Q3 2026 Financial Statements (q3 2026 financial statements)

‌Condensed Consolidated Interim Financial Statements

(Unaudited)

(Expressed in U.S. dollars unless otherwise noted)

As at September 30, 2026 and December 31, 2025 (Unaudited - in thousands of U.S. dollars)

Date of approval: October 28, 2026

For the three and nine months ended September 30, 2026 and 2025 (Unaudited - in thousands of U.S. dollars except share and per share amounts)

‌Three months ended Nine months ended September 30, September 30,

For the three and nine months ended September 30, 2026 and 2025 (Unaudited - in thousands of U.S. dollars)

‌Three months ended Nine months ended September 30, September 30,

For the three and nine months ended September 30, 2026 and 2025 (Unaudited - in thousands of U.S. dollars)

‌Three months ended Nine months ended September 30, September 30,

For the three and nine months ended September 30, 2026 and 2025 (Unaudited - in thousands of U.S. dollars)

‌Three months ended Nine months ended September 30, September 30,

1. ‌General Information

   Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, "Eldorado" or the "Company") is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Turkiye, and Greece.

   Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). The Company is incorporated under the Canada Business Corporations Act and the head office and principal address is located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

   On April 14, 2026, the Company completed the acquisition of Foran Mining Corporation ("Foran") (Note 4). The results of operations of Foran are included in these condensed consolidated interim financial statements from April 14, 2026.

2. Basis of preparation

   1. Statement of compliance

      These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 'Interim Financial Reporting'. They do not include all of the information and disclosures required by International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board for full annual financial statements and should be read in conjunction with the Company's annual audited consolidated financial statements as at and for the year ended December 31, 2025.

      The same accounting policies were used in the preparation of these unaudited condensed consolidated interim financial statements as for the most recent audited annual consolidated financial statements except as described below for adoption of new accounting standards and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.

      All amounts are presented in U.S. dollars ("$") unless otherwise stated. C$ refers to Canadian dollars.

      These unaudited condensed consolidated interim financial statements were authorized for issue by the Company's Board of Directors on October 28, 2026.

   2. Critical accounting estimates and judgements

      The preparation of these unaudited condensed consolidated interim financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

      Significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty are the same as those that applied to the audited annual consolidated financial statements as at and for the year ended December 31, 2025 with the exception of the estimates related to the acquisition of Foran as disclosed Note 4.

3. ‌Material accounting policies

   (i) Adoption of new accounting standards

   The following amendments to standards were effective for annual periods beginning on or after January 1, 2026:

   • Classification and Measurement of Financial Instruments - Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures.

     There was no material impact on the Company's condensed consolidated financial statements from the adoption of these amendments.

     (ii) New standards issued and not yet effective

     IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after January 1, 2027)

     In April 2024, the IASB issued IFRS 18 which will replace IAS 1 Presentation of Financial Statements. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, it will impact presentation and disclosure of certain aspects of the financial statements including management-defined performance measures within the financial statements. We are currently assessing the detailed implications of applying the new standard on the financial statements and the following potential impacts have been identified based on our preliminary assessment:

   • Although the adoption of IFRS 18 will have no impact on net earnings from continuing operations, items of income and expenses in the Statements of Operations will be grouped into new categories resulting in new subtotals and/or line items being presented, including operating profit, and changes in how certain existing subtotals are calculated. Income from equity investees and interest income from cash and cash equivalents will be presented in the investing section of the Statements of Operations.

   • We do not expect there to be a significant change in the information that is currently disclosed in the notes to the financial statements; however, there will be new disclosures required for management-defined performance measures (MPM). An MPM is a subtotal of income and expenses that a company uses in public communications outside of its financial statements to convey an aspect of the financial performance of the company as a whole. We have performed an initial assessment of the performance measures that we currently use in our communications outside of the financial statements and believe that the following will meet the MPM definition: Adjusted net earnings, EBITDA and Adjusted EBITDA.

   • From a cash flow statement perspective, there will be changes to how interest received is presented. Interest received will be presented as investing cash flows, which is a change from the current presentation as part of operating cash flows. In addition, operating profit will be the starting point for determining cash flows from operating activities instead of net earnings from continuing operations.

   We will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 will be restated in accordance with IFRS 18.

4. ‌Acquisition of Foran Mining Corporation

On April 14, 2026, the Company completed the acquisition of Foran (the "Foran Acquisition"), whereby the Company acquired 100% of the issued and outstanding common shares of Foran based on an exchange ratio of 0.1128 Eldorado common shares and C$0.01 in cash for each Foran common share (the "Exchange Ratio") pursuant to a Plan of Arrangement. The principal property acquired by the Company in the Foran Acquisition was the McIlvenna Bay Project in Saskatchewan, Canada.

At the acquisition date, all outstanding stock options of Foran were replaced with Eldorado stock options, with the number of issuable common shares and the exercise price adjusted in accordance with the Exchange Ratio.

