EX-99.1 2 ego_ex991.htm ESTMA REPORT ego_ex991.htm

EXHIBIT 99.1

 

Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

Eldorado Gold Corporation

Reporting Year

From

1/1/2023

To:

12/31/2023

Date submitted

5/27/2024

Reporting Entity ESTMA Identification Number

E919377

 Original Submission

 Amended Report

 

 

 

Other Subsidiaries Included

(optional field)

 

 

 

 

 

 

 

For Consolidated Reports - Subsidiary Reporting Entities Included in Report:

 

Eldorado Gold (Quebec) Inc (ID: E558445)

 

 

 

Not Substituted

 

 

 

 

 

 

 

Attestation by Reporting Entity

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full Name of Director or Officer of Reporting Entity

Paul Ferneyhough

 

 

Date

5/27/2024

 

Position Title

Executive VP and Chief Financial Officer

 

 

 

 
 

 

 

 

Extractive Sector Transparency Measures Act - Annual Report

 

Reporting Year

From:

1/1/2023

To:

12/31/2023

 

 

 

 

Reporting Entity Name

Eldorado Gold Corporation

Currency of the Report

USD

Reporting Entity ESTMA Identification Number

E919377

 

Subsidiary Reporting Entities (if necessary)

Eldorado Gold (Quebec) Inc (ID: E558445)

 

 

 

Payments by Payee

Country

Payee Name

Departments, Agency, etc… within Payee that Received Payments

Taxes1

Royalties

Fees2

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes

Turkey

Federal Government of the Republic of Turkey

 

11,110,000

17,000,000

4,910,000

 

 

 

 

33,020,000

Payments to Regional Directorate of Forestry, General Directorate of Mining and Oil Affairs, Ankara Kurumlar Tax Office, Ankara Tax Office Directorate, Ankara Ihtisas Tax Office, Canakkale Tax Office, Energy Market Regulatory Authority, General Directorate of Land Registry, Inheritance Tax Office, Menderes Land Registry Office, Ministry of Justice, and Hayriye Ozcelik Ankara 9th Notary .

 

Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 23.91. See note 1 & 2 below.

Turkey

Menderes Municipal Government

 

 

 200,000

 

 

 

 

 

200,000

Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 23.91.

Canada

Government of Quebec

 

14,390,000

 

80,000

 

 

 

 

14,470,000

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

 

Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.35.

Canada

Municipality of Val-d'Or

 

   480,000

 

 

 

 

 

 

480,000

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

 

Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.35.

Greece

Federal Government of Greece

 

  210,000

12,520,000

 

 

 

 

 

12,730,000

Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 0.92.

Greece

Municipality of Polygyros

 

 

 

 

 

 

 

130,000

130,000

Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 0.92.

Greece

Municipality of Aristoteles

 

 

 

 

 

 

 

970,000

970,000

Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 0.92.

Romania

Certej Municipal Government

 

 

 

140,000

 

 

 

 

140,000

Payments made in RON, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 4.53.

Romania

Federal Government of Romania

 

320,000

 

 

 

 

 

 

320,000

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

 

Payments made in RON, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 4.53.

Additional Notes:

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

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

3. Royalties of $15,670,000 were remitted to the Federal Government of Greece of which $12,520,000  was paid in cash after applying VAT refunds.

 

 
 

 

 

 

Extractive Sector Transparency Measures Act - Annual Report

 

Reporting Year

From:

1/1/2023

To:

12/31/2023

 

Reporting Entity Name

Eldorado Gold Corporation

 

Currency of the Report

USD

 

 

 

Reporting Entity ESTMA Identification Number

E919377

 

Subsidiary Reporting Entities (if necessary)

Eldorado Gold (Quebec) Inc (ID: E558445)

 

Payments by Project

Country

Project Name

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid by Project

Notes

Turkey

Kisladag

-

8,910,000

3,870,000

 

 

 

 

12,780,000

Note 1

Turkey

Efemcukuru

-

8,290,000

570,000

 

 

 

 

8,860,000

Note 1

Turkey

Ankara Office

11,110,000

-

470,000

 

 

 

 

11,580,000

Note 1

Canada

Lamaque Complex

14,870,000

 

80,000

 

 

 

 

14,950,000

Note 2

Greece

Skouries

 

60,000

 

 

 

 

 

60,000

Note 3

Greece

Perama Hill

 

20,000

 

 

 

 

 

20,000

Note 3

Greece

Kassandra Mines

210,000

12,440,000

 

 

 

 

1,100,000

13,750,000

Note 3

Romania

Certej

320,000

 

140,000

 

 

 

 

460,000

Note 4

Additional Notes:

1. Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 23.91

2. Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.35.

3. Payments made in EUR, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 0.92.

4. Payments made in RON, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 4.53.

 

 

 

 

 

Reporting Principles

 

 

1.

Basis of Accounting

 

The Schedule of Payments by Payee and the Schedule of Payments by Project (collectively, the “Schedules") prepared by Eldorado Gold Corporation (the “Company”) for the year ended December 31, 2023 has been prepared in accordance with the financial reporting provisions in Section 9 of the Extractive Sector Transparency Measures Act, Section 2.3 of the Extractive Sector Transparency Measures Act – Technical Reporting Specifications and Section 3 of the Extractor Sector Transparency Measures Act – Guidance Version 2 (collectively the “financial reporting framework”).

 

The Schedules are prepared to provide information to the Board of Directors of Eldorado Gold Corporation and the Minister of Natural Resources Canada to assist in meeting the requirements of the Extractive Sector Transparency Measures Act. As a result, the Schedules may not be suitable for another purpose.

 

 

2.

Basis of Presentation

 

The Schedules have been prepared using the cash basis of accounting, as required by the financial reporting framework, and therefore exclude any accruals related to payments due to governments.

 

The Schedules include all cash payments made, without inclusion of cash inflows from a government. Where the Company makes a payment to a government that is net of credits from that government, the net payment amount has been presented.

 

 

3.

Reporting Currency

 

All payments are reported in U.S. dollars which is the reporting currency of the Company. When the Company has made payments in currencies other than its reporting currency, it translates the payments using the exchange rate on the date of the individual payment.

 

 

4.

Rounding

 

All figures have been rounded to the nearest $10,000 U.S. dollars.

 

 

5.

Control

 

As required by the financial reporting framework, the Company has reported payments made by entities controlled by the Company. The Company has determined whether it controls an entity in accordance with International Financial Reporting Standards.