Net cash generated from operating activities of the Rom
276、anian reporting segment during the year ended December 31,2023 was$414(2022 net cash used in operating activities was$164).Net cash used in investing activities of the Romanian reporting segment during the year end December 31,2023 was nil(2022$33).Eldorado Gold CorporationNotes to the Consolidated
277、Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(17)7.Cash and cash equivalents December 31,2023December 31,2022Cash$539,536$276,734 Short-term bank deposits 937 3,001$540,473$279,7
278、35 As at December 31,2023,86,781($95,893)of cash and cash equivalents are proceeds from the Term Facility(Note 16(a)and are designated for the construction of the Skouries project and to fund reimbursable value added tax expenditures relating to the Skouries project.8.Accounts receivable and otherDe
279、cember 31,2023December 31,2022Trade receivables$49,387$33,746 Value added tax and other taxes recoverable 29,465 19,679 Other receivables and advances 21,097 13,610 Prepaid expenses and deposits 19,997 23,940 Investment in marketable securities and debt securities 2,832 138$122,778$91,113 9.Inventor
280、iesDecember 31,2023December 31,2022Ore stockpiles$9,856$10,521 In-process inventory and finished goods 102,884 67,261 Materials and supplies 123,150 121,090$235,890$198,872 In 2023,inventories of$404,734(2022$389,710)were recognized as an expense during the year and included in cost of sales.10.Othe
281、r assetsDecember 31,2023December 31,2022Long-term value added tax and other taxes recoverable$74,495$55,394 Prepaid forestry fees 1,403 1,403 Prepaid loan costs 3,175 1,487 Investment in marketable securities and debt securities 105,966 61,611 Other 170 170$185,209$120,065 Eldorado Gold CorporationN
282、otes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(18)11.Non-controlling interests The following table summarizes the information relating to Deva,a subsidiar
283、y of the Company with a material non-controlling interest(“NCI”).The amounts disclosed are based on those included in the consolidated financial statements before inter-company eliminations.December 31,2023December 31,2022NCI percentage19.5%19.5%Current assets$2,721$2,537 Non-current assets 22,095 2
284、2,831 Current liabilities(228)(154)Non-current liabilities(170,070)(156,057)Net liabilities$(145,482)$(130,843)Net liabilities allocated to NCI$(28,369)$(25,514)Cash flows used in operating activities$(2,981)$(3,095)Cash flows used in investing activities (33)Cash flows generated from financing acti
285、vities 2,954 2,958 Net decrease in cash and cash equivalents$(27)$(170)Net loss and comprehensive loss$(14,638)$(373,522)Net loss allocated to NCI$(2,854)$(72,837)Net loss allocated to NCI in the consolidated statements of operations includes$2,854 related to Deva(2022 net loss of$72,837)and net los
286、s of$393 related to non-material subsidiaries(2022 net loss of$192).The carrying value of the NCI related to Deva is$(8,397)(2022$(5,543)and the carrying value of non-material subsidiaries is$2,215(2022$2,343).Deva is included in the Romanian reporting segment which is presented as a disposal group
287、held for sale at December 31,2023.Net loss attributable to Deva is presented as discontinued operations for the years ended December 31,2023 and 2022(Note 6).Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amou
288、nts in thousands,unless otherwise stated except share and per share amounts)(19)12.Property,plant and equipmentLand and buildingsPlant and equipmentCapital works in progressMineral propertiesPre-development propertiesTotalCostBalance at January 1,2022$233,262$2,568,179$109,813$3,580,743$672,605$7,16
289、4,602 Additions/transfers 7,420 21,901 181,216 84,065 (3,139)291,463(Write-down)recovery of assets(44)(37,264)(343)225 (906)(38,332)Other movements/transfers 4,691 77,274 (167,081)86,821 1,705 Assets reclassified as held for sale (425,587)(425,587)Disposals(1,997)(6,357)(12)(272)(8,638)Balance at De
290、cember 31,2022$243,332$2,623,733$123,605$3,751,842$242,701$6,985,213 Balance at January 1,2023$243,332$2,623,733$123,605$3,751,842$242,701$6,985,213 Additions/transfers 2,034 43,352 158,430 225,664 25 429,505 Write-down of assets (3,183)(3,183)Other movements/transfers 12,311 100,710 (168,761)51,269