The Company previously held an equity interest in Foran, which was accounted for as an investment in marketable securities classified at fair value through other comprehensive income. In accordance with IFRS 3, the previously held equity interest was remeasured to its fair value of $2.1 million at the acquisition date, which resulted in a gain of $0.1 million recognized in the statement of comprehensive income.

The Foran Acquisition was accounted for as a business combination achieved in stages under IFRS 3 Business Combinations. The acquisition date fair value of the consideration transferred consists of the following:

1. The fair value of the 64.7 million common shares issued to previous Foran shareholders was determined based on the Company's closing common share price of $36.89 per share on April 13, 2026.

2. The fair value of the 264,187 replacement stock options issued was determined using the Black-Scholes option pricing model with the following weighted average inputs: exercise price of C$48.20 and expected life of 1.96 years, expected volatility of 45.69%, risk-free interest rate of 2.96%.

3. The fair value of the previously held equity interest in Foran was determined based on the Company's closing common share price of

$36.89 per share on April 13, 2026 multiplied by the expected amount of Eldorado shares to be issued based on the Exchange Ratio.

In accordance with the acquisition method, the total consideration transferred was assigned to the identifiable assets acquired and liabilities assumed based on their acquisition date fair values in accordance with IFRS 3. The following table summarizes the recognized amounts of the assets acquired and liabilities assumed as at the acquisition date, certain of which have been measured on a provisional basis.

1. The fair value of property, plant, and equipment was estimated using a discounted cash flow model for mineral reserves and a life-of-mine extension approach for value beyond proven and probable reserves. Significant inputs used include estimates of the appropriate discount rate, foreign exchange rates, future metal prices, production based on current estimate of mineral reserves, and future operating and capital expenditures.

2. Goodwill recognized relates to the deferred income tax liability recorded on the difference between the fair value and the tax base of the assets acquired and liabilities assumed. Goodwill is not deductible for tax purposes.

3. Debt assumed on acquisition includes the Sprott debt facility including an embedded derivative on the repayment option, equipment financing facility, and the repayable portion of government grants.

For the purposes of these condensed consolidated interim financial statements, the identifiable assets acquired and liabilities assumed have been measured on a preliminary basis at their acquisition-date fair values based on management's best estimates taking into account all available information at the time of acquisition as well as applicable information at the time these condensed consolidated interim financial statements were prepared. The fair value measurements can be made through to the end of the Company's measurement period, which is not to exceed one year from the acquisition date. If new information is obtained during the measurement period about facts and circumstances that existed as at the acquisition date and would have affected the recognition or measurement of the assets acquired and liabilities assumed at the acquisition date, the provisional amounts recognized will be adjusted retrospectively as at the acquisition date.

Acquisition-related costs of $19.3 million have been recorded in the condensed consolidated interim statements of operations for the nine months ended September 30, 2026 and $0.1 million for the three months ended September 30, 2026.

Consolidated revenue for the three and nine months ended September 30, 2026 includes the revenue of McIlvenna Bay since the acquisition date in the amount of $9.6 million and $9.6 million, respectively. Consolidated net earnings for the three and nine months ended September 30, 2026 includes the net loss of McIlvenna Bay since the acquisition date in the amount of $3.5 million and $5.5 million, respectively. Had the Foran Acquisition occurred on January 1, 2026, proforma unaudited consolidated revenue and net income for the nine months ended September 30, 2026 would have been approximately $1,531.7 million and $424.8 million, respectively.

(1) The decrease in marketable and debt securities in 2026 was primarily due to the sale of the investment in Probe Metals in Q1 2026 for C$57.6 million ($42.0 million).

1. ‌Debt

   Senior Notes

   Senior Notes, net of unamortized transaction fees of

   $2,995 (2025 - $3,671) and initial redemption option of

   September 30, 2026 December 31, 2025

   $2,054 (2025 - $2,518)	$ 499,059	$ 498,846
   Redemption option derivative asset	(4,160)	(14,703)

   Senior Secured Credit Facility

   Net of unamortized transaction fees of $3,372 (2025 - nil) 321,628 -

   Project Financing Facility

   Commercial Loan Facility, net of unamortized transaction

   fees of $17,008 (2025 - $20,043) 528,486 544,426

   RRF Facility, net of unamortized transaction fees of $4,117

   (2025 - $4,889)	207,331	211,568
   Overrun Facility	68,130	-
   VAT Facility, net of unamortized transaction fees of $168 (2025 - $335)	14,477	34,915
   Other Debt
   Sprott Credit Facility	355,548	-
   Sprott Credit Facility redemption option derivative asset	(42,495)	-
   Equipment Finance Facility	35,296	-
   Government contribution obligations	2,126	-
   	$ 1,985,426	$ 1,275,052
   Less: Current portion	148,472	47,968
   	$ 1,836,954	$ 1,227,084

   1. Senior Notes

      On August 26, 2021, the Company completed an offering of $500.0 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 Eldorado Gold Cooperatief U.A., SG Resources B.V., Tuprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.

