Eldorado Gold Corp.

Eldorado Gold Corp. is a mid-tier gold producer headquartered in Vancouver, Canada, operating primarily in Canada and Europe. The company's portfolio consists of 8 projects, comprising 4 operating mines, 2 development, 1 advanced exploration, and 1 suspended project. Key assets include Kışladağ, Lamaque, Olympias, and Skouries. The business model encompasses the full mining lifecycle, including exploration, development, production, and reclamation. Operations are managed through a decentralized structure, with each site functioning as a distinct business unit under a general manager, while corporate functions such as finance, strategy, and regulatory compliance are managed centrally. This approach supports tailored site-level management within a unified corporate framework. The organization possesses diverse processing capabilities, including multi-stage crushing, heap leaching with adsorption-desorption-regeneration plants, and conventional milling with flotation and filtration circuits. This technical flexibility allows for the processing of various ore types to produce both doré and saleable concentrates. The enterprise leverages its international expertise in project development and finance to pursue and create new opportunities, positioning itself to deliver value through a combination of operational execution and strategic growth. Risk management is integrated into this model, with programs developed by senior management and monitored by the board of directors to address operational and financial exposures.

Strategic focus centers on cultivating a portfolio of long-life, low-cost assets to achieve sustained growth, enhance margins, and generate consistent free cash flow. The organization's capital allocation philosophy is underpinned by strict discipline, prioritizing investments that sustain current operations and fund the development of key growth projects. Operational excellence is pursued through continuous investment in new technologies and workforce training aimed at increasing productivity and reducing risk. A core component of the business strategy involves the active management of its asset portfolio, which includes evaluating and executing the disposition of non-core assets to optimize value and align with long-term objectives. Growth initiatives are supported by targeted capital deployment, focusing on bringing new discoveries into production, expanding existing operations, and pursuing exploration opportunities. Accountability is a foundational priority, emphasizing ethical business conduct, environmental stewardship, and workplace safety to ensure the long-term sustainability of the business and its stakeholder relationships.

Governance is overseen by a board of 8 directors, 7 of whom are independent, ensuring robust oversight and alignment with shareholder interests. The board operates through 5 standing committees: Audit, Compensation, Corporate Governance and Nominating, Sustainability, and Technical. The Audit Committee is composed of 4 independent directors, all of whom are financially literate, with 2 members qualifying as audit committee financial experts, reflecting a strong commitment to financial integrity. Executive leadership is guided by a President and Chief Executive Officer with extensive industry experience. The corporate governance framework includes a formal board succession plan to ensure continuity and strategic alignment. Management's approach to risk is systematic, involving quarterly risk assessment reports prepared by senior leadership for review by the board, which evaluates exposures and management's mitigation strategies. This structure facilitates informed decision-making and accountability across all levels of the organization.

The enterprise's approach to sustainability is structured around its proprietary Sustainability Integrated Management System (SIMS), which guides performance across all operations. This framework is externally verified against established industry standards, including the Towards Sustainable Mining (TSM) program, where sites have achieved AAA ratings on protocols such as Health and Safety, Biodiversity, and Tailings Management. A key climate commitment includes a target to mitigate Scope 1 and 2 greenhouse gas emissions by 30% from a 2020 baseline by 2030 for currently operating mines. The organization conducts comprehensive Human Rights Assessments across all operating jurisdictions on a 3-year cycle, with the next assessments planned for 2025. Governance of high-risk facilities is enhanced by an Independent Technical Review Board (ITRB) that provides expert guidance on the design and operation of tailings, waste rock, and water management structures. The company also adheres to the World Gold Council’s Conflict-Free Gold Standard and complies with Canada’s Modern Slavery Act, publishing annual reports on its practices.

The corporate structure includes several key operational subsidiaries, namely Hellas Gold Single Member S.A., Eldorado Gold (Québec) Inc., and Tüprag Metal Madencilik Sanayi ve Ticaret AS, which manage activities in their respective operational areas. In 2020, the company consolidated its ownership of Hellas Gold to 100% by acquiring the remaining 5% interest from Aktor, an unrelated third party. A significant structural development occurred in 2023 when the European Bank for Reconstruction and Development (EBRD) made a strategic investment through a C$81.5 million private placement, with the proceeds directed toward a key development project. This transaction introduced a major institutional partner and supported the advancement of a strategic growth initiative. As part of its ongoing portfolio optimization, the company entered into a share purchase agreement in October 2024 to sell its Certej Project, a transaction that is subject to closing conditions. This divestiture reflects a strategic decision to focus on core assets and reallocate capital.