291、 (4,471)Assets reclassified as held for sale 217 217 Disposals(197)(3,382)(731)(126)(118)(4,554)Capitalized interest 17,087 17,087 Balance at December 31,2023$257,480$2,764,413$112,543$4,042,553$242,825$7,419,814 Accumulated depreciationBalance at January 1,2022$(77,084)$(1,273,204)$(1,801,647)$(9,4
292、56)$(3,161,391)Depreciation for the year(14,303)(139,188)(96,999)(250,490)Recovery of assets 12,475 12,475 Impairment (394,723)(394,723)Other movements 261 (1,752)(820)(654)(2,965)Assets reclassified as held for sale 400,856 400,856 Disposals 1,491 5,542 254 7,287 Balance at December 31,2022$(89,635
293、)$(1,396,127)$(1,899,466)$(3,723)$(3,388,951)Balance at January 1,2023$(89,635)$(1,396,127)$(1,899,466)$(3,723)$(3,388,951)Depreciation for the year(21,540)(143,008)(109,740)(274,288)Other movements(106)(2,387)(676)(27)(3,196)Assets reclassified as held for sale (39)(39)Disposals 144 2,035 1 39 2,21
294、9 Balance at December 31,2023$(111,137)$(1,539,487)$(2,009,881)$(3,750)$(3,664,255)Carrying amountsAt January 1,2022$156,178$1,294,975$109,813$1,779,096$663,149$4,003,211 At December 31,2022$153,697$1,227,606$123,605$1,852,376$238,978$3,596,262 Balance at December 31,2023$146,343$1,224,926$112,543$2
295、,032,672$239,075$3,755,559 Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(20)13.Goodwill As of December 31,2023 all goodwill rel
296、ates to the Lamaque Complex(Lamaque)CGU.Goodwill is tested for impairment annually on December 31 and when circumstances indicate that the carrying value may not be recoverable.Impairment is determined for goodwill by assessing the recoverable amount of the CGU.The recoverable amount of the Lamaque
297、CGU is based on the net present value of future cash flows expected to be derived from the CGU.The recoverable amount used by the Company represents the CGUs FVLCD,a Level 3 fair value measurement,as it was determined to be higher than value in use.The significant assumptions used for determining th
298、e recoverable amount of goodwill in the Lamaque CGU are reflected in the table below.Management used judgement in determining estimates and assumptions with respect to discount rates,future production levels including amounts of recoverable reserves,resources and exploration potential,operating and
299、capital costs,long-term metal prices and estimates of the fair value of mineral properties beyond proven and probable reserves.Metal pricing assumptions were based on consensus forecast pricing,and the discount rates were based on a weighted average cost of capital,adjusted for country risk and othe
300、r risks specific to the CGU.Cash flows were projected through to 2038.Changes in any of the assumptions or estimates used in determining the fair values could impact the recoverable amount of goodwill analysis.20232022Gold price($/oz)$1,900-$1,700$1,725-$1,600Real discount rate6.25%-7.25%6.00%-7.00%
301、The estimated recoverable amount of the Lamaque CGU including goodwill exceeded its carrying amount as at December 31,2023 by approximately$164 million.Impairment would result from a decrease in the long-term gold price of$150 per ounce,or an increase in operating expenditures by 16%with all other a
302、ssumptions being kept consistent.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(21)14.Leases and right-of-use assets As a lessee
303、,the Company leases various assets including mobile mine equipment,offices and properties.These right-of-use assets are presented as property,plant and equipment.Right-of-use Land and buildingsRight-of-use Plant and equipment TotalCostOpening balance at January 1,2022$14,616$35,237$49,853 Additions
304、2,807 2,807 Disposals (178)(178)Transfers and other movements 64 (17,649)(17,585)Balance at December 31,2022$14,680$20,217$34,897 Additions 479 3,254 3,733 Disposals(170)(101)(271)Transfers and other movements 977 (593)384 Balance at December 31,2023$15,966$22,777$38,743 Accumulated depreciationOpen
305、ing balance at January 1,2022$(3,391)$(16,389)$(19,780)Depreciation for the year(1,321)(4,198)(5,519)Disposals 155 155 Transfers and other movements 320 11,770 12,090 Balance at December 31,2022$(4,392)$(8,662)$(13,054)Depreciation for the year(1,529)(2,575)(4,104)Disposals 131 43 174 Transfers and