      The Senior Notes contain certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit or loss. The decrease in fair value for the nine months ended September 30, 2026 is $10.5 million (nine months ended September 30, 2025 - increase of $8.6 million) and the decrease in fair value for the three months ended September 30, 2026 is

      $4.1 million (three months ended September 30, 2025 - increase of $0.7 million), and is recognized in finance costs (Note 11).

      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 as at September 30, 2026.

      The fair market value of the Senior Notes as at September 30, 2026 is $491.9 million (December 31, 2025 -

      $503.9 million).

      8. Debt (continued)

   2. Skouries Project Financing Facility

      On April 5, 2023, the Company entered into a project financing facility for the development of the Skouries Project in Northern Greece. This includes a €480.4 million commercial loan facility ("Commercial Loan Facility"),

      €200.0 million of funds from the Greek Recovery and Resilience Fund ("RRF Facility") and a contingent overrun facility ("Contingent Overrun Facility") for an additional €60.0 million (the Commercial Loan Facility, the RRF Facility and the Contingent Overrun Facility, together the "Term Facility"). The Term Facility is non-recourse to Eldorado Gold Corporation and is secured by the Skouries Project and the Hellas Gold operating assets. The project financing facility also includes a €30.0 million revolving credit facility ("VAT Facility") to fund reimbursable value added tax expenditures relating to the Skouries Project.

      The Company's equity commitment for the project has been backstopped by a letter of credit that is issued under the Company's $600.0 million revolving senior secured credit facility (Note 8(c)). As the Company completed the equity commitment funding for the project in Q3 2026, the letter of credit has been reduced to nil as at September 30, 2026 (December 31, 2025 - €206.8 million ($243.0 million)).

      The Term Facility components are at the following interest rates:

      1. Commercial Loan Facility - €480.4 million at a variable interest rate comprised of 6-month Euribor plus a fixed margin, with 70% of the variable rate exposure economically hedged through an interest rate swap for the term of the facility (Note 17(d)(ii)).

      2. RRF Facility - €100.0 million at a fixed interest rate of 3.04% and €100.0 million at a fixed interest rate of 4.06%, both for the term of the facility.

      3. Contingent Overrun Facility - €60.0 million for additional capital costs at a variable interest rate comprised of 6-month Euribor plus a fixed margin, with 70% of the variable rate exposure economically hedged through an interest rate swap for the term of the facility (Note 17(d)(ii)).

         In the nine months ended September 30, 2026, the Company drew down €60.0 million ($68.4 million) on the Term Facility (through the Contingent Overrun Facility). The Company had net repayments of €17.1 million ($21.1 million) on the VAT Facility. 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.

         As at September 30, 2026, after drawing down €60.0 million through the Contingent Overrun Facility, the cumulative drawdowns on the Term Facility since inception amount to €740.4 million ($840.7 million) with the Commercial Loan Facility and the RRF Facility now fully drawn.

         In accordance with the requirements of the Term Facility, the Company deposited an amount of €63.3 million ($71.9 million) which is equal to at least 50% of the aggregate repayment installments, fees, interest, financing costs and charges of the Term Facility for the next 12 months, into a Debt Service Reserve Account ("DSRA"). On and from the first repayment date, the Company shall ensure that the balance in the DSRA is at least equal to the applicable required balance until all of the liabilities of the Company in relation to the Term Facility have been fully discharged. These funds are recorded as restricted cash on the Statement of Financial Position.

         In accordance with the requirements of the Term Facility, the Company entered into hedging arrangements including gold and copper commodity swaps, interest rate swaps, U.S. dollar to Euro forward contracts and gold collars (Note 17(d)).

         Repayment of the Term Facility will commence on December 31, 2026, with 13 semi-annual installments, through to December 31, 2032.

         The Term Facility contains a number of standard financial covenants, including debt service and leverage ratios. The Company is in compliance with its covenants as at September 30, 2026.

         1. Debt (continued)

   3. Senior Secured Credit Facility

      On June 27, 2024, the Company entered into an agreement with a syndicate of lenders to increase the existing revolving senior secured credit facility ("Credit Facility") from $250 million to $350 million, and to extend the facility to a maturity date of June 27, 2028. On May 26, 2026, the Company elected to increase the available credit by $100 million to $450 million through an accordion feature. On August 12, 2026, the Company amended the Credit Facility, increasing total availability from $450 million to $600 million, extending the maturity to March 1, 2029, and enhancing financial flexibility through improved pricing and covenant terms. The Credit Facility also includes an accordion feature of up to $100 million, subject to lender approval. In the three months ended September 30, 2026, the Company completed drawdowns on the Credit Facility totalling $225.0 million bringing the total drawdowns on the Credit Facility to $325.0 million for the nine-months ended September 30, 2026. No repayments have been made on the Credit Facility.

