Eldorado Publishes Inaugural Climate Change and Greenhouse Gas Emissions (GHG) Report; Sets Target of Mitigating GHG Emissions by 30% by 2030
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NEWS RELEASE
TSX: ELD NYSE: EGO February 8, 2022
Eldorado Publishes Inaugural Climate Change and Greenhouse Gas
Emissions (GHG) Report; Sets Target of Mitigating GHG Emissions by 30%
by 2030
VANCOUVER, BC – Eldorado Gold Corporation, (“Eldorado” or the “Company”) is pleased to announce
that today, the Company published its inaugural Climate Change and Greenhouse Gas (“GHG”) Emissions
Report (the “Report”) and has set a target to mitigate GHG emissions.
The Report is available on Eldorado Gold’s website (https://www.eldoradogold.com/responsibility).
Report Highlights
• Eldorado’s inaugural report supports our phased alignment with the recommendations of the Task
Force on Climate-related Financial Disclosures (“TCFD”) and details the Company’s governance,
strategy, risk management, metrics, and targets around climate change risks and opportunities.
• A target of mitigating GHG emissions by 30%, from 2020 levels, by 2030 on a ‘business as usual’
basis; equal to approximately 65,000 tonnes of carbon dioxide equivalent (“tCO2e”).
• To achieve this target Eldorado is focused on pursuing decarbonization through four key pathways
including: measuring and monitoring ; operational efficiencies and continuous improvement;
technologies, processes, and energy generation; and energy procurement and strategy.
• The Company has completed a preliminary physical and transitional climate scenario risk analysis
to begin developing and implementing mitigation measures that build resilience into our business
practices.
“Responsible mining is at the foundation of our business, and this report is a culmination of more than two
years of work completed by our global teams,” said George Burns, President and CEO. “We have made
tremendous progress to better understand and address climate-related risks and opportunities facing our
business which will help us achieve our GHG emissions target and support our journey to decarbonization.
We are committed to implementing sustainability from the ground up in all aspects of our business ,
including doing our part to mitigate our environmental impacts, improve the resiliency of our business and
work in cooperation with communities in the face of climate change.”
Eldorado’s Climate Action and Progress
Eldorado has been tracking and reporting on our GHG emissions since 2016. We have made progress in
several areas.
• In 2021, we formally launched Eldorado’s Sustainability Integrated Management System (“SIMS”),
which provides a set of company -wide minimum performance standards for health and safety,
environment, social performance, and security, and includes specific standards for energy and GHG
monitoring, management and project integration.
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• Eldorado is implementing an Energy and Carbon Management System which support s
identification, assessment, selection , and tracking of energy and climate-related risks and
opportunities during project design, and drives efficiencies at existing operations.
• Eldorado is a leader in carbon emissions intensity among peers, reporting a 2020 average
emissions intensity of 0.37 tCO 2e per ounce of gold produced across its four operating mines,
compared to an asset-based industry average of 0.67 tCO2e per ounce of gold produced by
underground and open-pit mines.
Feedback
For more information on our approach to reducing carbon emissions and to download a copy of the report,
visit our website https://www.eldoradogold.com/responsibility. We welcome feedback from all stakeholders
regarding our sustainability reporting.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in
Turkey, Canada, Greece and Romania. The Company has a highly skilled and dedicated workforce, safe
and responsible operations, a portfolio of high -quality assets, and long -term partnerships wi th local
communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New
York Stock Exchange (NYSE: EGO).
Contacts
Investor Relations
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
Media
Louise McMahon, Director Communications & Public Affairs
604.616 2296 or 1.888.363.8166
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Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward -looking statements or information within the meaning
of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these f orward-looking
statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”,
“projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or varia tions of such words and
phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information includes, but is not limited to, statements or information with respect to establishing sustainability and environmental
targets, goals and strategies, including related to GHG emissions, and the ability to meet the same, the achievability and actionability of our climate
change strategy, implementing the SIMS, meeting diversity and safety goals, benefits of improvements at its mines, including flotation columns at
Efemçukuru; our planned capital and exploration expenditures, conversion of mineral resources to mineral reserves, our expect ation as to our
future financial and operating performance, including expectations around generating significant free cash flow, expected metallurgical recoveries,
gold price outlook and the gold concentrate market and our strategy, plans and goals, including our proposed exploration, dev elopment,
construction, permitting and operating plans and priorities and related timelines and schedules.
Forward-looking statements and forward -looking information by their nature are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of the C ompany to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain
assumptions about the forward-looking statements and information, including assumptions about: how the world-wide economic and social impact
of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; the completion and results of our exploration programs; mineral
reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in; the future price
of gold and other commodities; the global concentrate market; exchange rates; anticipated costs and expenses; production, the impact of
acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated,
we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release. Even though
our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there
can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and
are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include,
among others: inability to meet sustainability, environmental, diversity or safety targets, goals and strategies (including GHG targets); inability to
implement meet the Sustainability Framework and SIMs ; global outbreaks of infectious diseases, including COVID -19; timing and cost of
construction and exploration, geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models
and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued
softening of the global concentrate market, recoveries of gold and othe r metals; results of test work; revised guidance; risks regarding potential
and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves
and the carrying value; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment;
regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restriction s and liability;
discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional
funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution;
share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties,
as well as those risk factors discussed in the sections titled “Forward -Looking Information and Risks” and "Risk factors in our business" in the
Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most
recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this
release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Forward-looking statements and information is des igned to help you understand management’s current views of our near and longer term
prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward -looking statements or
information contained herein. Except as required by law, we do not expect t o update forward-looking statements and information continually as
conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities
regulatory authorities in Canada and the U.S.