306、other movements(90)944 854 Balance at December 31,2023$(5,880)$(10,250)$(16,130)Right-of-use assets,net carrying amount at December 31,2022$10,288$11,555$21,843 Right-of-use assets,net carrying amount at December 31,2023$10,086$12,527$22,613 Interest expense on lease liabilities is disclosed in Note
307、 18(b)and the cash payments for the principal portion of lease liabilities is presented within financing activities in the Consolidated Statements of Cash Flows.The Companys future obligations related to lease liabilities are disclosed in Note 24.15.Accounts payable and accrued liabilities December
308、31,2023December 31,2022Trade payables$93,325$74,907 Taxes payable 23,946 4,123 Accrued expenses 127,816 112,675 Deferred revenue 8,943$254,030$191,705 Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in
309、thousands,unless otherwise stated except share and per share amounts)(22)16.DebtDecember 31,2023December 31,2022Senior notes due 2029,net of unamortized transaction fees of$5,325(2022$6,077)and initial redemption option of$3,652$498,326$498,090 Redemption option derivative asset(5,635)(3,676)Term Fa
310、cility commercial loans,net of unamortized transaction fees of$15,490 100,890 Term Facility RRF loans,net of unamortized transaction fees of$6,037 39,209 Term Facility revolving VAT facility 3,269$636,059$494,414 20232022Senior notes due 2029Term FacilitySenior notes due 2029Balance beginning of yea
311、r$494,414$489,763 Financing cash flows related to debt:Proceeds from Term Facility commercial loans 114,602 Proceeds from Term Facility RRF loans 52,136 Proceeds from Term Facility revolving VAT facility 14,588 Repayment of Term Facility revolving VAT facility (11,328)Interest paid(31,250)(3,655)(31
312、,250)Debt transaction costs (22,084)Total financing cash flows related to debt$(31,250)$144,259$(31,250)$463,164$144,259$458,513 Non-cash changes recorded in debt:Interest incurred 31,486 4,526 31,472 Change in fair value of redemption option derivative asset relating to senior notes due 2029(1,959)
313、4,429 Recording RRF loans at fair value on initial recognition (8,016)Foreign exchange losses 2,599 Balance end of year$492,691$143,368$494,414 Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousan
314、ds,unless otherwise stated except share and per share amounts)(23)16.Debt(continued)(a)Skouries Project Financing Facility(Term Facility)On April 5,2023,the Company completed the 680,400 Term Facility for the development of the Skouries project in Northern Greece.The Term Facility includes 200,000 o
315、f funds from the Greek Recovery and Resilience Facility(the RRF).The Term Facility also provides a 30,000 revolving credit facility to fund reimbursable value added tax(VAT)expenditures relating to the Skouries project.The project financing further includes,in addition to the Term Facility,a Conting
316、ent Overrun Facility for an additional 10%of capital costs,funded by the lenders and Hellas Gold Single Member S.A.(Hellas)in the same proportion as the Term Facility.The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries project and the Hellas operating assets
317、.The Companys equity commitment for the project is backstopped by a letter of credit in the amount of 126,211($139,463)as at December 31,2023,issued under the Companys$250,000 amended and restated fourth senior secured credit facility(the Fourth ARCA)(Note 16(c).The letter of credit will be reduced
318、Euro for Euro as the Company invests further in the Skouries project.The Term Facility includes the following components:i.480,400 commercial loans at a variable interest rate comprised of six-months EURIBOR plus a fixed margin,with 70%of the variable rate exposure economically hedged through an int
319、erest rate swap for the term of the facility(Note 27(e).ii.100,000 initial RRF loans at a fixed interest rate of 3.04%for the term of the facility.iii.100,000 additional RRF loan at a fixed interest rate of 4.06%for the term of the facility.In the year ended December 31,2023,the Company completed fo
320、ur drawdowns on the Term Facility totalling 153,236($166,738),including 105,322($114,602)of commercial loans and 47,914($52,136)from the RRF loans.Additionally,during the year ended December 31,2023,the Company completed drawdowns on the VAT revolving credit facility totalling 13,464($14,588)and rep