      The Company's equity commitment for the Skouries Project has been backstopped by a letter of credit issued under the Company's Credit Facility. As at September 30, 2026, as the Company completed the equity commitment funding for the project in Q3 2026, the letter of credit has been reduced to nil (December 31, 2025 -

      €206.8 million ($243.0 million)) and the Company's available balance on the Credit Facility was $274.7 million (December 31, 2025 - $106.6 million).

      The Credit Facility is subject to standard conditions and covenants. The Company is required to comply with covenants which include an interest coverage ratio (maintain an interest coverage ratio with respect to each rolling four quarter period of not less than 3.00:1.00) and a net leverage ratio (maintain a net leverage ratio with respect to each rolling four quarter period of not more than 3.50:1.00). At September 30, 2026, the Company was in compliance with the applicable covenants.

   4. Sprott Credit Facility

      As part of the Foran Acquisition (Note 4), the Company assumed a fully drawn $250 million non-revolving facility with a maturity date of September 30, 2031 ("Sprott Credit Facility") plus capitalized interest of $44.9 million. The Sprott Credit Facility was fair valued at the date of acquisition. Interest on the facility accrues at a floating rate of 6.95% per annum plus the greater of the Term 3 Month Secured Overnight Financing Rate and 2.00% per annum.

      Principal repayments will commence on June 30, 2027, and the Company shall pay to the lender equal repayments of the principal amount of the Sprott Credit Facility, in an amount equal to 2.65% of the outstanding principal amount of the Sprott Credit Facility on a quarterly basis until June 30, 2031. The remainder of the scheduled principal payments are due upon the maturity date. Interest payments are paid quarterly and commenced on June 30, 2026.

      The Sprott Credit Facility contains certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit or loss. The decrease in fair value for the nine months ended September 30, 2026 is $0.5 million and the increase in fair value for the three months ended September 30, 2026 is $0.4 million, and is recognized in finance costs (Note 11).

      The Company's obligations under the Sprott Credit Facility are secured by the realizable value of the acquired Foran assets and are subject to a Company guarantee. The Company was in compliance with all covenants contained in the Sprott Credit Facility as at September 30, 2026.

   5. Equipment Finance Facility

As part of the Foran Acquisition (Note 4), the Company assumed an equipment financing facility with Sandvik Financial Services Canada ("Equipment Finance Facility"), which funded the initial battery electric vehicle mining fleet and essential components at the McIlvenna Bay mine. As at September 30, 2026 the balance outstanding is C$50.1 million ($35.3 million).

The Equipment Finance Facility incurs interest at a fixed rate of 3.20% per annum plus the 5-year Canadian overnight index swap rate at the date of the draw. Interest and principal repayments on drawn amounts commence immediately over a 60-month period. The Company was in compliance with all covenants as at September 30, 2026.

1. ‌Revenue

For the three months ended September 30, 2026, revenue from contracts with customers by product and segment was as follows:

For the three months ended September 30, 2025, revenue from contracts with customers by product and segment were as follows:

1. Revenue (continued)

   For the nine months ended September 30, 2026, revenue from contracts with customers by product and segment were as follows:

   	Turkiye	Canada	Greece	Total
   Gold revenue - doré	$ 320,942	$ 679,662	$ -	$ 1,000,604
   Gold revenue - concentrate	228,244	1,664	202,580	432,488
   Silver revenue - doré	6,490	3,047	-	9,537
   Silver revenue - concentrate	11,543	1,191	61,046	73,780
   Lead revenue	-	-	16,217	16,217
   Zinc revenue	-	56	25,137	25,193
   Copper revenue - concentrate	-	6,657		6,657
   Revenue from contracts with customers	$ 567,219	$ 692,277	$ 304,980	$ 1,564,476
   Provisional adjustments on current year
   concentrate sales	(14,541)	63	(6,934)	(21,412)
   Provisional adjustments on prior year
   concentrate sales	2,909	-	(14,229)	(11,320)
   	$ 555,587	$ 692,340	$ 283,817	$ 1,531,744

   For the nine months ended segment were as follows:	September	30,	2025, revenue Turkiye	from contracts Canada	with customers Greece	by product and Total
   Gold revenue - doré			$ 405,879	$ 445,913	$ -	$ 851,792
   Gold revenue - concentrate			188,162	-	127,944	316,106
   Silver revenue - doré			4,171	1,624	-	5,795
   Silver revenue - concentrate			5,314	-	27,309	32,623
   Lead revenue			-	-	12,116	12,116
   Zinc revenue			-	-	16,622	16,622
   Revenue from contracts with	customers		$ 603,526	$ 447,537	$ 183,991	$ 1,235,054
   Provisional adjustments on current year
   concentrate sales				8,031	-	1,399	9,430
   Provisional adjustments on prior year
   concentrate sales				4,425	-	(7,213)	(2,788)
   				$ 615,982	$ 447,537	$ 178,177	$ 1,241,696

2. ‌Other income (expense)

Three months ended

September 30,

Nine months ended September 30,

1. ‌Share capital and earnings per share

   1. Share capital

      2026		2025
      	Number of				Number of
      Voting common shares	Shares	Total			Shares	Total
      Issued and outstanding, beginning of
      year	198,570,520	$ 3,341,760			204,946,024	$ 3,433,778
      Shares issued upon exercise of share
      options	458,827	6,546			965,857	9,913
      Estimated fair value of share options
      exercised transferred from contributed
      surplus	-	2,847			-	3,749
      Shares issued on redemption of
      performance share units	279,265	4,545			284,411	5,282
      Shares issued on acquisition of Foran
      Mining Corporation	64,668,321	2,385,625			-	-
      Shares purchased and cancelled, net of tax (i)	(2,419,992)	(40,050)			(4,921,608)	(68,872)
      Share issuance cost	-	-			-	(811)
      Issued and outstanding, September 30	261,556,941	$ 5,701,273			201,274,684	$ 3,383,039
      Shares purchased and not yet cancelled	-	-			(230,441)	(3,892)
      Share Capital - balance at the end of the
      period	261,556,941	$	5,701,273		201,044,243	$	3,379,147
      Shares held in trust for restricted share
      units, beginning of year	(590,802)		(16,035)		(344,839)		(12,970)
      Purchased and held in trust for future
      settlement of restricted share units (ii)	(240,000)		(8,683)		(408,000)		(8,180)
      Released for settlement of restricted share
      units	334,982		5,758		282,037		8,259
      Shares held in trust for restricted share
      units, September 30	(495,820)		(18,960)		(470,802)		(12,891)
      Issued and outstanding, net of shares
      held in trust, September 30	261,061,121	$	5,682,313		200,803,882	$	3,370,148

      1. During the nine months ended September 30, 2026, 2,419,992 shares were purchased by the Company and cancelled in accordance with its normal course issuer bid ("NCIB") at an average price of $34.67 per share for total consideration of $83.9 million (nine months ended September 30, 2025 - 5,152,049 shares at an average price of $23.95 per share for a total consideration of $123.4 million). $42.9 million of the consideration paid was recorded in contributed surplus.

      2. During the nine months ended September 30, 2026, 240,000 additional shares were purchased in accordance with the NCIB at an average price of $36.18 per share for total consideration of $8.7 million (nine months ended September 30, 2025 - 408,000 shares at an average price of $20.05 for a total consideration of $8.2 million). These shares were held in trust by a third-party trustee to facilitate the settlement of the Company's obligations under its restricted share unit plan.

         1. Share capital and earnings per share (continued)

   2. Dividends

      During the three months ended September 30, 2026, the Company declared a third quarter cash dividend of

      $0.075 per common share of the Company ("common share"), totalling $19.6 million (September 30, 2025 - nil), which was paid on September 15, 2026, to shareholders of record at close of business on September 1, 2026. Total dividends paid in the nine months ended September 30, 2026 amounts to $54.1 million (September 30, 2025 - nil).

      On October 28, 2026, the Company declared a fourth quarter dividend of $0.075 per common share, payable on December 15, 2026 to shareholders of record at the close of business on December 1, 2026.

   3. Earnings per share

The weighted average number of common shares for the purpose of diluted earnings per share reconciles to the weighted average number of common shares used in the calculation of basic earnings per share as follows:

Three months ended

September 30,

Nine months ended September 30,

Weighted average number of common shares used in the calculation of basic

2026 2025 2026 2025

As at September 30, 2026, 412,839 options (September 30, 2025 - 506) were excluded from the dilutive weighted-average number of common shares calculation because their effect would have been anti-dilutive.

1. ‌Share-based payments expense

   Three months ended

   September 30,

   Nine months ended September 30,

   	2026	2025		2026	2025
   Share options	$ 611	$ 1,102		$ 3,047	$ 3,078
   Restricted share units	1,082	1,185		3,643	3,387
   Performance share units	(496)	768		1,246	2,449
   Deferred units	2,566	3,747		2,261	6,433
   	$ 3,763	$ 6,802		$ 10,197	$ 15,347

2. ‌Supplementary cash flow information

   Three months ended

   September 30,

   Nine months ended September 30,

   	2026	2025		2026	2025
   Changes in non-cash operating working capital:
   Accounts receivable and other	$ (18,061)	$ (28,223)		$ 15,687	$ (53,056)
   Inventories	(61,034)	(2,776)		(145,336)	(19,538)
   Accounts payable and accrued liabilities	(34,893)	17,726		16,376	9,400
   	$ (113,988)	$ (13,273)		$ (113,273)	$ (63,194)