321、aid 10,505($11,328).In April 2023,in accordance with the requirements of the Term Facility,the Company entered into a secured hedging program including gold and copper commodity swaps,an interest rate swap and U.S.dollar to Euro forward contracts(Note 27(d),(e),(f).Drawings from the Term Facility wi
322、ll continue on a periodic basis through the earlier of March 31,2026,or three months following completion of the Skouries project.There is a deferral option,which if exercised,will extend drawings from the Term Facility through the earlier of August 26,2026,or three months following completion of th
323、e Skouries project.Repayment of the commercial loans,the RRF loans,and the Contingent Overrun Facility will commence on June 30,2026,with 14 semi-annual installments,through to December 31,2032.If the deferral option is exercised,repayment will commence on December 31,2026,with 13 semi-annual instal
324、lments,through to December 31,2032.Proceeds from the VAT Facility will be drawn and repaid on a revolving basis,with a maturity date of the earlier of June 30,2027,or 18 months following completion of the Skouries project.The Term Facility contains a number of standard financial covenants,including
325、debt service and leverage ratios.The Company is in compliance with its covenants as at December 31,2023.As at December 31,2023,86,781($95,893)of cash and cash equivalents are proceeds from the Term Facility and are designated for the use of constructing the Skouries project and to fund reimbursable
326、VAT expenditures relating to the Skouries project.Eldorado Gold CorporationNotes to the Consolidated Financial StatementsFor the years ended December 31,2023 and December 31,2022(Currency amounts in thousands,unless otherwise stated except share and per share amounts)(24)16.Debt(continued)(b)Senior
327、Notes On August 26,2021,the Company completed an offering of$500 million senior unsecured notes with a coupon rate of 6.25%due September 1,2029(the“senior notes”).The senior notes pay interest semi-annually on March 1 and September 1,which began on March 1,2022.The senior notes are guaranteed by Eld
328、orado Gold(Netherlands)B.V.,SG Resources B.V.,Tuprag Metal Madencilik Sanayi ve Ticaret AS,and Eldorado Gold(Qubec)Inc.,all wholly-owned subsidiaries of the Company.The senior notes are redeemable by the Company in whole or in part,for cash:i.At any time prior to September 1,2024,at a redemption pri
329、ce equal to 100%of the aggregate principal amount of the senior notes,accrued and unpaid interest and a premium at the greater of 1%of the principal value of the notes to be redeemed,or the present value of remaining interest to September 1,2024,discounted at the treasury yield plus 50 basis points.
330、ii.At any time prior to September 1,2024,up to 40%of the original aggregate principal amount of the senior notes with the net cash proceeds of one or more equity offerings at a redemption price equal to 106.25%of the aggregate principal amount of the senior notes redeemed,plus accrued and unpaid int
331、erest.iii.On and after the dates provided below,at the redemption prices,expressed as a percentage of principal amount of the notes to be redeemed,set forth below,plus accrued and unpaid interest on the senior notes:September 1,2024 103.125%September 1,2025 101.563%September 1,2026 and thereafter 10
332、0.000%The redemption features described above constitute an embedded derivative which was separately recognized at its fair value of$4,806 on initial recognition of the senior notes and recorded in other assets.The embedded derivative is classified as fair value through profit and loss.The increase
333、in fair value in the year ended December 31,2023 is$1,959,which is recognized in finance costs(Note 18(b).The senior notes contain covenants that restrict,among other things,distributions in certain circumstances and sales of certain material assets,in each case,subject to certain conditions.The Company is in compliance with these covenants at December 31,2023.The fair market value of the senior n
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