3. ‌Commitments and contractual obligations

   The Company's commitments and contractual obligations that had significant changes as at September 30, 2026 compared to December 31, 2025 include:

   Within 1

   Year 2 Years 3 Years 4 Years 5 Years

   Over 5

   Years Total

   Debt - Senior Credit
   Facility	$ -	$ -	$ 325,000	$ -	$ -	$ -	$ 325,000
   Debt - Project
   Financing Facility (1)	115,532	100,887	92,480	126,109	168,145	252,217	855,369
   Debt - Sprott Credit
   Facility (1)	15,628	31,255	31,255	31,255	185,467	-	294,860
   Debt - Equipment
   Finance Facility (1)	9,242	9,816	10,060	5,082	1,113	-	35,313
   Debt - Government contributions (1)	651	589	-	-	-	5,959	7,199
   Leases	10,488	4,459	2,803	1,526	1,388	3,931	24,595

   1. Does not include interest on debt.

4. ‌Derivative financial instruments

September 30, 2026 December 31, 2025

Classified as: September 30, 2026 December 31, 2025

1. Derivative financial instruments (continued)

   1. Foreign Currency Collars

      The Company entered into zero-cost collars (purchase of a put option and sale of a call option) to reduce the risk associated with fluctuations of the Euro and Canadian dollar at the Olympias mine and the Lamaque Complex, respectively. These derivatives set a band within which the Company expected to be able to protect against currency movements, either above or below specific strike prices.

      In December 2025, the Company entered into zero-cost collars that mature monthly from January to December 2026 (Canadian dollar collars - $8.0 million monthly; Euro collars - $6.9 million monthly).

      During the three months ended September 30, 2026, Canadian dollar collars totalling $16.0 million and Euro collars totalling $13.8 million expired without financial settlement. During the nine months ended September 30, 2026, Canadian dollar collars totalling $64.0 million and Euro collars totalling $55.2 million expired without financial settlement.

      During the three and nine months ended September 30, 2026 September 30, 2026, Canadian dollar collars totalling $8.0 million and Euro collars totalling $6.9 million expired with financial settlement on which a $0.1 million realized loss was recognized.

      These derivatives are not designated as hedging instruments. Changes in the fair value and settlement gains (losses) of the foreign currency collars are recorded in other income (expense).

      As at September 30, 2026, the Company's outstanding foreign currency collars were as follows:

      	2026
      Canadian dollar contracts	$24,003
      Weighted average put strike price (USD/CAD)	1.30
      Weighted average call strike price (USD/CAD)	1.41
      Euro contracts	$20,700
      Weighted average put strike price (EUR/USD)	1.25
      Weighted average call strike price (EUR/USD)	1.15

   2. Euro Forward Contracts

      In August 2023, the Company entered into foreign exchange forward contracts to fix the U.S. dollar to Euro exchange rate for a portion of the Company's equity commitment for the Skouries Project and from June 30, 2024 to May 31, 2025, €5.0 million was delivered to the Company every month at a forward rate of EUR/USD 1.1160.

      In October 2023, the Company entered into additional foreign exchange forward contracts to fix the U.S. dollar to Euro exchange rate. From June 2024 to May 2025, €2.5 million was delivered to the Company every month at a forward rate of EUR/USD 1.0785.

      During the nine months ended September 30, 2025, €37.5 million was delivered to the Company, on which a

      $0.7 million realized loss was recognized. These derivatives are not designated as hedging instruments. Changes in the fair value and settlement gains (losses) of the foreign currency forward contracts are recorded in other income (expense).

      17. Derivative financial instruments (continued)

   3. Gold Collars

      In May 2023, the Company entered into zero-cost collars to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. Under the gold collars, 16,667 ounces settled monthly during the period from June 2023 through December 2025.

      During the nine months ended September 30, 2025, 150,003 ounces were settled, on which a $79.8 million realized loss was recognized. During the three months ended September 30, 2025, 50,001 ounces were settled, on which a $39.4 million realized loss was recognized.

      These derivatives are not designated as hedging instruments. Changes in the fair value of the gold collars and settlement (losses) gains are recorded in other income (expense).

   4. Term Facility Derivative Arrangements

      1. Gold and Copper Commodity Swaps - Term Facility

         In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts for settlement on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026. The gold commodity swap contracts totalled 32,000 ounces at a forward price of US$2,160 per ounce and were financially settled. The copper commodity swap contracts totalled 6,160 tonnes of copper at a forward price of US$8,525 per tonne and were financially settled.

         During the nine months ended September 30, 2026, the gold commodity swaps expired with financial settlement on which a $66.5 million realized loss was recognized and the copper commodity swaps expired with financial settlement on which a $31.1 million realized loss was recognized.

         These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold and copper commodity swaps are recorded in other income (expense).

      2. Interest Rate Swaps - Term Facility

         In April 2023, in conjunction with the Term Facility, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure under the 6-months Euribor index, excluding the Contingent Overrun Facility. The interest rate swaps have a fixed rate of 3.11% and mature on December 31, 2032. The interest payment frequency is every six months.

         In June 2024, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure of the Contingent Overrun Facility, under the 6-months Euribor index. The interest rate swaps have a fixed rate of 2.748% and mature on December 31, 2032. The interest payment frequency is every six months.

         The interest rate swaps have not been designated as hedging instruments. Changes in the fair value of the interest rate swaps are recorded in other income (expense).

         During the nine months ended September 30, 2026, interest rate swap settlements resulted in a realized derivative loss of $2.1 million for the Company (nine months ended September 30, 2025 - $0.9 million realized derivative loss).

         1. Derivative financial instruments (continued)

      3. Foreign Currency Forward Contracts - Term Facility

         In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange forward contracts to fix the U.S. dollar to Euro exchange rate for a portion of the Term Facility repayments. From June 30, 2026 to December 31, 2029, €17.0 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1473. From June 28, 2030 to December 30, 2032, €11.4 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1704.

         During the nine months ended September 30, 2026, settlements on the foreign currency forward contracts resulted in a realized derivative gain of $0.1 million for the Company (nine months ended September 30, 2025 -nil).

         The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts are recorded in other income (expense).

      4. Gold Collars - Term Facility

In July 2025, as required under the Term Facility, the Company entered into zero-cost collars which settle monthly covering the period from July 1, 2027 to December 31, 2027. The gold collars total 28,000 ounces with a put strike price of $3,000 per ounce and a call strike price of $4,537 per ounce.

These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold collars are recorded in other income (expense).

1. ‌Financial instruments by category

   Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.

   The three levels of the fair value hierarchy are described below:

   • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

   • Level 2 - Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities).

   • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

1. Financial instruments by category (continued)

   The table below provides the carrying value and fair value of financial instruments at September 30, 2026 and December 31, 2025. There were no amounts transferred between levels of the fair value hierarchy during the period. Financial assets and liabilities carried at amortized cost and whose carrying amount approximates fair values due to their short-term maturities are excluded from the table including cash and cash equivalents, term deposits, restricted cash, other receivables and deposits, other assets, accounts payable and accrued liabilities.

   September 30, 2026 December 31, 2025

   Carrying amount Carrying amount

   Level 1(14)	Level 2	Fair value		Level 1(14)	Level 2	Fair value
   $ 9,283	$ -	$ 9,283		$ 48,367	$ -	$ 48,367
   5,594	-	5,594		5,795	-	5,795
   -	84,377	84,377		-	111,030	111,030
   (12,599)	-	(12,599)		(10,875)	-	(10,875)
   -	(499,059)	(491,900)		-	(498,846)	(503,850)
   -	4,160	4,160		-	14,703	14,703
   -	(818,424)	(818,424)		-	(790,909)	(790,909)
   -	(321,628)	(321,628)		-	-	-
   -	(355,548)	(355,548)		-	-	-
   -	42,495	42,495		-	-	-
   -	(35,296)	(35,296)		-	-	-
   -	(2,126)	(2,126)		-	-	-
   -	8,693	8,693		-	12,431	12,431
   -	(8,509)	(8,509)		-	(113,133)	(113,133)
   $	2,278	$ (1,900,865) $ (1,891,428)	$		43,287	$ (1,264,724) $ (1,226,441)

   Marketable securities (1)

   Debt securities (2)

   Trade receivables - concentrate

   (3)

   Deferred unit liability (4)

   Senior Notes, excluding derivative asset (5)

   Senior Notes redemption option derivative asset (6)

   Project financing facility (7) Senior Secured Credit Facility (8) Sprott Credit Facility (9)

   Sprott Credit Facility redemption option derivative asset (10)

   Equipment Finance Facility (11)

   Government contribution obligations (12)

   Derivative assets (13)

   Derivative liabilities (13)

   Net financial assets (liabilities)

   1. Marketable securities include publicly-traded equity investments classified as fair value through other comprehensive income.

   2. Debt securities include publicly-traded debt securities classified as fair value through other comprehensive income.

   3. Trade receivables (concentrate) arise from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit or loss with fair value determined based on forward metal prices for the quotational period. Changes in fair value are recorded in revenue.

   4. Deferred units liability is classified as fair value through profit or loss with fair value based on observable prices in active markets.

   5. Senior Notes, excluding the redemption option derivative asset (Note 8), is carried at amortized cost. The fair value of the Senior Notes is based on observable prices in inactive markets.

   6. The Senior Notes redemption option derivative asset is an embedded derivative separately recognized to reflect the redemption features of the Senior Notes and is classified as fair value through profit or loss (Note 8) with fair value based on models using observable interest rate inputs. Changes in fair value are recorded in finance costs.

   7. The Project Financing Facility includes the Term Facility and the VAT Facility (Note 8), and is carried at amortized cost. The fair value approximates the carrying amount.

   8. The Senior Secured Credit Facility (Note 8) is carried at amortized cost. The fair value approximates the carrying amount.

   9. The Sprott Credit Facility (Note 8) is carried at amortized cost. The fair value approximates the carrying amount.

   10. The Sprott Credit Facility redemption option derivative asset is an embedded derivative separately recognized to reflect the redemption features of the Sprott Credit Facility and is classified as fair value through profit or loss (Note 8) with fair value based on models using observable interest rate inputs. Changes in fair value are recorded in finance costs.

   11. The Equipment Finance Credit Facility (Note 8) is carried at amortized cost. The fair value approximates the carrying amount.

   12. The Government contribution obligations (Note 8) are carried at amortized cost. The fair value approximates the carrying amount.

   13. Derivative assets and liabilities are classified as fair value through profit or loss (Note 17) with fair value based on observable prices in active markets.

   14. The fair value of financial instruments traded in active markets are based on quoted market prices at the date of the statements of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the group is the current bid price.

2. ‌Financial risk management

   Eldorado's activities expose it to a variety of financial risks. Significant changes to the Company's financial risks and overall risk management program as at September 30, 2026 are outlined below.

   Foreign Exchange Risk

   The Company is exposed to foreign exchange risk arising from transactions denominated in foreign currencies, particularly from its operations in Turkiye, Canada and Greece.

   The Company continues to use zero-cost collars to reduce the risk associated with fluctuations of the Euro and Canadian dollar (Note 17(a)) at the Olympias mine and Lamaque Complex, respectively.

   In conjunction with the Term Facility, the Company also uses foreign currency forward contracts to fix the U.S. dollar to Euro exchange rate for a portion of the Term Facility repayments (Note 17(d)(iii)), reducing its exposure to foreign exchange risk.

   Metal Price and Global Market Risk

   The Company is subject to price risk for fluctuations in the market price of gold and other metals.

   As required under the Term Facility, the Company used gold and copper commodity swap contracts and uses gold collars, reducing its exposure to fluctuations in future metal prices. The swap contracts settled on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026 (Note 17(d)(i)), and the gold collars settle monthly covering the period from July 1, 2027 to December 31, 2027 (Note 17(d)(iv)).

   Interest Rate Risk

   Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates.

   Borrowings under the Term Facility include amounts at variable rates based on 6-months Euribor. To reduce interest rate risk, the Company has entered into interest rate swaps covering 70% of the variable interest rate exposure related to the Term Facility (Note 17(d)(ii)).

   Credit Risk

   Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss.

   The Company manages credit risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. The Company also monitors the credit ratings of all financial institutions in which it holds cash and investments.

   Liquidity Risk

   Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments.

   The Company's equity commitment for the Skouries Project has been backstopped by a letter of credit issued under the Credit Facility. As the Company completed the equity commitment funding for the project in Q3 2026, the letter of credit has been reduced to nil as at September 30, 2026. The amount outstanding under the letter of credit for Skouries is nil and the Company's available balance on the revolving credit facility is $274.7 million.

3. ‌Segment information

Identification of reportable segments

The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or "CODM") in assessing performance and in determining the allocation of resources.

The CODM considers the business from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings (loss) from mine operations, expenditures on exploration, income tax expense (recovery), property, plant and equipment, and total debt. As at September 30, 2026, Eldorado had four reportable segments based on the geographical location of mining and exploration and development activities.

Geographically, the operating segments are identified by country and by operating mine. The Turkiye reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkiye. The Canada reporting segment includes the Lamaque Complex, McIlvenna Bay mine and exploration activities in Canada. The Greece reporting segment includes the Olympias mine, the Skouries and Perama Hill projects and exploration activities in Greece. The Greece segment also includes the Stratoni mine and mill, which transitioned to care and maintenance during 2022. Other reporting segment includes operations of Eldorado's corporate offices.

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

(1) Presented on an accrual basis. Excludes property plant and equipment acquired in the Foran acquisition (Note 4) and asset retirement adjustments.

20. Segment information (continued)

(1) Presented on an accrual basis. Excludes asset retirement adjustments and capital expenditure from discontinued operations.

20. Segment information (continued)

(1) Presented on an accrual basis. Excludes property plant and equipment acquired in the Foran acquisition (Note 4) and asset retirement adjustments.

20. Segment information (continued)

Property, plant and equipment (2) $ 876,255 $ 837,068 $ 3,120,785 $ 51,456 $ 4,885,564

Goodwill - 92,591 - - 92,591

$ 876,255 $ 929,659 $ 3,120,785 $ 51,456 $ 4,978,155

Debt $ - $ - $ 790,909 $ 484,143 $ 1,275,052

(1) Presented on an accrual basis. Excludes asset retirement adjustments and capital expenditure from discontinued operations.

(2) Certain prior period balances were reclassified between operating segments to conform with the presentation adopted in the current period.